Merced Sun-Star - "Upside to the housing slump: Lower taxes" (7-1-08)

"As property values continue to plunge, Merced County homeowners can take comfort in the housing slump's silver lining: lower tax bills. Countywide, 21,282 property owners will see their property taxes shrink this year -- the largest number of tax reductions the county has ever seen, said Merced County Assessor Kent Christensen."

Mortgage Bankers Association - "Mortgage Applications Increase In Latest MBA Weekly Survey" (7-1-08)

"The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending June 27, 2008. The Market Composite Index, a measure of mortgage loan application volume, was 477.7, an increase of 3.6 percent on a seasonally adjusted basis from 461.3 one week earlier. On an unadjusted basis, the Index increased 3.2 percent compared with the previous week and was down 22.8 percent compared with the same week one year earlier."

Bloomberg - "Overdue Home-Equity Credit Lines Rise Most Since 1987" (7-1-08)

"Home-equity lines of credit at least 30 days past due rose 14 basis points to 1.1 percent of accounts in the quarter, the Washington-based group said today in a statement. Delinquent credit-card accounts increased 13 basis points to 4.51 percent, the highest since 2006. Late rates worsened in five of eight categories of non-revolving loans tracked by the group."

Bloomberg - "Shorenstein, Farallon May Build S.F. Office, Cruise Projects" (7-1-08)

"Shorenstein Properties LLC and Farallon Capital Management LLC may invest $700 million to build a cruise ship terminal and office space for themselves in San Francisco as development grows along the city's once-derelict waterfront."

Bloomberg - "CDO Creators Seek Redemption, and Profits, From Mortgage Market" (7-1-08)

"Money managers including TCW Group Inc. and Harding Advisory LLC that topped the list of firms behind the most toxic mortgage securities have raised more than $4.3 billion to invest in home-loan debt."

Realty Times - "Market Conditions" (7-1-08)

"Although conditions remain mixed around the country, unpublished snapshot data shows a number of areas are experiencing much higher sales activity than May 2007, including Sacramento, the San Fernando Valley and Monterey County in California; Sarasota, FL; and Battle Creek, MI."

Realty Times - "Why Shun Investors?" (7-1-08)

"We drive away investors by having one set of local property taxes for investors -- and a lower set of property taxes for owner occupants. We have rules for investment properties that simply do not apply to owner-occupant homes -- just think of lead paint regulations. The idea is not to promote get-rich-quick and no-money-down schemes, but to encourage those with capital to help with one of the largest financial problems of our time, the gross abundance of real estate inventory that's driving down home prices nationwide."

Realty Times - "Condo Trends: Conversion Bailouts Latest Loan Fraud Scheme" (7-1-08)

"Freddie Mac, one of the country's largest providers of mortgage money to banks and lenders, says the way these schemes work is that a promoter of these deals will typically target investors with excellent credit who are seeking out a 'no risk' investment opportunity, with no or little money down. As a condition of the sale, the buyer agrees to a contract that provides a mortgage more than the property is worth. The excess money is then credited back at settlement to the buyer who uses it for whatever he wants, even to make monthly payments."

Orange County Register - "Home equity delinquencies highest since 1997" (7-1-08)

"The American Bankers Association said Wednesday the percentage of home equity lines of credit (HELOCs) that were more than 30 days past due rose to 1.10 percent during the first quarter, the highest since 1997"