DQNews - "California October 2007 Home Sales" (11-15-07)

"A total of 24,832 new and resale houses and condos were sold statewide last month. That's up 5.6 percent from 24,460 for September, and down 40.9 percent from 43,720 for October 2006. Last month's sales made for the slowest October in DataQuick's records, which go back to 1988. On a year-over-year basis, sales have declined the last 25 months."

Bradenton Herald - "Is relief in sight for housing market?" (11-15-07)

"There's one question that real estate agents and prospective buyers alike are asking: Has the housing market hit bottom? Opinions are split, but according to the Manatee County Multiple Listing Service, the glut of homes on the market appears to have plateaued and has been ebbing downward since the high-water mark in March."

Bloomberg - "Barclays Writes Down $2.7 Billion on Mortgage Losses" (11-15-07)

"Barclays Plc, the U.K.'s third-biggest bank, wrote down about 1.3 billion pounds ($2.7 billion) of credit-related securities tied to the U.S. subprime-mortgage market collapse. Net charges and writedowns were 500 million pounds in the third quarter and 800 million pounds in October, Barclays said in a statement today. Citigroup Inc., Merrill Lynch & Co. and Morgan Stanley all announced writedowns in the past month after Moody's Investors Service downgraded $10.3 billion of U.S. collateralized debt obligations, most of them linked to U.S. mortgages."

Yahoo - "Real Estate: Buy, Sell, or Hold?" (11-15-07)

"That's the question homeowners are asking in the midst of the worst real estate slump in decades. Our exclusive calculations can help you figure out what your house will be worth in coming years. You can't blame America's homeowners for feeling hopelessly confused. From suburban porches and city terraces, they're gawking at a housing world gone mad. Just 18 months ago, folks on a tony Linden Lane or a leafy Boxwood Court were astounded to see the colonial their neighbors bought for $600,000 in 2000 sell for $1.5 million after multiple bids. Now they're just as bewildered to watch the same across the street go begging for months at $1.1 million without a single offer."

The San Diego Union Tribune - "Budget-gap forecast spurs a call to arms" (11-15-07)

"A grim forecast that the state budget shortfall will grow to nearly $10 billion over the next two years produced calls yesterday for prompt and painful action to begin closing the gap now. A troubled housing market and a soft economy are the big reasons for lower tax-revenue projections, while a $500 million, court-ordered payment to a teacher pension fund on top of last month's devastating wildfires and other problems have driven up costs."

The San Diego Union Tribune - "Prices fall in all corners of Southern California" (11-15-07)

"Home prices fell last month in all six major Southern California counties for the first time in 12 years, prompting some economists to wonder whether the housing decline will push areas of the state into a recession. But San Diego County, one of the first markets to see a housing downturn, may be among the first to recover, one prominent economist said."

Yahoo - "NovaStar's Shares Plunge on $600M Loss" (11-15-07)

"Many of NovaStar Financial's competitors -- including American Home Mortgage Investment Corp. and New Century Financial Corp. -- have gone out of business this year. NovaStar Financial has laid off much of its staff and stopped issuing mortgage loans this year as the mortgage industry plunged into distress. For the third quarter, NovaStar lost $598 million. This stemmed from various charges reflecting how much value its portfolio has lost."

Orange County Register - "Foreclosures keep rising" (11-15-07)

"Banks foreclosed on 530 homes in Orange County in October, the highest monthly total in more than a decade, DataQuick figures show. The total was up 410 percent from a year ago and 19 percent from September. Foreclosed properties, called 'real estate owned' properties, or REOs, are showing up more often on lenders' books and adding to the inventory of homes for sale in Orange County, brokers say. Short sales – when a lender agrees to accept less than the mortgage owed when a home is sold – are also increasing."

Forbes - "Wells Fargo: All's Not Well" (11-15-07)

"Wells Fargo isn't expecting the housing market to make a comeback anytime soon. 'We have not seen a nationwide decline in housing like this since the Great Depression,' said Wells Fargo Chief Executive John Stumpf. Although Stumpf predicts that credit losses will continue to pile up in 2008, he said the firm was well positioned to weather the crisis. Unlike some on Wall Street, Wells Fargo has little exposure to collateralized debt obligations, risky credit derivatives, that have experienced rapid devaluation in the last few months."

Real Estate Journal - "When Home Builders Hit the Skids Consumers Deal with Uncertainties" (11-15-07)

"In the latest sign of trouble, Ft. Lauderdale, Fla.-based Levitt & Sons, a unit of Levitt Corp., filed for Chapter 11 bankruptcy protection last Friday, citing the 'sudden and steep' downturn in the Florida housing market. Levitt's move follows bankruptcy filings by a number of local and regional builders, including Neumann Homes Inc. in Illinois, Elliott Building Group in Pennsylvania, Turner-Dunn Homes Inc. in Arizona and Kara Homes Inc. in New Jersey. Many other builders simply close up shop. And the situation is likely to worsen in the first half of next year, says Ivy Zelman, an independent housing analyst. 'We're in the first or second inning,' Ms. Zelman says. 'There are going to be a significant number of insolvent builders.'"