Orange County Register - "Slow housing market predicted through 2008" (4-28-07)

"Expect the housing slump to continue at least through 2008, building industry officials said Friday at an annual conference hosted by the Orange County chapter of the Building Industry Association. Speakers focused on how the housing market has changed in the past year, citing declining sales, a drop in construction and a halt to land acquisitions."

Bloomberg - "Spending May Take a Hit as U.S. Home Prices Decline" (4-28-07)

"With home prices in danger of falling this year for the first time in at least four decades, Americans are turning wary about borrowing against their houses to pay for vacations, education or remodeling projects. In a reversal of the 'wealth effect,' people who once viewed soaring home values as a rationalization for higher spending appear to be pulling back."

Orange County Register - "Insider Q&A gets Cal State Fullerton's housing outlook" (4-28-07)

"Mira: As expected, housing downturn has continued in earnest during the current year and the data both at the national and local level confirm this outlook.
Nationally: (1) existing home sales declined 8.5 percent during 2006, compared to the previous year; (2) housing starts declined 12 percent (on an annualized basis) during 2006 and were down 38 percent (on a year-over-year basis) for the month of January; and (3) the median house price has declined from its prior peaks."