NAR - "Flat Existing-Home Sales Likely Before Gradual Recovery" (3-6-08)

"The volume of existing-home sales is expected to hold steady through late spring, with a gradual recovery during the second half of the year as the mortgage situation improves in high-cost areas, according to the latest forecast by the National Association of Realtors®. Lawrence Yun, NAR chief economist, said many buyers have been waiting for higher mortgage loan limits. 'The higher loan limits for both FHA and conventional loans will increase consumer choice and provide greater access to lower interest rate mortgages in high-cost regions,' he said. 'Therefore, a notable rise in home sales can be anticipated in the second half of the year.'"

NAR - "REALTORS® Urge Increased National Loan Limit as Vital to Housing Market" (3-6-08)

"The National Association of Realtors® today called on the U.S. Senate to enact reform legislation for the nation’s government-sponsored enterprises (GSEs) that will protect the vibrancy, liquidity and stability of the U.S. housing finance system. In testimony before the Senate Committee on Banking, Housing and Urban Affairs, NAR urged the Senate to permanently raise the national GSE conforming loan limits to $625,000 with an additional increase of 125 percent of the local median home-sales price in high-cost areas."

Reuters - "UBS shares sink anew on writedown fears" (3-6-08)

"Swiss bank UBS AG came under renewed pressure on Thursday due to speculation it had sold a huge portfolio of risky mortgages at a deep discount and that the scale of its subprime losses was rapidly mounting. Analysts said they believed UBS had sold its Alt-A investments -- U.S. mortgages ranked between prime and subprime -- to bond manager Pimco for 70 cents to the dollar, taking a deep discount on a 26.6 billion Swiss franc ($25.7 billion) portfolio."

New York Post - "WHY FED CHIEF WILL BE TOSSING & TURNING TONIGHT" (3-6-08)

"The Fed, of course, has been cutting interest rates for more than eight months with little to show for the effort. And another reduction in borrowing costs - maybe the heftiest yet - is expected when the central bankers meet later this month. All of this activity is predicated on the fact that the economy is doing lousy. And there's little doubt that it is."

Yahoo - "Report: Minorities Hit by Foreclosures" (3-6-08)

"Subprime lenders that went out of business with the industry's collapse targeted minority neighborhoods, leaving them to struggle disproportionately with foreclosures and crumbling home values, according to a new report."

Bloomberg - "U.S. Mortgage Foreclosures Rise as Owners `Give Up'" (3-6-08)

"U.S. mortgage foreclosures rose to an all-time high at the end of 2007 as borrowers with adjustable-rate loans walked away from properties before their payments increased, the Mortgage Bankers Association said today. New foreclosures jumped to 0.83 percent of all home loans in the fourth quarter from 0.54 percent a year earlier. Late payments rose to a 23-year high, the organization said in a report today."

The San Diego Union Tribune - "FHA raises housing loan limits in county" (3-6-08)

"In a move that could help thousands of distressed San Diego homeowners, the Federal Housing Administration yesterday announced that it will raise the limits on mortgages it guarantees to $697,500 within the county."

Orange County Register - "64% of bankers don’t see real estate bottom soon" (3-6-08)

"Accountancy Grant Thornton’s 15th annual survey of bank executives found 64% of those polled do not anticipate their local real estate market to hit bottom for six months or more. In addition, 31% of the 356 bankers polled think the Federal Reserve is doing a good job in managing the economy; 21% did not agree."

Real Estate Journal - "Blacklisting Hits Home Sellers" (3-6-08)

"In the nation's worst-hit real-estate markets, home sellers are suffering a new blow: They are being blacklisted by lenders. As property values decline and credit markets contract, home lenders nationwide are growing ever more unwilling to finance home purchases in sharply declining housing markets, driving prices down further. In some cases, lenders have ruled out entire geographic regions and property types altogether, most notably high-rise condominiums in South Florida and Las Vegas."