Daily News - "U.S. economy shrinks 3.8 in 4th quarter" (1-30-09)

"The economy shrank at a 3.8 percent pace at the end of 2008, the worst showing in a quarter-century, as the deepening recession forced consumers and businesses to throttle back spending. Although the initial result was better than economists expected, the figure is likely to be revised even lower in the months ahead and some believe the economy is contracting in the current quarter at a pace of around 5 percent. The current January-March period, they said, will probably turn out to be the worst quarter for the recession."


The San Diego Union Tribune - "Freddie Mac to rent foreclosed properties" (1-30-09)

"Mortgage finance company Freddie Mac said it will allow some borrowers to rent out their homes after losing them to foreclosure. The goal of the new policy, announced Friday, is to prevent properties from becoming vacant so they won't fall into disrepair. Freddie Mac also said it will allow renters to remain in their homes even if their landlord enters foreclosure. The McLean, Va.-based company currently has about 8,500 properties in the foreclosure process, but many of those are vacant."

Bloomberg - "Wells Fargo, Others Tighten Government-Mortgage Rules" (1-30-09)

"Wells Fargo & Co., the second-largest U.S. home lender, and Taylor, Bean & Whitaker Mortgage Corp., the biggest privately held mortgage company, are raising credit score requirements and other standards for government-insured loans."

Bloomberg - "Home Prices Fell in 24 U.S. Metro Areas as Foreclosures Rose" (1-30-09)

"Home prices fell in 24 of 25 U.S. metropolitan areas in November from a year earlier as the recession and tighter lending spurred record foreclosures.The San Francisco area saw the biggest drop, with the average price per square foot falling 36.8 percent, New York- based Radar Logic Inc. said in a report today. Phoenix had the next biggest decline, falling 34.6 percent, and Las Vegas slumped 32.4 percent. Milwaukee, Wisconsin was the only area where prices rose, gaining 2.4 percent, Radar Logic said."

Bloomberg - "Simon Falls on Plan to Pay Part of Dividend in Stock" (1-30-09)

"Simon Property Group Inc., the biggest U.S. shopping mall owner, fell in New York trading after announcing it will pay 90 percent of its quarterly dividend in stock to save money."

Orange County Register - "O.C. home pricing falls $250,000 from top" (1-30-09)

"How painful has it been? O.C. home losses — as measured by the median selling price — are now down a quarter-million bucks from the peak! $395,000 median selling price that is -29.0% vs. a year ago and $250,000 (-39%) below June 2007’s peak of $645,000. Single family homes sell for 42% less than their peak pricing (June ‘07) while condos sell 44% below their peak in March 2006. Builder prices for new homes are 43% below their February ‘05 top."

Orange County Register - "A call for 3% mortgages rates" (1-30-09)

"Lennar Corp. Chief Investment Officer Emile Haddad told a business breakfast in Irvine Thursday that Fannie Mae and Freddie Mac should buy 30-year fixed-rate mortgages at prices that allow banks to offer consumers a 3% interest rate. He said doing that for six months would help stimulate homebuying and help stabilize the U.S. economy."


Realty Times - "Investor Report: Self-Storage Facilities" (1-30-09)

"It's not a high-glamour, high profile niche in real estate investing, but it could be one of the safer, cash-flow producers in tough economic times: We're talking about self-storage facilities for small-scale investors. Yes, there are lots of them out there -- more than 52,000 nationwide. But the industry racks up $20 billion a year in sales, according to Self Storage Association, the major trade group in the field, and people always need a place to keep their extra 'stuff.'"

Realty Times - "How to Add Over Six Figures to Your Income Prospecting FSBO's" (1-30-09)

"In working FSBOs, I subscribe to the three P's theory: Picky, Patience, and Persistence. You must work these three P's in some combination to be successful in FSBOs. The first, and I believe the most important, P is being picky. You must be highly selective when working FSBOs. One of the first mistakes I made early in my career was trying to work too many FSBOs at a time. FSBOs must be screened very carefully and completely. "

Realty Times - "100 Stable Housing Markets" (1-30-09)

"Chances are, these towns don't ring a bell, but perhaps they should. They are among a list of 100 metro areas across the nation that have housing markets worth serious consideration. Over the past year, housing dollars spent in these towns have faced little if any risk, according to San Juan Capistrano, CA-based HomeSmartReports.com, a number-crunching company that examines property values and housing market risks."