Ventura County Star - "County bankruptcies soar" (5-3-08)

"Ventura County consumer bankruptcy filings jumped 122 percent last year as lenders toughened refinancing requirements, area bankruptcy attorneys say. County residents filed 1,285 bankruptcies in 2007, up from 580 the previous year, according to data pulled for The Star by an analyst at the U.S. Bankruptcy Court in Los Angeles."

The New York Times - "It’s Newer Homes That Stand Empty as Vacancies Rise " (5-3-08)

"The Census Bureau reported that 2.9 percent of homes intended for owner occupancy were vacant at the end of the first quarter. That figure had begun to rise even during the housing boom, a little-noticed byproduct of the aggressive construction of homes encouraged by easy credit. Before 2006, that figure had never exceeded 2 percent."

The Wall Street Journal - "Best Loan Rate? Don't Bank On It." (5-4-08)

"Analysts say banks are looking to price optimization as a relatively quick and easy way to boost a sagging bottom line by as much as 5% to 10% in three to six months. 'The return on investment is huge,' says Terry Kuester, a banking consultant with Deloitte & Touche.
Most banks won't discuss or confirm the practice, but insiders say Wachovia and Washington Mutual are using the technology to set rates on home-equity loans, and Citibank is testing its own in-house version of the technology."

Mish's Global Economic Trend Analysis - "Rebuttal To SmartMoney Housing Bottom Call " (5-4-08)

"What establishes value in a home price? Like anything else, it's a question of historical norms. So how do we determine the norms? Try this way on for size.Let's think of value in terms of affordability — the ability of people to buy the home they want. That has three elements. First, home prices — the lower, the more affordable. Second, mortgage rates — again, the lower, the more affordable. Third, personal income — the more of it, the more affordable."

The San Diego Union Tribune - "U.S. moves to insulate appraisers from pressure to cook the numbers" (5-4-08)

"As the U.S. economy struggles to recover from the ongoing housing slump, the appraisal industry is undergoing changes designed to improve professional standards and reduce the temptation for appraisers to overvalue homes. Critics say appraisers, pressured by lenders and other real estate professionals, often overvalued homes during the recent housing boom. They hold that such practices contributed to the recent surge in foreclosures and the meltdown of the subprime lending market. "