DQNews - "Bay Area home sales climb above last year as median falls below $300K" (3-19-08)

"A total of 5,032 new and resale houses and condos closed escrow in the nine-county Bay Area last month. That was essentially unchanged from 5,050 in January but up 26.1 percent from 3,989 in February 2008, according to MDA DataQuick of San Diego."

The Sacramento Bee - "Sacramento homebuyers rush to refinance at lower rates" (3-19-08)

"Lower borrowing costs triggered a new spike in U.S. mortgage applications last week as borrowers – including thousands in California and the Sacramento region – rushed to refinance home loans. Sacramento loan consultant Dennis Graves said most who refinanced locally had purchased houses in the past year with Federal Housing Administration loans at 6 percent interest and above."

Inman - "Partnership targets affordability, transportation" (3-19-08)

"The U.S. Department of Housing and Urban Development and U.S. Department of Transportation on Wednesday announced a partnership that seeks to improve access to affordable housing while lowering transportation costs. According to HUD, housing and transportation costs together account for an average of 60 percent of American family spending, and a new task force will work to lower these costs by shortening travel times and improving environmental conditions in communities, among other goals."

Yahoo - "Mortgage rates sink; likely to fall further" (3-19-08)

"Mortgage finance giant Freddie Mac said Thursday that average rates on 30-year fixed-rate mortgages dropped to 4.98 percent this week, down from 5.03 percent last week. It was the lowest since the week of Jan. 15, when it was at 4.96 percent, the lowest point in the history of Freddie Mac's survey, which goes back to 1971."

Yahoo - "GE sees profitable finance unit in 1st qtr, '09" (3-19-08)

"General Electric Co. on Thursday forecast a profitable first quarter and full year for its struggling finance unit, aiming to soothe investor fears that factors like falling real estate values and unpaid credit cards could further damage GE Capital."

CNN - "Obama housing fix: Banks not ready" (3-19-08)

"The two-part Obama plan calls for servicers to reduce monthly payments to no more than 31% of eligible borrowers' pre-tax income or to refinance eligible mortgages even if the homeowner has little or no equity. It also provides thousands of dollars in incentives for servicers and borrowers to participate."

Bloomberg - "Loan Modification Plan Needs Changes, TCW Tells U.S." (3-19-08)

"TCW Group Inc., the money manager overseeing more than $100 billion, lobbied the Treasury Department to change the U.S. mortgage-modification plan to include better protections for bond investors and taxpayers, Chief Investment Officer Jeffrey Gundlach said."

Orange County Register - "Early defaults rise on FHA loans" (3-19-08)

"The FHA is experiencing 'a large number of zero payment defaults' in which borrowers fail to make even one payment on their new government-insured mortgages, a Department of Housing and Urban Development official said at the Mortgage Bankers Association’s annual National Fraud Issues Conference in Las Vegas."

Orange County Register - "SoCal renters enjoy best pricing in 11 years" (3-19-08)

"All housing costs rose at a 1.3% annual rate, lowest since August 2003.Renters’ costs rose at a 3.2% annual rate, lowest since November 1998. Homeowners costs — odd math equal to what it might cost to rent your own home — rose at a 2.9% annual pace. That’s lowest since December 1999. Heating gas costs tumbled at a 29.4% annual rate. These volatile costs last fell at a faster rate in October 2006."

Reuters - "Moody's may cut $241 billion jumbo mortgage debt" (3-19-08)

"In a move reflecting widening stress in the U.S. housing market, Moody's Investors Service on Thursday said it may downgrade $240.7 billion of securities backed by prime-quality 'jumbo' U.S. residential mortgages because defaults will be higher than they expected."