NAHB - "Faulty Appraisal Process Harming Housing And The Economy" (7-13-09)

"Twenty-six percent of builders are seeing signed sales contracts fall through the cracks because appraisals on their homes are coming in below the contract sales price, according to a nationwide survey conducted by the National Association of Home Builders (NAHB)."

Time - "Housing Woes: Price Reductions Are Proliferating" (7-12-09)

"Nearly a quarter of the homes listed for sale in the U.S. have had at least one price reduction, with an average discount of 10% off the original asking price, according to an analysis by the listings site Trulia.com. The analysis shows that of the nation's 50 largest cities, Jacksonville, Fla., is the most marked-down market, with 39% of houses there having undergone a price chop."

San Francisco Chronicles - "26% of home mortgage defaults 'strategic'" (7-13-09)

"26 percent of the record numbers of home mortgage defaults across the country are 'strategic' - that is, calculated economic decisions to bail out of loans by owners who actually have the money to make the payments but can't handle the negative equity they're carrying caused by local property value declines."

Bloomberg - "Obama Stimulus Money to Flow as Jobless Await Results" (7-13-09)

"Even as money begins flowing to projects across the U.S. from the stimulus President Barack Obama signed in February, some lawmakers are questioning its value. Bigger-than-forecast job losses pushed the June unemployment rate to a 26-year high of 9.5 percent after Obama promised to create or save 3.5 million jobs over two years. Republicans say that is proof the $787 billion measure isn’t working, while Democrats debate whether a second shot of spending is needed to pull out of a recession."

Bloomberg - "Mansion Glut in Pelosi’s San Francisco Neighborhood Slows Sales" (7-13-09)

"This year’s showcase house was listed at $12.9 million in April and the price was reduced in May. Last year’s house, listed for $27.5 million, was taken off the market after 229 days. The 2007 house was listed for $55 million and the price dropped to $45 million almost a year later. Properties used as showcases are comparable in size and architectural interest, said Delanie Borden, the event director."

Bloomberg - "U.S. Commercial Construction to Drop 16% This Year, Report Says" (7-13-09)

"Construction spending on offices, retail centers and hotels is likely to fall 16 percent this year and 12 percent in 2010, more than previously forecast, the American Institute of Architects said. Rising unemployment and reductions in business spending prompted the Washington-based institute to cut its outlook from January, when it predicted non-residential construction spending would drop 11 percent this year and 5 percent in 2010."

Bloomberg - "Building Recovery Stalls as States Wait for Obama: Chart of Day" (7-13-09)

"The CHART OF THE DAY shows declines in construction spending, the annualized rate of housing starts and demand for building equipment, as represented by Caterpillar Inc. equipment sales. Sales at the world’s largest maker of bulldozers and excavators, based in Peoria, Illinois, fell 43 percent in May compared with year-ago levels."

Orange County Register - "Would energy audits hurt real estate revival?" (7-13-09)

"Huntington Beach mortgage broker Dennis C. Smith notes that legislation recently was passed by the House requiring that all sales of homes using an FHA mortgage must have a federal energy audit performed."