NAR - "NAR, DOJ Agree on MLS Policy: REALTORS® Compete, Consumers Win" (5-27-08)

"The National Association of Realtors® has reached a favorable settlement with the U.S. Department of Justice, resolving litigation between them regarding how listings from multiple listing services are displayed on brokers’ virtual office Web sites. The proposed final order, to be filed with the federal district court in Chicago today, validates NAR’s longstanding Internet Data Exchange (IDX) policy and strengthens the rule governing participation in multiple listing services."

NAHB - "New-Home Sales Up In April Following Downward Revision In March" (5-27-08)

"Sales of newly built, single-family homes rose 3.3 percent in April to a seasonally adjusted annual rate of 526,000 units, the U.S. Commerce Department reported today. However, this gain reflected downward revisions to sales numbers reported for each of the previous three months, including a particularly large revision for March."

CBIA - "New-Home Production Remains Weak in April, CBIA Announces" (5-27-08)

"Total housing starts in California, as measured by building permits issued, fell 42 percent in April when compared to the same month a year ago to 6,197 units, according to housing permit data supplied by the Construction Industry Research Board. Single-family home production dropped 55 percent while construction of multifamily units dipped 15 percent when compared to April of 2007. "

Bloomberg - "Libor Cracks Widen as Bankers Struggle With Reforms" (5-27-08)

"Few companies have suffered from the subprime mortgage collapse more than UBS AG, which has taken $38 billion of writedowns and losses, replaced its chief executive officer and chairman and saw its stock tumble 60 percent."

Bloomberg - "Foreclosures in Military Towns Surge at Four Times U.S. Rate" (5-27-08)

"In the midst of the worst surge in mortgage defaults in seven decades, foreclosures in U.S. towns where soldiers live are increasing at a pace almost four times the national average, according to data compiled by research firm RealtyTrac Inc. in Irvine, California. As military families like the VerSteeghs signed up for the initial lower rates and easier terms of subprime mortgages, the number of people taking out Veterans Administration loans fell to the lowest in at least 12 years."

Bloomberg - "Standard Pacific Soars on $530 Million Investment" (5-27-08)

"Standard Pacific Corp., the homebuilder that has lost $1.4 billion in market value since 2005, had its biggest gain in at least 28 years after announcing a private equity firm will invest more than $530 million in the company."

Bloomberg - "California Home-Price Cuts End Sales Losing Streak" (5-27-08)

"Housing demand in California, where one out of every eight U.S. residents lives, is reviving as bargain hunters buy foreclosed properties, reversing a two-year slide in home sales."

Realty Times - "Realty Viewpoint: Expert Discourages Foreclosures For First-time Buyers" (5-27-08)

"One way first-time homebuyers can keep housing costs down is to get a great deal on a foreclosure. Right? Wrong, says author, real estate attorney and investor James Randel."

Orange County Register - "61 Realtor groups eye statewide MLS" (5-27-08)

"The California Association of Realtors reported recently that 61 multiple listing services or Reator assocaitons have sent in letters indicating that they intend to be part of the new statewide database of homes for sale."