NAR - "Realtors® Endorse Obama's Recovery Plan Including Housing Stability, Health Care" (2-25-09)

"'We fully agree with President Obama’s emphasis that housing is the backbone of our national economy,' said NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth. 'As he said, when a family buys a home, workers are hired to build it. Those workers spend money and open businesses. As a result, investors return. In short, housing is the key to revitalizing America and we pledge to work with him to help jumpstart our economy.'"

NAR - "January Existing-Home Sales Fall, Inventory Down" (2-25-09)

"Existing-home sales – including single-family, townhomes, condominiums and co-ops – fell 5.3 percent to a seasonally adjusted annual rate¹ of 4.49 million units in January from a level of 4.74 million units in December, and are 8.6 percent lower the 4.91 million-unit pace in January 2008"

Mortgage Bankers Association - "Mortgage Applications Decrease in Latest MBA Weekly Survey" (2-25-09)

"The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending February 20, 2009. The Market Composite Index, a measure of mortgage loan application volume, was 743.5, a decrease of 15.1 percent on a seasonally adjusted basis from 875.3 one week earlier. This week’s results included an adjustment to account for the shortened week due to the Presidents’ Day holiday. On an unadjusted basis, the Index decreased 22.6 percent compared with the previous week and increased 9.8 percent compared with the same week one year earlier."

Wall Street Journal - "Renters Lose Edge on Homeowners" (2-25-09)

"The relative cost of owning versus renting is swinging back in favor of homeownership in some U.S. markets, buoyed by several quarters of sharp declines in home prices. At the height of the housing boom, as home prices surged, demand for rentals started to rise as the gap between owning and renting widened significantly. Even after the housing market soured, apartment demand grew as former homeowners became renters, allowing landlords to push healthy rent increases."

Inman News - "IRS updates homebuyer tax credit form" (2-25-09)

"The IRS has updated the tax form used to claim the first-time homebuyer tax credit that's been increased to as much as $8,000 for buyers purchasing a home this year before Dec. 1. In 2008, nearly half of homebuyers were buying for the first time, and the expanded credit will make it easier for that group of buyers to enter the housing market this year, the Treasury Department said in an announcement publicizing its implementation"

Yahoo - "Big banks face 'stress tests' from regulators" (2-25-09)

"The Obama administration hopes to restore confidence in the nation's ailing financial sector by subjecting 19 of the largest banks to 'stress tests' that will gauge whether each institution has adequate capital to survive a severe downturn. Banks that need new funds will be given six months to obtain it from the private sector or, failing that, from the federal government's $700 billion bank rescue program, the Treasury Department said Wednesday."

Yahoo - "Bernanke confident can keep U.S. inflation at bay" (2-25-09)

"Federal Reserve Chairman Ben Bernanke said on Wednesday that he had an exit strategy from the U.S. central bank's recent massive monetary expansion that will keep inflation under control as the economy recovers."

Yahoo - "Home Prices Post Biggest Drop in 21 Years" (2-25-09)

"The S&P/Case-Shiller U.S. National Home Price Index plunged 18.2% during the final quarter of 2008, the biggest annual decline in the closely watched index's 21-year history. Separately, for the month of December alone the Case-Shiller 20-City Composite Index fell 18.5% compared with the previous December, also a record decline. The most severe declines were in Phoenix, Las Vegas, and San Francisco, which all dropped by more than 30% in December compared with December 2007."

Bloomberg - "Realogy Reports 2008 Loss of $1.91 Billion on Charges" (2-25-09)

"Realogy Corp., the real estate broker acquired by Apollo Management LP at the peak of the housing market, said its 2008 net loss widened to $1.91 billion after writing down the value of assets. Realogy, owner of the Century 21 and Coldwell Banker real estate brands, said it continues to be in compliance with debt agreements and that Apollo will provide financial assistance to help the company continue to meet its obligations."