CBIA - "California New-Home Market Slowly Improving, CBIA Announces" (7-10-09)

"The monthly CBIA/Hanley Wood Market Intelligence (HWMI) New Home Sales and Pricing Report showed that sales in new-home communities of 10 units or more were 26 percent below May 2008, but is improved from the 31 percent decline in the prior month and is the fourth consecutive month of that improvement trend."

Wall Street Journal - "Few Economists Favor More Stimulus" (7-10-09)

"Just eight of 51 economists in The Wall Street Journal's latest forecasting survey said more stimulus is necessary, suggesting an average of about $600 billion in additional spending. On average, the economists forecast an unemployment rate of at least 10% through next June, with a decline to 9.5% by December 2010"

Bloomberg - "Home Sellers in U.S. Cut Prices by $27 Billion, Trulia Says" (7-10-09)

"U.S. home sellers cut the prices of their properties by a total of $27.1 billion as the recession and rising foreclosures curtailed demand, Trulia Inc. said."

Bloomberg - "Banks May Sign on to Delayed U.S. Home-Equity Plan" (7-10-09)

"U.S. banks are likely to begin signing contracts as soon as this month that would let second mortgages and other home-equity debt be reworked under a government-subsidized program, a Treasury official said."

Orange County Register - "Could new law protecting tenants from foreclosure be ‘abused’?" (7-10-09)

"We now have a new law. In a nutshell it is protecting the tenant with the following: the tenant is entitled to continue to lease the home until the end of his lease term AND have an additional 90 days thereafter. It is my understanding that a month to month tenant will also be given an additional 90 days after the end of that month to move out. Obviously in both scenarios, the tenant continues to pay rent to the bank who has taken the foreclosure."

Orange County Register - "Think twice before using one mortgage to pay another" (7-10-09)

"The scheme takes advantage of the fact that interest on an equity line is, today, lower than your mortgage rate. And, second, interest accrues on a daily basis whereas your mortgage accrues the same interest every month regardless of when you make the payment. The advantage is that if you make your equity-line payment early, you save interest that you would not save if you made your mortgage payment early. It is true that the cumulative savings from doing this a measurable, but not significant in any calculations I have ever seen."

Orange County Register - "These south coast ZIPs see consistent home sales" (7-10-09)

"Of the 3 cities’ 5 ZIP codes, 3 had sales gains vs. a year ago while 1 had a gain in their median selling price vs. a year ago. 2 of these 5 ZIP codes beat the -11.6% overall performance of the countywide median for the past year."

Inman - "Roads to recovery overlooked" (7-10-09)

"Long-term interest rates plunged this week as any hopes for a V-shape recovery gave way to L-shape reality. A 10-year Treasury auction drew three times as many bids as bonds offered, the yield to 3.3 percent from 4 percent last month taking mortgages under 5.25 percent. The best chance for a run back into the fours: a big break in stocks. Inflation bets sank with rates: oil broke $60 for the first time since April; gold is $912 vs. $980 in May."

Inman - "Appraisers shunning FHA work" (7-10-09)

"New rules governing appraisals on loans slated for purchase by Fannie Mae and Freddie Mac are also affecting valuations conducted for loans guaranteed by the Federal Housing Administration, trade groups representing appraisers say."

NAR - "Strong Commercial Real Estate Market Critical to Jobs and Economy, Say Realtors" (7-9-09)

"Having a sound and well functioning commercial and multifamily real estate sector is critical to our country’s economic growth and development, according to the National Association of Realtors®. In testimony on Capitol Hill before the Joint Economic Committee, NAR noted that commercial real estate supports more than 9 million jobs and services. 'In fact, as many as 6.5 million jobs that have been lost in the economic downturn have come from the office, industrial, retail and multifamily sector,' said NAR Treasurer Jim Helsel, a Realtor® who has specialized in commercial real estate for more than 34 years"

Mortgage Bankers Association - "MBA Reports Government-Insured Share of Mortgage Applications Highest Since 1990, Now at 36 Percent" (7-9-09)

"The government-insured (FHA and VA loans) share of mortgage applications was 35.9 percent in June 2009, the highest level since November 1990, according to the Mortgage Bankers Association. Based on data from MBA’s Weekly Mortgage Applications Survey, the government-insured share jumped from 25.7 percent a month earlier and 27.0 percent in June 2008. Since the MBA survey’s inception in January 1990, the lowest recorded share was 5.8 percent in August 2005"

Bloomberg - "U.S. Mortgage Rates Drop to 5.2%, Freddie Mac Says" (7-9-09)

"Mortgage rates in the U.S. fell for a second consecutive week, easing concern that a Federal Reserve plan to lower the cost of home loans had lost momentum. The average 30-year rate dropped to 5.2 percent from 5.32 percent, mortgage buyer Freddie Mac of McLean, Virginia, said today in a statement. The 15-year rate averaged 4.69 percent."

Bloomberg - "Commercial Real Estate Is a ‘Time Bomb,’ Maloney Says" (7-9-09)

"The $3.5 trillion commercial real estate market is a ticking “time bomb” that may lead to a second wave of losses at large U.S. banks, congressional Joint Economic Committee Chairwoman Carolyn Maloney said."

Orange County Register - "O.C. office owners may suffer for 8 years" (7-9-09)

"UCLA’s survey of commercial real estate pros shows little hope for the Orange County market. The report states that UCLA economists don’t expect this market to see its peak 2006 demand until 2014, at the earliest. Why? 'Excess supply of office space will continue to put pressure on rental and occupancy rates and no early turn of the market is expected'"

Orange County Register - "Steepest property tax-value dips hit Santa Ana" (7-9-09)

"The Assessor’s recap of the new taxable values for homes and other properties — remember, that’s different that actual values — show that 25 of Orange County’s 34 cities saw their taxable values driven down by falling home prices, with an average decline of 2.4%. And 9 had increases, with an average gain of 1.2%."

Orange County Register - "Foreclosure backlog grows in O.C." (7-9-09)

"First the good news: The ratio of foreclosed properties in Orange County on the books of banks dipped to 0.5% of all home loans in the county in May, from 0.8% in both April ‘09 and May ‘08, according to First American CoreLogic."

Inman - "Mortgage fraud reports rise 23%" (7-9-09)

"A report from the Financial Crimes Enforcement Network (FinCEN) shows growth in suspicious activity reports related to mortgage fraud ranged from 41 percent to 44 percent from 2005-07 after peaking at 93 percent in 2004 (see chart below)"

Inman - "RE/MAX, RealtyTrac launch partnership" (7-9-09)

"RE/MAX International agents will receive discounted subscriptions allowing them to access a database of more than 1.8 million default, auction and bank-owned properties compiled by RealtyTrac under a partnership between the two companies. Visitors to remax.com will also be able to include properties in the RealtyTrac database in their listing searches, although not all homes in the database are for sale and access to some details like addresses are witheld from nonsubscribers."

Mortgage Bankers Association - "Mortgage Applications Increase in Latest MBA Weekly Survey" (7-8-09)

"The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending July 3, 2009, which was a shortened week due to the Independence Day holiday. This week’s results include an adjustment to account for the holiday. The Market Composite Index, a measure of mortgage loan application volume, was 493.1, an increase of 10.9 percent on a seasonally adjusted basis from 444.8 one week earlier. On an unadjusted basis, the Index decreased 0.5 percent compared with the previous week and increased 7.2 percent compared with the same week one year earlier."

Sacramento Bee - "Falling prices, low rates prod California homebuyers" (7-8-09)

"Among 1,400 buyers surveyed statewide by the California Association of Realtors: 68 percent said price decreases finally set them in motion to buy a house. 23 percent cited the likelihood of rising interest rates as a reason to get off the fence."

Inman - "Mortgage insurer IDs weak markets" (7-8-09)

"Thirty of the nation's 50 biggest metro areas have a greater than even chance of seeing lower house prices by the end of March 2011, according to an analysis by mortgage insurer PMI Group Inc. PMI's market risk index -- which is based on price-appreciation trends, affordability, unemployment, interest rates and local economic conditions -- projects that 46.7 percent of 381 metropolitan statistical areas (MSAs) are at risk of price declines in the next two years."

Bloomberg - "Apartment Vacancy at 22-Year High in U.S., Says Reis" (7-8-09)

"U.S. apartment vacancies rose to their highest in 22 years in the second quarter as job losses cut tenant demand and more units came to market. Vacancies climbed to 7.5 percent from 6.1 percent a year earlier, New York-based real estate research firm Reis Inc. said today. The last time landlords had so much empty space was in 1987, when vacancies reached 7.6 percent as the Standard & Poor’s 500 Index plummeted 23 percent in the last three months of that year"

Bloomberg - "BlackRock Said to Get PPIP With Invesco, Wellington" (7-8-09)

"BlackRock Inc., Invesco Ltd. and Wellington Management Co. were selected to take part in the U.S. government’s program to spur the purchase of mortgage-backed securities from banks, people familiar with the matter said. The companies are among the eight to 10 asset managers the U.S. Treasury is set to announce this week for the Public- Private Investment Program, according to the people, who asked not to be named because the information isn’t public. Other probable winners include Pacific Investment Management Co. and a partnership of General Electric Co.’s finance arm and Angelo Gordon & Co. Officials at the firms declined to comment."

Bloomberg - "Distressed Commercial Property in U.S. Doubles to $108 Billion" (7-8-09)

"Commercial properties in the U.S. valued at more than $108 billion are now in default, foreclosure or bankruptcy, almost double than at the start of the year, Real Capital Analytics Inc. said"

Orange County Register - "How to make an unaffordable mortgage affordable" (7-8-09)

"Consumers in trouble need to get all the information a lender might need including: checking and savings account statements for at least a year; information and statements on any brokerage accounts; information on other owned assets such as a car, vacation home; and current income situation, including pay stubs. The borrower will also need to write a clear concise hardship letter to go with the package outlining what has happened to them and why they need the loan modified."

Orange County Register - "Watch mail for your property tax update" (7-8-09)

"Real estate owners in Orange County began receiving notices this week telling them how much property tax they can expect to pay next December and April. The statements could alert some owners that they need to appeal assessments to lower their taxes."

Orange County Register - "SF Fed chief sees housing stabilization" (7-8-09)

"High on my worry list is the possibility of another shock to the still-fragile financial system. Commercial real estate is a particular danger zone. Property prices are falling and vacancy rates are rising in many parts of the country. Given the weak economy, prices could fall more rapidly and developers could face tough times rolling over their loans. Many banks are heavily exposed to commercial real estate loans. An increase in defaults could add to their financial stress, prompting them to tighten credit. The Fed and Treasury are providing loans to investors in securitized commercial mortgages, which should be a big help. But a risk remains of a severe shakeout in this sector."

Bloomberg - "Delinquencies on U.S. Home-Equity Loans Reach Record" (7-7-09)

"Delinquencies on home-equity loans climbed to 3.52 percent of all accounts from 3.03 percent in the fourth quarter, and late payments on home-equity lines of credit climbed to a record 1.89 percent, the group reported today. An index of eight types of loans rose for a fourth straight quarter, to 3.23 percent from 3.22 percent in October through December, the group said."

Bloomberg - "U.S. Home Prices to Fall Through 2011’s First Quarter, PMI Says" (7-7-09)

"Thirty of the 50 biggest metropolitan areas have at least a 75 percent chance of lower prices through March 31, 2011, Walnut Creek, California-based PMI said in a report today. The decline is likely to spread to “all regions of the nation” from California, Florida, Nevada and Arizona, the states most affected by the housing slump, PMI said."

Bloomberg - "U.S. Office Vacancies Near 4-Year High on Job Losses, Reis Says" (7-7-09)

"The vacancy rate increased to 15.9 percent from 13.2 percent a year earlier, the New York-based research firm said today in a statement. Vacancies hit 16 percent in the first quarter of 2005 and were at 15.2 percent in the first quarter of this year, according to Reis."

Realty Times - "The Contract Offer: What Price to Start With" (7-7-09)

"So what is the right price to start with? That depends on a number of things, such as the risk of losing the home to another buyer, how close to market value the seller’s asking price is and what is the maximum price willing to be paid for the home. As mentioned earlier, there is no cardinal rule that there must be some fixed amount that a seller will negotiate from their asking price."

Realty Times - "Market Conditions" (7-7-09)

"The Pending Home Sales Index,1 a forward-looking indicator based on contracts signed in May, increased 0.1 percent to 90.7 from an upwardly revised reading of 90.6 in April, and is 6.7 percent higher than May 2008 when it was 85.0. The last time there were four consecutive monthly gains was in October 2004."

Realty Times - "Real Estate Outlook: Gains Versus Gloom" (7-7-09)

"In its latest monthly survey, Standard & Poor's Case-Shiller index found prices up in a number of key markets: Dallas prices gained 1.7 percent, Denver 1.5 percent and other cities -- Washington DC, Seattle, San Francisco, Atlanta, Boston and Cleveland -- registered smaller increases."

Realty Times - "Tenants in Foreclosed Properties Will Benefit from New Federal Law" (7-7-09)

"Sections 701 - 704 of the larger bill are cited as the 'Protecting Tenants at Foreclosure Act of 2009.' This applies to all federally related loans, which is to say just about every residential loan except seller financing. Section 702 provides that any person or entity who acquires a property through the foreclosure process may give a bona fide tenant not less than a ninety-day notice to vacate the premises. This applies to tenants who are on a periodic tenancy such as the typical month-to-month rental."

Bloomberg - "Bank of America’s Bad Loans Top $7 Billion, Credit Suisse Says" (7-6-09)

"Bank of America Corp., the largest U.S. lender, faces a 10 percent jump in uncollectible loans to $7.6 billion when it reports second-quarter earnings, Credit Suisse said in a report today."

ABC News - "America's Most Troubled Luxury Neighborhoods" (7-4-09)

"Has the housing market scraped bottom? Not in some of the wealthier neighborhoods -- places like New York City's Greenwich Village, Santa Monica, Calif. and Chicago's Lincoln Park. They held up nicely while the rest of the country slumped last year. This year such Tiffany zip codes are on track to fall 15 percent to 25 percent."

San Francisco Chronicle - "Fiscal crisis tarnishes Golden State's image" (7-5-09)

"But it seems the state has lost its way, with Minerva getting mugged by California's multibillion-dollar deficit, billions of dollars in IOUs to cover debt, financial mismanagement, legislative constipation and warring special interests. California's current fiscal troubles are not only beginning to define the place - but turning it into a late-night comedy routine punch line. Jay Leno ribbed that the state motto is now closer to 'Welcome to California ... now available on eBay'"

Ventura County Star - "Eight reasons why budget's in bad shape" (7-5-09)

"California’s problems are occurring in the midst of the worst national recession since the Great Depression. To be sure, other states are dealing with the same reality, but the areas hardest hit are those where the sun shines the most, and they don’t call this the Golden State for nothing. Sun Belt states such as California, Arizona, Florida and Nevada were the places where the housing market was hottest during the real estate bubble, and they are now the places where the crash is being felt most severely."

Los Angeles Times - "Another wave of foreclosures is poised to strike" (7-4-09)

"Just as the nation's housing market has begun showing signs of stabilizing, another wave of foreclosures is poised to strike, possibly as early as this summer, inflicting new punishment on families, communities and the still-troubled national economy. Amid rising unemployment and falling home prices, mortgage defaults have surged to record levels this year. Until recently, many banks have put off launching foreclosure action on the troubled properties, in part because they had signed up for the Obama administration's home-stability plan, which required them to consider the alternative of modifying loans to make it easier for borrowers to make payments."

Los Angeles Times - "Vacancies give renters room to negotiate" (7-4-09)

"The last time vacancy rates were this high in Los Angeles County was in the early 1990s, when they hit 5%. The rate climbed to 5.3% in the first quarter from 3.8% in the first quarter of 2008, said Victor Calanog, director of research for Reis Inc., a real estate research company in New York that tracks 90% of buildings countywide with 15 or more units -- more than 750,000 apartments. In contrast, vacancies had been hovering between 2% and 3% for the last decade."

Orange County Register - "More than 120 home prices slashed in Irvine" (7-6-09)

"Despite a recent uptick in home sales, price reductions on Irvine homes also rose last month. There were 121 properties with prices slashed during the month of June, according to real estate website Trulia. That’s up slightly from 112 price reductions in May."

Orange County Register - "Loan servicers prefer big losses to loan forgiveness" (7-6-09)

"A study of 3.5 million mortgages nationwide found that in June loan servicers held 32,000 foreclosure sales, with an average loss of 64.7% of the original loan balance"

Bloomberg - "U.S. Mortgage Rates Drop to 5.32%, Freddie Mac Says" (7-2-09)

"Mortgage rates in the U.S. fell this week, easing concern the Federal Reserve plan to lower rates by purchasing mortgage-backed securities was losing momentum. The average 30-year rate dropped to 5.32 percent from 5.42 percent, mortgage buyer Freddie Mac of McLean, Virginia, said today in a statement. The 15-year rate was 4.77 percent."

Bloomberg - "Trustee May Reject Madoff Office Lease, Judge Says" (7-2-09)

"Trustee Irving Picard’s request to reject the 1986 lease for the 17th through 19th floors, used by Bernard L. Madoff Investment Securities LLC to run a $65 billion Ponzi scheme, was approved yesterday by U.S. Bankruptcy Judge Burton Lifland in New York, according to court filings. The lease rejection is effective June 30."

Bloomberg - "GM Plans ‘Garage Sale’ for Toxic Plants, New Jersey Golf Course" (7-2-09)

"As General Motors Corp. prepares to sell its best assets to a streamlined new entity, the worst of what it owns will be auctioned off in bankruptcy court, including contaminated factory sites, parking lots in Flint, Michigan, and a nine-hole golf course in New Jersey."

Bloomberg - "Payrolls Fall More Than Forecast, Unemployment Rises" (7-2-09)

"Employers in the U.S. cut 467,000 jobs in June, the unemployment rate rose and hourly earnings stagnated, offering little evidence the Obama administration’s stimulus package is shoring up the labor market."

Orange County Register - "Irvine list price, home listings down" (7-2-09)

"Irvine’s average home listing price has continued to creep downward, according to Trulia.com. But the average list price remains a pricey $927,000. The number of available listings is dwindling after a small spike."

Wall Street Journal - "Beazer to Pay Up to $53 Million in Fraud Case" (7-2-09)

"Beazer Homes USA Inc. will pay up to $53 million to settle mortgage fraud charges related to federally insured mortgage loans the company made to buyers of its homes. The U.S. Department of Justice said Wednesday that Beazer will pay $5 million to the federal government and up to $48 million to victimized homeowners."

Inman - "A stickier real estate Web site" (7-2-09)

"So what makes a Web site sticky? Certainly, it's part layout, logical navigation, interactivity, look and feel, and the absence of clutter and distracting elements, such as pop-up ads. This is what I'd call good design. But many would argue the ultimate sticky element is good content"

Realty Times - "Home Remodeling Showing Signs of Recovery, Future Looks Bright" (7-2-09)

"The bad news, the most recent semi-annual RemodelorMove.com Remodeling Permit Activity Report of 5,000 homeowners considering remodeling shows a 20 percent decline in the number of remodeling permits issued during the first quarter of 2009, compared to the same quarter in 2008. The first bright spot for the home remodeling industry comes from the first quarter 2009 report, which shows an increase of five percent in the number of homeowners who stated they will probably remodel in the next 12 months."

NAR - "Pending Home Sales Record Fourth Straight Monthly Gain" (7-1-09)

"The Pending Home Sales Index,¹ a forward-looking indicator based on contracts signed in May, increased 0.1 percent to 90.7 from an upwardly revised reading of 90.6 in April, and is 6.7 percent higher than May 2008 when it was 85.0. The last time there were four consecutive monthly gains was in October 2004."

Mortgage Bankers Association - "Mortgage Applications Decrease in Latest MBA Weekly Survey" (7-1-09)

"The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending June 26, 2009. The Market Composite Index, a measure of mortgage loan application volume, was 444.8, a decrease of 18.9 percent on a seasonally adjusted basis from 548.2 one week earlier. On an unadjusted basis, the Index decreased 18.5 percent compared with the previous week and decreased 7.4 percent compared with the same week one year earlier."

Bloomberg - "Hotel Loan Defaults Double as Recession Cuts Travel" (7-1-09)

"As many as one in five U.S. hotel may default on their loans by the end of 2010 as the recession forces companies to spend less on travel and perks, according to Kenneth Rosen, an economist at the University of California."

Bloomberg - "Freddie Mac Board Said to Consider Haldeman to Head Company" (7-1-09)

"Regulators seized federally sponsored mortgage-finance companies Fannie Mae and Freddie Mac in September amid concerns the two would fail. Since then, they have received or requested about $85 billion in aid from the U.S. Treasury to remain solvent. The Treasury Department and the Federal Housing Finance Agency would need to approve Haldeman’s appointment."

Bloomberg - "FirstFed Boosts Modifications on Option-ARM Loans" (7-1-09)

"FirstFed Financial Corp., the Los Angeles-based savings and loan operating under a cease-and- desist order since January, has modified $1 billion in mortgages for 2,000 families in its efforts to stay afloat."

Orange County Register - "Housing evangelist back to Scary Gary" (7-1-09)

"The recession has gone on so long and has been so crippling that any small piece of economic data that comes out favorably leads one to think that things are finally going to get better. Unfortunately, this is not so!"

Orange County Register - "Distressed inventory drops in 2 south coast cities" (7-1-09)

"Distressed inventory has dropped in two of our SoCo cities, but continues to rise in one, according to a biweekly report done by Steven Thomas of Altera Real Estate. Two weeks ago, Dana Point’s percentage of distressed active inventory (foreclosures and short sales) was 24%, which has now dropped slightly to 23.5%."

Orange County Register - "Census: Irvine among 25 fastest-growing cities" (7-1-09)

"Irvine was among the nation’s 25 fastest-growing cities in 2008, according to new data released by the U.S. Census Bureau. The list included only cities with populations over 100,000. Irvine ranked #7, with a net population increase of 7,658 people from July 1, 2007 to July 1, 2008."

Reuters - "California misses budget deadline, readies 'IOUs'" (7-1-09)

"Democrats who control the legislature could not convince Republicans late on Tuesday night to back their plans to tackle a $24.3 billion budget shortfall or a stopgap effort to ward off the IOUs. The two sides agree on the need for spending cuts but are split over whether to raise taxes."