Mortgage Bankers Association - "Mortgage Applications Decrease In Latest MBA Weekly Survey" (1-7-08)

"The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending January 2, 2009. The Market Composite Index, a measure of mortgage loan application volume, was 1143.8, a decrease of 8.2 percent on a seasonally adjusted basis from 1245.7 one week earlier. This week’s results included an adjustment to account for the shortened week due to the New Year’s Day holiday. On an unadjusted basis, the Index decreased 8.9 percent compared with the previous week and was up 28.3 percent compared with the same week one year earlier."

San Francisco Chronicle - "Report says foreclosures, defaults up in 2008" (1-7-08)

"The number of scheduled foreclosure sales and defaults in core areas of Northern and Southern California exceeded a half million during 2008, up 132 percent from the previous year, according to a report by Default Research Inc. Notices of defaults (the first step in the foreclosure process) and notices of trustee sales (which often but don't always lead to actual foreclosures) reached 525,356 in 15 California counties last year, reported the Mt. Pleasant, Pa., company that sells information about distressed real estate to agents, lenders, investors and others. In the Bay Area counties of Alameda, Contra Costa, San Francisco and Solano, the annual total climbed 180 percent to 85,381."

Yahoo - "Paulson says changes needed at Fannie, Freddie" (1-7-08)

"Congress and the next administration must decide the proper role government should play in supporting home ownership in light of the severe economic costs imposed on the nation from the bursting of the housing bubble, Paulson said. The government in September took control of Fannie and Freddie, placing them in conservatorship. Paulson offered thoughts on a variety of possible solutions on what should follow that move, but did not endorse any."

Bloomberg - "U.S. Apartment Rents Fall, Vacancies at 4-Year High, Reis Says" (1-7-08)

"U.S. apartment rents fell in the fourth quarter from the third as the national vacancy rate climbed to a four-year high of 6.6 percent, Reis Inc. said. Job losses and lower wages are cutting into the pool of potential renters in their twenties and thirties, defying the expectation that apartments would benefit from the housing slump, the New York-based research firm said."

Bloomberg - "U.S. Shopping Mall Vacancies Reach 10-Year High as Stores Fail" (1-7-08)

"Vacancies at U.S. malls and shopping centers approached 10-year highs in the fourth quarter, and are set to rise further as declining retail sales put more stores out of business, research firm Reis Inc. said. Regional mall vacancies rose to 7.1 percent last quarter from 6.6 percent in the third quarter. It was the highest vacancy rate since Reis began tracking regional malls in 2000, as well as the largest quarter-to-quarter jump in vacancies, according to New York-based Reis."

Bloomberg - "Trade Groups Seek Forgiven-Debt Tax Break Given to Homeowners" (1-7-08)

"Commercial real estate companies, the U.S. Chamber of Commerce and companies partly owned by private- equity firms are pushing Congress for a temporary tax break on forgiven debt similar to relief given in 2007 to homeowners facing foreclosure. The provision would let solvent businesses negotiate new terms with lenders, lowering the amounts they owe, without being required to pay taxes on the forgiven portions of the loans. The proposal may emerge as a priority among Republicans for inclusion in a stimulus package that President-elect Barack Obama seeks to pass with bipartisan support."

Orange County Register - "SoCal heating gas 19% cheaper" (1-7-08)

"SoCal’s Gas. Co. says that its residential customers will pay 55.448 cents per therm for natural gas in January to heat their homes and fire their stoves. (Therm’s industry lingo for a measure of gas use. Average family uses 75 therms in a winter month!) January’s price is virtually flat from December and 19% vs. January 2008"

Realty Times - "Long-Term Rates Fall for Ninth Consecutive Week, Setting Another New Low" (1-7-08)

"Freddie Mac (NYSE:FRE) today released the results of its Primary Mortgage Market Survey (PMMS) in which the 30-year fixed-rate mortgage (FRM) averaged 5.10 percent with an average 0.7 point for the week ending December 31, 2008, down from last week when it averaged 5.14 percent. Last year at this time, the 30-year FRM averaged 6.07 percent. The 30-year FRM has not been lower since Freddie Mac started the Primary Mortgage Market Survey in 1971."

Realty Times - "Real Estate Outlook: What's in Store for 2009?" (1-7-08)

"In a research report issued late in December, Bove said he sees a positive dynamic taking shape in the current cycle. The government has intervened aggressively in the markets to push interest rates down -- most notably in the home mortgage sector."

Realty Times - "Market Conditions " (1-7-08)

"Along with many other housing indicators this past month, the National Association of Realtors' Pending Home Sales Index has shown a decline for November. This comes as no surprise to many analysts -- as buyers face an ailing credit market and increased unemployment."