Mortgage Bankers Association - "Mortgage Applications Decrease In Latest MBA Weekly Survey" (6-4-08)

"The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending May 30, 2008. The Market Composite Index, a measure of mortgage loan application volume, was 502.3, a decrease of 15.3 percent on a seasonally adjusted basis from 593.3 one week earlier. This week’s results include an adjustment to account for the Memorial Day holiday. On an unadjusted basis, the Index decreased 24.2 percent compared with the previous week and was down 20.3 percent compared with the same week one year earlier."

CNN - "Downsizing the American home" (6-4-08)

"During the bubble Bruce Karatz, a flamboyant marketer, believed that the public's hunger for McMansions would keep the good times rolling for years to come. It was his successor, Jeff Mezger, a hammer-and-studs operator, who recognized that the world had gone mad and steered KB back to first-time buyers. That strategy shift may prove to be a primer on how the housing market rejuvenates itself after a boom and a bust. "

Bloomberg - "MBIA, Ambac Credit Ratings Under Threat at Moody's" (6-4-08)

"Moody's Investors Service placed the Aaa insurance ratings of MBIA Inc. and Ambac Financial Corp. under review for a downgrade for the second time this year after the two largest bond insurers reported wider losses from the mortgage-market slump. "

Bloomberg - "Hovnanian Falls as Quarterly Loss Exceeds Estimates" (6-4-08)

"The stock declined 42 cents to $7.92 at 11:56 a.m. in New York Stock Exchange composite trading. Red Bank, New Jersey- based Hovnanian yesterday said its fiscal second-quarter net loss widened to $340.7 million, or $5.29 a share. Eight analysts surveyed by Bloomberg forecast a loss of $2.86 a share."

Bloomberg - "Cuomo Nears Settlement With Moody's, S&P, People Say" (6-4-08)

"The companies won't admit wrongdoing and will have six months to implement policies such as a new fee structure and increased disclosure about the deals they rate, said the people, who declined to be identified before a public announcement that might come as early as this week. "

Bloomberg - "Metlife Buys Mortgage Business From First Horizon" (6-4-08)

"MetLife Inc., the largest U.S. life insurer, agreed to buy a residential mortgage business from First Horizon National Corp., expanding its bet on the U.S. housing market. The purchase includes the home loan unit of First Horizon's Tennessee Bank National Association outside of that state, with 230 offices in the U.S., the New York-based insurer said today in a statement. MetLife said it isn't acquiring any subprime or Alt- A mortgages in the purchase. Terms weren't disclosed. "

Orange County Register - "Forget ‘08 and ‘09! Housing’s recovery seen far off" (6-4-08)

"The chief executive of Toll Brothers Inc., the nation’s largest luxury-home builder, said Wednesday the housing industry is in a 'depression' and any recovery could be two or three years away."

Orange County Register - "A week of foreclosure auctions to kick off in Anaheim" (6-4-08)

"Hudson & Marshall is holding a week-long series of foreclosure auctions in Southern California, beginning in Anaheim. At the Anaheim Marriott, the company will auction more than 300 homes on Saturday and Sunday. It plans to sell more than 800 homes during the week."

Realty Times - "Condo Trends: Keeping the Dues Flowing" (6-4-08)

"In the face of record number foreclosures, one of the residual points of concern is when condo owners dues begin to suffer. When a condominium goes into foreclosure, more than likely the dues for that unit have not been paid for months – long before the property went into foreclosure."

Realty Times - "Realty Viewpoint: How To Make The Short Sale" (6-4-08)

"The seller must realize by reading and signing the short sale addendum to the sales contract that the short sale doesn't absolve them of all responsibility for the debt. Short sales may affect their credit scores, and some lenders may not forgive the entire debt, requiring the seller to pay the difference as a personal debt. FHA or VA loans may also require repayment in full. There may also be tax consequences -- the IRS requires a 1099 from the forgiving bank so the amount will be on record and must be declared by the seller at tax time."