NAR - "HUD Secretary Announces Monetization of Tax Credit at NAR Real Estate Summit" (5-12-09)

"Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development, said that the Federal Housing Administration is going to permit its lenders to allow homeowners to use the $8,000 tax credit as a downpayment. Secretary Donovan said that important changes, which the National Association of Realtors^® has been calling for, will help consumers purchase a home."

NAR - "Foreclosure and Short Sale Discounts Weigh Down Metro Area Median Prices" (5-12-09)

"With first-time buyers accounting for half of all purchases during the first quarter, 134 out of 152 metropolitan statistical areas¹ reported lower median existing single-family home prices in comparison with the first quarter of 2008, while 18 metros had price gains."

CBIA - "Corona Joins Growing List of Communities Reducing Development Fees" (5-12-09)

"The Corona City Council voted last week to slash development impact fees by 40 percent for the next two years. The Council took its action in an effort to stimulate the city’s economy and to put people back to work. The move is expected to reduce the cost to build a new home by an average of $7,700."

The Sacramento Bee - "Investors bidding for bargains at sale of tax-burdened property" (5-12-09)

"Sacramento County collected $95,500 in back taxes with force Monday, auctioning an oddball assortment of real estate for amounts ranging from $100 for empty lots in Sacramento to $55,000 for a home in Rancho Cordova."

The Wall Street Journal - "April Drop in Listings for Homes" (5-12-09)

"The supply of homes for sale in 29 major metropolitan areas at the end of April was down 3.6% from a month earlier, according to figures compiled by ZipRealty Inc., a real-estate brokerage firm based in Emeryville, Calif. The ZipRealty data cover all single-family homes, condominiums and town houses listed on local multiple-listing services in metro areas where the firm operates."

Bloomberg - "Greenspan Sees ‘Seeds of a Bottoming’ in U.S. Housing" (5-12-09)

"Former Federal Reserve Chairman Alan Greenspan said that the decline in the U.S. housing market may be bottoming and it’s 'very easy to see' financial markets continuing to improve."

Bloomberg - "MBIA CEO Cites ‘Ineligible’ Debt as Source of Relief" (5-12-09)

"MBIA Inc. Chief Executive Officer Jay Brown said the largest bond insurer may be able to unwind much of its credit losses because the debt it agreed to back didn’t meet contractual promises"

Bloomberg - "Freddie Mac to Tap $6.1 Billion in Aid After Loss" (5-12-09)

"Freddie Mac, operating under a federal conservatorship, asked the U.S. Treasury for a $6.1 billion capital investment as the mortgage-finance company’s loan holdings and other assets deteriorated"

Orange County Register - "Home appraisal fix under fire" (5-12-09)

"(Appraisal management companies) are using inexperienced appraisers that are picked at random. Meaning you get a guy from San Diego who knows nothing about Old Town Orange and the historic district and they have no idea how to appraise it"