NAHB - "New-Home Sales Move Lower In January" (2-27-08)

"In the latest evidence of the continuing contraction in housing markets, the U.S. Commerce Department reported today that sales of new single-family homes declined 2.8 percent in January to a seasonally adjusted annual rate of 588,000 units, the slowest pace since February of 1995."

Mortgage Bankers Association - "Refi Drop Drives Decline in Mortgage Apps, Purchase Applications Unchanged In Latest MBA Weekly Survey" (2-27-08)

"The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending February 22, 2008. The Market Composite Index, a measure of mortgage loan application volume, was 665.1, a decrease of 19.2 percent on a seasonally adjusted basis from 822.8 one week earlier. On an unadjusted basis, the Index decreased 25.8 percent compared with the previous week and was up 5.1 percent compared with the same week one year earlier."

Market Watch - "Toll Brothers posts loss; CEO frets recession talk" (2-27-08)

"Toll Brothers said it posted a loss in the quarter ended Jan. 31 of $96 million, or 61 cents a share, after taking $153.3 million in write-downs. The company earned $54.3 million, or 33 cents a share, in the first quarter of fiscal 2007."

The San Diego Union Tribune - "Fed auctions $30 billion more in funds" (2-27-08)

"The Federal Reserve, seeking to combat effects of the credit crisis, said it had auctioned $30 billion more in funds to commercial banks, at an interest rate of 3.080 percent. It was the sixth in a series of auctions that so far have pumped $160 billion into the nation's banking system in an effort to provide cash-strapped banks with extra reserves."

Market Watch - "Fannie Mae shares close higher as caps lifted" (2-27-08)

"Shares of Fannie Mae closed modestly higher Wednesday after surging 15% following a decision by its regulator to let it and sister company Freddie Mac buy more mortgages as of March 1."

Los Angeles Times - "Housing upheaval: a tale of two homes" (2-27-08)

"Just when it was looking like things couldn't get any worse in the housing market, government officials announced Tuesday that home prices had their biggest fourth-quarter drop in 17 years. At the same time, foreclosure filings in California soared 120% in January from a year earlier to 57,158, according to Irvine-based market researcher RealtyTrac. California's foreclosure rate was second only to Nevada nationwide."

Los Angeles Times - "Paulson: No bailouts for the 'reckless'"

"Treasury Secretary Henry Paulson (pictured) branded many of the aid proposals circulating in Washington as 'bailouts' for reckless lenders, investors and speculators, rather than measures that would provide meaningful relief to deserving, but cash-strapped, mortgage borrowers."