NAR - "Commercial Real Estate Easing in Economic Slowdown" (6-18-08)

"Commercial real estate vacancies are trending up modestly, while investment has dropped sharply in the wake of the credit crunch, according to preliminary information for the latest COMMERCIAL REAL ESTATE OUTLOOK* of the National Association of Realtors®."

DQNews - "California May 2008 Home Sales" (6-18-08)

"A total of 33,024 new and resale houses and condos were sold statewide last month. That was up 6.0 percent from 31,150 in April and down 10.7 percent from 36,975 for May last year. Last month's total made for the slowest May since 1995 when 32,223 homes sold."

Mortgage Bankers Association - "Mortgage Applications Decrease In Latest MBA Weekly Survey" (6-18-08)

"The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending June 13, 2008. The Market Composite Index, a measure of mortgage loan application volume, was 508.4, a decrease of 8.7 percent on a seasonally adjusted basis from 557.1 one week earlier. On an unadjusted basis, the Index decreased 9.6 percent compared with the previous week and was down 21.3 percent compared with the same week one year earlier."

Bloomberg - "Paulson & Co. Says Writedowns May Reach $1.3 Trillion" (6-18-08)

"John Paulson, founder of the hedge fund company Paulson & Co., said global writedowns and losses from the credit crisis may reach $1.3 trillion, exceeding the International Monetary Fund's $945 billion estimate."

Bloomberg - "Fed's Bear Stearns Books Look Prime for Cooking" (6-18-08)

"The Federal Reserve is just days away from completing the financing for its bailout of Bear Stearns Cos., after which the central bank will have another big decision to make: how to account for it."

Bloomberg - "California Home Market Shows First Signs of Recovery" (6-18-08)

"The California housing market may be showing the first signs of a recovery after three years of declining sales and two years of rising foreclosures, the UCLA Anderson Forecast said today. While home prices in the most populous U.S. state are still weak, the number of houses and condominiums changing hands in some parts of California is rising, according to the Anderson Forecast at the University of California, Los Angeles, which released its 127-page forecast for both the state and the U.S. today."

Bloomberg - "Wachovia Moves to Assure Borrowers Understand Loans" (6-18-08)

"Wachovia Corp., which ousted its top executive after estimating it may lose more than $4.5 billion on adjustable-rate home loans, will start calling would-be borrowers to explain the risks of such mortgages. Wachovia is contacting people who apply through independent mortgage brokers to ensure 'the customer understands the key features of the Pick-A-Payment loan product,' according to a June 11 memo from Tim Wilson, head of loan origination at the Charlotte, North Carolina-based company. The loans let borrowers defer part of their monthly bills."

Bloomberg - "Subprime Losses Top $396 Billion on Brokers' Writedowns" (6-18-08)

"The following table shows the $396 billion in asset writedowns and credit losses at more than 100 of the world's biggest banks and securities firms as well as the $302 billion capital raised in response. All the charges stem from the collapse of the U.S. subprime-mortgage market and reflect credit losses or writedowns of mortgage assets that aren't subprime, as well as charges taken on leveraged-loan commitments. Capital raised includes common stock, preferred shares, subordinated debt and hybrid securities which count as Tier 1 or Tier 2 capital, depending on local regulations and the amount of each that's already on the bank's books."

Realty Times - "Is Inflation Back?" (6-18-08)

"If inflation is really the core problem we face it will show up in the form of higher interest levels and steeper foreclosure rates by late Spring and early Summer next year. Payment re-sets from toxic loans will surely be a major cause of foreclosures, but the simple mechanism of higher rates will impact the majority of ARM borrowers, not just those troubled by 'nontraditional' loans. Suddenly now-comfy and secure ARM borrowers will understand what the 'marketplace risk' of adjustable rates really means."

Realty Times - "Realty Viewpoint: Why We Need New Home Production To Fall" (6-18-08)

"Since 2006, there are more single heads of households than marrieds. More singles and non-traditional families are buying homes than ever, yet we keep churning out McMansions, tiny condos and overpriced townhomes. Square footage has doubled since 1950, despite households getting smaller by one whole human being. Does every child really need his or her own bathroom? Aren't there some life lessons to be learned from sharing? The result is that we have over record-high 11-month inventories of homes for sale, and growing. Rampant fear is keeping buyers on the sidelines -- if the suburbs aren't working, what's next?"

Realty Times - "How Top Producers Do Short Sales" (6-18-08)

"Short sales are the most expensive aspect of any real estate transaction, due to the negotiations involved. It is extremely important to ask for more commission and reduce your time invested. It can easily be done by being more selective with the short sales you choose to work."