NAHB - "Total Housing Starts Rebound by Nearly 39 Percent in March" (4-26-07)

"Total housing starts in California rebounded sharply from February’s production levels, climbing by almost 39 percent compared to February, the California Building Industry Association announced today. Both single-family homes and multifamily construction showed strong increases compared to the previous month, but production still lags behind last year’s levels. In March, permits were pulled for 7,743 single-family homes statewide, up almost 23 percent from the previous month but down 31 percent from March 2006, while multifamily housing starts — condos and apartments — totaled 5,408, up 70 percent from the previous month but down just under 5 percent compared to March 2006. Multifamily starts, however, tend to be more volatile than single-family starts on a month-to-month basis. Overall for the month, builders pulled permits for 13,151 homes, condos and apartments, according to statistics compiled by the Burbank-based Construction Industry Research Board. For the first quarter of the year, production began on 32,646 homes and apartments, down 28 percent from the same period last year. "

OC Register - "Countrywide, IndyMac report drop in earnings" (4-26-07)

"You were right. Voters in my poll published Tuesday overwhelmingly (79%) said both Countrywide Financial and IndyMac Bancorp would see profits fall in the first quarter. They reported today and both companies said profits were down by more than a third from the same period a year ago. (More than a hundred people voted.)"

Bloomberg - "Pulte, Beazer, Ryland Have Losses on Land Writedowns" (4-26-07)

"Pulte Homes Inc., Beazer Homes USA Inc. and Ryland Group Inc. reported quarterly losses as the deteriorating housing market forced them to write down the value of property and abandon land purchases. Beazer and Ryland withdrew their earnings forecasts for 2007 and Pulte declined to provide an outlook for the rest of the year. Beazer Chief Executive Officer Ian McCarthy said the market was 'extremely challenging' and he doesn't see any signs of a housing recovery. Pulte, Beazer and Ryland had a combined $300 million in costs for land and options on parcels they no longer need. Each posted a decline in new home orders. U.S. homebuilders are in their second year of a slump as tightening credit standards and a glut of unsold homes reduces potential buyers and prompts some to wait for prices to fall further before making offers. "

Bloomberg - "Friedman Billings Posts Loss on Mortgage Writedowns" (4-26-07)

"Friedman, Billings, Ramsey Group Inc., the investment bank that's trying to sell its money-losing subprime mortgage unit, posted a first-quarter loss because of writedowns tied to home loans. The loss -- the third in four quarters for the Arlington, Virginia-based company -- was $185.9 million, or $1.08 a share, compared with a profit of $26.6 million, or 16 cents a share, in the year-earlier period, Friedman Billings said today in a statement. "

Real Estate Journal - "For Some Americans, Buying Land Is Like Collecting Art and Autos" (4-26-07)

"The rich are accumulating open spaces across the U.S. much as they have with vacation homes, automobiles and paintings in the past. As urban areas have grown, some well-off city dwellers have purchased spreads in remote places, thousands of miles from the typical playgrounds of the wealthy."