NAHB - "Builders Oppose Attempts To Federalize The State Building Code Process" (10-17-07)

"The National Association of Home Builders (NAHB) today told Congress that its members are committed to encouraging greater energy efficiency in housing throughout the U.S. and strongly believe that a voluntary, market-driven approach is the best way to address the nation’s residential energy concerns."

NAHB - "Housing Starts Decline 10.2 Percent In September" (10-17-07)

"Nationwide housing starts declined 10.2 percent in September as builders focused on reducing their inventories in the midst of continuing mortgage market travails, according to data released by the U.S. Commerce Department today. The majority of the downward movement was centered in the multifamily sector, where a significant uptick in starts had been registered in the previous month."

CBIA - "California New Home Market Feeling the Credit Crunch, CBIA Announces" (10-17-07)

"The pace of home sales at California new-home communities slowed further in August, the California Building Industry Association reported today, prompting calls for Congress to take action to enact reforms that could increase the availability of credit."

Mortgage Bankers Association - "Mortgage Applications Increase Slightly In Latest MBA Weekly Survey" (10-17-07)

"The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending October 12, 2007. This week’s results include an adjustment to account for the Columbus Day holiday. The Market Composite Index, a measure of mortgage loan application volume, was 656.3, an increase of 0.7 percent on a seasonally adjusted basis from 652.0 one week earlier. On an unadjusted basis, the Index decreased 9.3 percent compared with the previous week and was up 0.7 percent compared with the same week one year earlier."

Bloomberg - "CIT Posts Third-Quarter Loss on Home Lending Shutdown" (10-17-07)

"CIT Group Inc., the largest independent commercial finance company in the U.S., reported a third-quarter loss of $38.8 million, dragged down by costs from closing its subprime home-loan unit. The loss of 24 cents a share compared with net income of $298.3 million, or $1.46 a share, a year earlier, the New York- based company said in a statement today. The loss included a $290.5 million charge for lowering the value of its home lending portfolio to reflect market conditions, following a $495.3 million charge in the second quarter."

Bloomberg - "MGIC Posts First Loss, Predicts No Profit Next Year" (10-17-07)

"MGIC Investment Corp., the largest U.S. mortgage insurer, posted its first quarterly loss in 16 years and said it won't be profitable in 2008 as foreclosures increase from record levels. The net loss of $372.5 million, or $4.60 a share, was the worst quarter for the Milwaukee-based company since it went public in 1991. MGIC earned $130 million, or $1.55 a share, a year earlier, the company said today in a statement. MGIC fell to its lowest in more than a decade."

Reuters - "Comerica profit down 10 pct, hurt by soured loans" (10-17-07)

"Comerica Inc, a large U.S. regional bank, said on Wednesday third-quarter profit fell a larger-than-expected 10 percent, hurt by credit-quality problems related to commercial real estate in Michigan and California."