NAHB - "Builder Sentiment Retreats In October" (10-16-08)

"Reflecting profound uncertainties tied to the financial market shocks of recent weeks, builder confidence in the market for new single-family homes receded to a new record low this month. The National Association of Home Builders/Wells Fargo Housing Market Index (HMI) declined three points to 14 in October after having edged up slightly in the previous month."

The Wall Street Journal - "FDIC Chief Raps Rescue for Helping Banks Over Homeowners" (10-16-08)

"Federal Deposit Insurance Corp. Chairman Sheila Bair on Wednesday criticized the federal government for failing to take more aggressive steps to prevent Americans from losing their homes, highlighting a rift between her and other senior U.S. officials over terms of the $700 billion rescue package. The government plan will help stabilize financial markets but it doesn't do enough to address home foreclosures, the root of the crisis, she said in an interview with The Wall Street Journal."

Bloomberg - "U.S. Apartment Occupancy Falls as Unemployment Rate Climbs" (10-16-08)

"Rental apartment occupancy dropped across the U.S. West and South in the third quarter as rising unemployment forced some renters to give up their apartments and move in with friends or family members."

Bloomberg - "Prosecutors Look to Enron, Refco in Subprime Probes" (10-16-08)

"U.S. prosecutors are adding employees to investigate New York-area financial firms for possible fraud linked to a global credit crisis that has wiped out $30 trillion of equity value in the past year."

Orange County Reigster - "Fed sees West’s housing slump as ’severe’" (10-16-08)

"The District’s severe housing slump continued, while demand for commercial real estate eroded further. Demand and sales remained very weak for new and existing homes, and prices continued to fall. Foreclosure rates on existing homes, which were already high in parts of Arizona, California, and Nevada, rose noticeably in Utah and Idaho. Widespread availability of foreclosed homes at bargain basement prices spurred sales of existing homes to exceed their levels from twelve months earlier in some parts of California."

Orange County Register - "Downey Financial to cut staff, stop using mortgage brokers" (10-16-08)

"Downey Financial, the parent of Orange County’s largest thrift, said today it is immediately closing its department that does business with mortgage brokers and will reduce its retail loan operation. The Newport Beach-based company said the changes will affect about 200 people."

Inman - "'Price cutting hurts all homes'" (10-16-08)

"This is more like a race to the bottom ... price cutting just gets more price cutting. This sounds more like a revenue hunt on the part of Coldwell Banker. While many homes are indeed overpriced, price cutting hurts all other homes on the market. While many believe we have just a supply problem, we may also have a 'demand' problem. It is now more difficult for borrowers, especially with 'jumbo' financing needs or for those that need larger down payments."