CNN - "Credit squeeze: Small signs of easing" (10-13-08)

"Lenders remained reluctant to lend Monday, even as a key interbank interest rate eased ever-so-slightly in a tentative first step in the right direction for the choked credit markets. Investors were also waiting to see whether the most recent global efforts would increase liquidity and jump start world economies."

Inman News - "Mortgage approval is no easy task" (10-13-08)

"It wasn't too long ago that home buyers made offers without financing contingencies and closed the deal in as short as 14 days following acceptance. Quick closes are virtually impossible today if you're buying a home with the aid of a mortgage. And, it's highly recommended to include loan and appraisal contingencies in your offer."

Bloomberg - "Fannie, Freddie to Step Up Mortgage Bond Purchases" (10-13-08)

"Fannie Mae and Freddie Mac are ready to start purchasing $40 billion a month of underperforming mortgages and bonds as the U.S. government expands its options to remove troubled assets from the slumping financial markets, according to three people briefed about the plan. Fannie and Freddie began notifying bond traders last week that each company needs to buy $20 billion a month in mostly subprime, Alt-A and so-called scratch-and-dent mortgage securities that contain a higher portion of underperforming loans, according to the people, who asked not to be identified because the plans are confidential. The purchases would be separate from the U.S. Treasury's $700 billion Troubled Asset Relief Program."

Bloomberg - "Merrill Raises $2.65 Billion for Asia Property Fund" (10-13-08)

"Merrill Lynch & Co., the securities firm being bought by Bank of America Corp., raised $2.65 billion for its first fund dedicated to Asian real estate investments, it said in an e-mailed statement. Investors have continued to pump money into real estate funds even as a global credit crisis that began with U.S. subprime mortgage defaults saddled financial firms with more than $630 billion of losses and writedowns since the beginning of 2007. LaSalle Investment Management recently received $3 billion for a fund to invest in Asian property and expects to double its holdings in the region in three years."

Orange County Register - "O.C. foreclosure inventory hits 3,300 homes" (10-13-08)

"A special report by MDA DataQuick shows banks had 3,338 unsold foreclosures in Orange County on their books as of early last month."

Orange County Register - "Mission Viejo home market weakens" (10-13-08)

"Cal Berkeley researcher David Zetland’s Mission Viejo housing index — a blend of median price, sales volume, and median days on market — for September fell to pre-summer levels after August’s 'market activity has reached levels last seen 11 months ago' report."