While Washington Mutual's CEO agreed to forgo his $1.2 million annual bonus, Kerry Killinger stands to make a cool $3.2 million if the company's stock increases by just $1 per share over the next four years--thanks to stock options awarded yesterday to members of senior management, even in light of massive layoffs. For that story and more, check out Big Builder's bi-weekly blog roundup.

The Wall Street Journal wonders what the implications will be as mortgage defaults become inceasingly socially acceptable.

Compiling stories from Ohio, Michigan, and Wisconsin, The Housing Bubble blog reports that the housing market has tanked.

Seeking Alpha presents three nuggets of wisdom for the new-home market, ranging from demographic trends to mortgage defaults.

John Lansner reports on Orange County, Calif.'s 2007 home building permits, which hit a 41-year low.

For those of us who may have forgotten, Dr. Housing Bubble holds up the cat who was given a credit card as evidence of the insanity that's running viral in the U.S. economy.

The Inman News blog takes a look at the launch of Roost.com, the latest real estate search site on the scene, and the "latecomer" approach.

BusinessWeek's Hot Property blog explains the potential impact of Kerry Killinger's recently granted stock options.

Reggie Middleton's Boom Bust blog wonders if Lennar could be the next Enron.