NAR - "Median Home Prices Rise in Most Metros; Majority Show Modest Gains" (11-21-07)

"The vast majority of metropolitan areas showed rising or stable home prices in the third quarter with most experiencing modest gains compared with a year earlier, despite a broad decline in existing-home sales, according to the latest quarterly survey by the National Association of Realtors®."

CBIA - "California New Home Market Shows No Improvement, CBIA Announces" (11-21-07)

"The pace of home sales at California new-home communities remained sluggish in September, the California Building Industry Association reported today. The monthly CBIA/Hanley Wood Market Intelligence (HWMI) New Home Sales and Pricing Report showed that new home sales in September were 45 percent below September 2006, similar to the year-over-year decline seen last month. During September, 3,394 homes and iniums were sold in the subdivisions tracked by Costa Mesa-based HWMI, compared to 6,220 in September 2006. Sales of single family homes dropped by 39 percent, sales of townhomes and “plexes” – duplexes, triplexes, etc. – were down 36 percent and sales of iniums were down 65 percent."

CBIA - "California Is Still Home to Nation’s Least Affordable Housing" (11-21-07)

"Despite falling home prices throughout most of the state, California remains the nation’s least affordable market for housing in the third quarter, the California Building Industry Association reported today. The quarterly NAHB/Wells Fargo Housing Opportunity Index, compiled by CBIA’s sister organization, the National Association of Home Builders, found that homes were less affordable in 13 of the state’s metropolitan areas when compared to the second quarter, while affordability inched upwards in 15."

Mortgage Bankers Association - "Mortgage Applications Decrease In Latest MBA Weekly Survey" (11-21-07)

"The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending November 16, 2007. The Market Composite Index, a measure of mortgage loan application volume, was 681.7, a decrease of 3.6 percent on a seasonally adjusted basis from 707.3 one week earlier. On an unadjusted basis, the Index decreased 5.2 percent compared with the previous week and was up 9.8 percent compared with the same week one year earlier."

Bloomberg - "U.S. Notes Surge as Stocks Drop; Ten-Year Yield Falls Below 4%" (11-21-07)

"U.S. Treasuries surged, sending 10- year yields below 4 percent for the first time in more than two years, as a decline in global stocks spurred demand for the safety of government debt. Notes climbed as U.S. stock futures dropped to near three- month lows and oil approached $100 a barrel. The spread, or difference in yield, between two- and 10-year Treasuries widened to the most since January 2005 as investors favored safer, shorter-dated assets."

Yahoo - "As New Home Sales Stall, Deals Abound" (11-21-07)

"On Nov. 20, the residential real estate industry seemed to finally get an unexpected dose of much-needed good news. After four consecutive months of declines, the number of new homes being built crept up by a stronger-than-expected 3% in October, according to the Commerce Dept."

Bloomberg - "U.S. Two-Year Interest-Rate Swap Spread Reaches 19-Year High" (11-21-07)

"The price to exchange fixed for floating interest-rate payments for two years surged to the highest since at least 1988 as banks' borrowing costs rose and speculation grew that credit-market losses will deepen. The jump in the so-called interest-rate swap spread comes as Freddie Mac, the second-largest U.S. mortgage finance company, said yesterday it would seek to add reserves amid the worst housing slump in at least 16 years. The three-month dollar-denominated London interbank offered rate, a key indicator of banks' willingness to lend, rose a sixth day."

Orange County Register "Orange County home prices and sales" (11-21-07)

"For the 22 business days ending November 8, sales for all types of Orange County home sales decreased 43.5 percent. The median sales price decreased 8.6 percent. The median is where half the homes sold for more and half for less. Types of homes selling, as well as home value changes, cause the median to change."

Real Estate Journal - "Price Cuts Put Builders in a Bind" (11-21-07)

"When freebies like granite countertops and no-cost closings didn't woo enough buyers, many home builders began trying to outdo one another with price cuts. Now the tactic appears to be backfiring. Potential home buyers are proving unwilling to purchase homes until prices stabilize, fearing further price depreciation, so builders have not gotten the sales volume needed to compensate for their reduced margins."

Real Estate Journal - "Freddie Mac Posts Deep Loss, Says It May Slash Dividend" (11-21-07)

"Freddie Mac, sucked into the downward spiral of the U.S. housing and mortgage markets, reported a loss of $2 billion for the third quarter and said it is "seriously considering" a 50% cut in its fourth-quarter dividend."