NAHB - "Big Wins for Move-Up Buyers in a Down Market" (4-29-09)

"Potential home buyers who aren’t eligible for the $8,000 first-time home buyer tax credit because they currently own a home actually have what could be an even bigger advantage — the opportunity to buy a new home that is bigger and better than they could have just a year or two before."

Mortgage Bankers Association - "Mortgage Applications Decrease in Latest MBA Weekly Survey" (4-29-09)

"The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending April 24, 2009. The Market Composite Index, a measure of mortgage loan application volume, was 960.6, a decrease of 18.1 percent on a seasonally adjusted basis from 1172.2 one week earlier. On an unadjusted basis, the Index decreased 17.4 percent compared with the previous week and increased 62.7 percent compared with the same week one year earlier."

CNN - "Optimism about economy grows - poll" (4-29-09)

"Americans are becoming slightly more optimistic about the nation's economy, a CNN/Opinion Research Corporation survey showed Wednesday, but the glow surrounding President Obama is wearing off for some as the president marks his first 100 days in office.Some 37% of the people questioned in the poll say the current economic conditions in the country are very poor -- a figure that's down from 48% last month and 66% in December. Another 17% now say economic conditions are good, up six points from last month."

Inman - "Brokers OK'd to negotiate loan mods" (4-29-09)

"The number of real estate brokers authorized by California regulators to collect advance fees for negotiating loan modifications and short sales on behalf of homeowners has grown from less than two dozen in mid-November to almost 600."

Bloomberg - "U.S. Economy: GDP Shrinks in Worst Slump in 50 Years" (4-29-09)

"The U.S. economy plunged again in the first quarter, making this the worst recession in at least half a century. Gross domestic product dropped at a 6.1 percent annual pace, weaker than forecast, after contracting at a 6.3 percent rate in the last three months of 2008, the Commerce Department said today in Washington. The report, which reflected a record slump in inventories and further declines in housing, came hours before Federal Reserve officials said the economy continued to contract at a 'somewhat slower' pace."

Orange County Register - "Citi, BofA and four other banks must raise capital" (4-29-09)

"At least six of the 19 largest U.S. banks require additional capital, according to preliminary results of government stress tests, people briefed on the matter said. While some of the lenders may need extra cash injections from the government, most of the capital is likely to come from converting preferred shares to common equity, the people said. The Federal Reserve is now hearing appeals from banks, including Citigroup Inc. and Bank of America Corp., that regulators have determined need more of a cushion against losses, they added."

Orange County Register - "Newport property investor sued by investors" (4-29-09)

"The Daily Pilot reports that a Newport Beach real estate investment firm is being sued by investors who accused the company of operating a Ponzi scheme. The company, MKA Capital Group Advisors LLC, which operates several investment funds, issued a statement confirming that it has been the target of civil suits and has received information requests from federal investigators and regulators. But the company declined to comment on specific allegations other than to say it will 'cooperate fully with authorities.'"