CBIA - "New-Home Production Down Again in March, CBIA Announces" (4-25-08)

"According to housing permit data supplied by the Construction Industry Research Board, total housing starts in California, as measured by building permits issued, dropped 65 percent in March when compared to the same month a year ago to 4,713 units. Production of single-family homes fell 63 percent while construction of multifamily units decreased 68 percent when compared to March of 2007."

CAR - "C.A.R. reports sales decreased 24.5 percent, median home price fell 29 percent in March" (4-25-08)

"Home sales decreased 24.5 percent in March in California compared with the same period a year ago, while the median price of an existing home fell 29 percent, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported today."

Bloomberg - "Homeowners Convert to Costlier Fixed-Rate Loans Amid ARM Fears" (4-25-08)

"Mortgage refinancing in the U.S. is increasing as record numbers of homeowners dump their adjustable-rate mortgages for the security of a fixed loan. The amount of refinanced home loans will reach $321 billion by the end of June, the most in a year, according to estimates from Washington-based Fannie Mae, the largest buyer of mortgages. Nine out of 10 of those borrowers will choose a fixed rate, Fannie Mae said."

Yahoo - "Many states appear to be in recession as deficits grow" (4-25-08)

"The finances of many states have deteriorated so badly that they appear to be in a recession, regardless of whether that's true for the nation as a whole, a survey of all 50 state fiscal directors concludes."

Bloomberg - "Loan Derivatives Index Soars as Banks Find Takers for LBO Debt" (4-25-08)

"A gauge of investor confidence in the U.S. leveraged-loan market is headed for its biggest monthly increase since being created last year as banks find ways to sell loans they have been stuck with the past 10 months."

Bloomberg - "Steel Says Premature to Call U.S. Credit Crisis Over" (4-25-08)

"Treasury Undersecretary Robert Steel said it's premature to say that financial market turmoil stemming from tightening credit conditions is near an end."

Orange County Register - "O.C. builder defaults on $235 million debt" (4-25-08)

"An Irvine developer defaulted on a $235 million loan borrowed against Bakersfield’s planned McAllister Ranch golf course community, chalking up what’s probably Kern’s largest soured debt so far in the current market downturn. A default notice recorded Tuesday in Kern County shows SunCal Cos., the company behind the 6,000-home project, owes late payments totaling more than $4 million to lender Lehman Commercial Paper Inc., a New Jersey-based financial company."

Orange County Register - "Subprime fraud rampant at end of housing boom" (4-25-08)

"The State Foreclosure Prevention Working Group came to this conclusion after noticing a 'worsening trend' of subprime loans going into delinquency prior to an increase in monthly payments due to the end of a low introductory teaser rate. For example, in the group’s first report based on data from Oct. 2007 it found the percentage of loans facing reset in Q3 2009 that are currently delinquent was 21.4%. That figure increased to 28.5%, based on more recent data from January 2008."

Realty Times - "Inflation Jitters Push Mortgage Rates Up This Week" (4-25-08)

"Freddie Mac (NYSE:FRE) today released the results of its Primary Mortgage Market Survey (PMMS) in which the 30-year fixed-rate mortgage (FRM) averaged 6.03 percent with an average 0.3 point for the week ending April 24, 2008, up from last week when it averaged 5.88 percent. Last year at this time, the 30-year FRM averaged 6.16 percent."

The Wall Street Journal - "Rising Property Taxes Fill Gaps, Pinch Homeowners" (4-25-08)

"Faced with revenue shortfalls, local governments across the U.S. are raising property-tax rates, angering homeowners already hit by the housing slump and economic slowdown. Spring Valley, N.Y., approved a 9.7% increase in the property-tax rate to balance its budget. A number of fast-growing suburbs around Washington, D.C., have raised rates, while Memphis Mayor Willie Herenton has proposed a 17% increase in the property-tax rate to close a budget gap."