NAR - "Commercial Real Estate Index Shows Slowing Activity Expected" (11-20-08)

"The CLI slowed 1.7 percent to an index of 116.5 in the third quarter from an upwardly revised reading of 118.5 in the second quarter, and is 3.1 percent lower than a level of 120.3 in the third quarter of 2007, which was the second highest index on record. NAR’s track of the commercial leading indicator dates back to 1990"

DQNews - "Bay Area median price tumbles to $375K; sales reach high for '08" (11-20-08)

"A total of 7,613 new and resale houses and condos closed escrow in the nine-county Bay Area in October. That was up 4.7 percent from 7,271 in September, and up 38.8 percent from 5,486 in October 2007, according to San Diego-based MDA DataQuick."

The San Diego Union Tribune - "Leading indicators fall in October" (11-20-08)

"The economy's health worsened in October as stocks, building permits and consumer expectations all fell, a private research group said Thursday. The New York-based Conference Board said its monthly forecast of economic activity declined 0.8 percent in October, worse than the 0.6 percent decrease expected by economists surveyed by Thomson Reuters."

Yahoo - "Paulson: crisis happens once or twice in 100 years" (11-20-08)

"Treasury Secretary Henry Paulson called the financial crisis now plaguing the world economy a 'once or twice' in a 100 years event, even as he warned Thursday against imposing too-strict regulations to prevent a repeat calamity"

Bloomberg - "Wachovia, Golden West Investigated by Prosecutors, Regulators" (11-20-08)

"Prosecutors are examining whether Golden West Financial, the lender Wachovia bought for $24 billion in 2006, fraudulently pushed borrowers into expensive loans or altered paperwork to get them approved, Russoniello said in an interview yesterday. His office and the SEC are scrutinizing statements the banks made to investors about Golden West's loans, he said."

Bloomberg - "GMAC Applies for Status as Bank, Begins Debt Swap" (11-20-08)

"GMAC LLC, the largest lender to General Motors Corp. car dealers, has applied for status as a bank holding company so it can get access to the Treasury's $700 billion rescue fund for the financial industry. The lender also began an exchange offer for $38 billion of notes issued by the company and its Residential Capital LLC home lending unit to reduce outstanding debt levels, Detroit-based GMAC said today in a statement."

Bloomberg - "U.S. Needs to Pump $1.2 Trillion Into Banks, FBR Says" (11-20-08)

"The U.S. may need to spend another $1.2 trillion to recapitalize the eight largest financial institutions and stabilize the markets because private investors won't take the risk, an FBR Capital Markets analyst said."

CNN - "Mortgage rescue or rip off?" (11-20-08)

"If mortgage lending was the Wild West during the boom years, foreclosure-prevention counseling is the lucrative new frontier of the bust. Nearly 1.6 million borrowers are in jeopardy of losing their homes this year, according to economist Mark Zandi of Moody's Economy.com, and thousands of new foreclosure-rescue companies are rushing in to offer the troubled homeowners loan work-out assistance. For a price."

Bloomberg - "Commercial Mortgages With `Outlandish' Forecasts Roil Bonds" (11-20-08)

"Mortgages on offices, shopping malls and hotels that were based on projections of soaring income during the real estate boom are roiling the bond market."