NAR - "Home Sales to Vary in Narrow Range, Then Rise in Second Half" (7-8-08)

"Modest near-term movement is expected in existing-home sales, with a recovery in sales seen during the second half of the year, according to the latest forecast by the National Association of Realtors®. The Pending Home Sales Index,* a forward-looking indicator based on contracts signed in May, fell 4.7 percent to 84.7 from an upwardly revised reading of 88.9 in April, and remains 14.0 percent below May 2007 when it stood at 98.5."

Yahoo - "Fed plans new rules to protect future homebuyers" (7-8-08)

"The Federal Reserve will issue new rules next week aimed at protecting future homebuyers from dubious lending practices, its most sweeping response to a housing crisis that has propelled foreclosures to record highs."

Los Angeles Times - "IndyMac to exit most home lending, slash 3,800 jobs" (7-8-08)

"IndyMac Bancorp, once a leader in the nontraditional home loans that helped drive the housing boom, all but quit the mortgage business Monday and said it would lay off 3,800 people, more than half its staff, in the wake of growing defaults by borrowers."

The San Diego Union Tribune - "BofA chief stresses discipline in lending" (7-8-08)

"Now it's time for the lending industry to 'return to a more disciplined view of risk standards that will protect everyone from a repetition of what we are going through today,' Lewis said. Getting the nation through the housing downturn will require federal help, he said. Congress is considering a mortgage rescue measure that would give lenders incentive to modify distressed mortgages."

The San Diego Union Tribune - "Wall Street clobbers giant mortgage firms" (7-8-08)

"One of the strongest warning signs came yesterday, when shares of the nation's most important mortgage companies, Fannie Mae and Freddie Mac, plummeted. After falling almost continuously for a month, in just one day Freddie Mac tumbled 18 percent and Fannie Mae lost 16 percent amid concerns that the companies would need to raise billions in fresh capital."

The San Diego Union Tribune - "Foreclosures bringing cases of fraud to light" (7-8-08)

"Law enforcement officials say a host of real estate shenanigans sprouted during the housing boom. The most prevalent – and least likely to be prosecuted – involved fudging income on loan applications. Other buyers fibbed about whether they would occupy the home or rent it. Some schemes were more complicated and nefarious. They often involved inflated appraisals, zero-down financing and grossly false information on loan documents. In these scams, the idea was not to own the property long-term but instead to siphon off as much money as possible from commissions, rental income or undisclosed cash kickbacks before letting the home fall into foreclosure."

Bloomberg - "Bernanke Says Fed May Continue Lending Into Next Year" (7-8-08)

"The Fed chairman's comments come a day after Fannie Mae and Freddie Mac fell to their lowest level since 1992 and the Standard & Poor's 500 Banks Index dropped to a 12-year low. It's the first time Bernanke has indicated how long he'll extend the lending programs that were introduced in March in a provision of Fed credit to nonbanks unprecedented since the Great Depression."

MSN - "34 cities where it's still better to rent" (7-8-08)

"Using a rule of thumb that truly affordable homes cost no more than 15 times their annual market rent, the study found that prices in 34 of the largest 100 metro areas still have a lot of room to fall and would leave their owners with negative equity were they to sell in four years. Hit worst would be home buyers in San Jose, Calif., the nation's priciest market. By the study's calculations, anyone who bought a low-priced home there with a 6% loan could be $355,000 in the hole in 2012. (A low-priced home was defined as 75% of the area's current median price.)"

Bloomberg - "LandAmerica Chief Cut Jobs, Plans Office Closures" (7-8-08)

"LandAmerica cut 4,000 jobs, or nearly 30 percent of its workforce, in the 16 months through April amid the biggest housing slump since the Great Depression. The top three title insurers reported a 15 percent slide in first-quarter orders. According to No. 1 First American Corp.'s monthly data, that deficit didn't improve in April and May."

Bloomberg - "Bondholders See Blackstone Winning Tousa Assets From Citigroup" (7-8-08)

"Blackstone Group LP and Carlyle Group are fighting lenders led by Citigroup Inc. over more than $500 million in assets the banks received as collateral from Tousa Inc., the biggest U.S. homebuilder in bankruptcy."