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April 8 (Bloomberg) -- U.K. house prices dropped by the most since 1992 in March as the seizure in credit markets worldwide forced banks to pull mortgage offers, a report by HBOS Plc showed.

The average cost of a home in Britain fell 2.5 percent to 191,556 pounds ($379,000) from February, HBOS, the U.K.'s biggest mortgage lender, said in a statement today. The 1 percent drop in the first three months of this year from the fourth quarter was the biggest since 1995.

http://www.bloomberg.com/apps/news?pid=20601087&sid=aktDymERL_dU&refer=w...

FakeBen says: "Big homebuilders get tax help from the government! Is rewarding the culprits really the right way out of this mess?"

The bill contains a $6 billion emergency tax break that would let companies use losses from 2008 and 2009 to offset profits earned over the previous four years, instead of the usual two-year timeframe.

PHILADELPHIA (Reuters) - Authorities in Philadelphia will suspend foreclosure sales of homes whose owners have fallen behind on adjustable-rate subprime loan payments -- potential relief for tens of thousands of struggling debtors.

Sheriff John Green said on Friday he would halt sales of foreclosed properties in April and would seek a court order extending a moratorium for an unspecified period.

Continue reading at Reuters.

"The copper market is very tight, and according to analysts at UBS Securities, it is going to get even tighter. With rampant supply disruptions and very low inventories, the analysts have revised their view and are now forecasting deficits of 100,000 tonnes in 2008 and 2009. They were previously expecting surpluses of 300,000 tonnes this year and 100,000 tonnes next year."

Continue reading at the National Post.

FakeBen says:

"Freddie and Fannie are going to get bailed out before all is said and done. It was amazing to see the OFHEO regulators cave to political pressure and allow them to lower their capital requirements. What a joke! Lowering capital requirements and issuing more loans at still-elevated housing prices, just as we go into a recession and missed payments skyrocket! Bear Stearns was not enough. Get ready for more bailouts with your tax dollars."

From CNNMoney.com:

HSBC 'to unveil $16bn writedown'

The UK's largest bank HSBC is expected to unveil about $16bn (£8.1bn) of losses for 2007, but will still make an annual profit, reports suggest.

The firm's annual results out on Monday will show that the bad debt charge is mostly related to the crumbling US housing market and consumer blues.

Continue reading at the BBC.

Some Analysts See Danger in Allowing Fannie, Freddie to Grow As Their Mortgage Losses Mount

WASHINGTON (AP) -- Loosening the regulatory reins around Fannie Mae and Freddie Mac gives them the freedom to play a bigger role in trying to stabilize a worsening housing market.

The danger, some analysts say, is that the government-sponsored mortgage titans will become saddled with too much financial risk.

Continue reading at Yahoo.

From the Hovnanian conference call:

"You see an example of two different communities where our prices have come down over the last 12 months by 28% and 35% respectively. I wish I could say these were the exceptions in California, but they are not. Somehow, this kind of price reduction does not readily show itself in public data, but it is very real."

Continue reading at SeekingAlpha.

FakeBen says: "Larry Summers is now joining Greenspan in calling for the government to provide cash. I expect more calls along these lines, as politicians and economists realize that the Fed can't lower rates much more without losing its inflation credibility."

Larry Summers, the former US Treasury secretary, on Wednesday called for a fiscal stimulus of up to $75bn to support the US economy, as fellow Democrat Chuck Schumer launched a scathing attack on the Bush administration’s handling of the subprime crisis.

Mr Summers said the stimulus was necessary to offset the mounting risk of recession.

Continue reading at the Financial Times.

Dec. 19 (Bloomberg) -- U.S. home foreclosures rose 68 percent in November from a year earlier and may surge in 2008 as adjustable-rate mortgages leave subprime borrowers unable to meet higher payments, according to data compiled by RealtyTrac Inc.

Continue reading at Bloomberg.