NAHB - "Builder Confidence Remains At Record Low In December" (12-15-08)

"Builder confidence in the market for newly built single-family homes held at a record low in December as deepening economic turmoil, a deteriorating job market, and an ongoing flow of foreclosed homes onto the market continued to negatively impact sales conditions. The National Association of Home Builders/Wells Fargo Housing Market Index (HMI) did not budge this month from November’s all-time low reading of 9, with two out of three component indexes losing further ground."

NAR - "Realtors® Push for 4.5 Percent Interest Rate Buy-Down" (12-15-08)

"A federal mortgage interest buy-down program would help spark the housing market, the National Association of Realtors® said in a letter sent today to James B. Lockhart, chairman of the Oversight Board of the Federal Housing Finance Agency. NAR seeks a 4.5 percent mortgage interest rate buy-down program financed through the U.S. Treasury Department’s Troubled Asset Relief Program"

CBIA - "October Credit Crisis Paralyzed California New-Home Market, CBIA Announces" (12-15-08)

"The pace of home sales at California new-home communities was extraordinarily bad in October, primarily due to the global credit crisis, the California Building Industry Association reported today. CBIA officials said the extremely low sales rate should prompt quick action by policy makers for actions to help jump-start the critically important homebuilding industry"

The Sacramento Bee - "County landlords may get to police selves" (12-15-08)

"Supervisors on Wednesday are expected to approve a new rental housing registration and inspection ordinance. Unlike Rancho Cordova and Sacramento, the county will leave landlords and property owners to assess themselves and ensure that tenants aren't forced to live in substandard conditions. Housing advocates say the move is a step in the right direction, but that it's the first of many toward stronger regulation of rental housing."

Inman News - "The sinking feeling in home values" (12-15-08)

"Research conducted by Zillow, a company that provides online real estate values and other information, found that U.S. home values will plunge a total of $2 trillion this year. Home values dropped 8.4 percent year-over-year in the first three quarters of 2008 compared to the same period last year, Zillow reported today, for a total nationwide home-value loss of $1.9 trillion."

CNN - "Fannie Mae gives renters a break" (12-15-08)

"Fannie Mae, the battered mortgage giant, has agreed to act as an interim landlord for thousands of tenants living in foreclosed homes around the country. Fannie will sign new leases for the approximately 4,000 renters in its foreclosed properties, said spokesman Brian Faith. These tenants would otherwise face eviction, even if they had been paying their rent on time, because of the owners' failure to pay the mortgage on the property"

North County Times - "Local prices plummeted in November" (12-15-08)

"Only houses priced under $400,000 increased in sales from a year ago.Still, price declines appeared to be very real. The median price per square foot, which adjusts for the size of the house, also tumbled ---- falling by 8 percent in just one month and down 30 percent from last year. Such a dive in prices set records in the four-year-old survey for biggest drops in median price and median price per square foot. It was also the first time in the history of the report, known as HomeDex, that the median price per square foot dipped below $200, declining to $196."

Bloomberg - "Annus Horribilis Peaks in Anxiety for Global Economy" (12-15-08)

"This was the year the global economy fell apart. Next year may not be that much better, as policy makers try to put the pieces back together. All the bulwarks crumbled: Investment banks went bust and credit evaporated. U.S. consumer spending crashed, pushing Detroit automakers to the brink of bankruptcy. And growth in China and other emerging markets nosedived. The damage is so immense and widespread, the most central banks and governments can hope for next year may be to stop the deterioration and set the stage for recovery in 2010. Failure may heighten the danger of deflation and near-depression."

Bloomberg - "General Growth Fails to Reach Accord on Vegas Loans" (12-15-08)

"Talks with the lenders who hold the mortgages on the Fashion Show and the Palazzo properties are continuing, the Chicago-based company said today in a statement. General Growth lost 96 percent of its value this year on investor concern that it is carrying too much debt amid a global credit crisis that has decimated consumer spending and reduced real estate values. The company had $25 billion of mortgages, notes and loans as of Sept. 30."

Bloomberg - "Developers Diversified Tumbles After Saying Sales Won’t Close" (12-15-08)

"Developers Diversified Realty, the owner and manager of more than 700 shopping centers, fell 18 percent after saying it won’t complete the sale of 13 assets this month."