The Press Enterprise - "Expert: We're in recession" (4-9-08)

"It was only 20 seconds into John Husing's annual forecast on Inland Southern California's economy when he said the word few people in the audience wanted to hear. And, the region's leading economist and a panel of housing and finance experts told a gathering of business leaders Tuesday, there are factors that, if they come to pass, could mean people will say 'recession' more than a few times this year."

NAR - "Existing-Home Sales to Stablize Before Upturn in Second Half of 2008" (4-8-08)

"The Pending Home Sales Index,* a forward-looking indicator based on contracts signed in February, slipped 1.9 percent to 84.6 from an upwardly revised reading of 86.2 in January, and was 21.4 percent lower than the February 2007 index of 107.6. 'The slip in pending home sales implies we’re not out of the woods yet, though an era of successive deep sales declines appears to be over,' Yun said."

CNN - "Best ways to fix the subprime mess" (4-8-08)

"Judges already have the power to shrink or vaporize many debts, like credit card balances and mortgages on investment properties. This idea, supported by Sens. Richard Durbin (D-Ill.) and Christopher Dodd (D-Conn.), would let judges reduce primary home loans as well."

Bloomberg - "Greenspan Says U.S. Home Prices May Stabilize in 2008" (4-8-08)

"Former Federal Reserve Chairman Alan Greenspan said the drop in U.S. home prices will probably end 'well before' early next year as the number of houses on the market diminishes, aiding an economic rebound."

Bloomberg - "Citigroup, Wells Fargo May Loan Less After Downgrades" (4-8-08)

"Bank holding companies including Citigroup Inc., Bank of America Corp. and Wells Fargo & Co. have the thinnest safety cushion against losses in seven years. The margin may erode further in coming weeks. Credit ratings on $704 billion of bonds have been cut this year following the collapse of the U.S. housing market. Sheila Bair, chairman of the Federal Deposit Insurance Corp., said last week that downgrades may compromise bank capital ratios enough that some of the largest institutions will no longer be considered well capitalized."

CNN - "The futile $100M foreclosure fix" (4-8-08)

"Housing counselors are often the last and best line of defense for borrowers facing foreclosure, and the $15 billion housing rescue bill now before the Senate allocates $100 million for foreclosure prevention counseling. More funding is certainly good news for people like Jim Carr, chief operating officer for the National Community Reinvestment Coalition, a non-profit neighborhood advocacy group. He'll use any windfall from this bill to hire more counselors who can hammer out solutions for desperate homeowners and lenders trying to minimize their losses."

Orange County Register - "WaMu to cut 3,000 jobs nationwide, gets $7 billion infusion" (4-8-08)

"Washington Mutual, battered by rising loan delinquencies, said Tuesday it will receive $7 billion in capital from an investment group led by private equity firm TPG and that it will stop doing business with mortgage brokers, reports the Associated Press."

Orange County Register - "Foreclosures seen as O.C.’s hottest-selling homes" (4-8-08)

"As of last Thursday, there were 635 properties listed by agents as 'foreclosures' (typically, bank-owned houses) in escrow vs. 1,060 for sale, or a 'market time' of 1.67 months. Compare that to the countywide total for all homes of 2,285 in escrow (best in 18 months) vs. 15,474 for sale, or a 'market time' of 6.77 months."

Real Estate Journal - "Condo-Hotel BuyersSee Investments Sour" (4-8-08)

"Many buyers purchased the hotel rooms from developers hoping to get paid every time the room was rented. But condo hotels, which account for as much as 10% of all hotel rooms under construction and a much greater percentage in resort markets such as Orlando, Fla., and Las Vegas, are coming back to haunt many of the people who bought the units, the developers that constructed the buildings, and the operators hired to run the hotels."