NAR - "REALTORS® See Senate Stimulus Bill as Step Toward Housing and Mortgage Market Stabilization" (5-20-08)

"The National Association of Realtors® expressed appreciation to Senate Banking Committee Chairman Christopher Dodd, D-Conn., and Ranking Member Richard Shelby, R-Ala., for their efforts to bring forth a bipartisan bill that can bring stability to the housing market and help stem the rising rate of foreclosures. Today, the committee voted to pass the Federal Housing Finance Regulatory Reform Act of 2008."

CBIA - "California Still Home to Nation’s Least-Affordable Housing, CBIA Announces" (5-20-08)

"Fueled by sharp price reductions in many Central Valley communities, housing affordability soared in many parts of California during the first quarter of 2008, but the welcome news for prospective homebuyers doesn’t mean an end to the state’s chronic housing affordability crisis, the CEO of the California Building Industry Association said today."

DQNews - "Bay Area home sales edge up in April" (5-20-08)

"A total of 6,310 new and resale houses and condos sold in the nine- county Bay Area in April. That was up 28.8 percent from 4,898 in March, and down 15.3 percent from 7,447 for April 2007, DataQuick Information Systems reported."

Mortgage Bankers Association - "MBA Releases Policy Paper Clarifying Roles of Mortgage Bankers and Brokers" (5-20-08)

"The Mortgage Bankers Association (MBA) today released a new policy paper titled, 'Mortgage Bankers and Mortgage Brokers: Distinct Businesses Warranting Distinct Regulation.' The paper brings clarity about the roles and responsibilities of mortgage bankers and mortgage brokers to current legislative and regulatory discussions."

Bloomberg - "Credit Crisis Will Extend Into 2009, Oppenheimer Says" (5-20-08)

"The U.S. credit crisis will extend into and even beyond 2009 as banks will write off more than $170 billion of additional reserves by the end of next year, according to Oppenheimer & Co. estimates."

Bloomberg - "Mary Had a Little Lamb and a Jumbo Mortgage" (5-20-08)

"Fannie announced it will now accept mortgages with a loan-to-value (LTV) ratio of up to 97 percent on a primary, single-family residence, even in areas where prices are declining."

Financial Times - "Housing slowdown hurts Home Depot" (5-20-08)

"Home Depot’s first-quarter earnings tumbled by 66 per cent after the world’s largest home improvement retailer was hit by costs from store closings and scrapping new stores, as well as a worsening housing market. Net income fell to $356m, or 21 cents a share, from $1.05bn, or 53 cents, a year ago."

Bloomberg - "Dollar Falls on Oil Surge, Speculation ECB Will Keep Rates High" (5-20-08)

"The dollar fell the most in more than a month against the euro as the price of oil rose above $129 for the first time and speculation increased that the European Central Bank will keep interest rates high."

Market Watch - "Fed's Kohn signals intention to hold rates steady" (5-20-08)

"Federal Reserve Vice Chairman Donald Kohn gave the clearest signal to date Tuesday that U.S. central bankers want to hold short-term interest rates steady in the weeks ahead until the outlook for the economy becomes clearer."