NAR - "NAR Finds That Despite Rising Gas Prices, More Home Buyers Want Oversized Garages" (8-7-07)

"Home buyers in increasing numbers want garages with two or more spaces in their homes, according to the 2007 Profile of Buyers’ Home Feature Preferences, released today by the National Association of Realtors®.Since the last survey in 2004, oversize garages saw the biggest growth in terms of what recent buyers considered very important in a home, gaining 16 percentage points to 57 percent. Among buyers who purchased homes without this feature, 56 percent of them said they would have paid more for an oversize garage, compared to only 6 percent in the 2004 survey."

MBA - "MBA Responds to HUD's Porposed Standards for Mortgagor’s Investment in Mortgaged Property" (8-7-07)

"In May, HUD requested commennts to Standards for Mortgagor’s Investment in Mortgaged Property : Proposed Rule, 72 Federal Register 24 CFR PART 203 (May 11, 2007), Docket No. FR-5087-P-01. Specifically, the proposed rule would establish that a prohibited source of downpayment assistance is a payment that consists, in whole or in part, of funds provided by any of the following parties before, during, or after closing of the property sale: (1) The seller, or any other person or entity that financially benefits from the transaction; or (2) any third party or entity that is reimbursed directly or indirectly by any of the parties listed in clause."

Realty Times - "Market Conditions" (8-7-07)

"With inventory increasing over the summer months, many sellers have resorted to price reductions in Nashville, Tennessee. The home of country music saw a 8.7 percent decrease in the number of closings for the second quarter of 2007. Year to date closings are down 6.2 percent. Median home prices have risen from $181,000 to $196,000 in the last year, with an average days on market of 65."

Realty Times - "Resale Market Shows Strongest Summer Performance" (8-7-07)

"Last month, the local resale market was 26 per cent more active than during the same time in 2006, recording a July record 8,912 sales, TREB President Donald Bentley announced. 'Currently, year-to-date transactions stand at 59,339, up 13 per cent over the first seven months of last year," Mr. Bentley said. "And with June and July both setting records, we are now seeing the strongest summer performance by our local resale market since records have been kept.'"

NAR - "NAR Finds That Despite Rising Gas Prices, More Home Buyers Want Oversized Garages" (8-7-07)

"Home buyers in increasing numbers want garages with two or more spaces in their homes, according to the 2007 Profile of Buyers’ Home Feature Preferences, released today by the National Association of Realtors®. Since the last survey in 2004, oversize garages saw the biggest growth in terms of what recent buyers considered very important in a home, gaining 16 percentage points to 57 percent. Among buyers who purchased homes without this feature, 56 percent of them said they would have paid more for an oversize garage, compared to only 6 percent in the 2004 survey."

The Miami Herald - "Walkaways increase at WCI condos" (8-7-07)

"WCI Communities said 17 percent of its inium buyers have walked away rather than close on new units this year, the latest indication of trouble in the condo market. That's higher than the 8 percent to 10 percent rate WCI predicted at the beginning of the year. With a record number of condo towers under construction and the housing market slumping, market watchers are keeping a close eye on how many buyers actually close on units they contracted to purchase. More cancellations mean more condos on the market, and more downward pressure on prices."

Orange County Register - "Speculation lowers shares of Standard Pacific" (8-7-07)

"Standard Pacific Corp. shares fell 13 percent Monday on speculation that the homebuilder's access to credit may be reduced, traders said. 'We're hearing they're about to violate bank covenants,' said Joseph Saluzzi, co-head of equity trading at Themis Trading LLC in Chatham, N.J. Irvine-based Standard Pacific said in a regulatory filing on Aug. 2 that it was in compliance with financial covenants for the six-month period ended June 30. Still, the company warned that it may violate some of covenants should it write down inventory or make additional investments in joint ventures."

The Washington Post - "Housing Market Pounding Fairfax" (8-7-07)

"Fairfax County officials are predicting that the budget shortfall for the coming year could hit $120 million because the slumping real estate market has led to the lowest annual revenue rate increase in 15 years. One casualty could be the school system, the nation's 13th largest. Members of the Board of Supervisors, many running for reelection this fall, said yesterday that the county's share of the school budget probably will not rise next year. The school system, which was given a 4 percent increase this year, has asked for 3 percent more next year."

Bloomberg - "Bear Stearns Caymans Filing May Hurt Funds' Creditors" (8-7-07)

"Bear Stearns Cos.' decision to liquidate two bankrupt hedge funds in the Cayman Islands instead of New York may limit creditors' and investors' ability to get their money back. While most of their assets are in New York, the funds filed for bankruptcy protection July 31 in a court in the Caymans, where they are incorporated. The bank also used a 2005 bankruptcy law to ask a U.S. judge in Manhattan to block all lawsuits against the funds and protect their U.S. assets during the Caymans proceedings."

Bloomberg - "Countrywide Buys Assets as HomeBanc, Impac Halt Loans" (8-7-07)

"Countrywide Financial Corp. and CIT Group Inc. said they'll be able to ride out the mortgage industry's credit crunch as two more rivals, HomeBanc Corp. and Impac Mortgage Holdings Inc., curtailed new loans. HomeBanc said it's selling assets to Countrywide after bankers cut off credit and left the Atlanta-based company unable to fund loans. Impac, based in Irvine, California, halted 'Alt- A' loans and fired some of its staff. CIT, which disclosed plans last month to leave the mortgage business, said it has access to a cash cushion of almost $15 billion."

Yahoo - "Clinton seeks aid for at-risk homeowners" (8-7-07)

"Presidential hopeful Hillary Rodham Clinton is calling for penalties on unscrupulous mortgage brokers who engage in predatory lending and a $1 billion federal fund to help homeowners avoid foreclosure. She also wants an increase in affordable housing options."

Yahoo - "S&P Puts Alt-A Bonds on Negative Watch" (8-7-07)

"Credit rating agency Standard & Poor's said Tuesday it placed 207 classes of mortgage-backed securities issued between Oct. 2005 and Dec. 2006 -- all underpinned by an intermediate type of loan -- on a negative rating watch. The 207 classes of securities, backed by "alt-A" loans, had an original balance of $913.9 million. That represents 0.2 percent of the approximately $455.4 billion in alt-A mortgage-backed securities S&P rated between Oct. 2005 and Dec. 2006."

Los Angeles Times - "Hillary's $1 billion foreclosure bailout" (8-7-07)

"Presidential hopeful Hillary Rodham Clinton is calling for penalties on unscrupulous mortgage brokers who engage in predatory lending and a $1 billion federal fund to help homeowners avoid foreclosure."