Wednesday, November 19, 2008

NAHB - "Builder Confidence Plummets; Congress Needs To Act" (11-18-08)

"Builder confidence in the market for newly built single-family homes plunged in November as worsening problems in the financial markets, job market weakness and overwhelming uncertainty about the economy continued to negatively impact consumer behavior, according to the National Association of Home Builders/Wells Fargo Housing Market Index (HMI), released today. The HMI sank five points to 9, the lowest level recorded since the series was created in January of 1985."

NAR - "Realtors® Tell Congress Increased Housing Demand Will Stabilize the Market" (11-18-08)

"'The only way to overcome today’s economic turmoil is to motivate and encourage worried or cautious housing consumers to enter the marketplace,' said NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth. 'Stabilizing the housing market will lead to a quicker and greater economic recovery. Our goal is to ensure there is a healthy market and sufficient capital to support mortgage lending to qualified borrowers.'"

NAR - "Home Prices Rise in Some Metros, Buyers More Active in Other Areas" (11-18-08)

"Four out of five metropolitan areas recorded lower home prices in the third quarter from a year earlier, while existing-home sales fell in 32 states from the second quarter, according to the latest quarterly survey by the National Association of Realtors®. In the third quarter, 28 out of 152 metropolitan statistical areas ¹ showed increases in median existing single-family home prices from the same quarter in 2007; four were unchanged and 120 metros experienced declines. NAR’s track of metro area home prices dates back to 1979."

DQNews - "Southland October home sales climb to highest level of the year" (11-18-08)

"A total of 21,532 new and resale houses and condos closed escrow in the six-county Southland in October - the highest for any month this year. Last month's sales rose 5.0 percent from 20,497 in September and jumped a record 66.7 percent from 12,913 in October 2007, according to San Diego-based MDA DataQuick, a real estate information service."

CBIA - "Housing Affordability Increases Throughout California Amid Housing Downturn, CBIA Announces" (11-18-08)

"Housing affordability continued to increase during the third quarter throughout most of the state as a result of sharp price reductions fueled by waves of foreclosures, yet California is still home to five of the 10 least affordable markets in the nation, the California Building Industry Association said today."

Market Watch - "California Luxury Home Values Decrease" (11-18-08)

"California luxury home prices declined in the third quarter of 2008 from a year ago and from the second quarter of 2008, according to the First Republic Prestige Home Index(TM) by First Republic Bank, a leading provider of private banking, private business banking and wealth management services."

Yahoo - "Lawmakers press Paulson on bailout plan changes" (11-18-08)

"Faced with exasperated lawmakers upset by shifts in bailout strategy, Treasury Secretary Henry Paulson launched a spirited defense Tuesday of his handling of the $700 billion program and expressed fresh reservations about tapping the pool for mortgage guarantees to relieve skyrocketing home foreclosures."

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