CNN - "Welcome to subprime's ghost town" (3-28-08)

"The subprime mortgage meltdown has shaken the entire U.S. economy. But nowhere might the impact be as stark as Irvine, California, a planned community nestled between Los Angeles and San Diego. A year ago at this time, Irvine was home to 18 subprime lenders, including many of the leaders in the field, such as New Century Financial and Option One. Then, in what seemed like the blink of an eye, 4,100 good-paying white collar jobs were gone, or roughly 2% of the city's work force."

NAR - "Second-Home Sales Accounted For One-Third of Transactions in 2007" (3-28-08)

"The combined total of vacation- and investment-home sales declined with the overall market in 2007, but still accounted for 33 percent of all existing- and new-home sales, which is close to historic norms, according to the National Association of Realtors®. The market share of homes purchased for investment last year was 21 percent, down from 22 percent in 2006, while another 12 percent were vacation homes, compared with a 14 percent market share in 2006. The total share of second homes declined from 36 percent of transactions in 2006. "

Bloomberg - "KB Home Reports First-Quarter Loss on Land Writedown" (3-28-08)

"KB Home, the fifth-largest U.S. homebuilder, reported a wider loss than analysts projected as the housing recession cut sales and led to land writedowns. The shares fell 4.9 percent after the fiscal first-quarter net loss was $268.2 million, or $3.47 a share, more than twice what analysts expected."

CNN - "Lots Of Uncertainty Developing In The Market For New Homes" (3-28-08)

"Sparkling granite countertops, state-of-the-art appliances, fresh paint, never-walked-on carpets: The lure of a brand new home is undeniable. And bargains appear to abound, relative to pre-downturn values. But today this market is rife with risks. Developers are putting some communities on hold for lack of demand, incentives may not provide good value, and prices are still falling. Census data released Wednesday show that new home sales plunged nearly 30% in February to a 13-year low. The median price fell 2.7% from a year earlier. Buyer beware, real estate agents say. Be informed and very, very cautious. What looks like a bargain might be a bad bet."

Reuters - "Fremont General given deadline to fix bank" (3-28-08)

"Fremont General Corp said on Friday that U.S. banking regulators declared its banking unit undercapitalized and has required the company to raise money or find a buyer in two months. Fremont, which earlier this month received default notices related to $3.15 billion of subprime mortgages and said its survival could be threatened if it were sued, said that on Wednesday the company received a directive from the U.S. Federal Deposit Insurance Corp (FDIC) requiring it to take corrective action by May 26."

Market Watch - "Somber outlook from Fed officials" (3-28-08)

"Uncertainty was the watchword of the day. One Fed official said hopes of a short and shallow downturn were probably misguided. Another said that the Fed's hands-off approach to asset bubbles not might be such a good idea as the turmoil from the collapse of the housing market boom threatens to choke off the financial oxygen needed for a healthy economy."

Reuters - "Banks must come clean so Fed can help" (3-28-08)

"The Federal Reserve must exercise its supervisory authority over banks in order to gain access to confidential financial information that will enable it to make sound decisions, a top central bank official said. Boston Fed President Eric Rosengren said in prepared remarks on Friday that public earnings statements often do not offer enough of a basis for prudent policy."

Orange County Register - "Calif. home prices down 20.67%, nation’s worst" (3-28-08)

"First American LoanPerformance says California home prices in February were falling at a 20.67% annual rate, worst in the nation again. The state’s seen the largest depreciation in home values, by this math, since May. Just behind California in this sad list, ranked by mid-month results, is Florida (-15.74%); Nevada (-15.68%); Arizona (-13.67%); Minnesota (-9.42%) and politically key Pennsylvania (-7.75%.)"

Real Estate Journal - "Should First-Time Buyers Take The Plunge in Today's Market?" (3-28-08)

"Everyone likes a bargain. So it's no surprise that as home prices fall in many markets, those who have been priced out of owning a home are beginning to take notice. And some in the real-estate industry are saying that factors are aligning to make this a good time for first-time buyers to be in the market because they don't have to face the challenge of selling a home in order to buy another."