NAHB - "Inability To Sell Existing Homes And Employment And Economy Concerns Keeping Buyers Out Of Market " (1-23-09)

"Prospective home buyers are staying out of the market primarily because they cannot sell their existing homes and because of concerns about employment and the economy, according to a recent survey conducted by the National Association of Home Builders (NAHB)."

San Francisco Chronicle - "Condo developers in S.F. hurting for buyers" (1-23-09)

"Most developers unlucky enough to be marketing San Francisco condominiums today are scrambling for customers, dropping prices, boosting concessions or putting up 'for rent' signs in an effort to fill their buildings. Condos in the city have outperformed the real estate market as a whole throughout the downturn, especially on the luxury end, but tight lending and relentless economic gloom have spread the pain across the region and price spectrum."

CNN - "More homeowners see prices fall" (1-23-09)

"Nearly two of every three U.S. households said their house price fell in 2008, double the number who said that a year earlier and up five times from 2006, and they expect prices to fall faster this year, according a Reuters/University of Michigan survey on Friday. Homeowners expected an annual average 2.2% drop in the year ahead, twice the rate of decline they expected in a survey conducted in the fourth quarter, the survey found."

Bloomberg - "Small Banks Move Into Mortgages as JPMorgan Retreats" (1-23-09)

"Small banks with little or no exposure to the toxic debt that crippled Wall Street have money to lend as U.S. homebuyers struggle to find credit. While the largest lenders retrenched in the third quarter, loan volume for institutions with less than $1 billion in assets rose 6.8 percent, according to Pacific Coast Bankers’ Bank, a San Francisco-based trade group. Barry James, chief executive officer of James Investment Research Inc. in Xenia, Ohio, says that trend will continue."

Bloomberg - "Fannie Cuts Hundreds of Jobs in Washington Office" (1-23-09)

"Fannie Mae, the mortgage-finance company under federal control, cut several hundred jobs today at its Washington headquarters as it adds workers elsewhere to combat rising foreclosures. Brian Faith, a spokesman, didn’t immediately have a precise figure for the cuts. Fannie, the largest U.S. mortgage-finance company, will add about as many employees to its loss-mitigation team in Dallas. The company has about 5,500 employees. "

Bloomberg - "Fannie, Freddie, FHLBs Face New Requirements, Lockhart Says" (1-23-09)

"The Federal Housing Finance Agency plans to propose new financial requirements next week for Fannie Mae, Freddie Mac and the 12 Federal Home Loan Banks. The regulatory agency may place new restrictions on Fannie and Freddie’s investments and will revamp capital requirements for the home loan banks, director James Lockhart said in an interview."

Orange County Register - "Beach homes were O.C.’s slowest sellers in 2008" (1-23-09)

"4,257 homes selling in beach cities’ ZIP codes last year, off 17% from 2007. In these 17 ZIPs, last year’s median price change was -14.0% vs. ‘07."

Orange County Register - "Is it time to buy a rental property?" (1-23-09)

"I would certainly consider buying an investment property in this market. We may not have reached the bottom yet, but you won’t be able to tell where the bottom was until well after things are on the upswing. If you find a property that appeals to you at an attractive price, I would move now rather than wait. The good news is that you will be more likely to get a good cash flow as rents haven’t fallen as much as property values. On another note, the pricing structure for non-owner occupied loans has worsened. The best pricing is for buyers putting down more than 30% and with your $25,000 CD, you are a bit away from that."