Chicago Tribune - "New jobless claims fall more than expected to 654K; continuing claims set 10th straight record" (4-9-09)

"New jobless claims fell more than expected last week but are stuck at elevated levels, while the number of people continuing to receive unemployment insurance approached 6 million, setting a record for the 10th straight week."

Los Angeles Times - "L.A. starts buying up foreclosed homes with federal aid" (4-9-09)

"Los Angeles is using its $33-million share of Neighborhood Stabilization Program money to refurbish homes as affordable rentals or for sale. Housing Secretary Shaun Donovan pays a visit Wednesday."

Bloomberg - "TARP Recipients Required to Modify Loans, HUD Says" (4-9-09)

"Banks receiving federal aid through the U.S. Troubled Asset Relief Program must also take part in the government’s mortgage modification initiatives, Housing and Urban Development Secretary Shaun Donovan said."

Bloomberg - "Mortgage Rate in U.S. Rises to 4.87%, Freddie Says" (4-9-09)

"Fixed U.S. mortgage rates rose last week, ending a four-week streak of declines driven by Federal Reserve Chairman Ben S. Bernanke’s plan to boost the housing market in part by buying mortgage-backed securities."

Orange County Register - "Fees can boost a new home’s price by 30%" (4-9-09)

"Cities can charge up to $100,000 per unit in various building fees, in some cases that can be nearly 30% of the purchase price!"

Orange County Register - "California housing market seen near bottom (4-9-09)

"The bottom of the California housing market is occurring in terms of prices and the first half of 2008 for home sales. The great recession will continue through 3rd quarter and some positive GDP growth is predicted for 4th quarter 2009. A more convincing recovery willl be underway by mid-2010."

Orange County Register - "Wells Fargo projects record $3 billion profit" (4-9-09)

"Wells Fargo said today it expects a record net profit of $3 billion in the first quarter. That’s despite net charge offs, or ultimate losses on loans, of $3.3 billion, down from $6.1 billion in Q4, including losses from buying Wachovia."