Business Week - "Architects' Billings Sharply Down in 2008" (3-21-08)

"As economists track mounting evidence of a recession in the U.S., data released yesterday reveal that a key measure of the market for architectural services, the Architectural Billings Index (ABI), a survey of firms' billings compiled by the American Institute of Architects (AIA), fell steeply during the month of February—the second tumble in as many months and the largest consecutive decrease in the ABI's 13-year history. From its score of 55 in December 2007, the ABI dropped 4.3 points in January, ending the month at 50.7. This was followed in February by an 8.9-point plunge, for a score of 41.8. An ABI number over 50 indicates an increase in billing activity, below 50 represents a decrease. February's numbers marked the biggest monthly decline since October 2001, when the nation's economy was last in a recession. Studies suggest that the ABI is a good predictor of construction activity nine months to one year in the future."

The New York Sun - "Congress Eyes Collapse of Bear Stearns" (3-21-08)

"Capitol Hill is finally taking notice of the Federal Reserve and its unprecedented programs to pour liquidity into the market. As banks borrowed a staggering $19 billion a day from the Fed this week — an increase of more than 1,800% over last week — and adjusted to the fact that the Fed had helped shield Bear Stearns from insolvency, members of Congress are beginning to question the impact of these decisions."

The Washington Post - "Greenspan Stands His Ground" (3-21-08)

"In an interview yesterday, Greenspan said the Fed wasn't to blame. He said that global forces beyond the control of the Federal Reserve had kept long-term interest rates low, fueling the housing bubble earlier this decade. 'Those who argue that you can incrementally increase interest rates to defuse bubbles ought to try it some time,' he said. 'I don't know of a single example of when interest rate policy has been successful in suppressing gains in asset prices.'"

Orange County Register - "Early March O.C. home price 20% below ‘07 peak" (3-21-08)

"DataQuick’s freshest housing stats show a continued painfully slow O.C. market with weak pricing. For the 22 business days ended March 7, sales totaled 1,530 — a hint that March could be the seventh-straight month with less than 2,000 homes purchased. Before last August, when the credit crunch put a clamp on the market, only three months since 1988 had such slow homebuying in O.C."

Orange County Register - "Commercial real estate prepares for ’slow burn’" (3-21-08)

"80.3% of bankers said in a recent survey that they were tightening their lending standards. The volume of commercial mortgage-backed securities dropped from $47.8 billion in the first quarter of 2007 to $3.6 billion so far this year. CMBS and another mortgage security, collateralized debt obligations or CDO’s, made up 57% of all commercial real estate loans in the summer of 2007, before the credit crunch."

Orange County Register - "Schwarzenegger on jobs" (3-21-08)

"Gov. Arnold Schwarzenegger said he’s attempting to stimulate job creation by tapping $29 billion in unallocated revenue from infrastructure bonds that were approved by voters in 2006."

Los Angeles Times - "As Southland counties reassess home values, tax bills fall" (3-21-08)

"The tumbling housing market has prompted county tax officials around Southern California to begin reducing the assessed value of many houses, resulting in lower tax bills for homeowners but less-than-expected revenue for already cash-strapped governments. The values of more than 41,000 homes have been reassessed downward so far in Los Angeles County, resulting in an average tax saving of $660. Other counties have barely begun the reassessment process but promise to get the job done before property tax bills are mailed in October."

Real Estate Journal - "U.S. Puts Faith In Fannie, Freddie" (3-21-08)

"Federal regulators, in an effort to contain financial turmoil, are handing government-sponsored companies an even bigger role in propping up the mortgage market. Officials affirmed Wednesday that government-sponsored mortgage investors Fannie Mae and Freddie Mac will enjoy loosened capital requirements, allowing them to pile more mortgage securities onto their balance sheets. Fannie and Freddie could purchase an additional $200 billion of mortgage securities, equivalent to about 10% of expected U.S. home-mortgage lending this year. The two also plan to raise new capital."