San Francisco Chronicle - "State's home buyers seek bargains, move slowly" (9-12-08)

"Lower home prices and falling mortgage rates have motivated California home buyers in 2008, but thoughts that prices may fall further have slowed decision-making, a real estate industry association said Thursday."

Inman News - "Growth in foreclosure filings cools" (9-12-08)

"RealtyTrac counted 303,879 foreclosure-related filings during August, the highest since it began issuing reports in January 2005. But the 27 percent year-over-year increase in foreclosure filings was less than seen in recent months, when it has ranged between 50 percent and 65 percent."

Yahoo - "Lehman shares slide on Paulson bailout reluctance" (9-12-08)

"Concerns grew that Lehman Brothers Holdings Inc may fail to find a willing buyer due to U.S. government reluctance to provide financial backing for the deal, sending its shares to a 14-year low."

Bloomberg - "Alt-A Mortgages Next Risk for Housing Market as Defaults Surge" (9-12-08)

"Homeowners lured by low introductory rates to Alt-A mortgages, which typically require little or no proof of a borrower's income, may fuel the next wave of foreclosures and further delay a recovery from the worst housing decline since the 1930s. Almost 16 percent of securitized Alt-A loans issued since January 2006 are at least 60 days late, data compiled by Bloomberg show. Defaults will accelerate next year and continue through 2011 as these loans hit their three- and five-year reset periods, according to RealtyTrac Inc., an Irvine, California-based foreclosure data provider."

Orange County Register - "Why aren’t foreclosures cheaper?" (9-12-08)

"Housing prices in California have always been high. I gagged when I bought a home for $200,000 in 1976, a home that had been $100,000 in 1970. But the job creation in California has usually been excellent and jobs drive the demand for housing. More demand equals upward pressure on prices. You may find this hard to believe but a few years ago when supply was tight, sellers would get five or ten offers on a property. Reasonable? Those buyers didn’t think so."

Orange County Register - "Downey downgraded" (9-12-08)

"Downey Financial in Newport Beach may find it more costly to borrower money, following yesterday’s announcement by Standard & Poor’s that it lowered Downey’s long-term rating deeper into 'junk' status."

Orange County Register - "Late Aug. O.C. home price at Nov. ‘03 level" (9-12-08)

"Latest home-selling stats from DataQuick show for the 22 business days ended Aug. 26 that the median selling price is down to $440,000, off 31.5% vs. a year ago. The last time it was lower? November 2003."

Orange County Register - "Newport ZIP is O.C. housing’s hottest" (9-12-08)

"This blog’s Zippy awards found that Newport Beach’s 92662 –Balboa Island — had the best performance of O.C.’s 83 major ZIP codes in the second quarter."