NAR - "Commercial Real Estate Hurt by Credit Crunch and Weak Economy" (5-20-09)

"The general economic downturn, complicated by a severe credit crunch in commercial real estate, is dampening commercial real estate activity. In addition, a forward-looking index shows the forecast for commercial real estate sectors will remain weak for the remainder of the year, according to the National Association of Realtors^®."

Mortgage Bankers Association - "Mortgage Applications Increase in Latest MBA Weekly Survey" (5-20-09)

"The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending May 15, 2009. The Market Composite Index, a measure of mortgage loan application volume, was 915.9, an increase of 2.3 percent on a seasonally adjusted basis from 895.6 one week earlier. On an unadjusted basis, the Index increased 2.0 percent compared with the previous week and increased 42.0 percent compared with the same week one year earlier. "

Los Angeles Times - "Congress passes bill to help stem foreclosures" (5-20-09)

"Congress on Tuesday sent the president legislation that encourages banks to spare homeowners from foreclosure after the industry helped scuttle a tougher measure that would have forced lenders to reduce monthly payments of owners in bankruptcy. The House voted 367 to 54 to pass the Helping Families Save Their Homes Act. The Senate had voted 91 to 5 in favor of the bill and approved the final version by unanimous consent."

San Francisco Chronicle - "Fed sees hopeful signs but downgrades `09 forecast" (5-20-09)

"Fed Chairman Ben Bernanke and his colleagues continue to believe that business sales and factory production will begin to recover gradually during the second half of this year as President Barack Obama's stimulus package and the Fed's aggressive efforts to lift the country out of recession take hold. They also pointed to signs that the recession's grip was easing in the current quarter, according to documents released Wednesday."

Bloomberg - "California Confronts Growing Cash Crisis After Defeat" (5-20-09)

"California is on the verge of running out of cash for the second time this year after a ballot measure defeat yesterday added $6 billion to the budget deficit of the most-populous U.S. state."

Bloomberg - "Geithner Says Toxic-Asset Plan to Start in Six Weeks" (5-20-09)

"Treasury Secretary Timothy Geithner said policy makers plan by early July to begin helping banks dispose of illiquid assets, in the U.S. government’s next step to end the worst credit crisis in decades."

Bloomberg - "General Growth Won’t Sell at Discount, Taubman Says" (5-20-09)

"General Growth Properties Inc., the mall owner that filed the biggest real-estate bankruptcy in U.S. history, may not have to sell any malls at discounted prices, said the head of rival Taubman Centers Inc."

Bloomberg - "Toll Second-Quarter Revenue Declines on Housing Slump" (5-20-09)

"Toll Brothers Inc., the largest U.S. builder of luxury homes, said fiscal second-quarter revenue fell 51 percent as banks cut lending and demand for new homes sagged."

Bloomberg - "Tishman Seeks Buyer for Five California Buildings" (5-20-09)

"Tishman Speyer Properties LP, the real estate developer that owns Rockefeller Center, is seeking a buyer for five California office buildings at a time when values have fallen 30 percent in the past two years."

Bloomberg - "Insurers Face ‘Pain’ From Commercial Loans, S&P Says" (5-20-09)

"U.S. life insurers, a group led by MetLife Inc. and Prudential Financial Inc., face 'pain' on more than $300 billion invested in mortgages tied to commercial property and multifamily homes, Standard & Poor’s said."