Bloomberg - "Libor Set for Overhaul as Credibility Is Doubted" (5-13-08)

"The benchmark interest rate for at least $347 trillion of derivatives and 6 million U.S. mortgages is set for its biggest shakeup in a decade on concern that banks misquoted their true borrowing costs. "

Market Watch - "AIG prices 2 offers, will raise $11.9 bln vs. $7.5 bln plan" (5-13-08)

"American International Group Inc., the New York insurance and financial-services provider, priced an offering of 171.1 million common shares at $38, valuing the deal at $6.5 billion. In a statement late on Monday, AIG also said it priced an offering of 72 million equity units at $75 each, a deal value of $5.4 billion. The 'threshold appreciation price' of the units is $45.60, which represents a premium of 20% to the $38 price on the common-share offering, AIG said."

Yahoo - "BofA customers under significant economic pressure" (5-13-08)

"The Charlotte-based company said it expects losses in its home equity portfolio to increase in the near-term and projected future losses in that area that exceed the bank's earlier range of 2 percent to 2.5 percent."

Yahoo - "Home prices continue sharp descent" (5-13-08)

"Single-family home prices dropped 7.7% in the first quarter in the largest year-over-year decline since the National Association of Realtors began reporting prices in 1982. The median sales price fell to $196,300, down 4.8% compared with the last three months of 2007."

Bloomberg - "Toll Brothers Revenue Drops as Housing Slump Persists" (5-13-08)

"Toll Brothers Inc., the largest U.S. luxury-home builder, reported its eighth consecutive quarterly decline in revenue as demand for new homes tumbled. Fiscal second-quarter homebuilding revenue fell 30 percent to $818 million from a year earlier, the Horsham, Pennsylvania- based company said today in a statement. That beat the average estimate of $741 million from analysts surveyed by Bloomberg."

Orange County Register - "OC Register calls on Bush to veto mortgage bailout" (5-13-08)

"this approach would take money from the vast majority of homeowners (in their role as taxpayers) who have not gone into default to aid a small minority who have gotten into trouble. Thus it would provide an ongoing incentive for irresponsible behavior."

Orange County Register - "O.C. one of riskiest places to make a home loan" (5-13-08)

"First American CoreLogic’s nationwide ranking of riskiest places to make a home loan in the second quarter has Orange County in the Top 10 — probably not the kind of Top 10 the county wants to be a part of. O.C. rose nine slots to No. 8 out of 381 markets. In the first quarter, O.C. ranked No. 17."

Orange County Register - "Newer O.C. apartments suffer more vacancies" (5-13-08)

"REIS Inc. reports that during the first quarter, O.C. apartments built after 1999 had 2.5 times the vacancy rate of the county as a whole.Countywide vacancies were 4% in the 784 O.C. complexes that REIS studied. Units constructed after 1999, however, had a 10% vacancy rate. The oldest apartments — built before 1970 — had the fewest vacancies at 2.8%."

Realty Times - "Market Conditions: Seattle Puget Sound" (5-13-08)

"Rouser predicts a relatively strong 2008 spring, followed by moderate summer activity. And based on past performance, she believes things will slow during the elections, with spring 2009 being the start of a strong upswing."

Realty Times - "Getting The Best Home Price Data" (5-13-08)

"In a rising or falling market, data that is more than a month or two old is too stale to satisfy the appetites of buyers and sellers hungry for the most current prices. The Office of Federal Housing Enterprise Oversight (OFHEO) is beginning to get the message."

Realty Times - "The Lessons for 2008" (5-13-08)

"Whatever it is, smash out of your bubble. Maybe your 'Comfort Zone' is crunching numbers and shuffling papers. If so, get out of the office and join a networking group. Force yourself to get out there and meet people."