North County Times - "Murrieta cracks down on maintenance of foreclosed homes" (2-21-08)

"With an estimated 5,000 properties going into foreclosure by the end of 2008, city officials took action Tuesday to curb blighted yards, unsafe neighborhoods and virtual welcome mats for squatters. The City Council voted unanimously to approve an ordinance that would make banks responsible for the maintenance of properties of which they have taken possession."

Bloomberg - "Gold Near Record as Oil Fuels Inflation, Silver at 27-Year High" (2-21-08)

"Accelerating U.S. inflation will not stop the Federal Reserve from cutting interest rates further, Canavan said. U.S. consumer prices rose 0.4 percent in January, more than forecast. Excluding food and energy, prices rose 0.3 percent, the most since June 2006, the Labor Department said."

Bloomberg - "Usual Suspects Show Up On Cue to Challenge Fed" (2-21-08)

"There comes a time in every business cycle when things look glum and the future even glummer. The Federal Reserve, usually slow to realize all is not well, starts cutting short-term interest rates aggressively. The real-time economic data offer no sign the medicine is working. Like clockwork, the cries go out: This time is different, interest rates aren't working. The thing is, they always do. Sometimes it takes longer than others depending on the circumstances surrounding the stall in economic growth or outright recession."

Forbes - "MBIA Withdraws From Trade Group" (2-21-08)

"Mortgage insurer MBIA Inc. said Thursday it is withdrawing from the Association of Financial Guaranty Insurers because it no longer shares the views of the trade group. Some insurers that have recently been downgraded by ratings agencies are discussing plans to split the riskiest parts of their insurance businesses into separate companies."

Market Watch - "Freddie Mac: Fixed-rate mortgages rise again" (2-21-08)

"U.S. fixed-rate mortgages rose in the latest week, according to Freddie Mac's survey released Thursday. The national average interest rate on the benchmark 30-year, fixed-rate loan averaged 6.04% in the week ending Thursday, up from 5.72% a week ago, but lower than the year-ago 6.22%. The 15-year fixed-rate loan averaged 5.64%, up from 5.25% a week ago, but down from 5.97% a year ago. The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 5.37%, compared with 5.19% a week ago and 5.96% a year ago."

Bloomberg - "Fed Sees Rate Low `for a Time' Then Possible Reversal" (2-21-08)

"Federal Reserve officials signaled they are prepared to quickly reverse last month's interest-rate cuts after concluding that borrowing costs need to be kept low for now. Policy makers cut their 2008 growth forecasts and said that rates should be held down 'for a time,' minutes of their Jan. 29-30 meeting showed yesterday. They also called inflation 'disappointing,' and some foresaw raising rates, possibly at a 'rapid' pace once the economy recovers."

Orange County Register - "SoCal has 4th biggest jump in cost of running a home" (2-21-08)

"Bureau of Labor Statistics’ year-end data shows that the cost of living in a home, or housing inflation, rose at a slower pace both regionally and nationally last year. Housing inflation, which accounts for 46% of the Consumer Price Index math, includes home-operating costs from rent to energy to furnishings to insurance, but not purchase costs."

Los Angeles Times - "Bid to sell city land stirs outcry" (2-21-08)

"In his quest to balance the city's books, Los Angeles Mayor Antonio Villaraigosa is gearing up to sell city-owned properties in some of the Westside's most sought-after neighborhoods.The plan to sell 'surplus' properties, which could be used for low-income apartments, has also put Villaraigosa at odds with one of his closest City Council allies, Bill Rosendahl, and with Westside neighborhood leaders who seem baffled by his determination to give up sites that could house the poor and elderly."