NAR - "Many Home Buyers Need Higher Loan Limits, Upper-End Stalled" (1-15-08)

"The drop in mortgage loan limits for conventional financing at the end of 2008 is hurting home sales and trade-up activity in higher price ranges across the country, according to the National Association of Realtors®. The latest existing-home sales data shows transactions under $400,000 are 3 percent below a year ago. However, sales of homes priced at $750,000 or more have declined a whopping 47 percent."

CBIA - "Frozen Credit Markets Keep California New Home Market Cold in November, CBIA Announces" (1-15-08)

"The pace of home sales at California new-home communities remained glacially slow in November following the October credit freeze, the California Building Industry Association reported today. Robert Rivinius, CBIA’s President and CEO, said the continued depression in the state’s homebuilding industry will only improve if state and federal lawmakers quickly deal with the foreclosure situation and pass economic stimulus measures that have been proposed to jump-start the crucial economic sector. "

Chicago Tribune - "Fixed-mortgage rates fall below 5%" (1-15-08)

"Rates on 30-year mortgages set a record for a fifth straight week by dropping to below 5 percent, the lowest mark since Freddie Mac started tracking the data in 1971. Mortgage rates have been dropping since late November, when the Federal Reserve said it was going to pump money into the banking system by buying $500 billion in mortgage-backed securities to get banks to lend more money and perhaps aid the ailing U.S. housing market"

The San Diego Union Tribune - "New jobless claims rise, economy keeps shrinking" (1-15-08)

"The number of newly laid off workers seeking unemployment benefits rose more than expected last week, the latest sign the economy is shrinking and unlikely to rebound anytime soon. The figures came a day after the government said retail sales dropped sharply in December and the Federal Reserve issued a gloomy economic assessment."

CNN - "Foreclosures up a record 81% in 2008" (1-15-08)

"foreclosure filings spiked by more than 81% in 2008, a record, according to a report released Thursday, and they're up 225% compared with 2006. A total of 861,664 families lost their homes to foreclosure last year, according to RealtyTrac, which released its year-end report Thursday. There were more than 3.1 million foreclosure filings issued during 2008, which means that one of every 54 households received a notice last year"