NAHB - "New-Home Sales Decline In May" (6-25-08)

"In the latest evidence of severe and ongoing weakness in the nation’s housing market, the Commerce Department reported today that sales of newly built, single-family homes fell 2.5 percent in May to a seasonally adjusted annual rate of 512,000 units, largely offsetting a gain they recorded in the previous month."

NAR - "NAR Grants Help Increase Local Housing Opportunities" (6-25-08)

"The National Association of Realtors® has awarded $39,500 to 13 local and state Realtor® associations through the Housing Opportunity Fund grants program. The grants help support the housing opportunity efforts of local and state Realtor® associations. 'Realtors® build communities and care about the lack of housing opportunities available to low- and moderate-income families,' said NAR President Dick Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach, Calif. 'These grants help support NAR’s mission of advocating solutions to today’s critical housing needs and help position Realtors® as leaders in their communities by increasing access to affordable housing and homeownership.'"

Wall Street Journal - "Consumer Confidence Plummets" (6-25-08)

"American consumers, battered by falling home prices and soaring gasoline prices, are at their gloomiest in decades, raising fears they might cut back on spending later this year and tip the economy into a recession. Consumer confidence plunged in June to its lowest level since 1992, and home-price declines accelerated in April, according to data released Tuesday. The renewed signs of economic weakness underscored why Federal Reserve policy makers, who wrap up a two-day meeting Wednesday, are likely to hold the target for their benchmark interest rate steady at 2%."

Mortgage Bankers Association - "Mortgage Applications Decreased In Latest MBA Weekly Survey" (6-25-08)

"The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending June 20, 2008. The Market Composite Index, a measure of mortgage loan application volume, was 461.3, a decrease of 9.3 percent on a seasonally adjusted basis from 508.4 one week earlier. On an unadjusted basis, the Index decreased 9.3 percent compared with the previous week and was down 25.3 percent compared with the same week one year earlier."

CBIA - "CBIA Sharply Reduces 2008 Housing Forecast" (6-25-08)

"California homebuilders are expected to begin construction on just 72,000 homes, condominiums and apartments this year, significantly lower than earlier forecasts. If that level is correct it will be the lowest production in the Golden State since at least the early 1950s, according to the annual midyear housing forecast released today by the California Building Industry Association."

Market Watch - "Four years of gains in home prices wiped out" (6-25-08)

"Home prices across 20 major U.S. cities have dropped a record 15.3% in the past year and are now back to where they were in the summer of 2004, according to the Case-Shiller home price index released Tuesday by Standard & Poor's."

Yahoo - "Fed leaves rates unchanged, ending 9-months of rate cuts" (6-25-08)

"The Federal Reserve left its key short-term interest rate unchanged Wednesday at 2%, marking the first time in the nine months that it did not cut rates. The central bank also raised alarms about inflation. But experts said it is still unclear what the Fed will do with interest rates at its next meeting Aug. 5 and for the remainder of the year."

Bloomberg - "Analysts Backtrack on Banking Stocks After Saying Worst Is Over" (6-25-08)

"The mortgage-market rout that began last year and led to almost $400 billion in bank writedowns and credit losses has lasted longer and cut deeper than bearish analysts predicted. Citigroup Inc., the biggest U.S. bank by assets, and UBS AG, Switzerland's largest lender, have lost $43 billion and $38 billion, respectively."

Market Watch - "Housing crash hits baby boomers" (6-25-08)

"The collapse of the housing bubble will likely have drastic implications on the wealth and retirement of certain baby boomers, according to a report Tuesday by the Center for Economic and Policy Research."

CNN - "On the path to a housing rebound" (6-25-08)

"The news that housing starts have fallen to their lowest level in 17 years sounds like one more reason to be depressed about the shrinking value of your home. In fact, it's an almost certain sign that the path to a housing recovery is finally in sight. If prices are going to stabilize, let alone rebound, the United States needs to produce far more first-time home buyers than new houses. That's the only way to tame the glut of 'For Sale' signs dotting front yards from the Inland Empire of California to the Gold Coast of Florida."

Bloomberg - "Countrywide Sued by California, Illinois, Over Mortgage Loans" (6-25-08)

"Countrywide Financial Corp., the mortgage lender that lost $2.5 billion amid rising defaults and foreclosures, was sued by California and Illinois for allegedly luring borrowers into risky loans they couldn't afford. Countrywide and Chief Executive Officer Angelo Mozilo were named in the suits, filed today, claiming the lender's tactics led thousands of borrowers to lose their homes when they couldn't make their payments. Countrywide used deceptive practices, including low 'teaser' rates, to entice borrowers into adjustable-rate loans without adequately informing them that the payments would balloon in later months, according to the suits."

CAR - "C.A.R. reports sales increased 18.1 percent; median home price fell 35.3 percent in May" (6-25-08)

"The median price of an existing, single-family detached home in California during May 2008 was $384,840, a 35.3 percent decrease from the revised $594,530 median for May 2007, C.A.R. reported. The May 2008 median price fell 4.7 percent compared with April’s $403,870 median price."