LONDON (Reuters) - Approvals for home loans in June hit their lowest since records began and retail sales fell at their fastest pace in at least a quarter century as a housing market downturn threatens to derail the whole economy.
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AP - The housing bill that Congress passed Saturday and sent to President Bush would:

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The Congress approved a massive housing market rescue bill on Saturday, offering emergency financing to Fannie Mae and Freddie Mac, creating a new regulator for the mortgage titans and setting up a $300 billion fund to help troubled homeowners.
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Bloomberg - July 25 (Bloomberg) — In October 2003, Treasury Secretary
John Snow told Congress “we need to be on guard” against the
“perception” that the U.S. government stood behind the stocks
and bonds of Fannie Mae and Freddie Mac.
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AP - The number of households facing the foreclosure process more than doubled in the second quarter compared to a year ago, according to data released Friday.
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AP - Sales of existing homes fell more sharply than expected in June as the housing industry continued to be bruised by the worst slump in more than two decades.

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AFP - US home sales fell another 2.6 percent in June as inventories rose and prices fell with buyers still hesitant in the face of a horrific market slump, industry data showed Thursday.

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Reuters - The best way to help the ailing
housing market recover from the $1 trillion of losses it faces
will be to cut the cost of mortgages via the housing bill and
rescue package for mortgage finance giants, the manager of the
world’s biggest bond fund said on Thursday.

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