Stocks Tumble on Weak Home Sales Data

Real Estate Troubles

**FILE** In this April 25, 2008, pedestrians are reflected below a UBS office building logo in New York. UBS AG, one of the hardest hit banks in the subprime mortgage crisis, said Tuesday, Aug. 12, 2008, that it had further losses and writedowns of $5.1 billion during the second quarter of 2008. (AP Photo/Mark Lennihan, file)

AP

John Cryan, new CFO of the Swiss bank UBS, listens to a speech during a press conference announcing the 2008 half year result in Zurich, Switzerland, Tuesday, Aug. 12, 2008. UBS AG, one of the hardest hit banks in the subprime mortgage crisis, said Tuesday that it had further losses and writedowns of US$5.1 billion during the second quarter of 2008. (AP Photo/Keystone, Steffen Schmidt)

AP

Marcel Rohner, Chief Executive Officer of Swiss Bank UBS, speaks during a press conference announcing the 2008 half year result in Zurich, Switzerland, Tuesday, Aug. 12, 2008. UBS AG, one of the hardest hit banks in the subprime mortgage crisis, said Tuesday that it had further losses and writedowns of US$5.1 billion during the second quarter of 2008. (AP Photo/Keystone, Steffen Schmidt)

AP

** FILE ** A Jan. 30, 2008 file photo shows the logo of Swiss Bank UBS on Zurich's Bahnhofstrasse, Switzerland. UBS AG, one of the hardest hit banks in the subprime mortgage crisis, said Tuesday, Aug. 12, 2008 that it had further losses and writedowns of US$5.1 billion during the second quarter of 2008. Switzerland's largest bank, which also announced further management changes, said its net loss attributable to shareholders for the three months ended June 30 was 358 Swiss francs (US$331 million). (AP Photo/Keystone, Walter Bieri, File)

AP

** FILE ** In this file photo from March 12, 2008, dark clouds hang above the Logo of the UBS (Union Bank of Switzerland) in Zurich, Switzerland. UBS AG, one of the hardest hit banks in the subprime mortgage crisis, said Tuesday, Aug. 12, 2008 that it had further losses and writedowns of US$5.1 billion during the second quarter of 2008. Switzerland's largest bank, which also announced further management changes, said its net loss attributable to shareholders for the three months ended June 30 was 358 Swiss francs (US$331 million). (AP Photo/Keystone, Alessandro Della Bella, File)

AP

The headquarters of mortgage lender Fannie Mae is shown in Washington in this file photo from October 3, 2006. ..Fannie Mae, the largest U.S. home funding source, posted a much larger-than-expected second-quarter loss on August 8, 2008 and slashed its dividend more than 85 percent to preserve capital as home loan defaults accelerated in the bleakest U.S. housing market since the Great Depression. REUTERS/Jason Reed/Files (UNITED STATES)

Reuters

(FILES) People walk by a sign for Freddie Mac headquarters in this July 14, 2008 file photo in McLean, Virginia. Troubled mortgage finance giant Freddie Mac on August 6, 2008 reported an 821-million-dollar net loss in the second quarter as the US housing collapse further dug a hole in the company's finances. At 1.63 dollars per share, the loss was more than triple most analysts' forecasts of 53 cents per share. AFP Photo/Paul J. Richards (Photo credit should read PAUL J. RICHARDS/AFP/Getty Images)

AFP/Getty Images

LONG POND, PA - AUGUST 01: Michael McDowell, driver of the #00 Champion Mortgage Toyota, stands in the garage during practice for the NASCAR Sprint Cup Series Pennsylvania 500 at the Pocono Raceway on August 1, 2008 in Long Pond, Pennsylvania. (Photo by Drew Hallowell/Getty Images for NASCAR)

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