NAHB - "Remodeling Market Remained Sluggish In Second Quarter" (8-12-08)

"Residential Remodeling activity remained sluggish during the second quarter of 2008, according to the National Association of Home Builders’ (NAHB) Remodeling Market Index (RMI). The current market conditions indicator rested at 41.8, the same level as the first quarter, while the future expectations measure rose slightly to 38 from 37.9 in the previous quarter."

Yahoo - "House prices edge higher in June" (8-12-08)

"House prices edged higher in June in another sign the market is clawing back some ground from its worst downturn in decades, according to an early reading of single-family home sales during the month. Home prices rose 1.1 percent on a national level in June from May, though they dropped 11.5 percent over the past year, an index published by Integrated Asset Services said on Tuesday."

The Bakersfield Californian - "McAllister Ranch slated for the auction block" (8-12-08)

"The unfinished McAllister Ranch development is headed to the auction block Aug. 22, something that could make Lehman Commercial Paper Inc. landlord of three square miles of dust, curbs and an unkempt Greg Norman-designed golf course in southwest Bakersfield. The developer of the 6,000-home community defaulted on a $235 million loan from New Jersey-based Lehman in April."

Yahoo - "JPMorgan has $1.5 billion in Q3 mortgage asset losses" (8-12-08)

"Shares of the third-largest U.S. bank by assets fell as much as 7.9 percent, reflecting investors' disappointment with a bank that had largely sidestepped the worst of the credit crunch."

CNN - "The next wave of mortgage defaults" (8-12-08)

"Prime mortgages are starting to default at disturbingly high rates - a development that threatens to slow any potential housing recovery. The delinquency rate for prime mortgages worth less than $417,000 was 2.44% in May, compared with 1.38% a year earlier, according to LoanPerformance, a unit of First American CoreLogic that compiles and analyzes residential mortgage statistics."

Bloomberg - "One Third of New Owners Owe More Than House Is Worth" (8-12-08)

"Almost one-third of U.S. homeowners who bought in the last five years now owe more on their mortgages than their properties are worth, according to Zillow.com, an Internet provider of home valuations. Second-quarter home prices fell 9.9 percent from a year earlier, giving 29 percent of owners negative equity, said Zillow, the Seattle-based service that offers values for more than 80 million homes. For those who bought at the 2006 peak of the housing market, 45 percent are now underwater, Zillow said."

Bloomberg - "Banks' Subprime Losses Top $500 Billion on Writedowns" (8-12-08)

"Banks' losses from the U.S. subprime crisis and the ensuing credit crunch crossed the $500 billion mark as writedowns spread to more asset types. The writedowns and credit losses at more than 100 of the world's biggest banks and securities firms rose after UBS AG reported second-quarter earnings today, which included $6 billion of charges on subprime-related assets."

Bloomberg - "Commercial Property to Fall or Stay Flat, Survey Says" (8-12-08)

"U.S. commercial property values may drop or remain little changed in the next 12 months as the economy slows and banks constrain lending, according to a survey of executives by the Real Estate Roundtable."