NAHB - "Single-Family Housing Starts Decline 6.7 Percent In February" (3-18-08)

"Single-family housing starts continued on a downward trajectory in February, posting a 6.7 percent decline to a seasonally adjusted annual rate of 707,000 units, according to figures released today by the U.S. Commerce Department. Meanwhile, production in the more volatile multifamily sector registered a 14.4 percent gain to 358,000 units, limiting the decline in total housing starts to a rate of 1.065 million units -- 0.6 percent below the revised January pace."

Bloomberg - "U.S. Economy: Housing Starts, Permits Decline as Slump Deepens" (3-18-08)

"Housing starts in the U.S. dropped in February and building permits fell to the lowest level in more than 16 years, signaling the paucity of construction will continue to hurt economic growth. Builders broke ground on homes at an annual rate of 1.065 million, down 0.6 percent from January, the Commerce Department said today in Washington. Permits, a guide to future activity, sank a greater-than-forecast 7.8 percent. At the same time, the Labor Department reported that producer prices excluding food and energy rose 0.5 percent, more than economists estimated."

Orange County Register - "Foreclosures 33% of Feb. O.C. home deals" (3-18-08)

"My analysis of DataQuick’s home sales and foreclosures data shows that bankers’ repossessions of O.C. homes were equal to 33% of all February deals where homes changed ownership, both traditional sales plus foreclosures. That’s down from 38% in January BUT as you can see in the accompanying chart February’s rate is well above the 13% monthly average we saw during the last foreclosure rush of 1994-96. (Click on chart to view larger version.) February also looks ugly when pondering 2006, when this foreclosure ratio ran at 2%."

Orange County Register - "Lehman bounces back" (3-18-08)

"Lehman Brothers, the Wall Street investment bank that shut down Irvine-based BNC Mortgage last year, today reported a 57% drop in first-quarter earnings, but it managed to beat analyst expectations and its stock is up more than 17% as I write this to trade around $37. After Bear Stearns verged on the brink of insolvency, rumors spread quickly to Lehman, another Wall Street player with current or former ties to subprime in Orange County. (Bear still has loan servicing folks in Irvine.)"

Los Angeles Times - "Why a bailout is inevitable" (3-18-08)

"The Bush administration's oft-stated opposition to a housing bailout for lenders and borrowers is under assault from many corners today. The Fed-backed, administration-brokered weekend bailout of Bear Stearns' debt makes it nearly impossible for the administration to continue to argue against more government aid to borrowers."

Real Estate Journal - "A Home-Equity Line of CreditCan Be Your Safety Net" (3-18-08)

"Now is the time to consider a home-equity line of credit if you haven't already. Think of it as a safety net -- one that could be particularly valuable in a weakening economy. With a home-equity credit line, you can borrow up to a specified limit, as you can on a credit card; in this case, the maximum is based on the equity you have in your home. You can borrow a lump sum or in small increments or never use the credit line."