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*** Housing market slower but no recession coming ***
Thu Feb 8, 4:28 PM ET
WASHINGTON (Reuters) - Housing activity has slowed from recent years but the dragdown should not lead to a recession, mortgage finance company Freddie Mac (NYSE:FRE - news) said on Thursday in its monthly economic outlook.
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Freddie Mac said inventories of new homes are higher than reported due to cancellations of sales contracts. Inventory buildup is also understated due to homeowner vacancies of condos, it said. "Housing activity is stabilizing at levels well below recent years," it said.

The gap between supply and demand may not be sufficiently narrowed until late 2007 as home prices will likely remain on the higher end, the housing finance giant said.

"Sellers are gradually and reluctantly lowering their asking prices in response to the new reality of a buyers' market," it said.

http://news.yahoo.com/s/nm/20070208/bs_nm/housing_freddiemac_forecasts_dc_1


*** Dow Closes Lower on Weak Housing Data ***

Friday February 9, 12:02 am ET
NEW YORK (AP) -- Wall Street pulled back Thursday after new signs of weakness in the housing market prompted investors to look past a rebound in major retailers' sales figures.
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A weak forecast from Toll Brothers Inc., the nation's largest builder of luxury homes, pressured housing stocks and rekindled concerns about whether the slumping housing market would hurt the economy. And HSBC Holdings PLC, the European bank, announced an increase in its provisions for soured mortgage loans, which hurt shares of U.S. banks.

http://biz.yahoo.com/ap/070209/wall_street.html?.v=2