NAHB - "Home Builders Applaud New IRS Regulations On Utility Allowances For LIHTC Properties" (7-29-08)

"Calling it a victory for affordable housing, the National Association of Home Builders (NAHB) today applauded new regulations issued by the Internal Revenue Service (IRS) that give Low Income Housing Tax Credit (LIHTC) property owners more flexibility in the way they calculate utility allowances for their low-income residents."

The Wall Street Journal - "Amid Housing Slump, Glut Eases Slightly" (7-29-08)

"The number of homes on the market is finally falling in much of the U.S., but tight credit and a flood of foreclosures are still pushing home prices down. Making things worse, a sputtering economy is destroying jobs. That means even more foreclosures and fewer potential home buyers."

Bloomberg - "U.S. Economy: House Prices Drop, Confidence Near Low" (7-29-08)

"Home prices in 20 U.S. metropolitan areas fell at a faster pace in May, and consumer confidence stayed this month near the lowest level since 1992, posing a threat to household spending."

Realty Times - "Market Conditions" (7-29-08)

"The Economic Stimulus Act of 2008 allowed FHA to raise its loan limits from $362,790 to $729,750 in some areas of the country. While the increase is only temporary and will expire December 31, 2008, it has had a major impact. In the four months since Ginnie Mae rolled out this new product, issuers have securitized $17 million in April, $331 million in May, $1.089 billion in June, and $1.470 billion in July of FHA's jumbo loans."

Inman News - "Housing still unaffordable" (7-29-08)

"At last measure in 2006, 39 million households were at least moderately cost-burdened (paying more than 30 percent of income on housing) and nearly 18 million were severely cost-burdened (paying more than 50 percent). From 2001-06, the number of severely burdened households alone surged by almost 4 million. Because of the unprecedented run-up in house prices and lack of real income growth, over half of this increase was among homeowners."

Mortgage Bankers Association - "Second Half 2007 Mortgage Originations Show Preference for Fixed Rate Products Over Adjustable Rate Products" (7-29-08)

"The demand for fixed rate mortgage products increased in the second half of 2007 according to the Mortgage Bankers Association's (MBA) Mortgage Originations Survey released today. This demand was largely due to a substantial decline in long term interest rates and the narrowed spread between the adjustable rate mortgage (ARM) and fixed mortgage rates. Tightened lending standards for subprime and nontraditional loans, where ARM loans were historically more popular, also reduced ARM originations."

Yahoo - "Merrill Writedowns Could Be Watershed For Banks" (7-29-08)

"Merrill Lynch's latest effort to shed its subprime debt could set the standard for a final round of writedowns in the financial sector. The battered Wall Street titan's move to sell its collateralized debt obligations (CDOs) at 22 cents on the dollar was viewed by some market leaders as a watershed moment in the billions of writedowns related to bad bets on high-risk mortgages."

Yahoo - "S&P: Home prices drop by record 15.8 pct. in May" (7-29-08)

"Home prices tumbled by the steepest rate ever in May, according to a closely watched housing index released Tuesday, as the housing slump deepened nationwide. The Standard & Poor's/Case-Shiller 20-city index dropped by 15.8 percent in May compared with a year ago, a record decline since its inception in 2000. The 10-city index plunged 16.9 percent, its biggest decline in its 21-year history."

Orange County Register - "Builders shave $430,000 off new O.C. house prices" (7-29-08)

"The latest figures show May’s contracts for all new home types fell 37% vs. May 2007, declining to 174 units. The steepest decline was for condos, which fell 44% to 46 units. House contracts were down 35% to 85, and contracts to buy townhomes or buildings of one to four units (duplexes, triplexes, etc.) fell 34% to 43."