NAR - "NAR President Charles McMillan's Statement on Possible Treasury Action" (12-4-08)

"The National Association of Realtors® has been advocating a four-point plan to help stimulate and stabilize the housing market and the overall economy. Part of the plan calls for changes in how the Treasury uses TARP funds and other monies to lower mortgage interest rates. We are pleased to see that the leadership of the Treasury Department is seriously considering the actions we discussed to lower interest rates. The result of such action will help the nation’s economic recovery and bring stability to the housing market."

Orange County Register - "O.C. bankruptcy filings double from Nov. ‘07" (12-4-08)

"Last month, consumers filed a combined 852 Chapter 7 and Chapter 13 bankruptcies in the U.S. Bankruptcy Court in Santa Ana, according to data from the National Bankruptcy Research Center. A year ago, only 424 consumer bankruptcies were filed here."

Reuters - "Bernanke urges action to halt foreclosures" (12-4-08)

"The U.S. economy has been in recession since December 2007, experts determined this week, with little hope for a speedy recovery as losses and defaults continue to roil housing and financial markets. Bernanke painted a grim picture of strains for homeowners. As many as 20 percent of borrowers owe more than their homes are worth, he said. Lenders appear to be on track for 2.25 million foreclosures in 2008, compared with an annual pace of 1.0 million before the crisis, he added."

Bloomberg - "Citigroup Needs to Confess Its Writedowns Now" (12-4-08)

"You don't have to be that smart to figure out there's still a lot of rot on Citigroup's $2.1 trillion balance sheet. If there wasn't, the New York-based lender wouldn't have needed last week's government rescue, which included a new $20 billion investment by the Treasury Department, plus a guarantee covering about $306 billion of the bank's assets against most losses."

Bloomberg - "Toll Reports Worst Annual Results Since Going Public" (12-4-08)

"Revenue in fiscal 2009 will be 'significantly' below the previous year and the company may deliver only 2,000 to 3,000 homes for the period, Toll said today in a statement. That compares with the 4,743 homes it sold this year."

Orange County Register - "O.C. in top 10 for home-lending risk" (12-4-08)

"Orange County is the 9th riskiest place in the country for banks to make home loans, according to First American CoreLogic’s 4th quarter rankings. The county dropped one spot from No. 8 in Q3. Falling home prices and elevated foreclosures are to blame for the county’s top-ten ranking. First American estimates O.C. house prices are dropping 21.6% annually."

Orange County Register - "Calif. home sales near 2-year high" (12-4-08)

"Estimated 42,293 new and resale houses and condos were sold statewide — up 63.7% in a year. It was the strongest month since December 2006. Bute note: Since 1988, average monthly sales are 44,602."

The Wall Street Journal - "J.P. Morgan Seizes Fund's Collateral" (12-4-08)

"J.P. Morgan Chase & Co. seized tens of millions of dollars of collateral from a commercial-property debt fund run by Guggenheim Partners LLC and started to auction it off this week following the fund's failure to come up with additional capital to meet margin calls, according to people familiar with the matter"