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New numbers show hurting housing market

New numbers out Wednesday show that the housing market is still hurting. Sales of pre-owned homes fell to their lowest level almost five years during June. When it comes to buying a home you've got to get a loan. Normally people are worried about borrowers with poor credit not being able to pay for a home. But that's changing. Countrywide, one of the nation's largest mortgage lenders says in its earnings report that even borrowers with good credit are starting to show signs of financial stress. The company said it had to take charges of almost $400 million because prime borrowers have started to miss their mortgage payments in significant numbers. California was a major trouble spot. According to a tracking company, lenders in the golden state sent out more default notices there in the second quarter than in any time in the past ten years. The stock market took notice of all the trouble in the mortgage market. The growing concerns over home loans contributed to Tuesday's big stock market sell off.

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