6at4 Business Report: Verizon, Allentown home values plunge

November 9, 2011

Market tanks amid Italy fears
The market tanked today because of worries that Italy may be the "Next Greece" and will need a bailout. But traders tell us that the problem is the European central bank doesn't have enough money for a bailout of Italy. Traders say Italy is too big to fail and too big to bail. Now there's talk that Germany is working on a plan to let countries leave the Euro currency.

Verizon doubles data
If you have a iPhone with Verizon service, get ready to search and text even more! Verizon just doubled the size of its smartphone plans to compete for customers just ahead of the holiday season. Basically, it's a price cut because now customers can get 4GB of data for $30/month when they used to only get 2GB at that price. The 4th quarter is the busiest for the cell phone industry and Verizon is just upping the ante ahead of the holiday season.

Home values drop
It looks like the housing market isn't getting any better. The National Association of Realtors says home values fell in almost 3/4 of U.S. cities in the 3rd quarter because of the slowing economy. The biggest decline in the country was in Allentown, Pennsylvania and phoenix where the home prices tumbled 18%.

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