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Some Jostling, but Less of a Frenzy Among Shoppers – The New York Times

Despite the improved mood, frugality has not gone out of style. Many of Friday’s shoppers seemed to stick to lists and take advantage of discounts, rather than give in to impulse purchases.

Hotel owners, like home owners, behind on payments – AP

‘Black Friday’ Lures Shoppers; Frugality Hits Videogames – Mish

Home Prices May Be Nearing a New Dip – The New York Times

The housing market is confronting an abundance of inventory, high unemployment, fearful consumers and devastated family balance sheets.

“There is no clear, easy way out for housing,” said John Silvia, chief economist at Wells Fargo. “Contrary to my hopes, housing prices and the housing market in general will weaken again.”

He forecast a new decline in prices of as much as 10 percent, which he expected to shave a half-point off the nation’s economic output just as it emerges from the recession.

Dubai – The First Credit Crisis Since March Market Recovery – TBP, Barry Ritholtz

As the first chart shows, Dubai’s sovereign credit default swaps (CDS) are soaring in the wake of the news that Dubai World wants a standstill agreement on roughly $60 billion of debt. Even though Dubai World is a corporation seeking the agreement, the markets are clearly treating this as a sovereign debt issue.

Your Morning Dubai – Calculated Risk (Collection of Articles)

Black Friday sales seen strong, but will it last? – Reuters

Retail analysts who hopped from mall to mall across the country on Friday saw larger crowds and said customers were toting more shopping bags than last year. Hot-ticket items included Zhu Zhu Pets toy hamsters, netbook computers and flat screen televisions.

But insiders note that an early surge does not guarantee a strong selling season in the weeks leading to Christmas on December 25. Industry forecasts range from a rise of 2 percent to a decline of 3 percent for sales during the entire period.

“There’s lots of people in this store — there are lots of shopping bags,” Macy’s Inc Chief Executive Terry Lundgren told Reuters, referring to the flagship store in Manhattan’s Herald Square. “I don’t think necessarily that customers are going to spend more than they spent last year.

The $698,000 mistake – The Washington Post