NAR - "Home Sales May Rise Modestly Before Broader Upturn in Second Half Of 2008" (6-9-08)

"The Pending Home Sales Index,* a forward-looking indicator based on contracts signed in April, rose 6.3 percent to 88.2 from a reading of 83.0 in March. It’s the highest index since last October, but remains 13.1 percent lower than April 2007 when it stood at 101.5."

Market Watch - "Lehman to post $2.8 billion quarterly loss" (6-9-08)

"Lehman Brothers Holdings Inc. said Monday it will report a quarterly loss of nearly $3 billion, its first since going public, and set forth plans to raise $6 billion to offset damage inflicted by the persistent credit crunch that has wreaked havoc on Wall Street and the U.S. economy."

Bloomberg - "SEC May Ban Moody's, S&P From Structured Consulting" (6-9-08)

"The U.S. Securities and Exchange Commission may recommend this week that Moody's Investors Service, Standard & Poor's and Fitch Ratings be prohibited from advising investment banks on how to earn top rankings for asset- backed securities, according to people familiar with the matter."

Yahoo - "Is $1 Million Enough to Retire On?" (6-9-08)

"Becoming a millionaire once conjured up images of wealth and luxury, or at the very least financial security. But is a million bucks enough to retire comfortably on anymore? Many baby boomer millionaires don't think so, at least for the lifestyle they want to lead."

Bloomberg - "Wealth Evaporates as Gas Prices Clobber McMansions" (6-9-08)

"Sky-high gasoline prices aren't just raising the cost of Eugene Marino's 120-mile (193-kilometer) round-trip to his job in the Washington area. They're reducing his wealth, too. House prices in his rural subdivision beyond the Blue Ridge Mountains in Charles Town, West Virginia, have plunged as commuting expenses have soared. A four-bedroom home down the street from his is listed for $239,000, after selling new for $360,000 five years ago."

Yahoo - "Giant Calif. land partnership files for Chapter 11" (6-9-08)

"LandSource Communities Development LLC issued a news release late Sunday to announce the bankruptcy filing in U.S. Bankruptcy Court in Delaware. The partnership's assets include 15,000 acres of undeveloped land north of Los Angeles in the Santa Clarita Valley, making it one of the largest land deals to falter amid the national housing glut."

Bloomberg - "Fed Not in It to Back a `Strong Dollar' Policy" (6-9-08)

"Let's get one thing straight: The Federal Reserve isn't going to raise interest rates to back a 'strong dollar' policy. The dollar's value isn't a central consideration in the Fed's interest-rate policy deliberations. Only on rare occasions has it ever been, such as in the late 1970s when the country was having difficulty financing its current account deficit."

Orange County Register - "Big Calif. land bankruptcy won’t hit Lennar’s O.C. plans" (6-9-08)

"Lennar’s Aliso Viejo office, home to the Miami-based builder’s West Coast operations, played a role in arranging the bankruptcy filing of major California land owner LandSource. But LandSource’s woes should not impact Lennar’s plans for El Toro and Tustin airbases in O.C."

Realty Times - "Washington Report: Mortgage Crisis Relief Bill" (6-9-08)

"Funding for a special $300 billion FHA program aimed at borrowers who are delinquent and also may be underwater on their loans. In a compromise last month, Senate Democrats and Republicans agreed to tap Fannie Mae and Freddie Mac's operating revenues to pay for losses expected to be generated by the special FHA program. But that hasn't gone over well with House Democrats and top executives of Fannie and Freddie."

Realty Times - "Wild, Wild West: Housing Mother Lode Drained In Golden State" (6-9-08)

"California home builders have long held that the state needs 250,000 new homes every year to keep homes affordable. This year, however, they plan to produce a paltry 79,000 new homes -- fewer starts than in any year since 1954, according to the California Building Industry Association."