DSNews.com - "FHA Lessons 90-Day Rule to Help Lenders Sell REOs" (6-16-08)

"Lenders will no longer find themselves struggling with the Federal Housing Administration's (FHA) 90-day rule, which prevents sellers who have owned a property for less than 90-days from offloading a home to a buyer who intends to be insured by the FHA."

NAHB - "Builder Confidence Edges Down in June" (6-16-08)

"Builder confidence in the market for newly built single-family homes edged down in June, according to the National Association of Home Builders/Wells Fargo Housing Market Index (HMI). The index slipped to 18 this month, returning to the record low that was posted in December of 2007 (the series began in January of 1985)."

DQNews - "Southland home sales back to record low; median price slips again" (6-16-08)

"A total of 16,917 new and resale houses and condos closed escrow in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties in May. That was up 8.3 percent from 15,615 in April but down 14.9 percent from 19,874 in May last year, according to DataQuick Information Systems."

Bloomberg - "Lenders Agree to Increase Anti-Foreclosure Efforts" (6-16-08)

"Citigroup Inc., Bank of America Corp. and other leading U.S. mortgage lenders agreed to expand efforts to help borrowers avert foreclosure as the Senate prepares to weigh legislation addressing the housing crisis."

Bloomberg - "Maguire Finance Chief to Leave; Company to Sell Site" (6-16-08)

"Maguire Properties Inc., the biggest office landlord in downtown Los Angeles, said its finance chief and two other top executives will leave and it plans to sell the 105-acre Park Place development in Orange County to bolster cash. The company also plans to raise up to $110 million by taking new loans against properties in Pasadena, including the Plaza Las Fuentes, Maguire said in a statement today."

The Wall Street Journal - "New Agreement Could Mean More Help for Homeowners" (6-16-08)

"The agreement among the firms in the Treasury Department-backed Hope Now alliance, which is scheduled to be announced Tuesday, comes as U.S. Senate lawmakers prepare to begin debate this week on a massive housing package aimed at slowing the record pace of foreclosures that continues to roil the economy. That legislation, which includes a program to refinance up to $300 billion in troubled mortgages, could be voted on by the Senate this week, sources said."

Realty Times - "Wild, Wild West: Few Takers In Silicon Valley Buyer's Market" (6-16-08)

"The latest report on one of the nation's most expensive housing markets, a market among the last in California and the nation to really feel the pinch, comes with a forecast for more home price declines in the near future. Things could get nasty. In Silicon Valley, the median price of single-family homes in closed sales fell 10 percent in May -- compared to last year. The May median price of $773,000 is down from the peak price of $858,000 set in April 2007, according to Richard Calhoun's Bay Area Market Newsletter."

Realty Times - "Realty Viewpoint: Banks Choke Sales, Blame Delinquencies" (6-16-08)

"If you have a client or you are a buyer getting a mortgage loan today, count your lucky stars. Mortgage loan lenders are continuing to choke the housing market to the point that even those with good credit are having a tough time getting funds. And there's lots of evidence."

Realty Times - "New Form Points Out What's Required, What Isn't In Foreclosure Properties" (6-16-08)

"It is yet another sign of the times that the California Association of Realtors (CAR) has released a form entitled 'REO Advisory'. REO stands for "real estate owned" and is the common term for property that a lender has acquired through foreclosure. Actually, CAR has released two forms – the second specifies "REO Advisory (Listing)" -- but the two are identical as to their contents."