Press Enterprise - "Mortgage rates drop to record low" (3-26-09)

"Mortgage finance giant Freddie Mac said Thursday that average rates on 30-year fixed-rate mortgages dropped to 4.85 percent this week, from 4.98 percent last week. It was the lowest in the history of Freddie Mac's survey, which dates back to 1971 and was down a full percentage point from a year ago."

Inman - "California housing production falls in February" (3-26-09)

"The California Building Industry Association reports that housing production in the state fell again in February, a decline that has been continuous since its peak in 2005 (see Inman News). According to CBIA statistics, single-family permits totaled 1,261, down 50 percent from last year, while multifamily permits totaled 1,037, down 76 percent from last year but up 41 percent from January."

Bloomberg - "U.S. Economy: GDP Slumps 6.3% Before ‘Turning Point’" (3-26-09)

"The U.S. economy shrank at a 6.3 percent annual pace in the fourth quarter, the worst performance since 1982, in what may be the depths of the recession. The contraction in gross domestic product was larger than the previously estimated 6.2 percent drop, the Commerce Department said today in Washington. A report from the Labor Department showed the number of people collecting jobless benefits this month climbed to a record 5.56 million."

Bloomberg - "Geithner Calls for ‘New Rules of the Game’ in Finance" (3-26-09)

"U.S. Treasury Secretary Timothy Geithner said regulation of the U.S. financial system needs a broad overhaul to heal a crippling lack of confidence caused by the credit crisis."

Bloomberg - "Soros Says Commercial Property Values Will Fall 30%" (3-26-09)

"Billionaire investor George Soros said U.S. commercial real estate will probably drop at least 30 percent in value, causing further strains on banks."

Orange County Register - "Rossmoor, Coto sellers cut home prices most often" (3-26-09)

"The local housing market’s theme in recent months has been this: Cheaper homes have been heaviliy discounted, leading to a boost of sales in the county’s more affordable communities. Owners of pricier homes have, to date, stuck to firmer pricing."

Orange County Register - "5 O.C. cities in state’s top 10 for home prices" (3-26-09)

"Orange County single-family home sales increased 44.6 percent last month compared with February 2008, the California Association of Realtors reports. The median sales price of existing single family homes in the county fell by 28.9 percent, to $433,690."

Realty Times - "Maximize Use of Internal Resources: Customer Retention Strategies to Enhance Profits" (3-26-09)

"In our most recent client satisfaction survey, our clients’ average 9.5 lower turnover rate than the National Apartment Association published national average. A 9.5 lower turnover, for a 5000 unit portfolio, means NOI (net operating income) is going to be $1.5 million higher and asset value is going to be, I’d have to do the calculation but about $20-30 million higher."