Mortgage Industry Job Cuts Surpass 40,000 (MSNBC/Associated Press) Companies stop 'on a dime'; 25,000 positions eliminated so far this month.

Toll Brothers' Net Profits Plummet 85 Percent in 3Q (BUILDER Online) Soft demand and an excess of inventory are cited as primary reasons for loss of $148 million.

Mortgage Applications Fall (BUILDER Online) As turmoil reigns and rates rise, fewer mortgage applications come in.

New Home Sales Climb but Outlook Remains Grim ( Sales of new U.S. homes unexpectedly rose 2.8 percent to an 870,000 annual sales pace in July, reversing two months of declines.

Foreclosure Filings Are Up 93 Percent (BUILDER Online) Nevada, Georgia, and Michigan currently post the highest foreclosure rates.

Subprime Offers Continue to Roll On (The Washington Post) To judge by lenders' teaser ads, it's still high time for subprime mortgages

Countrywide Financial's CEO Sees Housing-Led Recession ( Mozilo tells CNBC that credit market turmoil will take time to work through.

Video: Bank of China Heavily Exposed to U.S. Subprime ( The Bank of China experienced the biggest hit among Asian companies by the U.S. subprime on Friday, as it held almost $9.7 billion in exposure to subprime related assets. CNBC's Christine Tan talks to Peter Hoflich, analyst at The Asian Banker, about the subprime exposure that Asian banks have.

Atlanta Passes Infill Law (BUILDER Online) City officials look to curb spread of large McMansions in older neighborhoods.

"Tough Environment" Produces $33 Million 2Q Loss for WCI Communities (BUILDER Online) Revenues for the Florida-based builder drop 54 percent.

Kimball Hill Pursues "Asset-Lite" Survival Strategy (BUILDER Online) The Illinois-based builder says finding buyers for land assets will be key.

Carl Icahn is Designating Three Directors to the WCI Board (BUILDER Online) The agreement ends a potential hostile takeover.

Countrywide Financial Goes into Damage Control (BUILDER Online) The embattled lender takes out full-page ads to assure customers that "the future is bright."

Mushroom Spores Are Used to Create Eco-Friendly Insulation (BUILDER Online) Testing continues for the "Greensulate" insulation, which uses organic products to create a fire-retardant insulation.

Andersen Windows Introduces a New Online Tool (BUILDER Online) New design tool allows users to plan window and door placement.

Special Report: The Mortgage Mess (

Blog: Good News - The Fed Reacts to the Turmoil (BUILDER Online) Agree or disagree with the thoughts of BUILDER Editorial Director Boyce Thompson.

BUILDER Business Update (BUILDER Online) A weekly e-mail newsletter with breaking industry news on the business of building homes. Sign up for the BUILDER Business Update and other Hanley Wood newsletters.

Take the BUILDER Poll (BUILDER Online) Who do you believe has a better read on the market, especially for home building stocks?

From the Pages of BUILDER: House of Cards

(BUILDER Online) Aggressive lending practices put shaky buyers in nonprime mortgages. Rising foreclosures suggest that many of those approvals were big mistakes. Check out more from the current issue of BUILDER.

Robb Crocker is the senior editor for BUILDER Online. Please e-mail any comments, questions, suggestions, and news tips to

Learn more about markets featured in this article: Atlanta, GA.