Tuesday, May 27, 2008

Ventura County Star - "Home sales offer hope to some" (5-24-08)

"Two reports this week showed an uptick in Ventura County home sales in April that some see as good news for the real estate market. On Friday, the California Association of Realtors reported that sales of existing homes increased from a year ago, while the median price was down 28.2 percent."

Yahoo - "Buffett sees 'long, deep' U.S. recession" (5-24-08)

"The United States is already in a recession and it will be longer as well as deeper than many people expect, U.S. investor Warren Buffett said in an interview published in German magazine Der Spiegel on Saturday."

Orange County Register - "Lenders try to help homeowners in trouble but is it too little, too late?" (5-24-08)

"Banks are helping a broader array of homeowners struggling with their loan payments, but the sheer number of bad loans is overshadowing their efforts. Experts say lenders and loan servicers are now willing to work with financially strapped borrowers even if they are current on their loans. During the housing boom, banks generally modified home loans only after borrowers missed at least one payment and thus dinged their credit, sources said."

North County Times - "HOUSING: Foreclosure crisis to grow before it shrinks" (5-25-08)

"Foreclosures have flooded North County's housing market, and indicators show that the waters will be rising, not receding through the rest of the year.Just as April's sales data was the best in months and provided some encouragement for real estate agents, the month's huge foreclosure numbers offered more ammunition to housing market bears who see San Diego County's housing recession dragging on for two or three years."

The Philadelphia Inquirer - "A nation of borrowers" (5-25-08)

"Just over the last two years, the share of people borrowing from their 401(k) retirement accounts doubled, to 18 percent from 9, according to the Boston College Center for Retirement Research. And Federal Reserve data reveal that credit card debt grew at a yearly rate of 8 percent so far this year, compared with 3 percent in 2005. "

The San Diego Union Tribune - "Fannie, Freddie scrap declining-market label" (5-25-08)

"Fannie switched to a nationally uniform policy of charging borrowers the same minimum down payments irrespective of location. A spokesman for Freddie Mac, Brad German, said his company would be 'suspending' its declining markets policy indefinitely as well."

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