The Press Enterprise - "UC Irvine real estate study blames mortgage crisis on home loan limits" (8-4-08)

"During the years that Fannie Mae and Freddie Mac were responsible for the majority of mortgages issued, the study found that the increase in home prices was driven by economic factors like income, employment and job growth. By contrast, the study said after the pullback of the two government-sponsored enterprises from the mortgage market, the amount of mortgages issued exploded and the rise in home prices outpaced economic growth, creating a bubble."

Yahoo - "Fed likely to hold rates steady amid crosscurrents" (8-4-08)

"Bernanke and his central bank colleagues are faced with dueling problems: weak economic growth and advancing inflation. To treat one risks aggravating the other. So the Fed is widely expected when it meets Tuesday to leave a key interest rate alone."

CBIA - "CBIA Thanks Governor for Quickly Signing Another Crucial Industry Recovery Bill" (8-4-08)

"California homebuilders today thanked Governor Arnold Schwarzenegger and the Legislature for enacting the last piece of CBIA’s three-part homebuilding stimulus package launched in January to help provide some relief to the battered homebuilding industry."

The Washington Post - "Housing Collapse Ahead?" (8-4-08)

"Turmoil in the housing market has led to fears that home prices will drop precipitously, particularly if foreclosures force large numbers of homes onto the market in the coming year. Recently, these fears have driven financial stocks down and led to the government rescue of Fannie Mae and Freddie Mac. But the projected losses have been wildly exaggerated. Most Americans have not experienced any significant decline in the value of their homes -- nor are they likely to."

CNN - "Time to lock in your mortgage rate" (8-4-08)

"today the mortgage market is very volatile, and rates are trending upwards. So losing out on a good deal may mean it's gone forever. If buyers see a bargain, say experts, they should pounce."

Bloomberg - "Fewest Treasury Traders Since 1960 Hit Taxpayers" (8-4-08)

"For the first time since 1960, when it created the network of securities firms obligated to buy and sell Treasury bonds, the U.S. government has the fewest bond traders making markets in its debt and a bigger burden for American taxpayers financing record federal deficits."

Bloomberg - "Citigroup Posts Loss on Credit-Card Securitizations" (8-4-08)

"The biggest U.S. credit-card lender lost $176 million in the second quarter packaging card loans into securities, the company said in an Aug. 1 regulatory filing. The New York-based bank completed fewer deals and was forced to mark down its own $9 billion stockpile of the debt instruments and other stakes the company amassed while selling them to investors."

Bloomberg - "WCI Files for Chapter 11 Protection, Starkey to Leave" (8-4-08)

"WCI Communities Inc., the homebuilder whose chairman is billionaire investor Carl Icahn, plans to file for Chapter 11 bankruptcy protection after failing to obtain new financing and losing 90 percent of its value in the past year."

Bloomberg - "U.S. Spending Rises; Prices Jump the Most Since 2005" (8-4-08)

"The biggest increase in prices in almost three years eroded consumers' buying power in June, diminishing the boost from the government's tax rebates."

Orange County Register - "Federal regulator issues harsh warning to Irvine bank" (8-4-08)

"The agency that protects consumer deposits at banks said Friday it issued cease-and-desist orders against five banks in June, including MetroPacific Bank of Irvine. MetroPacific has agreed to comply with the order, but did not admit wrongdoing, according to the Federal Deposit Insurance Corporation."

Orange County Register - "LA/OC prices down 23.8%, per square foot" (8-4-08)

"RadarLogic’s newest house-value survey says LA/OC home prices were falling at 23.8% annual pace, when measured by price-per-square foot in May. That latest reading — a steep drop to $302 per square foot — compares to a drop of just 0.7% in the previous 12-month period."

Orange County Register - "25% of O.C. homebuyers grab a foreclosure" (8-4-08)

"One-in-four homes resales in Orange County in the second quarter — OK, 25.1% — were residences that had been involved in a foreclosure in the previous 12 months."