DQNews - "Bay Area home sales remain at two-decade low" (4-17-08)

"A total of 4,898 new and resale houses and condos sold in the nine- county Bay Area in March. That was up 22.8 percent from 3,989 in February, and down 41.1 percent from 8,317 for March 2007, DataQuick Information Systems reported."

The Californian - "HOUSING: Bargain-hunters swarm market" (4-17-08)

"Escrows closed on 522 homes in March, the largest number since August 2006, according to monthly totals from the region's most widely used real estate listing service. The number rose by double digits from year-ago levels in January, and again in February and in March."

Bloomberg - "Merrill Posts Loss on Mortgage Writedowns, Cuts Jobs" (4-17-08)

"Merrill Lynch & Co. posted its third straight quarterly loss and said it will cut about 3,000 more jobs after the credit-market seizure forced the investment bank to write down about $6.5 billion of debt. The smaller-than-estimated charge helped push Merrill shares up as much as 4.7 percent. Analysts including Roger Freeman of Lehman Brothers Holdings Inc. had predicted markdowns of as much as $8 billion. The first-quarter net loss of $1.96 billion, or $2.19 a share, compared with earnings of $2.16 billion, or $2.26, a year earlier, Merrill said."

Bloomberg - "CIT Group Posts Loss on Bad Loans, Cuts Dividend" (4-17-08)

"CIT Group Inc., the commercial lender trying to escape a cash squeeze, cut its dividend and said the firm was unprofitable for a fourth straight quarter after failing to staunch losses on home and student loans. The lender rose 6.1 percent in New York trading after CIT said it found buyers for more than $5 billion of assets and has money to meet obligations into 2009. The first quarter's $249.7 million loss before preferred dividends, or $1.35 a share, compares with a profit of $208.1 million, or $1.01 a share, in the same period a year earlier, according to a statement."

Bloomberg - "Roski Plans $800 Million NFL Stadium in Los Angeles" (4-17-08)

"Developer Edward P. Roski Jr. announced plans to build a new $800 million stadium in Los Angeles to lure a National Football League team to the city. The arena would be constructed on an almost 600-acre site in the City of Industry and include 75,000 seats and 175 suites, Roski said today in a statement. He said he wants to purchase a team or become a minority owner in one, and won't build until a franchise agrees to move to Los Angeles."

Bloomberg - "FBI's Mueller Says Subprime Fraud Probe May Lead to Hedge Funds" (4-17-08)

"FBI Director Robert Mueller said the agency's investigations into the subprime loan meltdown may uncover financial crimes committed by hedge funds and private equity firms. Federal Bureau of Investigation agents have opened 19 criminal probes of companies in connection with the lending crisis, focusing on accounting fraud, insider trading and allegations of deceptive sales practices. Mueller, speaking today to an American Bar Association group in Washington, said he expects more to come as housing prices continue to fall. "

Reuters - "Banks' caution an economic threat: Kohn" (4-17-08)

"U.S. growth has stumbled after the collapse of the subprime mortgage market made financial firms seek refuge from spiraling losses, triggering global financial turmoil prompting the Fed to slash interest rates by 3 percentage points since September."

Orange County Register - "O.C. apartment vacancies hit near 13-year high" (4-17-08)

"Real Facts reports that vacancies in O.C.’s biggest apartment complexes jumped to 6.6% in the first quarter, a level that renters have not seen since 1995’s third quarter as new units hit the market amid a slowing economy."

Orange County Register - "Home-sales tsunami reaches O.C. beach towns" (4-17-08)

"Analysis of DataQuick’s March homebuying report shows the county’s beach-close communities are no longer immune from the current housing slump. DataQuick identified 295 homes selling in beach cities’ ZIP codes last month, a 46% drop from a year ago. In these 17 ZIPs, last month’s median price change was off 11.9% vs. a year ago."

The Wall Street Journal - "Why Lenders Are Leery Of Short Sales" (4-17-08)

"As more people fall behind on their mortgages, lenders have been slow to take advantage of a longstanding alternative to foreclosure -- a so-called short sale. At first glance, a short sale might seem like a win-win for everyone involved. In such an arrangement, the borrower sells the home for less than the amount owed, with the lender forgiving the difference. The sale releases borrowers from their obligations. For mortgage holders, it can be less costly than foreclosing -- and could provide protection against future price drops. For buyers, it can be a chance to buy a home at an attractive price."

The Wall Street Journal - "Freddie Mac to Unveil Lenders' Pact" (4-17-08)

"Freddie Mac is expected to announce Thursday an agreement with three major mortgage lenders aimed at making more funds available for large home loans. The agreement is with Wells Fargo & Co., J.P. Morgan Chase & Co. and Citigroup Inc., Freddie officials said."