Inman - "Fannie, Freddie REO inventory swells" (3-18-09)

"Fannie Mae and Freddie Mac boosted loan modifications by 76 percent in the last three months of 2008, but nearly doubled their inventories of real estate-owned properties over the course of the year as the companies eschewed short sales and seized properties faster than they could sell them."

Wall Street Journal - "How Your Home May Qualify for Bailout Cash" (3-18-09)

"Potentially lucrative new and expanded tax incentives for energy-efficient and renewable-energy home improvements may offer some consolation to homeowners who feel they are falling between the cracks with the government's various economic stimulus efforts. They include up to $1,500 in tax credits for adding qualifying windows, doors, insulation, roofs, heating and cooling equipment, water heaters and even wood and pellet stoves to your house in 2009 and 2010. Perks for installing pricier solar technology, small wind-energy systems or a geothermal-well system include a tax credit of 30% of qualifying expenditures with no upper limit through 2016."

Wall Street Journal - "Cracking a Valuable Homebuyer Credit" (3-18-09)

"The recently enacted economic-stimulus law contains an unusually attractive new tax break for many homebuyers -- if they can only figure out how it works. The new law sweetens a provision known as the 'first-time homebuyer credit.' In essence, if you meet certain qualifications, such as buying a home from Jan. 1 through Nov. 30 this year, you may be eligible for a tax credit of as much as $8,000. You also have a choice of claiming the credit on your federal income-tax return for 2008 or 2009."

San Francisco Chronicle - "Bank opens 'homeownership centers' to help" (3-18-09)

"The center, located in a bank basement, is staffed with counselors who meet one-on-one with Chase, WaMu or EMC customers at risk for foreclosure, collect their financial information, send it to bank number-crunchers and notify the customers within 30 days if they qualify for modifications to make their loans more affordable. Chase is opening the centers in areas rife with delinquent mortgages. It plans to have two dozen nationwide by April, including one in Santa Clara and seven more elsewhere in California."

The Press Enterprise - "Inland counties' plans to use federal funds for housing relief put in place" (3-18-09)

"Riverside County will spend almost $49 million and San Bernardino will use nearly $23 million for neighborhood stabilization programs. Both counties say they will immediately begin work and start accepting applications from qualified homebuyers seeking assistance."

CNN - "Building in a bear market" (3-18-09)

"The pace of homebuilding stepped up in February, an unusual bit of good news in the devastated housing market. The number of housing permits issued and homes starting construction both rose at an annualized rate of 547,000 and 583,000, respectively. However, they were still off nearly 50% compared with February a year ago. Meanwhile, the inventory of existing homes for sale is at a 10-month supply, and sales of both new and existing homes are at their lowest levels in years. So why are homes still being built at all?"

Bloomberg - "GE Capital Loss Lurking in Moscow Loans, U.S. Cards" (3-18-09)

"Sixteen months into a global recession triggered by a jump in defaults by U.S. home-loan borrowers, some investors doubt GE has a handle on GE Capital’s far-flung operations. Those include the world’s largest store-name credit card business and lending in Russia, where late mortgage payments to the company rose 28 percent in the fourth quarter. GE’s stock slumped 61 percent since Sept. 15. GE Capital, the world’s largest non-bank finance company with consolidated assets of $637 billion, accounted for $8.6 billion, or 48 percent, of the Fairfield, Connecticut-based parent’s $18.1 billion profit from continuing operations last year. Chief Executive Officer Jeffrey Immelt has said he wants the division to contribute about 30 percent of annual profit."

Orange County Register - "Fed tosses billions more at housing" (3-18-09)

"To provide greater support to mortgage lending and housing markets, the Committee decided today to increase the size of the Federal Reserve’s balance sheet further by purchasing up to an additional $750 billion of agency mortgage-backed securities, bringing its total purchases of these securities to up to $1.25 trillion this year, and to increase its purchases of agency debt this year by up to $100 billion to a total of up to $200 billion."

Orange County Register - "Brokers’ O.C. home sales worth 5% more in 2009" (3-18-09)

"The Southern California Multiple Listing Service reports that revenue generated by home sales in the first two months of the year was up 5% from the first two months of 2008. If the trend holds, 2009 will be the first year since 2005 to see a year-over-year increase in revenue. February was the sixth straight month in which Orange County homebuyers collectively paid more than buyers did the year before. Although February sales revenue was up $14 million from February 2008, it was the smallest percentage gain since revenues began to increase in September."