NAR - "Pending Home Sales Rise, Wider Gains Anticipated as Buyers tap Housing Provisions" (8-7-08)

"Some improvement is projected for existing-home sales in the months ahead, with broader gains seen by the fourth quarter as buyers take advantage of new provisions provided through the recently passed housing stimulus bill, according to the latest forecast by the National Association of Realtors®. The Pending Home Sales Index,¹ a forward-looking indicator based on contracts signed in June, rose 5.3 percent to 89.0 from a downwardly revised reading of 84.5 in May, but remains 12.3 percent below June 2007 when it stood at 101.4."

NAR - "REALTORS® Report Foreigners Come to America to Buy Homes" (8-7-08)

"This new research indicates that international buying activity in the U.S. is widespread. NAR estimates that between 150,000 and 190,000 homes were sold to foreign nationals from May 2007 to May 2008. Recent foreign buyers purchased properties in every state and the District of Columbia. The most popular states where international buyers purchased homes are Florida, California and Texas. Arizona, New York, Washington and Nevada were also popular."

Yahoo - "June pending home sales up unexpectedly" (8-7-08)

"Home sales contracts signed in June unexpectedly rose, boosting an index of pending sales to the highest level since October, though it was well below the year-ago level, a real estate trade group said on Thursday. The National Association of Realtors said its Pending Home Sales Index, based on contracts signed in June, was up 5.3 percent to 89.0 from a downwardly revised 84.5 in May."

Inman News - "Study: Fewer Realtors work with foreign buyers" (8-7-08)

"The survey of 4,000 Realtors found that about 26 percent of participants worked with at least one foreign client from May 2007 to May 2008, down from 32 percent in the previous survey, conducted from April 2006 to April 2007."

Bloomberg - "Highest Home Supply Since '82 Seen Needing 50% Cut" (8-7-08)

"Hovnanian Enterprises Inc., New Jersey's largest homebuilder, cut the number of unsold houses by more than 50 percent over the past two years after lowering prices and still had 1,500 on its books as of April."

Bloomberg - "U.S. Economy: Pending Home Resales Climbed in June" (8-7-08)

"U.S. pending sales of previously owned homes unexpectedly rose in June as buyers swept up foreclosed and lower-priced properties. The index of pending home resales rose 5.3 percent after a revised 4.9 percent decline in May, the National Association of Realtors said today in Washington. Other reports showed claims for jobless benefits jumped last week to a six-year high and consumer borrowing surged in June."

Bloomberg - "IndyMac Seized, First Priority Closed: Bank Failure Scorecard" (8-7-08)

"The table below tracks some of the recent failures among U.S. banks, savings and loans and credit unions. More than a dozen lenders have been closed by state or national regulators since 2007 as U.S. mortgage markets collapsed and the world's largest financial companies wrote down more than $495 billion in losses."

Bloomberg - "PMI Has Record Drop After Loss on Mortgage Claims" (8-7-08)

"PMI fell 82 cents to $2.68 at 4:18 p.m. in New York Stock Exchange composite trading. The second-quarter net loss was $246.3 million, or $3.03 a share, compared with profit of $83.8 million, or 95 cents, a year earlier, the Walnut Creek, California-based company said today in a statement."

Orange County Register - "Foreclosure refugees skipping apartments" (8-7-08)

"NMHC says apartment industry data show only 2% to 6% of all apartment applicants were seeking to rent after running into trouble with their mortgage. In fact, only 23.5% of apartment applicants have ever even had a mortgage, according to First Advantage SafeRent, which does apartment applicant screening. Only 5.4% of those with previous mortgages had ever been 90 days behind or defaulted."

Orange County Register - "Wachovia sees O.C. home prices dropping 20%" (8-7-08)

"Wachovia, one of the largest financial firms in America, estimates some Orange County homes will drop 20% more in value, after already losing 12%. Wachovia didn’t give an exact time line. The company, during its July 22 earnings presentation, estimated losses on loans that allow borrowers to choose their monthly payment, including one that means owing more to the bank. Having been burned, it no longer makes that loan."