Housing Starts, Building Permits Fall to 10-Year Low (BUILDER Online) Total housing starts in July fell 6.1 percent to a seasonally adjusted annual rate of 1.381 million, the lowest mark since January 1997.

Home Builders' Confidence at 16-Year Low (CNN.com) Builders see subprime mortgage crisis spreading with no sign of a turnaround until at least 2008 for battered new-home market.

Credit Crunch Imperils Lender) (Los Angeles Times) Worries grow about Countrywide Financial's ability to borrow -- and possible bankruptcy.

California, Ohio Cities Account for 10 of Top 20 Metro Foreclosure Rates (BUILDER Online) Stockton, Calif., Detroit, and Las Vegas top list with highest number of delinquencies.

Audio: Home Mortgage Problems Could Spread (NPR) The Federal Reserve reports more banks are tightening their lending standards for subprime mortgages, the type of loan associated with a wave of foreclosures that have rattled financial markets.

Fannie Mae Profit Down 36 Percent (Yahoo News/Associated Press) Fannie Mae is reporting that its profit dropped 36 percent in 2006 and said it expects higher delinquencies and credit losses this year from the turbulence in the mortgage market.

Home Builders Hammered Again (Market Watch) Sector trades lower following Beazer's delay, Hovnanian's order decline.

Jirair S. Hovnanian, Founder of Mount Laurel, N.J.-Based Builder J.S. Hovnanian and Sons, Dies (Courier Post) The company Hovnanian started built more than 6,000 homes, mostly in South Jersey.

Economist Concludes Home Building Helps Community in Cedar City, Utah (Cedar City Review) Economist Elliot F. Eisenberg says it is a common misconception that building costs more than it brings in, and when all the facts are compiled, they show that building single-family and multiple-family residences is beneficial to the economy.

New Mortgage Disclosure Forms Proposed (MSNBC.com) Federal bank regulators push for more clarity in lending process.

Video: Subprime is a Political Pawn (CNBC.com) Thoughts on subprime carnage across the country, with attorney Jack Burkman of J.M. Burkman & Associates; Democratic strategist Julian Epstein, and CNBC's Carl Quintanilla.

Comstock Homebuilding CEO Asks Company to "Do More with Less" (BUILDER Online) Virginia-based builder reports a $4.7 million loss in most recent quarter.

Affordable Home Trust Fund Moves Forward (BUILDER Online) Administration opposes tapping FHA surplus as funding source.

Investors Buying More Homes at Auction in California (BUILDER Online) More recent loans are coming into play at auctions of foreclosed homes.

Special Report: The Mortgage Mess (MSNBC.com)

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

Learn more about markets featured in this article: Los Angeles, CA.