recovery in coming quarters. but the fed also said economic growth remains slow. the unemployment rate will decline only gradually. and that there are significant downside risks to the economic outlook. shepard? shepard: all right. beater varnes from fox biz. thank you. graphic and graphic new details and horrifying photos from a home invasion that killed a mother and two daughters. the father survived it today he heard from one of the suspects in his own words. until the judge apparently divided that was too much. live update coming on that. and can you trust the answers you get from google? some rival web sites are now accusing that search giant of rigging its results. now, congress is investigating and we re waiting on details from an execution in georgia, apparently things are changing a bit. we ll get to that. [ whistle blows ] oh!
doesn t it? beater varnes from the biz on capitol hill tonight. this has become a huge problem. that s right, shep. relate at this track reports that banks now own 872,000 foreclosed homes. almost twice as many as before the financial crisis began. and they are in the process of foreclosing on a million more properties. now, this is obviously bad news for regular home sellers. banks usually sell these properties at deep discounts. last year at an average 36% discount, compared to the sale of a non-foreclosure property. and banks sell hundreds of thousands of other homes before they even get to foreign under agreements with struggling homeowners which pus even more downward pressure on prices, shep. shepard: the value of homes on paper, it s startling how much they keep going down. yeah, analysts say that all of this could keep a lid on home prices for years. i are going to have overhang of distressed values keeping
shepard: another major bank is admitting it made mistakes on tens of thousands foreclosure documents. this time it s wells fargo who says they plan to refile documents in some 55,000 cases across 23 states. that s notable because just two weeks ago they insisted their foreclosure documents were, quote, accurate, unlike other banks that have faced accusations of cutting corners as foreclosures piled up. wells fargo reports it has no plans to suspend foreclosure proceedings all together: meanwhile congressional watchdogs are looking into all those paperwork problems and today they demanded answers from the folks in charge of overseeing the industry. let s get to the fox business network beater varnes now in washington. they didn t get many answers at all, did they? well, shep, the congressional oversight panel for the government s bank bailout program asking the questions today some members concerned