NAR - "Survey Shows Home Buyers Responding to Lower Metro Prices" (8-14-08)

"Existing-home sales rose from the first quarter in 13 states, largely from buyers responding to discounted home prices, according to the latest quarterly survey by the National Association of Realtors®. Nearly one-quarter of metropolitan areas showed rising home prices in the second quarter from a year ago, with greatly mixed conditions continuing around the country."

Bloomberg - "Housing Recovery Act Depends on Banks to Refinance Mortgages" (8-14-08)

"First-time homebuyers, veterans, senior citizens and delinquent mortgage holders may benefit from the newly enacted housing bill. How well it will work may depend on regulators and your bank. The Housing and Economic Recovery Act, intended to stem home foreclosures and spark sales, offers first-time buyers a tax credit of up to $7,500. It also extends protection to veterans facing foreclosure. As many as 400,000 borrowers on the brink of losing their homes may be eligible for a more affordable loan backed by the Federal Housing Administration."

Reuters - "Greenspan sees house price bottom in 2009: report" (8-14-08)

"Former Federal Reserve Chairman Alan Greenspan predicts U.S. house prices will begin to stabilize in the first half of next year, even as he faulted the government's rescue of mortgage market giants Fannie Mae and Freddie Mac, the Wall Street Journal reported on Thursday."

Reuters - "Home foreclosure filings up 55 percent in July" (8-14-08)

"U.S. foreclosure activity in July rose 55 percent from a year earlier as a slump in once-sizzling housing markets forced yet more borrowers to default on their mortgages, according to a monthly report. Foreclosure filings -- default notices, auction sale notices and bank repossessions -- rose 8 percent from June and 55 percent from July 2007 to 272,171, according to RealtyTrac, which records property in various stages of foreclosure."

Bloomberg - "U.S. Consumer Prices Rose More Than Forecast in July" (8-14-08)

"U.S. consumer prices jumped to a 17- year high in July, reducing the ability of the Federal Reserve to lower interest rates should the economic slowdown deepen."

Bloomberg - "Morgan, JPMorgan Settle Auction-Rate Probe, Pay Fines" (8-14-08)

"Morgan Stanley and JPMorgan Chase & Co. agreed to buy back more than $7 billion in auction-rate securities and pay fines totaling $60 million, broadening Wall Street's settlement of claims the debt was fraudulently sold."

Bloomberg - "Larger Fannie, Freddie Mortgages Allowed in Main Bond Market" (8-14-08)

"The larger home loans that Fannie Mae and Freddie Mac will be allowed to finance will be accepted into the main market for mortgage bonds in limited amounts, the Securities Industry and Financial Markets Association said."

Bloomberg - "Housing Rebound in Cleveland Means Bad News for U.S." (8-14-08)

"A housing revival in this city of 438,000 on the shore of Lake Erie may portend deeper drops in U.S. markets. Prices for entry level homes in Cleveland had to tumble 37 percent from a September 2005 peak to an almost 11-year low in March before enticing first- time buyers. That may be a sign that U.S. markets with the biggest price increases during the 2000 to 2005 boom have much further to fall before stabilizing, said David Blitzer, chairman of Standard & Poor's Index Committee."

Bloomberg - "MGIC Sells Final Stake in Sherman for $209.5 Million" (8-14-08)

"MGIC received $124.5 million in cash and an $85 million unsecured promissory note, for the 24 percent holding, the Milwaukee-based insurer said today in a regulatory filing. In October, MGIC sold 16 percent of Sherman, which invests primarily in distressed consumer debt, to an entity owned by Sherman's management for $240.8 million."

Orange County Register - "SoCal rent hikes creeping up" (8-14-08)

"Rents in the SoCal region rose 4.7% in July over the previous 12 months, the lowest July-July increase in eight years, according to the latest government consumer prices released today. Rents O.C.-L.A.-Riverside area were rising at a 5.8% annual pace a year ago."

Orange County Register - "4,600 job cuts at First Am since ‘07" (8-14-08)

"The company, which built its name on title insurance before branching out into business information services, reported in an SEC filing last week that it has cut 4,600 jobs nationwide in its title insurance and services business since the end of the first quarter of 2007. Of those, 1,700 were axed in the first six months of this year."