NAR - "More Liquidity Needed to Avoid Crisis in Commercial Real Estate" (2-6-09)

"A severe lack of credit threatens commercial real estate and poses significant risks for the whole economy, according to a National Association of Realtors^® work group."

The San Diego Union Tribune - "Aid will turn renters into owners" (2-6-09)

"As many as 300 low-and middle-income households in San Diego County will be the beneficiaries of more than $17 million in federal aid designed to clean up neighborhoods hard hit by foreclosures and to provide affordable housing opportunities."

San Francisco Chronicle - "Nearly 600K jobs lost in Jan.; more pain ahead" (2-6-09)

"The nation lost nearly 600,000 jobs last month, the worst showing in a third of a century, as a vicious cycle of cutbacks by consumers forced ever more layoffs by beleaguered employers. The unemployment rate catapulted to 7.6 percent, the highest in 16 years, and seems headed for double digits."

Reuters - "U.S. housing market bottom within sight" (2-6-09)

"U.S. housing markets from Florida to California have suffered price drops of 50 percent or more from their peak, but now, at long last, a bottom is within sight, likely in the fourth quarter nationally, according to a report from Moody's Economy.com. By the end of the housing downturn, nearly 62 percent of the nation's 381 metropolitan areas will have experienced double-digit-percent declines in house prices, peak-to-trough, says the report by chief economist Mark Zandi and a team that includes Celia Chen, senior director of housing economics."

Bloomberg - "U.S. Housing Slump Has ‘Just Begun,’ Says Forecaster Talbott" (2-6-09)

"Let’s say you own a $1 million home in Santa Barbara, California. The house seemed like a steal when you bought it with that adjustable-rate mortgage in 2005. You still love the white beaches and those yachts bobbing up and down in the harbor. Then you awaken early one morning, troubled that your monthly payments will soon double. You go out to pick up your newspaper and see for-sale signs on five houses on the street. One identical to yours just sold for $500,000."

CNN - "Ross to pay Citi $1.5B to service loans" (2-6-09)

"American Home Mortgage Servicing Inc., owned by vulture investor Wilbur Ross, will pay Citigroup $1.5 billion for the rights to service 185,000 home loans, Ross said Thursday."

Bloomberg - "Wells Fargo May Cut Loans for Some Wachovia Customers" (2-6-09)

"Wells Fargo & Co., the second-biggest U.S. home lender, offered to cut mortgage balances for some Wachovia Corp. customers by 20 percent as defaults rise and officials pressure banks to modify loans to avoid foreclosures."

Bloomberg - "Mortgage Prepayments Rise as Rates Spur Refinancing" (2-6-09)

"Prepayments on mortgages backing Fannie Mae, Freddie Mac and Ginnie Mae securities jumped last month as tumbling home-loan rates spurred refinancing. The speeds were slower than some analysts expected. The one-month constant prepayment rate for 30-year, fixed- rate securities rose 107 percent to 17 for Fannie Mae bonds, 108 percent to 18 for Freddie Mac securities and 45 percent to 23 for Ginnie Mae I debt, according to an FTN Financial Capital Markets report today. The report is based on data released yesterday."

Bloomberg - "General Growth, Macerich Lower Rents as Anchors Close" (2-6-09)

"U.S. mall owners General Growth Properties Inc., Kite Realty Group Trust and Macerich Co., faced with rising vacancy rates in the recession, are being forced to accept lower rents from their remaining tenants. Real estate investment trusts that own retail properties are getting snagged by co-tenancy clauses that allow merchants to pay less when anchors such as department stores shut down, according to Real Point LLC data based on loan-servicer reports."

Orange County Register - "Bank with O.C. office seized, $1 billion deposits sold" (2-6-09)

"Culver City-based Alliance Bank, which has an Irvine office, was seized by state and federal regulators today. The FDIC said California Bank & Trust in San Diego will assume Alliance’s nearly $1 billion in deposits."

Realty Times - "Market Conditions" (2-6-09)

"Zillow.com, the online real estate marketplace, reported this week that home values fell 11.6 percent in 2008. This adds up to a painful $1.4 Trillion loss. Adding to this number, foreclosures made up 19.9 percent of all transactions last year. This was especially prevalent in hard hit areas, such as California."