NAR - "Existing-Home Sales to Trend Up in 2008" (12-10-07)

"Existing-home sales are projected to trend up in 2008, with pending home sales showing a slight near-term rise, according to the latest forecast by the National Association of Realtors®. However, a recovery for new-home sales is unlikely before 2009."

Mortgage Bankers Association - "Freddie Mac Announces Operational Changes For Purchasing Delinquent Loans From Mortgage PCs" (12-10-07)

"Freddie Mac (NYSE: FRE) announced today that the company will generally purchase mortgages that are 120 days or more delinquent from pools underlying Mortgage Participation Certificates. Freddie Mac had generally purchased mortgages from PC pools shortly after they reach 120 days delinquency. From time to time, the company reevaluates its delinquent loan purchase practices and alters them if circumstances warrant."

Mortgage Bankers Association - "Fitch Report: U.S. RMBS and SF CDO Rating Actions" (12-10-07)

"In November, Fitch’s U.S. residential mortgage-backed securities group ("RMBS") reviewed more than 350 transactions with over 4,200 classes of debt outstanding. Approximately 88% of these classes were affirmed, while almost all of the remaining classes were downgraded. The downgrades were concentrated in three broad sectors: first-quarter 2007 vintage subprime (226 classes), pre-2006 vintage subprime (185 classes primarily from the 2004 & 2005 vintages) and 2005 & 2006 Alt-A mortgages (77 classes). In addition to the downgrades, 67 classes were placed on Rating Watch Negative; nearly all of these classes were in the subprime sector."

Herald Tribune - "Survey: November housing market disappoints" (12-10-07)

"In a national monthly survey of real estate agents, Bank of America Securities summed up November as 'another quiet month with few buyers swayed by lower prices.' Sarasota, the 45th largest market in the country, was included in the real estate survey released this month. Bank of America found that traffic 'well below' agents' expectations."

Yahoo - "Subprimes Force UBS to Write Down $10B" (12-10-07)

"UBS AG will write off a further $10 billion in losses from the U.S. subprime lending market, the Swiss bank said Monday, and raise billions in capital through share sales to Singapore and an unidentified investor in the Middle East."

Bloomberg - "Bernanke May Risk `Fool in Shower' Label for Economy" (12-10-07)

"Federal Reserve Chairman Ben S. Bernanke may have to risk becoming the proverbial 'fool in the shower' to keep the U.S. economy out of recession. Renewed turbulence in financial markets puts Bernanke, 53, under pressure to open the monetary spigots wider to pump up the economy. Traders in federal funds futures are betting it's a certainty the Fed will cut its benchmark interest rate from 4.5 percent tomorrow, and they see a better-than-even chance the rate will be 3.75 percent or below by April."

Market Watch - "Beware of more 'hidden' subprime losses" (12-10-07)

"The reality of Generally Accepted Accounting Principles, or GAAP, is that they give companies just enough rope to hang themselves and their investors, if they so please. Much of GAAP is so subjective that you could drive side-by-side snow plows through the gray areas. That is something to keep in mind if, with the latest wave of write-offs, you believe it is time to start bargain hunting among the most beaten-down financial-services companies tied to the mortgage blowup. The time may very well be right, but a recent report by Gradient Analytics warns that financial-reporting practices of some of these companies yesterday and today could still come back to bite investors tomorrow."

Bloomberg - "Bank of America to Liquidate $12 Billion Cash Fund" (12-10-07)

"Bank of America Corp. will liquidate a $12 billion cash fund for wealthy clients and institutions, the largest investment of its type to close because of losses tied to the collapse of the subprime-mortgage market. The fund, Columbia Strategic Cash Portfolio, was sold as an alternative to money-market funds, offering a higher yield by taking more risk. It was the biggest so-called enhanced cash fund, with $33 billion in assets two weeks ago before an investor pulled more than $20 billion, said Peter Crane, founder of Crane Data LLC, the Westborough, Massachusetts-based publisher of the Money Fund Intelligence."

Yahoo - "Mortgage Crisis Forces Big Cuts at WaMu" (12-10-07)

"Washington Mutual Inc., the nation's largest savings and loan, said Monday that problems in the mortgage and credit markets are forcing it to close offices, lay off more than 3,000 workers and set aside up to $1.6 billion for loan losses in the fourth quarter."

Business Week - "Even Hot Housing Markets Can Go Cold" - (12-10-07)

"Unlike previous downturns, this housing slump is affecting even areas and properties that should be immune. Prices are rising in some places, but not as much as they were, and the pace of sales is down almost everywhere. The hottest markets have likely already been weakened by tighter loan restrictions in the wake of the subprime mortgage mess."

Orange County Register Blog - "O.C. property tax payments up 8.8% vs. ‘06" (12-10-07)

"If you haven’t made your property tax payment yet, you are not alone. First payments are due today. (See photo of the line at the tax collector’s offices!) Orange County’s tax collector says that as of Dec. 8, the department collected $1.85 billion in property taxes for this billing season. Total amount due when April’s second deadline comes? $4.578 billion!"

Los Angeles Times - "Listing prices flattish" (12-10-07)

"Not budging: Median listing prices in greater LA were essentially flat over the past week -- slipping by $100 -- as inventory continued to run well ahead of year-ago levels, according to Housing Tracker's analysis of MLS listings. Prices: Median listing price was $498,900 for single family homes and condos, down from $499,000 the previous week. Median listing prices are down 9.3% over the past year."