NAHB - "New-Home Sales Drop 8.3 Percent In August Following Turmoil In Mortgage Market" (9-27-07)

"Turmoil in the mortgage finance system in August led to an 8.3 percent drop in sales of new single-family homes for the month, according to figures released by the U.S. Commerce Department. The seasonally adjusted annual rate of 795,000 units was 21.2 percent below a year earlier."

CBIA - "California Housing Starts Continue Decline in August, CBIA Announces" (9-27-07)

"Home construction in California continued to decline in August as homebuilders continued to sell off existing inventory, the California Building Industry Association reported today. Total housing starts in California, as measured by building permits issued, dipped 19 percent in August when compared to the same month a year ago to 10,825, according to housing permit data supplied by the Construction Industry Research Board. Production of single-family homes dropped 35 percent while multifamily units saw a slight increase in permits being pulled when compared to August of 2006."

Mortgage Banker's Association - "MBA Releases 2nd Quarter 2007 Commercial Real Estate/Multifamily Finance Quarterly Data Book" (9-27-07)

"The Mortgage Bankers Association (MBA) today released the highly anticipated Commercial Real Estate/Multifamily Finance Quarterly Data Book for the second quarter of 2007. The Data Book compiles the most up-to-date information on topics of interest to financial investment industry participants and observers."

Mortgage Banker's Association - "Robbins Statement Commending Passage of Flood Insurance Bill" (9-27-07)

"John M. Robbins, CMB, Chairman of the Mortgage Bankers Association (MBA) today praised the U.S. House of Representatives for passing H.R. 3121, the Flood Insurance Reform and Modernization Act of 2007. The bill, which passed the House 263-146, would reform the National Flood Insurance Program (NFIP) and help protect homeowners, renters and commercial property owners from losses due to floods."

Bloomberg - "U.S. New-Home Sales in August Slump 8.3% to 795,000 Pace" (9-27-07)

"Sales of new homes in the U.S. dropped more than forecast in August and prices plunged by the most in almost four decades, pointing to a worsening housing recession that spells more cutbacks in construction. Purchases declined 8.3 percent to an annual pace of 795,000, the lowest level in more than seven years, from a revised 867,000 rate in July, the Commerce Department said today in Washington. The median price dropped 7.5 percent from August 2006, the most since 1970."

Bloomberg - "U.S. Commercial Paper Drop Slows After Fed Cuts Rates" (9-27-07)

"The decline in the U.S. commercial paper market slowed last week, after the Federal Reserve cut interest rates to shore up confidence in the credit markets. Debt maturing in 270 days or less fell by $13.6 billion in the period ended yesterday to a seasonally adjusted $1.86 trillion, including a $17.3 billion decline in asset-backed commercial paper, according to the Federal Reserve in Washington."

Bloomberg - "KB Home Reports Loss, Says Housing Market Will Worsen" (9-27-07)

"KB Home, the Los Angeles-based homebuilder that has lost half its market value this year, reported a third-quarter loss on costs to abandon land purchases and gave a pessimistic outlook for the housing market. The net loss was $35.6 million, or 46 cents a share, compared with net income of $153.2 million, or $1.90, a year earlier, KB Home said today in a statement. Revenue fell 32 percent to $1.54 billion."

Orange County Register - "Irvine led state in multi-family permits last month" (9-27-07)

"Irvine issued more building permits last month for multi-family construction than any other city in the state, a spokesman for the Construction Industry Research Board said Wednesday. The city issued 1,129 multi-family permits in August, 95 percent of all the multi-family permits issued countywide, according to the industry research board."

Los Angeles Times - "Supervisor seeks changes in L.A. residential zoning proposal" (9-27-07)

"Los Angeles County Supervisor Zev Yaroslavsky on Wednesday called on Mayor Antonio Villaraigosa to rework a proposal that would lift the city's limits on height, density or other planning rules for residential construction projects that have as little as one affordable housing unit."