NAR - "Mixed Results For October Existing-Home Sales; Mortgages Improving" (11-28-07)

"Single-family existing-home sales were stable in October while the condo sector was down, according to the National Association of Realtors®. Lingering effects of the credit crunch were a drag on sales but the mortgage situation has improved significantly."

CBIA - "Housing Production Continues Downward in October, CBIA Announces" (11-28-07)

"Production of homes in California continued a downward trend in October as homebuilders continued to take steps to reduce inventory before year-end, the California Building Industry Association reported today. Total housing starts in California, as measured by building permits issued, dropped 28 percent in October when compared to the same month a year ago to 7,726, according to housing permit data supplied by the Construction Industry Research Board. Production of single-family homes fell 41 percent while construction of multifamily units decreased 10 percent when compared to October of 2006."

Mortgage Bankers Association - "Mortgage Applications Decrease In Latest MBA Weekly Survey" (11-28-07)

"The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending November 23, 2007. The Market Composite Index, a measure of mortgage loan application volume, was 652.5, a decrease of 4.3 percent on a seasonally and holiday adjusted basis from 681.7 one week earlier. On an unadjusted basis, the Index decreased 25.5 percent compared with the previous week reflecting the Thanksgiving holiday on November 22 and was up 24.6 percent compared with the same week one year earlier."

Yahoo - "Wells Fargo Plunges Into Mortgage Muck" (11-28-07)

"After avoiding major trouble most of the year, Wells Fargo & Co. has finally bogged down in the mortgage muck that's muddying one major bank after another. Wells Fargo, the fifth-largest U.S. bank, waded into the mess by saying it will recognize $1.4 billion in losses in the fourth quarter on home equity loans that aren't being repaid as the real estate slump deepens in California, the Midwest and other major markets."

Market Watch - "Supply of homes on market at 22-year high" (11-28-07)

"Sales of existing homes fell for an eighth straight month in October even as more properties came on the U.S. housing market, driving the supply of homes up for sale to the highest level in 22 years, the National Association of Realtors reported Wednesday. Seasonally adjusted sales dropped 1.2% to an annualized pace of 4.97 million last month, the real-estate advocacy group said. The sales pace stands at the lowest seen since 1999, when the group began tracking combined sales of single-family homes and condominiums."

Market Watch - "Freddie Mac shares rally on capital plan" (11-28-07)

"Shares of Freddie Mac jumped Wednesday, rallying as the mortgage buyer announced that it's offering $6 billion in preferred stock and cutting its quarterly dividend in half in a bid to raise and conserve capital."

Bloomberg - "Wolseley Will Cut 1,300 U.S. Jobs as Profit Drops 15%" (11-28-07)

"Wolseley Plc, the world's biggest distributor of plumbing and heating equipment, plans to cut 1,300 jobs in the U.S. in its fiscal second quarter as the worst housing recession for 16 years hurts profit. The reduction will bring the total number of U.S. job cuts over 1 1/2 years to 9,000, equal to about one-fifth of Wolseley's North American workforce, as branches and depots shut. First- quarter pretax profit through October fell almost 15 percent as a weaker dollar and fewer housing starts led to a 10 percent decline in U.S. revenue, the Reading, England-based company said today."

Reuters - "Liquidity crunch deepens in interbank money markets" (11-28-07)

"Money markets tightened further on Wednesday with the cost of borrowing euros in the wholesale interbank market hitting fresh 6-1/2 year highs as banks paid a higher premium for cash covering the New Year period. Cash is getting less available and more expensive in the market since the credit crunch started in August as banks hoard cash as a contingency against credit-related losses. This general shortage is being exacerbated by liquidity concerns over the seasonally thin Christmas and New Year period."