CNN - "Mortgage delinquencies rise for seventh straight quarter" (12-8-08)

"Mortgage loan delinquency rates rose for the seventh quarter in a row to hit 3.96%, according to a report out on Monday. That's a 12% increase from the second quarter's 3.53% average."

Bloomberg - "Majority of Modified Loans Fail Again, Regulator Says" (12-8-08)

"Most U.S. mortgages modified in a voluntary effort to keep struggling borrowers in their homes and stem foreclosures fell back into delinquency within six months, the chief regulator of national banks said. Almost 53 percent of borrowers whose loans were modified in the first quarter were more than 30 days overdue by the third quarter, John Dugan, head of the Treasury Department’s Office of the Comptroller of the Currency, said today at a housing conference in Washington."

Bloomberg - "Obama to Spur Economy With Infrastructure Investment" (12-8-08)

"President-elect Barack Obama is focusing his economic recovery strategy on making the biggest investment in the nation’s infrastructure since President Dwight D. Eisenhower created the interstate highway system a half- century ago."

Orange County Register - "O.C. homes appraise 18% cheaper in a year" (12-8-08)

"In the year ended in October, O.C. home values fell by 18.1% — largest annual loss in the study’s history. By appraiser math, local house values are 24% off their October 2006 peak. DataQuick, as a comparison, has home values 35% off a June 2007 peak."

Orange County Register - "Homeowners who got a break often defaulted again" (12-8-08)

"John Dugan, the nation’s Comptroller of the Currency, said today that more than half of loans modified in the first quarter of 2008 fell delinquent within six months. In other words, after lenders helped struggling borrowers by lowering interest rates, postponing principal payments, extending loan terms or reducing principal owed, homeowners started missing payments again."

Wall Street Journal - "Modified Loans Do Little to Help Homeowners" (12-8-08)

"The OCC data reflects actions taken by the 14 largest national banks and thrifts, which together represent 60% of the mortgage industry. Nearly 36% of borrowers were more than 30 days past due on the loan payment three months after their loan was modified and nearly 53% were more than 30 days late after six months, according to the OCC. The high redefault rate raises questions about the effectiveness of current efforts to work with troubled borrowers and comes at time when the federal government is facing increased pressure to do more to reduce foreclosures."

Realty Times - "Long-Term Mortgage Rates Plummet; Short-Term Rates Fall But Not as Dramatically" (12-8-08)

"The 15-year FRM this week averaged 5.33 percent with an average 0.7 point, down from last week when it averaged 5.74 percent. A year ago at this time, the 15-year FRM averaged 5.65 percent. The 15-year FRM has not been since March 20, 2008, when it averaged 5.27 percent."