MBA - "Mortgage Applications Decrease in Latest MBA Weekly Survey" (8-1-07)

"The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending July 27, 2007. The Market Composite Index, a measure of mortgage loan application volume, was 607.1, a decrease of 0.3 percent on a seasonally adjusted basis from 609.0 one week earlier. On an unadjusted basis, the Index decreased 0.4 percent compared with the previous week and was up 14.2 percent compared with the same week one year earlier. The Refinance Index increased 1.8 percent to 1724.1 from 1692.9 the previous week and the seasonally adjusted Purchase Index decreased 1.8 percent to 416.6 from 424.2 one week earlier. The seasonally adjusted Conventional Index decreased 0.5 percent to 887.2 from 892.1 the previous week, and the seasonally adjusted Government Index increased 2.2 percent to 139.9 from 136.9 the previous week."

NAR - "June Pending Home Sales Index Shows Market Improvement" (8-1-07)

"A forward-looking indicator based on pending home sales shows the market is likely to stabilize in the months ahead, according to the National Association of Realtors®. The Pending Home Sales Index*, based on contracts signed in June, was 5.0 percent higher from the downwardly revised May index of 97.5, but is 8.6 percent below June 2006 when it stood at 112.0. This 5.0 percent monthly gain is the largest in more than three years, since a 6.1 percent increase in March 2004."

Yahoo - "Fund Investors Launch Bear Claims" (8-1-07)

"Investors in two Bear Stearns Cos. hedge funds took action against the company Wednesday for allegedly misleading them about the extent of the investment bank's exposure to risky mortgage-backed securities, a lawyer for the plaintiffs said. The move comes as the two funds filed for bankruptcy protection, two weeks after the company told investors one was essentially worthless and the other had lost more than 90 percent of its value."

Bloomberg - "Subprime Defaults Blamed for U.S. Earnings Setbacks" (8-1-07)

"Railroads, chemical producers and insurance companies are blaming the worst U.S. housing slump in 16 years for their earnings woes. Burlington Northern Santa Fe Corp., the second-biggest U.S. railroad, said lower shipments of housing products and lumber reduced second-quarter earnings. DuPont Co., the third-largest chemical maker, said slumping demand for kitchen and bathroom countertops was partly responsible for its profit drop. Genworth Financial Inc., the former insurance unit of General Electric Co., said earnings will be at the 'lower end' of its forecast this year as mortgage-insurance claims increase."

Bloomberg - "Beazer Shares Plunge; Bankruptcy Speculation Denied" (8-1-07)

"Shares of Beazer Homes USA Inc., the homebuilder facing investigations by the FBI and securities regulators, plunged the most ever on speculation the homebuilder may file for bankruptcy. 'We do not know where these scurrilous and unfounded rumors started,' Beazer said in a statement. Beazer's shares fell $2.62, or 18.7 percent, to $11.37 as of 2:46 p.m. in New York, after earlier dropping as much as 42 percent to $8.10. A Standard & Poor's homebuilder index slid as much as 8.5 percent."

Bloomberg - "Gold, Silver Fall as Equity Markets Tumble on Credit Concerns" (8-1-07)

"Gold and silver fell in New York on speculation a decline in equity markets will reduce investment demand for precious metals. Gold fell 3.6 percent last week when stocks worldwide suffered a $2.1 trillion sell-off. Shares dropped today amid concern that defaults among U.S. subprime mortgages may be spilling over to other credit markets. Bear Stearns Cos. blocked investors from withdrawing money from a hedge fund, and Macquarie Bank Ltd. warned two of its funds may lose 25 percent."

CNN - "Homebuilder shares tumble on credit woes" (8-1-07)

"Homebuilder shares fell sharply Wednesday as credit concerns mounted due to the widening effect of the crumbling U.S. housing market, and Beazer Homes USA Inc. dropped more than 40 percent before bouncing off the lows. According to several sources, there were rumors in the market earlier in the day that Beazer was facing a possible bankruptcy or that an SEC investigation into Beazer was becoming more serious than expected."