The New York Times - "Fannie and Freddie Shares Slide, Dragging Down Markets" (7-11-08)

"Fannie Mae and Freddie Mac shares plummeted again on Friday — and the broader stock market followed suit — as concern mounted that the government will be forced to take over the beleaguered mortgage finance companies, which some investors fear are at risk of default. Even after a week of unprecedented losses, the companies’ declines on Friday were the sharpest yet: Freddie Mac shares were down 24 percent from Thursday’s closing price, to $6.08 a share, and Fannie Mae stock fell 28 percent to $9.51 a share, in midday trading after opening sharply lower."

The Herald - "Allstate must cut home rates" (7-11-08)

"Allstate Corp. has been ordered to cut its California homeowner insurance rate by more than 25 percent, a move that will save consumers an estimated $255 million a year, the state insurance commissioner announced Thursday. Commissioner Steve Poizner signed an order Tuesday rejecting Allstate's request for a 9.3 percent increase and instead mandated a 28.5-percent rollback in rates for about 850,000 customers."

NAHB - "Statement From Jerry Howard, Executive Vice President-CEO National Association Of Home Builders" (7-11-08)

"Now is the time we need to focus on passing meaningful housing legislation. Industry and government must work together to help get home buyers back into the marketplace, stabilize house prices, stem the rising tide of foreclosures and restore confidence in our housing finance system. Fannie Mae and Freddie Mac play a central role in our housing system and will continue to do so."

The San Diego Union Tribune - "Wachovia hits 17-year low on CEO's first day" (7-11-08)

"On his first day as the new CEO of Wachovia Corp., Robert Steel saw the stock tumble to a 17-year low and faced questions about his ability to rescue the nation's fourth-largest bank from its own missteps and the roiling credit market."

Bloomberg - "Lehman Takes `Pounding' as Speculation Hurts Shares" (7-11-08)

"Lehman Brothers Holdings Inc., the securities firm that lost almost 75 percent of its market value this year, sank to the lowest since 2000 in New York trading as customers' votes of confidence failed to halt speculation that the stock may drop further. Lehman, once the biggest U.S. underwriter of mortgage bonds, fell 40 cents, or 5.2 percent, to $16.40 before the official open on the New York Stock Exchange. Shares of the New York-based investment bank have lost 24 percent this week."

Yahoo - "Paulson: Prime focus to support GSEs in 'current form'" (7-11-08)

"Treasury Secretary Henry Paulson said on Friday that his chief aim at present is to back government-sponsored mortgage finance companies Fannie Mae and Freddie Mac in their 'current form,' giving no sign a government bailout of them was imminent."

Orange County Register - "Santa Ana ZIPs top late-June’s home-price declines" (7-11-08)

"Five of the 11 O.C. ZIP codes with biggest price losses in late June were Santa Ana, according to the latest DataQuick homebuying report. Prices in these communities are likely being dragged down by a surge in sales by distressed sellers, both bankers who’s repossessed homes and owners trying to avoid foreclosure.Collectively, 153 homes were sold in this ZIP in this period, down 6% from a year ago. Not bad considering countywide sales are off 16.5%. "

On August 23rd, The Norris Group will be hosting a special fundraising event at the Nixon Library. The event is titled, "I Survived Real Estate 2008" (http://www.ISurvived2008.com). The event will raise money for cancer research and proceeds will be donated to the Orange County Affiliate of the Susan G. Komen for the Cure. Tickets are now available.