"Great news for home buyers, home sellers and the U.S. economy is how the National Association of Realtors® greeted this morning’s announcement by the Federal Reserve that it will purchase housing-related debts of Fannie Mae and Freddie Mac, thus freeing up mortgage money on Main Street."
NAR - "New Home Sales Decline 5.3 Percent In October" (11-26-08)
"Regionally, new home sales declined 18 percent in the West and 6 percent in the South in October. Sales in the Northeast increased by 22.6 percent from an unusually low rate the previous month, and sales in the Midwest increased by 6 percent."
NAHB - "One In Four Boomers Plan Move, New Survey Reports" (11-25-08)
"One in four baby boom generation households (26%) expects to move from their current home in the future, with the majority looking for a single-level home that is more comfortable or convenient, according to a new survey prepared for AARP."
CBIA - "October Housing Production Drops Again – to Lowest Level on Record, CBIA Announces" (11-25-08)
"According to statistics compiled by the Construction Industry Research Board, just 4,140 permits were pulled throughout California during the month of October, down 49 percent when compared to the same month a year ago and down 9 percent from September. On a seasonally adjusted basis, October’s unit total was at an annual rate of 46,300, which CIRB said was the lowest month recorded since monthly rates began being tabulated in January 1976"
Mortgage Bankers Association - "Mortgage Applications Increase Slightly In Latest MBA Weekly Survey" (11-25-08)
"The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending November 21, 2008. The Market Composite Index, a measure of mortgage loan application volume, was 404.4, an increase of 1.5 percent on a seasonally adjusted basis from 398.6 one week earlier. On an unadjusted basis, the Index decreased 1.0 percent compared with the previous week and was down 21.9 percent compared with the same week one year earlier. "
Mortgage Bankers Association - "MBA Study Shows Government-Insured Share of Mortgage Applications Continues to Increase" (11-25-08)
"The government-insured share of mortgage applications continues to grow relative to conventional mortgage applications, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey. Of all mortgage applications taken during the month of October 2008, 32.9 percent were for government-insured loans (consisting mainly of FHA loans) compared to 10.3 percent in October 2007."
CAR - "C.A.R. reports sales increased 117.1 percent in October" (11-25-08)
"Home sales increased 117.1 percent in October in California compared with the same period a year ago, while the median price of an existing home fell 39.9 percent, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported today."
Reuters - "Consumers cut spending" (11-25-08)
"Housing, consumer spending and business investment all weakened sharply last month as the dizzying downward spiral of the world's largest economy gathered speed, data showed on Wednesday. Economic reports also showed unemployment rolls remained swollen at recessionary levels in the latest week, providing further support to economists who think the U.S. economy has entered its worst downturn in decades."
Yahoo - "Housing Could Bottom Sooner Than You Think" (11-25-08)
"a number of indicators suggest that the worst of the housing slump may have passed. For starters, the steady drop in home prices is beginning to moderate. Home prices had been slumping 2% sequentially for a good portion of 2007, but those drops are now in the 0.50% to 1.00% range. While home prices may fall a bit more over the next few months, they may finally flatten later this winter."
Bloomberg - "U.S. Banks May Write Down $44 Billion in Quarter" (11-25-08)
"U.S. banks including Citigroup Inc. may post about $44 billion in writedowns and charges on bad loans in the fourth quarter, eroding the government's banking bailout plan, Oppenheimer & Co.'s Meredith Whitney said."
Yahoo - "DR Horton swings to $800 million loss" (11-25-08)
"D.R. Horton Inc.'s chief executive said Tuesday he expects this fiscal year to be even more challenging than 2008, which ended with a nearly $800 million quarterly loss on slower home sales and more than $1 billion in charges."