Inman News - "Obama, Dems ready to move on housing" (1-20-08)

"The Obama administration moves into the White House with the authority to implement the second half of the $700 billion Toxic Asset Relief Program, or TARP. In a 52-42 vote, the Senate last week shot down a resolution that would have blocked further borrowing to fund the program. Both the House and Senate would have had to approve their own resolutions to cap TARP borrowing at $350 billion. With the Senate declining to stand in the way, the issue has largely been resolved -- although Congress could still place limitations on how the next round of TARP funds is used."

CNN - "The lowdown on getting a low down payment loan" (1-20-08)

"The credit crunch has made it hard for anyone to get a loan these days - and borrowers who can only make a small down payment are facing even tougher odds. But it's not impossible to land a low-down payment loan. The Federal Housing Administration (FHA) is actually still offering 3.5%-down mortgages to qualified buyers, even as the subprime loans that these types of borrowers had traditionally relied upon have dried up."

Bloomberg - "Roubini Predicts U.S. Losses May Reach $3.6 Trillion" (1-20-08)

"U.S. financial losses from the credit crisis may reach $3.6 trillion, suggesting the banking system is 'effectively insolvent,' said New York University Professor Nouriel Roubini, who predicted last year’s economic crisis."

Bloomberg - "Obama Becomes Banker-in-Chief in Credit Market Freeze" (1-20-08)


"Since the Bush administration and Congress last year approved the $700 billion Troubled Asset Relief Program that injected capital into Bank of America Corp., Citigroup Inc. and JPMorgan Chase & Co., individuals and companies aren’t getting any of it as fourth-quarter lending by the biggest banks by assets plummeted. The asset-backed market, which is supposed to enable banks to keep lending by transforming loans into tradable securities, remains frozen, leaving would-be lenders unable to package and sell mortgages, credit-card debt and auto loans."

Orange County Register - "Builder Laing confirms layoffs, ponders all options" (1-20-08)

"Emaar paid $1 billion for Laing in June 2006, just as the U.S. home market was peaking. The builder has cut an undisclosed number of jobs, particularly in California and Colorado, quoting a spokeswoman who added that the builder may stop sales on certain projects and shut some of its offices. Emaar’s borring $2 billion after its share splunged 85% last year."

Orange County Register - "Foreclosures make up smaller share of O.C. home sales" (1-20-08)

"Numbers are up dramatically from a year ago. In December 2007, just 20 percent of the 1,300 resales, or 260 homes, had been foreclosed upon in the previous year, DataQuick reported. Foreclosures made up just 6 percent of resales in August 2007."

Realty Times - "Real Estate Outlook: Change Anticipated" (1-20-08)

"The national economic headlines continue to be bearish, but some of the underlying fundamentals for real estate are pointing to better days ahead. Take home mortgage rates: Last week thirty year fixed rates dropped below the seemingly-unbreakable five percent barrier for the first time on record, according to the Mortgage Bankers Association. New thirty year loans went for an average 4.89 percent, while fifteen year loans were just above 4.6 percent."

Realty Times - "Washington Report: Will the Stimulus Help Housing?" (1-20-08)

"The House Democrats' massive $825 billion stimulus package unveiled on Capitol Hill last week is -- as expected -- mainly focused on non-real estate issues. It did, however, offer a little tax improvement for first-time homebuyers using the current $7,500 tax credit by making it non-repayable."