NAR - "Existing-Home Sales Rise In February" (3-23-09)

"Existing-home sales – including single-family, townhomes, condominiums and co-ops – rose 5.1 percent to a seasonally adjusted annual rate¹ of 4.72 million units in February from a pace of 4.49 million units in January, but are 4.6 percent below the 4.95 million-unit level in February 2008. Seasonal adjustment factors are more volatile in winter months, but sales rates over the past few months show dampened sales activity."

Mortgage Bankers Association - "Commercial/Multifamily Mortgage Debt Outstanding Increases During Fourth Quarter" (3-23-09)

"The $3.5 trillion in commercial/multifamily mortgage debt outstanding recorded by the Federal Reserve was an increase of $23 billion from the third quarter of 2008. Multifamily mortgage debt outstanding grew to $900 billion, an increase of $5.4 billion or 0.6 percent from the third quarter.' The level of commercial/multifamily mortgage debt outstanding grew by 0.7 percent in the fourth quarter of 2008, to $3.5 trillion, according to the Mortgage Bankers Association (MBA) analysis of the Federal Reserve Board Flow of Funds data. The total was an increase of $166 billion, or 5 percent from the end of 2007."

Yahoo - "Administration moves against bad bank assets" (3-23-09)

"The coordinated effort by the Treasury Department, the Federal Reserve and the Federal Deposit Insurance Corp. relies on a mix of government and private money -- mostly from institutional investors such as hedge funds -- to help banks rid their balance sheets of real-estate related securities that are now extremely difficult to value."

Bloomberg - "JPMorgan, Deutsche Bank Said to Press KKR’s Capmark" (3-23-09)

"JPMorgan Chase & Co. and Deutsche Bank AG, which hold $1.2 billion of Capmark Financial Group Inc. loans, are among banks demanding collateral in exchange for loosening terms that put it at risk of default, people familiar with the matter said."

Bloomberg - "Defaulting Commercial Properties Hit Banks on Vacancy-Rate Rise" (3-23-09)

"U.S. banks, battered by record losses from the worst housing slump since the Great Depression, now must weather increasing loan delinquencies from owners of skyscrapers and shopping malls. The country’s 10 biggest banks have $327.6 billion in commercial mortgages, which face a wave of defaults as office vacancies grow and retailers and casinos go bankrupt. A projected tripling in the default rate would result in losses of about 7 percent of total unpaid balances, according to estimates from analysts at research firm Reis Inc."

Bloomberg - "General Growth Extends Deadline for Debt Consents" (3-23-09)

"General Growth Properties Inc., the U.S. mall owner trying to avoid bankruptcy, extended the deadline for bondholders to agree to new terms for $2.25 billion in debt."

Orange County Register - "Economists mostly bullish on $500 billion toxic asset plan" (3-23-09)

"My gut reaction is that this is an excellent plan. This plan will go a long way toward getting banks in better position to lend more aggressively and break the deleveraging feedback loop that is now in place. It limits taxpayer involvement, leverages the funds available to purchase a substantial quantity of assets, and helps insure that the government gets a fair price on its investment given the public-private partnership. This plan will make an excellent addition to the measures and initiatives already implemented and announced by the Federal Reserve and Treasury. The mortgage modification program, the Fed buying long-term Treasury securities, the expanded TALF, etc. My only reservation at this time is, will we get enough private participation?"

Realty Times - "Market Conditions" (3-23-09)

"The U.S. Commerce Department is reporting that housing starts gained for the first time in 8 months. The gain was 22.2 percent. This was the first increase since June."