Some housing bubble reports from Wall Street. "Toll Brothers cut its 2006 order forecast for the second time, calling the slowdown in housing markets 'somewhat unique' in its largely psychological nature. The homebuilder said backlog dropped 13% and contracts signed plunged 45% from a year ago."

"'It appears that the current housing slowdown is somewhat unique: It is the first downturn in the 40 years since we entered the business that was not precipitated by high interest rates, a weak economy, job losses or other macroeconomic factors,' said CEO Robert Toll. 'Instead, it seems to be the result of an oversupply of inventory and a decline in confidence: Speculative buyers who spurred demand in 2004 and 2005 are now sellers; builders that built speculative homes must now move their specs; and nervous buyers are canceling contracts for homes already under construction.'"

"'On certain land deals that no longer work due to today's weaker market conditions and slower sales paces, we are willing to let options expire if we are unable to renegotiate the land purchase,' Toll said. 'We have seen an increase in our cancellation rates in a number of markets, including Orlando, Northern California, Palm Springs, Las Vegas, and Phoenix.'"

"Toll slashed its forecast for the number of homes it expects to sell in the year to a range of 8,600 to 8,900 from an earlier reduced forecast of 9,000 to 9,700 homes. It was the fourth time since November that Toll had cut its forecast for the number of homes it expects to sell."

"WCI said traffic and new order activity in Florida fell 'significantly' in the second quarter. Second-quarter earnings fell sharply as the Florida housing market slowed. Net income dropped 70 percent from the year-ago period. Revenue fell 21 percent. The company said third-quarter earnings should 'approximate' the second quarter, indicating a continued slowdown."

"'It appears that it will take several quarters for the increased new and resale real estate inventories affecting most of our markets to absorb,' WCI said."

"'While traffic in the Mid-Atlantic region has been favorable, few visitors are converting to purchasers,' said Jerry Starkey, CEO of WCI Communities said."

"In the only mention of recent layoffs, Starkey said the company was taking steps to 'moderate capital spending on land and land improvements, decreased the size of our workforce, are lowering other operating costs.'"

"Accredited Home Lenders Holding Co. reported Wednesday second-quarter profit edged up 4 percent, but revenue missed Wall Street projections as the sub-prime lender endured challenging market conditions. 'We are pleased with profit and cost results in the second quarter and the first half of 2006 that presented some of the most challenging market conditions in recent memory,' said CEO James Konrath."

"He added that the company has faced 'continuing intense price competition, fluctuating secondary market appetites, and higher funding costs.'"

"Mortgage giant Fannie Mae, the largest financer and guarantor of home mortgages in the country, on Wednesday informed the Securities and Exchange Commission that it would not be able to file its financial report for the second quarter on time."

"The company did not request a five-day extension beyond the Aug. 9 due date, saying it would not meet that deadline either."