NAHB - "NAHB Applauds Federal Reserve Move To Calm Markets" (8-17-07)

"The National Association of Home Builders (NAHB) applauds the Federal Reserve Board for moving to temporarily reduce the primary credit rate by 50 basis points. NAHB also applauds the Fed’s move to allow the provision of term financing for as long as 30 days, renewable by the borrower, and to accept home mortgages and related assets as collateral for discount window loans to banks. Such changes reflect the Federal Reserve Board’s willingness to act quickly to help restore orderly conditions in financial markets, provide depositories with greater assurance about the cost and availability of funding, and help ease liquidity concerns that are affecting the mortgage market."

DQNews - "California July 2007 Home Sales" (8-17-07)

"A total of 35,185 new and resale houses and condos were sold statewide last month. That's down 8.1 percent from 38,291 for June, and down 21.9 percent from 45,051 for July 2006. Last month's sales made for the slowest July since 1995 when 30,596 homes were sold. July sales from 1988 to 2007 range from the 30,596 in 1995 to 71,186 in 2004. The average is 48,200. On a year-over-year basis, sales have declined the last 22 months."

USA Today - "Mortgage pinch causes domino effect of pain" (8-17-07)

"Matt and Kimberly Brown's contract to buy a new home in Yelm, Wash., will expire at the end of the week. They've lined up a no-money-down loan through the Department of Veterans Affairs, but the Browns haven't been able to sell the town house they live in, so they will have to back out and lose their $1,000 deposit."

The San Diego Union Tribune - "Trade group seeks break for state's home buyers" (8-17-07)

"As the nationwide credit crunch continued to shake Wall Street and the lending industry yesterday, the California Association of Mortgage Brokers urged Congress to give a financial break to the state's home buyers. Leaders of the trade group asked federal lawmakers to declare California a 'high-cost' state and raise the limit on the size of loans that can be purchased or guaranteed by Fannie Mae and Freddie Mac."

Bloomberg - "Bear Stearns Cuts Mortgage Jobs as Share Advance Signals Rescue" (8-17-07)

"Bear Stearns Cos. moved to cut jobs at two home-lending units because of the housing slump even as a 13 percent increase in shares of the fifth-largest U.S. securities firm signaled that it may be close to getting a cash infusion from an investor. Encore Credit, a Bear Stearns subsidiary in Irvine, California, will eliminate 100 positions, a person with direct knowledge of the matter said yesterday. Bear Stearns Residential Mortgage Corp., based in Scottsdale, Arizona, is reducing its workforce by 140, according to the person, who declined to be named because the number of jobs isn't being made public."