Mortgage Bankers Association - "Mortgage Applications Decrease in Latest MBA Weekly Survey" (3-4-09)

"The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending February 27, 2009. The Market Composite Index, a measure of mortgage loan application volume, was 649.7, a decrease of 12.6 percent on a seasonally adjusted basis from 743.5 one week earlier, which was a shortened week due to the Presidents’ Day holiday. On an unadjusted basis, the Index decreased 2.0 percent compared with the previous week and 6.7 percent compared with the same week one year earlier."

San Francisco Chronicle - "Report puts 20% of mortgages underwater" (3-4-09)

"More than one-fifth of all mortgaged properties nationwide are underwater, with more owed on their mortgages than the homes are worth, according to a report being released today. First American CoreLogic said that more than 8.3 million U.S. mortgages had negative equity as of year end, compared with 7.6 million just three months earlier."

Reuters - "Foreclosures drove up 2008 U.S. home sales: index" (3-4-09)

"Foreclosures drove U.S. home sales up 7 percent in 2008 after a 40 percent plunge the prior year, with eligible buyers lured by deep discounts and low loan rates, according to real estate data company Radar Logic. So-called 'motivated sales,' or foreclosed houses sold at auctions or by financial institutions, surged 177 percent last year while all other sales in the 25 metro areas tracked by Radar Logic fell by 17 percent."

Inman News - "Lenders keep finding more fraud" (3-4-09)

"Federally regulated banks filed 62,084 reports of suspected mortgage fraud through mid-summer 2008 -- a 44 percent increase from the previous year and nearly 10 times the 6,401 reports filed just five years ago. Because mortgage fraud can take months or years to detect, the trend doesn't necessarily reflect the prevalence of fraud in newly originated loans, the Financial Crimes Enforcement Network (FinCEN) said in releasing a report analyzing fraud trends through June 2008."

CNN - "Toll Brothers: Bulls vs. Bears" (3-4-09)

"As the spring buying season begins, luxury homebuilders are not anticipating a fresh start. Industry leader Toll Brothers said Wednesday it narrowed its quarterly loss, but it was bigger than expected, as the company noted that a weak economy is still hobbling the market."

CNN - "Commercial real estate may strain banks" (3-4-09)

"Recent U.S. economic data has been grim, and financing strains in the commercial real estate sector could heap pressure on the country's already battered banks, a top Federal Reserve official said Wednesday."

CNN - "Obama housing fix open for business" (3-4-09)

"The Obama administration's foreclosure prevention program was launched Wednesday. The multipronged fix calls for companies to help as many 4 million struggling borrowers by modifying loans so housing payments are no more than 31% of monthly gross income. Separately, homeowners who haven't missed a payment can refinance into lower-cost loans even if they have little or no equity. This is expected to help up to 5 million homeowners."

Yahoo - "Mortgage Help: Do you qualify?" (3-4-09)

"The mortgage must have originated before Jan. 1, 2009, and the unpaid principal can amount to no more than $729,750 for a single family home (more for a home with two-to-four units). Borrowers with other debt, such as car loans and credit cards, exceeding 55% of their incomes, may still qualify for a modification, but they'll be required to accept debt counseling in a HUD-certified program."

Orange County Register - "Lyon building spec homes despite losses" (3-4-09)

"Despite a $104 million loss last year, Newport Beach-based homebuilder William Lyon Homes recently began construction on 306 homes without having a buyer lined up, company officials said during a late-morning conference call today."