AP - Mortgage rates shot up this week with 30-year mortgages climbing to the highest level in nearly a year, reflecting concerns in financial markets about the troubles at corporate giants Fannie Mae and Freddie Mac.

AFP - French construction group Saint-Gobain said Thursday it would cut 4,000 jobs this year, mostly in Britain, Spain and the United States, as part of a cost-cutting drive in the face of a sharp downturn in the housing market.

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.

AFP - The International Monetary Fund on Thursday welcomed the US government's plans to aid mortgage finance giants Fannie Mae and Freddie Mac and ease the housing crisis.

Reuters - The U.S. Senate is due to vote finally on Saturday to approve a major housing market rescue bill, including federal financial assistance for Fannie Mae and Freddie Mac , the mortgage titans whose shares fell again in early Thursday trading.

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.

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.

AP - The number of newly laid off people filing claims for unemployment benefits bolted past 400,000 last week as companies trimmed their work forces to cope with a slowing economy and fallout from a collapsed housing market.

Reuters - Jobless claims jumped last week and the pace of existing home sales tumbled to a 10-year low as slowing growth hit hiring and a glut of unsold homes weighed on the real estate market, data on Thursday showed.