"President-elect Barack Obama is likely to back a financial-rescue effort that channels capital to banks and deals with troubled assets clogging balance sheets, according to people familiar with the matter. Obama’s team will also use part of the $350 billion remaining from the Troubled Asset Relief Program to help stem foreclosures and assist municipalities that are having trouble borrowing, the people said. The Federal Reserve and Federal Deposit Insurance Corp. are advocating a government-backed 'bad' or 'aggregator' bank to acquire hundreds of billions of dollars of troubled securities now held by lenders."
Bloomberg - "Housing Starts Probably at Record Low: U.S. Economy Preview" (1-18-08)
"American builders probably broke ground in December on the fewest houses on record as sales and credit dried up, economists said before reports this week. Housing starts fell 2.7 percent last month to an annual rate of 605,000, the lowest level since the Commerce Department started compiling data in 1959, according to the median estimate in a Bloomberg News survey. Building permits, a sign of future projects, also probably dropped to a record low."
DQNews - "California November 2008 Home Sales" (1-19-08)
"An estimated 32,163 new and resale houses and condos were sold statewide last month. That was down 24.0 percent from 42,293 in October and up 25.7 percent from 25,578 for November last year. Sales have increased on a year-over-year basis the last five months. California sales for the month of November have varied from last year's low to a peak of 60,326 in 2004, the average is 40,592. MDA DataQuick's statistics go back to 1988."
DQNews - "Southland home sales off bottom" (1-19-08)
"A total of 19,926 new and resale homes sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties last month. That was up 19.2 percent from 16,720 for November, and up 50.5 percent from 13,240 for December 2007, according to MDA DataQuick."
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