Bernanke Sees Significant Losses From Subprime Loans (Yahoo News/AFP) Federal Reserve chairman Ben Bernanke says he expects "significant financial losses" from failed subprime real estate loans - possibly between $50 billion and $100 billion in losses.
Video: Bernanke's Comment Far-Fetched (CNBC.com) Thomas Lam, treasury economist at United Overseas Bank (UOB) tells CNBC's Martin Soong that Bernanke's comment on subprime losses reaching as much as $100 billion is far-fetched.
KB Home CEO Sees U.S. Housing Market Continuing to Decline (Reuters) Jeffrey Mezger says he does not expect the overall U.S. housing market to bottom out until the end of next year and that prices will not increase until well into 2009.
Builder Confidence Hits 16-year Low (BUILDER Online) The National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) continues its slide down in 2007, dropping to its lowest level since 1991. The organizations cite unsold surplus, the looming subprime lending issues, and affordability issues connected to tightening lending standards as the primary reasons for the continued drop.
Pulte Reports 2nd Quarter Loss (BUILDER Online) Orders are down 20 percent for the Michigan-based home builder.
Lennar Tests New Construction Techniques (BUILDER Online) Miami-based Lennar Corp. has constructed and torn down about 40 prototype homes, including whole tracts, on a former Air Force base's runway and inside a giant aircraft hangar in California, in order to experiment with innovative building techniques (such as a "dry" house with minimal plumbing), new house features, and green technologies.
Subprime Lending Legislation Introduced (BUILDER Online) Legislation aims to protect home buyers from predatory lending practices.
California Looks to Curtail Home Building in Fire-Prone Areas (Press Enterprise.com) In Riverside County, Calif., 4,500 miles of homes line fire-prone chaparral and forests, an increase of 1,000 miles from 15 years ago. County officials are recommending sweeping land-use changes to restrict home construction in fire-prone places.
Video: U.S. Subprime Concerns (CNBC.com) The subprime mortgage problem is of little harm but still lingers as a potential threat to the U.S. economy says Rob Henderson, chief economist at the National Australia Bank. He speaks to CNBC's Martin Soong and Sri Jegarajah about U.S. subprime concerns.
Freddie Mac Chief: Subprime is Going to Get Worse (Bloomberg.com) Freddie Mac CEO Richard Syron predicts that the subprime mortgage crisis may deepen before housing prices improve in about 18 months.
Free Web Seminar (BUILDER Online) What is green building? Join industry trainer Mark LaLiberte to learn more about sustainable construction and other green issues.
Special Report: The Mortgage Mess (MSNBC.com)
Blog: Unaffordable Housing (BUILDER Online) Agree or disagree with the thoughts of BUILDER Editorial Director Boyce Thompson.
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Take the BUILDER Poll (BUILDER Online) Who bears the biggest responsibility for the mortgage meltdown?
Robb Crocker is the senior editor for BUILDER Online. Please e-mail any comments, questions, suggestions, and news tips to email@example.com.
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