 Mortgage demand rose 3.9% in the second week of July, fueled by a surge in applications to refinance after a drop in mortgage rates. Refi activity was up 15% from the previous week, reaching a two-year high. Purchase mortgage demand was down 3% from the previous week and was 14% lower than it was a year ago. Coming up in half an hour, the tough news that thousands of California homeowners may get. Stephen, back to you. Thanks, Bill.