NAHB - "Builders Call On Congress To Pass Housing Stimulus Bill" (6-23-08)

"The National Association of Home Builders (NAHB) has initiated an all-out effort to get Congress to pass badly needed stimulus legislation that will help stabilize the economy and housing market and assist millions of current and potential home owners. A central component of this legislation is a temporary home buyer tax credit to stimulate home purchases by qualified first-time buyers."

CNN - "Over the horizon, a housing recovery" (6-23-08)

"A new study from the Joint Center for Housing Studies of Harvard University, 'The State of the Nation's Housing 2008,' finds the country poised to see an increase in housing demand over the next decade."

CBIA - "New Residential Construction Still Slow in May, CBIA Announces" (6-23-08)

"According to housing permit data supplied by the Construction Industry Research Board, total housing starts in California, as measured by building permits issued, fell 37 percent in May when compared to the same month a year ago to 7,035 units, the highest monthly total of the year thus far. Single-family home production dropped 52 percent while construction of multifamily units dipped 5 percent when compared to May of 2007."

Realty Times - "Market Conditions" (6-23-08)

"The U.S. Commerce Department reported last week that new home starts were down 3.3 percent in May -- the lowest in 17 years."

Realty Times - "Wild, Wild West: California 'Bringing Bargain-Hunting Buyers Back'" (6-23-08)

"slow sales and rising inventories made home prices more affordable. More bargain-hunters have been attracted to the market, according to Ryan Ratcliff, an Anderson Forecast economist. In April, the median price for single-family homes crashed 32 percent year-over-year, pushing the median price down $200,000, according to California Association of Realtors."

Inman News - "Real estate coach breaks into card games" (6-23-08)

"The market hit its peak in 2005. Historically, real estate cycles tend to be approximately 10 years. If this market follows the patterns from the past, we should see a flattening over the next 12 to 24 months and then a return to price appreciation. The huge number of Gen Ys and foreign investors will drive the next major wave of home purchases."

Inman News - "Market scarred by inflation, capital exhaustion" (6-23-08)

"Mortgage rates have improved, down to 6.5 percent, as credit-market psychology has entered a substantial reversal. In the mass psychosis of late May, the financial markets suddenly decided that the economy had passed bottom; the banking system was recovering; inflation had become the dominant risk; the Fed would therefore begin an extended rate-raising campaign; and it was a good idea to dump every IOU within reach. That hallucination is now responding to medication."

Orange County Register - "O.C. real estate job slump hits 18 months" (6-23-08)

"Employment Development Dept. stats, analyzed by your blogger, show that Orange County real estate and finance jobs in May were 17,800 (-7%) below a year ago, the 18th consecutive month of year-over-year job losses in these property-related niches. All told, jobs in these industries are down 10.5% from the September ‘06 peak."