NAHB - "Downswing In Single-Family Market Deepens In April, Multifamily Construction Bumps Up For The Month" (5-16-08)

"The downswing in the single-family housing market deepened in April while a bump up for the month in the extremely volatile multifamily market lifted total housing starts 8.2 percent to a seasonally adjusted annual rate of 1.032 million units, according to figures released by the Commerce Department today. Total starts were down 30.6 percent from a year earlier. Single-family housing starts dropped 1.7 percent for the month to a seasonally adjusted annual rate of 692,000 units, the lowest monthly production rate since January 1991 and 42.2 percent below April 2007."

The San Diego Union Tribune - "April housing construction news positive" (5-16-08)

"Two positive signals in the housing industry – higher construction permits and improved builder confidence – suggested yesterday that the market is not moving inexorably in a downward direction."

Yahoo - "Hovnanian Announces Debt Refinancing" (5-16-08)

"Hovnanian Enterprises, Inc. announced today that it plans to issue an aggregate principal amount of up to $600.0 million of 5-year senior secured notes (the 'Notes') in a private placement. The Company also expects to enter into an amendment to its revolving credit agreement which decreases total commitments thereunder to $300.0 million, increases the amount of collateral, and substantially eliminates maintenance covenants (the 'New Revolving Credit Agreement'). The amendment has been approved by the Lenders subject to issuance of the Notes."

The Washington Post - "Senate Short of Agreement on Housing Rescue" (5-16-08)

"Senate negotiators broke off talks last night without striking a deal to rescue hundreds of thousands of homeowners at risk of foreclosure, but they said they were close to an agreement. Senate Banking Committee Chairman Christopher J. Dodd (D-Conn.) and Sen. Richard C. Shelby (Ala.), the panel's senior Republican, said they plan to meet again Tuesday to discuss the proposal to help troubled borrowers trade exotic mortgages with escalating monthly payments for more affordable loans backed by the federal government."

The San Diego Union Tribune - "San Diego gets S&P blessing on credit" (5-16-08)

"Mayor Jerry Sanders, who is in the midst of a tough re-election campaign, said the news from Standard & Poor's, one of three major credit-rating agencies, marked “the most significant day” for San Diegans in four years."

Yahoo - "Fannie Mae scraps higher downpayment requirements" (5-16-08)

"Fannie Mae is doing away with higher minimum down-payment requirements for borrowers in parts of the country where home prices are dropping. The government-sponsored mortgage finance company said Friday it will require minimum down payments of between 3 percent and 5 percent for all loans that it guarantees. That replaces a December policy that required a higher minimum if the loan was for a home in a zip code with declining real estate prices."

Orange County Register - "O.C. homebuying near 8-month high in late April" (5-16-08)

"DataQuick’s freshest Orange County homebuying stats from late April hint the month could mark the first month with more than 2,000 homes sales since August. For the 22 business days ended April 28, 2,117 residences were sold, down 29.4% vs. a year ago. Pricing was soft, too, off 20.6% vs. a year ago."

Realty Times - "What To Take And What To Leave Behind When Downsizing" (5-16-08)

"Over the years all of us have accumulated an enormous amount of stuff -- some of it is near and dear to our heart and the rest, well, we might classify it as just cumbersome stuff. But somehow when we downsize from, say, a 3,600 square foot home to a 1,700 square foot home, as one reader who telephoned me is doing, figuring out what to take and what to leave behind can be a painful process."

Realty Times - "Market Conditions: San Francisco Bay Area" (5-16-08)

"Market expert Suzie Provo says the San Francisco Bay Area market remains very strong, and prices have remained stable with homes selling usually within 14 to 30 days."

Realty Times - "Realty Viewpoint: Economic Stimulus Checks Can't Fix Our Values" (5-16-08)

"As economic stimulus checks arrive, relieved households are spending them on gas, food and bills, thwarting the government's intention. That's because we have a problem that a $600 check can't fix -- our values."