Wednesday, July 16, 2008

NAHB - "Builder Confidence Declines Further In July" (7-16-08)

"Builder confidence in the market for newly built single-family homes fell for a third consecutive month in July, according to the National Association of Home Builders/Wells Fargo Housing Market Index (HMI), released today. The HMI fell below its previous record low of 18 in June to a new record low of 16 in July, with each of its three component indexes also hitting record lows."

The Wall Street Journal - "IndyMac Reopens, Halts Foreclosures on Its Loans" (7-16-08)

"IndyMac Bancorp Inc., the failed thrift, reopened its doors under federal control Monday and promptly moved to toss ailing homeowners a lifeline by halting all foreclosures on the mortgages it owns."

DQNews - "Southland home sales drag along bottom" (7-16-08)

"A total of 17,424 new and resale houses and condos sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties last month. That was up 3.0 percent from 16,917 the previous month and down 13.6 percent from 20,166 for June a year ago, according to DataQuick Information Systems."

Mortgage Bankers Association - "Mortgage Applications Increase In Latest MBA Weekly Survey" (7-16-08)

"The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending July 11, 2008. The Market Composite Index, a measure of mortgage loan application volume, was 522.2, an increase of 1.7 percent on a seasonally adjusted basis from 513.4 one week earlier. On an unadjusted basis, the Index increased 27.0 percent compared with the previous Independence Day holiday shortened week and was down 17.4 percent compared with the same week one year earlier."

Yahoo - "Bernanke tries to settle nerves over economy,banks" (7-16-08)

"Trying to stem eroding investor confidence in the two companies, the Treasury Department and the Fed on Sunday offered to throw them a financial lifeline if they needed it to stay afloat. The two companies hold or guarantee more than $5 trillion in mortgages -- almost half of the nation's total -- and are major sources of financing for the mortgage market."

USA Today - "Economic pain: 'Payback' for debt-fueled growth?" (7-16-08)

"If it wasn't clear before Tuesday, it is now: This is no ordinary economic crisis, and it won't be over anytime soon. In fact, problems are multiplying. A year ago, the financial virus seemed confined to subprime mortgages, loans given to those with less-than-perfect credit. Now, much of the banking system appears rickety, and the U.S. economy has slowed to a crawl. But thanks to robust demand from still-growing countries such as China, the prices of commodities from oil to food have soared — hitting Americans from the gas pump to the grocery checkout."

The San Diego Union Tribune - "Lawmakers question Fannie/Freddie plan" (7-16-08)

"The criticism prompted House leaders to push back their timetable for approving emergency housing legislation, saying final action would take at least until early next week. A growing number of Republicans had voiced skepticism and, in some cases, opposition, to the administration's proposal to help the two companies, Fannie Mae and Freddie Mac."

The San Diego Union Tribune - "Inflation, Bernanke's warning rub salt in economy's wounds" (7-16-08)

"The U.S. economic downturn gained steam yesterday, with a report of the highest inflation since the early 1980s and a suggestion by the Federal Reserve chief that worse days are ahead."

Bloomberg - "Record Mortgage Insurer Claims Haven't Reached Peak, Fitch Says" (7-16-08)

"MGIC Investment Corp., PMI Group Inc. and competing U.S. mortgage insurers reeling from record claims may have to absorb even higher loss rates from bad home loans, Fitch Ratings said. About 70 percent of the industry's policies cover loans issued from 2005 through 2007 when mortgage and insurance underwriting standards were lax, leading to progressively higher default rates, Fitch said. Mortgage insurers pay lenders when borrowers default and foreclosure fails to recoup costs."

Bloomberg - "U.S. Office, Retail Building to Drop Through 2009, Study Says" (7-16-08)

"Construction of U.S. office and retail buildings is poised to fall for the rest of this year and through 2009 on lower demand from tenants, stricter lending standards and rising building costs, the American Institute of Architects said. Office-building construction likely will drop 3.7 percent this year and 12.3 percent in 2009, the Washington-based group said today in its semi-annual Consensus Construction Forecast. Construction of shopping centers and other retail buildings is forecast to fall 8.3 percent this year and 9.9 percent next year."

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