Prostitutes Reaching Out To Home Builder's Show Attendees
Orange County deputies are going undercover to bust prostitutes trying to cash in on a huge crowd in town for the home builder's convention. Escorts typically place ads on websites like Craigslist.org in the 'females seeking men' section, promising things like "mysterious and sexy" as one ad said. Another escort service advertised a "guaranteed good time for your time and money".

CNBC REALTY CHECK: Builders Don't Get Bail Out, So They "Bail" On Congress
Today, the National Association of Home Builders' Political Action Committee, BUILD-PAC, and its 150-member Board of Trustees representing all 50 states, agreed to cease all approvals and disbursements of BUILD-PAC contributions to federal congressional candidates and their PACs until further notice.  Why? At first I thought, ok, they’re making a statement, but what lawmaker is really going to care? Until I called the Center for Responsive Politics and found that the NAHB was the 3rd most generous contributor to Congressional candidates in the last election cycle (the Realtors are #1, by the way). Builders gave about $3 million to candidates in 2006, 73 percent of it to Republicans. That ain’t chump change, so that's more than a statement. VOTE IN REALTY CHECK POLL  ## See CNBC Video Report

Court: Buyers of pre-owned homes can sue builders
The Iowa Supreme Court ruled Friday that homeowners who find work-related defects years after the fact can file claims against contractors, even if they are not the original buyers. The 6-0 decision reversed two lower-court rulings against the Speights, the third owners of the house in question, and overturned a similar case in Linn County. Brian Rickert, the attorney for the contractor, said the ruling could "flood the courts with lawsuits" from homeowners and dumps a significant burden on legitimate builders. He fears frivolous claims and costly court battles over damage that might have been caused by previous owners.

Tousa, Florida Homebuilder, Files for Bankruptcy (Update7)
Tousa Inc., the homebuilder that lost 98 percent of its market value in the past year, sought bankruptcy protection as the Florida housing market's decline deepened. The company, based in Hollywood, Florida, listed assets of $2.3 billion and debt of $1.8 billion in a Chapter 11 petition filed today in U.S. Bankruptcy Court in Fort Lauderdale, Florida. There were 37 affiliates that also filed today.

New York Times: Built Like Todays Houses
See Cartoon by Tom Toles

Katrina Housing Funds Go To Port Instead
The federal government on Friday approved Mississippi's plan to divert $600 million in hurricane housing funds to a port improvement project, angering critics who say tens of thousands of people made homeless by Hurricane Katrina still need help. In his letter to Gov. Haley Barbour, Housing and Urban Development Secretary Alphonso Jackson said that although he's concerned about using the housing money for the port project, congressional language associated with the use of block grant funds "allows me little discretion."  "I'm sure that you share my concern that there may still be significant unmet needs for affordable housing, and I strongly encourage you to prioritize Gulf Coast housing as you move forward," Jackson wrote.

Developers arrested on corruption charges
Their arrests will likely trigger political shockwaves through town. Before this morning, Schatte had a long list of close friends in Houston government, from city hall to the commissioners court to the Houston Firefighters Pension Fund. Three years ago, Schattes' name first surfaced in a Justice Department investigation. Houston's former building director, Monique McGilbra, and Mayor Brown's former chief of staff, Oliver Spellman, were snared in that bribery case, but at the time, Schatte escaped indictments.

Developers arrested on corruption charges
It was just before 9am today when FBI agents arrived with their corruption catch at Houston's federal building. Two of the city's most politically powerful developers, Andrew Schatte and Michael Surface, were arrested on public corruption charges. Details of the indictments are still sealed at this hour. Their arrests will likely trigger political shockwaves through town. Before this morning, Schatte had a long list of close friends in Houston government, from city hall to the commissioners court to the Houston Firefighters Pension Fund.

Controversy surrounding Mirasol homes continues
Controversy continues for the very unhappy people living in the Mirasol Homes. They now want Gordon Hartman out as chairman. They’re upset that he allegedly told the SAHA and city leaders last week that everything was going well for the homeowner…Henry Rodriguez who was on the Task Force says, these people continue to suffer and I don’t see the end of it.  See News 5 Video Report

Developer of 3 Burned Homes Missing
The developer of three houses that were destroyed over the weekend by fires authorities have called suspicious has not been seen in recent days.State Bureau of Investigation agents said in a search warrant that fires at three houses on Rivercliff Road were intentionally set early Saturday. Two homes were next to each other on a cul-de-sac overlooking the Cape Fear River, while the third was down the street.