KansasCity.com - "Heads up: Federal Reserve auction; Parmesan cheese; oil prices" (2-26-08)

"The Federal Reserve auctioned another $30 billion to commercial banks, at an interest rate of 3.080 percent. It was the sixth in a series of auctions that have pumped $160 billion into the nation’s banking system in an effort to provide cash-strapped banks with extra reserves. The interest rate was the lowest for any of the auctions."

Mortgage Bankers Association - "MBA Hails Veto Threat on Senate Housing Bill" (2-26-08)

"We fully concur with the Administration’s analysis that this bill would very likely prolong the amount of time it would take for the housing market to recover from the current downturn. In particular, the provisions in the bill to amend the bankruptcy code and allow judges to rewrite mortgage contracts will only add to the existing market uncertainty and increase costs on all consumers at a time when exactly the opposite is needed."

Mortgage Bankers Association - "Widespread House Price Declines In Fourth Quarter" (2-26-08)

"U.S. home prices fell in the fourth quarter of 2007 according to OFHEO's seasonally-adjusted purchase-only house price index. The index, which is based on data from home sales, was 1.3 percent lower on a seasonally-adjusted basis in the fourth quarter than in the third quarter of 2007. This decline was substantially greater than the 0.3 percent price decline between the second and third quarters. Over the past year, prices fell 0.3 percent, as the fourth quarter decline erased earlier price gains."

Bloomberg - "U.S. Home Foreclosures Jump 90% as Mortgages Reset" (2-26-08)

"Bank seizures of U.S. homes almost doubled in January as property owners failed to make higher payments on adjustable-rate mortgages. Repossessions rose 90 percent to 45,327 last month from the same period a year ago, according to RealtyTrac Inc., a seller of foreclosure statistics that has a database of more than 1 million properties. Total foreclosure filings, which include default and auction notices as well as bank seizures, increased 57 percent."

Bloomberg - "States Seek Congress's Aid as Subprime Boosts Costs" (2-26-08)

"U.S. governors including New Jersey's Jon Corzine and New York's Eliot Spitzer may ask Congress to help reverse rising municipal debt costs stemming from the subprime mortgage market's collapse, Washington Governor Christine Gregoire said. Gregoire, Corzine and Spitzer joined other governors Feb. 24 in forming a group that will 'produce something that gets us out of the problem, but most importantly produce something for Congress' to deter a future borrowing squeeze, Gregoire, a Democrat, said during a National Governors Association meeting in Washington yesterday."

Bloomberg - "S&P/Case-Shiller Home Prices Fell 9.1% in December" (2-26-08)

"Home prices in 20 U.S. metropolitan areas fell in December by the most on record, reflecting the deepening housing recession, a private survey showed today. The S&P/Case-Shiller home-price index dropped 9.1 percent from December 2006, after a 7.7 percent decrease in November. Nationwide, home prices fell 8.9 percent in the fourth quarter from a year earlier, the biggest decline in 20 years of record keeping."

Bloomberg - "Bernanke Fails to Cut Loan Rates for Most Americans" (2-26-08)

"Ben S. Bernanke, who has reduced interest rates faster than any Federal Reserve chairman since 1982, is failing to bring down the cost of credit for most American homeowners. The average fixed rate for a 30-year home loan rose more than half a percentage point during the past four weeks to 6.04 percent, according to Freddie Mac, the world's second-largest mortgage buyer after Fannie Mae. The increase occurred after the Fed lowered its benchmark rate by 0.75 percent on Jan. 22 and cut the rate by a further half-point eight days later."

Market Watch - "Foreign buyers eye U.S. homes" (2-26-08)

"Some second-home buyers coming to the United States to scoop up property in the shadow of Walt Disney World are finding that it is, indeed, a small world after all -- especially when it comes to getting a bargain."