San Francisco Chronicle - "More high-end properties sitting on the market" (5-17-09)

"In the Bay Area, the months of unsold inventory of existing single-family homes priced above $1 million reached 14 months in March, more than double where it stood a year ago, according to the California Association of Realtors. The statistic estimates the time it would take to sell all the homes on the market based on the current rate of transactions. In contrast, inventory of homes priced below $500,000 fell to just 2.6 months, a nearly 80 percent decline. The same general trends were seen on the state level as well."

Orange County Register - "Latest thing to buy online … a mortgage" (5-16-09)

"These days you can buy just about everything online, so why not mortgages? There are Web sites for big investors, but until now small investors have had to find loans other ways, says Jeff Freud, founder of Irvine-based LoanMarket Inc."

NAHB - "Builder Confidence Continues To Rise In May" (5-18-09)

"Builder confidence in the market for newly built, single-family homes improved for a second consecutive month in May to the highest level since September of 2008, according to the National Association of Home Builders/Wells Fargo Housing Market Index (HMI), released today. The HMI rose two points to 16 this month."

Inman - "Jumbo lending crunch killing high-end sales" (5-18-09)

"The limited availability and high cost of 'jumbo' loans not backed by the government is taking a toll on sales of high-priced homes, a trend that's rippling through housing markets and the economy, according to a new research report by the National Association of Realtors. The report floats the idea of temporarily lifting the $729,750 conforming loan limit in place for high-cost markets, using government bailout money to expand jumbo lending, and encouraging more competition among lenders by facilitating warehouse lending to small- and medium-sized lenders."

CNN - "Treasury Dept. is giving 'cash-for-keys'" (5-18-09)

"When all else fails, the Treasury Department is now willing to cough up cash to get homeowners to move on and to get loan servicers to forgive mortgage debt. The new initiatives are part of the government's Making Home Affordable program. Under the original program, unveiled earlier this year, homeowners could be eligible for loan adjustments or refinancings if they meet several criteria: the home must be their primary residence, for example, and the mortgage balance must be no more than $729,750. "

CNN - "Mortgage rescue: Still more hurdles" (5-18-09)

"Loan servicers are overwhelmed by the flood of applications. Mortgage investors are angry about a congressional bill prohibiting them from suing servicers that modify loans. Foreclosures are rising as unemployment soars. Nearly three months after President Obama first announced his $75 billion mortgage rescue effort, his administration is still refining the program in hopes of reaching its goal to save 9 million homeowners from foreclosure."

Bloomberg - "Home Depot Retrains Store Workers in Turnaround Push" (5-18-09)

"Home Depot Inc., the largest home- improvement chain in the U.S., is waiting to see if its latest attempt to improve customer service pays off. All 300,000 employees took a mandatory crash course in helping customers earlier this year. The company is also on a two-year push to improve merchandising and modernize distribution. The goal is to cultivate happier shoppers who buy more paint and power tools."

Bloomberg - "Lowe’s Tops Analysts’ Estimates on Outdoor Products" (5-18-09)

"Lowe’s Cos., the second-largest U.S. home-improvement retailer, posted first-quarter earnings that fell less than analysts estimated, helped by sales of more- profitable shrubs and flowers. The shares gained. Sales of goods for smaller outdoor home-improvement projects accounted for 35 percent of revenue, Chief Executive Officer Robert Niblock said today on a conference call with investors and analysts. The category outperformed indoor goods, he said."

Bloomberg - "Cities Ask Treasury for $5 Billion to Fund Public Bond Insurer" (5-18-09)

"The National League of Cities says it will ask the U.S. Treasury today for a $5 billion interest-free loan to capitalize a new municipal bond insurer it plans to create. The Issuers Mutual Bond Assurance Co. would be the first publicly owned U.S. financial guarantor. The $5 billion capitalization would make it the biggest in the industry, eclipsing MBIA Inc.’s capital base of $3.8 billion and the $1.1 billion of current market leader Assured Guaranty Inc."

Orange County Register - "Warning! Online rent scams grow" (5-18-09)

"It takes up-front cash to get a roof over your head. Most landlords want a security deposit, plus first- and last-month’s rent before letting you set foot into your new home. But what if the guy taking your money isn’t a real landlord? What if he’s an imposter? You pay your cash, then watch the faux landlord, and your money, do a vanishing act. The Federal Trade Commission recent ssued a warning that online rental listings often are ruses by fake landlords to filch your funds."