San Francisco Chronicle - "Uptick in consumer spending spurs rebound hope" (4-30-09)

"Even though the economy shrank again in the first three months - and by a lot - Americans stepped up purchases of cars, furniture and appliances. The surge in consumer spending, which accounts for about 70 percent of the economy, could set the stage for a rebound later this year."

CNN - "Foreclosure filings in record jump" (4-30-09)

"Lenders continued to rewrite troubled mortgages at a fast clip during March, but the weakening economy still sent foreclosure starts soaring to a record high. March mortgage workout results announced on Thursday by Hope Now - a coalition of mortgage lenders, servicers, investors and community groups put together to fight the foreclosure plague - were a decidedly mixed bag."

Bloomberg - "Senate Defeats Mortgage ‘Cram-Down’ After Banks, Democrats Balk" (4-30-09)

"The U.S. Senate rejected legislation letting U.S. bankruptcy judges cut mortgage terms to help borrowers avoid foreclosure, a victory for banks and credit unions that said the measure would lead to higher loan costs."

Bloomberg - "Fixed Mortgage Rate in U.S. Matches Record Low" (4-30-09)

"The average rate of a 30-year mortgage dropped to 4.78 percent, the lowest in records dating to 1970, McLean, Virginia- based Freddie Mac said today in a statement. The rate hit that level the week of April 2. This week’s 15-year fixed rate was unchanged at 4.48 percent."

Orange County Register - "Is Bank of America overdoing its fees?" (4-30-09)

"Bank of America is settling for $35 million a class action lawsuit alleging it charged consumers excessive fees for having insufficient funds. The settlement is preliminary — it must be approved by the Superior Court in San Francisco."

Realty Times - "Congressman Calvert Suggests We Fix The Housing Market By Increasing Demand" (4-30-09)

"Suppose, just suppose, that a $15,000 tax credit were available to anyone who purchases a home, and for every home purchased. That incentive should increase demand. And suppose, just suppose, that it so increased demand that it resulted in 1 million more homes being sold in 2009 than in 2008. That would be significant (though still behind the 6.4 million units pace of 2006). It would cost the government in lost taxes or refunds about $15 billion. Is that excessive?"

Los Angeles Times - "CB Richard Ellis reports its first quarterly net loss amid weak market" (4-30-09)

"Commercial real estate brokerage CB Richard Ellis Group Inc. on Wednesday reported its first loss since it went public nearly five years ago, capping months of difficulty in the depressed property market."

Los Angeles Times - "Ryland earnings fall as low-priced foreclosures hurt new-home sales" (4-30-09)

"The stagnant new-home market strained Calabasas-based home builder Ryland Group Inc., which on Wednesday reported a first-quarter loss of $75.3 million as revenue dropped 36% compared with the same period a year ago."