Record 16% drop in July home prices

A closely watched index released Tuesday showed home prices tumbling by the sharpest annual rate ever in July, but the rate of monthly declines is slowing. The Standard & Poor's/Case-Shiller 20-city housing index fell a record 16.3% in July from a year earlier, the largest drop since its inception in 2000. The 10-city index plunged 17.5%, the biggest decline in its 21-year history.

To read the entire article, please visit: http://money.cnn.com/2008/09/30/real_estate/Prices_plunge.ap/index.htm?postversion=2008093009

HUD to host National Housing Summit in Washington

Federal, state, and community leaders from around the nation will be gathering in Washington next week for a two-day national Summit on Housing sponsored by the U.S. Department of Housing and Urban Development. HUD Secretary Steve Preston invited key housing and finance staffs from state, city and county government, as well as representatives from the banking and housing industries, non-profit organizations, and foundations to address the country's urgent and long-term housing issues. "It is imperative that we take a coordinated approach to meeting our nation's critical housing issues since any solution will require active partnerships at every level," said Preston.

To read the entire article, please visit: http://www.hud.gov/news/release.cfm?content=pr08-151.cfm

Bush Administration launches "Hope for Homeowners" Program

The Bush Administration today unveiled additional mortgage assistance for homeowners at risk of foreclosure. The HOPE for Homeowners program will refinance mortgages for borrowers who are having difficulty making their payments, but can afford a new loan insured by HUD's Federal Housing Administration (FHA). "For families struggling to keep up with their mortgage payments, this program will be another resource to refinance into a loan they can afford," said HUD Secretary Steve Preston.

To read the entire story, please visit: http://www.hud.gov/news/release.cfm?content=pr08-150.cfm