USA Today - "Mortgage demand drops despite falling rates" (8-21-08)

"Mortgage applications fell last week despite a drop in interest rates, the Mortgage Bankers Association said Wednesday. The fall in application volume is the latest sign of a struggling housing market. On Tuesday, a Commerce Department report showed construction of homes and apartments fell in July to the lowest level in more than 17 years."

Inman News - "HUD won't withdraw proposed RESPA rule changes" (8-21-08)

"The Department of Housing and Urban Development says it's willing to modify, but not withdraw, a proposal to overhaul loan disclosure forms and revamp rules governing the provision of settlement services -- resisting calls by industry groups and a majority of members of the House of Representatives to scuttle the plan."

Yahoo - "Where Real-Estate Market May Be Headed, and How to Plan for It" (8-21-08)

"There are some signs that the relentless foreclosures and price erosion are easing. We may be hitting bottom."

Bloomberg - "Merrill Agrees to Redeem Auction-Rate Securities" (8-21-08)

"Merrill Lynch & Co. agreed to buy back all the auction-rate securities it sold to individuals in the U.S. to settle regulatory claims the bank misled investors about the debt's safety. "

Bloomberg - "Zell Opts for Debt Investing, Awaits Housing Rebound" (8-21-08)

"Billionaire Sam Zell, founder of the largest publicly traded apartment landlord in the U.S., is investing in distressed debt instead of real estate stocks or property and expects a housing recovery next year."

Bloomberg - "Banks Warn Credit Card Legislation May Hurt, Not Help Consumers" (8-21-08)

"Frank Chan said he had been a loyal Citibank cardholder for 20 years when he was told by a customer service agent that stopping a check payment would cost him $29. He said he was shocked to see on his next credit-card statement that as a result his interest rate had more than doubled, from 13.9 to 28.9 percent, and applied to his current balance."

Bloomberg - "Mortgage Delinquencies for Loans in Securities Soar, S&P Says" (8-21-08)

"Total delinquencies for subprime loans in 2006 bonds climbed to 41.7 percent, based on July reports from trustees, from 34.2 percent in February, S&P said today. Late payments on so-called Alt-A loans rose to 21.5 percent from 15.2 percent, while prime- jumbo delinquencies increased to 4.5 percent from 2.9 percent, the New York-based company said in separate reports."

Bloomberg - "Merrill, Financial Firms Said to Consider Urban Bids" (8-21-08)

"Merrill Lynch & Co. and other overseas financial firms may bid to acquire failed Japanese real-estate developer Urban Corp. to obtain its $4.4 billion of assets, two officials involved in the talks said. As many as 10 potential investors, including Merrill, U.S. and European funds and Japanese real-estate developers, have asked Urban to be included in the bidding process for the company, according to the officials, who declined to be identified as the information isn't public"

Orange County Register - "Riverside vs. O.C. home discount at 9-year high" (8-21-08)

"It’s a choice many a SoCal home shopper has faced: O.C. condo or Riverside County single-family house. You know, the shot at that lawn and backyard. And that decision is tougher today. Thanks to a sharp reversal of pricing in Riverside County — far worse than O.C.’s slide — the percentage-point savings for a typical buyer that chooses Riverside has reached a 9-year high, according to DataQuick. It’s a curious pressure that could challenge any O.C. housing recovery."