Dow drops below 8,000

War fears pummeled Wall Street Monday, pushing the Dow Jones industrials below the 8,000 level for the first time in three months and sending the overall market lower for the seventh time in eight sessions.

Investors unloaded shares as U.N. weapons inspectors reported that Iraq failed to cooperate in helping their searches for arms and said inspections need more time. Investors were also cautious ahead of President Bush’s State of the Union address tonight.

The Dow closed down 141.45, or 1.7 percent, at 7,989.56. The blue chips last traded below 8,000 on Oct. 15 and last closed below that level Oct. 14, when they stood at 7,877.40.

Richard Auletti, of C. J. Ledone Equities Inc., works on orders Monday at the New York Stock Exchange.

Report: Home buyers set record

Home buyers took advantage of some of the lowest mortgage rates in decades and catapulted sales of previously owned homes in 2002 to the highest level on record.

The housing market thrived even as the American economy struggled all last year to regain a solid footing and suffered through uneven growth. The lure of low mortgage rates proved irresistible to many people, who opted to make big-ticket financial commitments.

Previously owned homes sold at an annual rate of 5.56 million in 2002, shattering the record of 5.30 million reached in 2001, the National Association of Realtors reported Monday.

Appointment: Lawrence resident to formally join court

Lawrence resident Janice Miller Karlin officially will be sworn in as a U.S. Bankruptcy Judge at a ceremony Friday in Topeka.

Karlin began hearing cases at the court’s Topeka division after being informally sworn in after her appointment in October. The formal ceremony will be at 2 p.m. Friday at the Capitol Plaza Hotel in Topeka. A reception will be from 3 p.m. to 5 p.m. at the hotel.

Karlin, who is married to Lawrence attorney Cal Karlin, previously was the supervisor of the Kansas City, Kan., branch of the U.S. Attorney’s office. She’s a graduate of the Kansas University School of Law.