NAHB - "Builders Call on Congress to Pass Treasury Rescue Plan" (9-24-08)

"The nation’s home builders today called on Congress to move promptly to enact the emergency financial rescue plan proposed by Treasury Secretary Henry Paulson that is designed to stabilize worldwide financial markets and restore consumer and investor confidence in the U.S. economy.During its board of directors meeting in San Diego, the leadership of the National Association of Home Builders (NAHB) unanimously called on Congress to act now before conditions deteriorate to a point that could trigger a global financial meltdown."

NAR - "Existing-Home Sales Slide on Tight Mortgage Availability" (9-24-08)

"Existing-home sales were down in August following a healthy gain in July as tight mortgage credit curtailed activity, according to the National Association of Realtors®. Sales rose in the Midwest and South but fell in the Northeast and West. Nationally, existing-home sales – including single-family, townhomes, condominiums and co-ops –declined 2.2 percent to a seasonally adjusted annual rate1 of 4.91 million units in August from an upwardly revised pace of 5.02 million in July, but are 10.7 percent below the 5.50 million-unit pace in August 2007."

CBIA - "California Again Sees Decrease in Housing Production in August, CBIA Announces" (9-24-08)

"According to statistics compiled by the Construction Industry Research Board, 4,484 permits were pulled throughout California, down 61 percent when compared to the same month a year ago and down 21 percent from July. Single-family permits totaled 2,241, down 58 percent from August 2007 and down 28 percent from July, while multifamily permits totaled 2,243, down 63 percent when compared to August 2007 and down 13 percent from the previous month."

Mortgage Bankers Association - "Mortgage Applications Decrease In Latest MBA Weekly Survey" (9-24-08)

"The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending September 19, 2008. The Market Composite Index, a measure of mortgage loan application volume, was 591.4, a decrease of 10.6 percent on a seasonally adjusted basis from 661.7 one week earlier. On an unadjusted basis, the Index decreased 11.1 percent compared with the previous week and was down 9.3 percent compared with the same week one year earlier"

Bloomberg - "Congress Pushes for Changes to Paulson Bailout Plan" (9-24-08)

"Congressional leaders are weighing new ways to revise a $700 billion Wall Street rescue plan after it became clear that U.S. Treasury Secretary Henry Paulson's proposal faces resistance from both Democrats and Republicans. House and Senate Democratic leaders huddled late yesterday to consider new strategies, including the possibility of approving only a $150 billion initial installment for the government to purchase troubled assets from financial firms. Senator Charles Schumer of New York, the No. 3 Senate Democratic leader, said Paulson wouldn't have time to use the full $700 billion before the Bush administration left office on Jan. 20."

Bloomberg - "Bernanke Sees `Grave Threats' to Financial Stability" (9-24-08)

"Federal Reserve Chairman Ben S. Bernanke said the U.S. is facing 'grave threats' to financial stability and warned that the credit crisis has started to damage household and business spending. 'Economic activity appears to have decelerated broadly,' Bernanke said today to a congressional Joint Economic Committee hearing, downgrading the assessment of Fed officials when they met on Sept. 16."

Yahoo - "FBI investigating companies at heart of meltdown" (9-24-08)

"Two law enforcement officials said Tuesday the FBI is looking at potential fraud by mortgage finance giants Fannie Mae and Freddie Mac, and insurer American International Group Inc. Additionally, a senior law enforcement official said Lehman Brothers Holdings Inc. also is under investigation."