Mercury News - "Mortgage rates hit nine-month high" (6-20-08)

"Interest rates for 30-year, fixed-rate mortgages are expected to reach a nine-month high of 6.42 percent today, according to mortgage financing company Freddie Mac."

Bloomberg - "Freddie, Fannie to Post More Losses, Lehman Says" (6-20-08)

"Fannie Mae and Freddie Mac, the largest U.S. mortgage-finance companies, may post further losses in the second quarter as the housing market deteriorates, Lehman Brothers Holdings Inc. said. Lehman changed its forecasts for operating losses for Fannie Mae to $1.20 a share from 68 cents, and lowered its projected loss for Freddie Mac to 55 cents a share from 40 cents, according to report today."

Bloomberg - "Bear Stearns Fund Prosecutors Reveal `Lot of Evidence' of Fraud" (6-20-08)

"Ralph Cioffi, 52, and Matthew Tannin, 46, were charged yesterday with falsely saying the funds were thriving while knowing investments in subprime mortgages could cause their collapse. U.S. prosecutors claimed the men lied about liquidity, redemption requests, and their own investments before the funds shut down last June, costing investors $1 billion."

Inman News - "Tap into Gen X, Gen Y goldmine" (6-20-08)

"If you're not marketing your listings using video, you're missing a huge opportunity to differentiate yourself from the competition, provide a higher level of service to your clients, and reach the hot new Gen X and Gen Y markets. Perhaps the most challenging question is where to begin and how much to spend. Not only are some of the names confusing, so is selecting the one that will work best with your business. The price points range from very little to very expensive, depending upon the level of quality you want."

Realty Times - "Market Conditions" (6-20-08)

"Following a marked drop in oil prices yesterday (it dropped $5 a barrel), stocks surged. In currency trading, the dollar rose versus the euro and the yen. Gas prices dropped on a national average as well. No one wants to jump the gun on spreading the good news, but could this healthy market day be a sign of happier market times to come?"

Realty Times - "Active Vs. Passive Marketing: Changing Real Estate Markets. Strategies to Succeed" (6-20-08)

"Discounts, rebates, do-it-yourself realty companies catering to For Sale By Owners / FSBOS ... are the buzz word! Since real estate right now is having a moment of reckoning in many markets, perspective is needed to take it all in so we can develope survival strategies. Some agents that believe menu pricing and low fees will make them survivors. It doesn't. The markets have changed. Agents that believe otherwise still believe they are in a market that existed a few years ago, and are about to meet the same fate as the dinosaurs! They've failed to learn the most important thing about real estate. Discounting will not pay the bills!"

Realty Times - "Investor Report: Multiple-use 'Flex' Space Properties" (6-20-08)

"Some of the most attractive real estate returns in the coming decade, according to Cannon, will go to investors -- individuals, partnerships, joint venture groups -- who can identify and acquire urban-core land or buildings that are currently underperforming, but that have multiple, adaptive-use potentials going forward."

Orange County Register - "FBI says SoCal has most mortgage fraud reports" (6-20-08)

"We’re looking at all types of fraud: Corporate, criminal enterprises, individuals. The essence of the crime is people aren’t stating the correct facts — to those buying homes, providing mortgages or investing. Fraud runs the gamut from the largest to the smallest. We believe 80 percent of fraud is for profit. And about 20 percent of the fraud is for housing — solely by the borrower using fraudulent documents. The for-profit fraud could be industry insiders who skim equity, inflate the value of property or make fraudulent loans."

Orange County Register - "Foreclosure auction firms accused of 'bait and switch'" (6-20-08)

"At an auction in Pomona in March, Juan and Laura Torres made the highest bid — $146,000 — for a Corona property, according to the suit. Ms. Torres believed she had opened escrow on the property after signing paperwork at the auction and agreed to pay a 5 percent 'buyers premium,' bringing the total price to $153,300. However, 30 days later, she was told that 'she would not be able to purchase the property unless she came up with $50,000 more money,' the suit says."

Orange County Register - "SoCal home woes could mean 50% price drop" (6-20-08)

"Economist Chris Thornberg said Southern California home prices likely will continue falling until mid-to-late 2009. When the dust settles, he added, homes here could end up being worth half as much as they were at the peak of the housing boom."