Contra Costa Times - "New guidelines meant to help curb risky home loans" (7-8-07)

"IT WON'T MEAN the end to no-income verification or high-risk mortgages for subprime home buyers, but new guidance from federal financial regulators will almost certainly cut their availability sharply. In a long-awaited policy statement on loans to borrowers with imperfect credit histories, federal financial regulators last month urged banks, credit unions and their mortgage subsidiaries to verify income, assets and employment on all loans except in special cases where borrowers could demonstrate substantial financial reserves."

Los Angeles Times - "San Diego County sales activity for May" (7-8-07)

"The chart lists median prices in thousands of dollars for sales of existing single-family homes and iniums by ZIP Code. Community names are included for convenience. Some ZIP Codes include multiple cities that, due to space limitations, cannot all be listed by their individual names. Percentage changes are a year-over-year comparison for the reporting month. The price per square foot in the far right column includes only single-family home sales and does not include attached garages."

Los Angeles Times - "True concessions" (7-8-07)

"AS the housing market has slowed, many new-home buyers have been dancing around the dotted line before signing on it, seeking concessions from builders who just a few years ago were selling properties before foundations were even laid. Builders — in the same boat as resale homeowners — are doing everything they can to move unsold homes and to hold on to nervous buyers who may be thinking of backing out of a signed contract. Going beyond upgrades or attractive financing, some are offering price guarantees so buyers don't end up paying more than future neighbors. Others are reaching out to real estate agents who bring buyers in, rather than restricting sales to in-house staff."

Los Angeles Times - "Subprime Oversight Still Lacking" (7-8-07)

"Good morning. The paper is full of various angles on the sub-prime mess today, and there's a theme: the market for sub-prime mortgages is largely unregulated today. From Kathy Kristof's interview with Elizabeth Warren, who argues Americans need more financial protections from their government: 'But 52% of sub-prime mortgages were written by independent mortgage brokers and finance companies, which are subject to no federal oversight. ... This division not only creates enormous loopholes, it triggers a kind of regulatory arbitrage,' she said. 'If regulators push those institutions too hard, they're likely to reincorporate under another regulatory umbrella — or under no regulator at all.'"