Wall Street Journal - "California Cities Face Bankruptcy Curbs" (5-28-09)

"As California seeks more funds from its cash-strapped cities and counties to close a $21 billion budget deficit, some state legislators are pushing a plan that could compound municipalities' pain by making it tougher for them to file for bankruptcy. The bill would require a California municipality seeking Chapter 9 bankruptcy protection to first obtain approval from a state commission. That contrasts with the state's current bankruptcy process, which allows municipalities to speedily declare bankruptcy without any state oversight so that they can quickly restructure their finances. The bill, introduced in January, has passed one committee vote and could reach a final vote by mid-July."

Mortgage Bankers Association - "Delinquencies and Foreclosures Continue to Climb in Latest MBA National Delinquency Survey" (5-28-09)

"According the MBA’s National Delinquency Survey, the delinquency rate for mortgage loans on one-to-four-unit residential properties was 8.22 percent on a non-seasonally adjusted basis, down 41 basis points from 8.63 percent in the fourth quarter of 2008. Delinquency rates always decline in the first quarter of the year due to a variety of seasonal factors. After accounting for these factors, the seasonally adjusted delinquency rate was 9.12 percent of all loans outstanding as of the end of the first quarter of 2009, up 124 basis points from the fourth quarter of 2008, and up 277 basis points from one year ago."

Bloomberg - "New-Home Sales in U.S. Climbed 0.3% to 352,000 Pace" (5-28-09)

"Purchases of new homes in the U.S. rose in April for the second time in three months as lower prices and cheaper financing stabilized demand. Sales increased 0.3 percent to an annual pace of 352,000, lower than forecast, after a 351,000 rate in March, the Commerce Department said today in Washington. The median sales price decreased 15 percent from April 2008, while the number of homes on the market fell to the lowest level in almost eight years."

Bloomberg - "Mortgage Rates Rise for 30-Year U.S Fixed Loans" (5-28-09)

"Fixed mortgage rates for 30-year U.S. home loans climbed to the highest since March as the Federal Reserve’s plan to lower the cost of home loans flagged. The average rate rose to 4.91 percent from 4.82 percent a week earlier, Freddie Mac, the McLean, Virginia-based mortgage buyer, said today in a statement. The 15-year rate averaged 4.53 percent, up from 4.5 percent."

Bloomberg - "Jumping Mortgage Rates Cloud ‘Risk Appetite’ Return" (5-28-09)

"A jump in interest rates on typical new U.S. mortgages to the highest since February may end a 'two-month-old rebound in risk appetite,' according to Credit Suisse Group analysts."

CAR - "April sales and price report" (5-28-09)

"C.A.R. reports April home sales increased 49.2 percent, median home price declined 36.5 percent"

Los Angeles Times - "Stocks fall after lackluster rise in home sales" (5-28-09)

"In midmorning trading, the Dow Jones industrial average fell 44.05, or 0.5 percent, to 8,255.97. The broader Standard & Poor's 500 index fell 3.07, or 0.3 percent, to 889.99, and the Nasdaq composite index fell 9.63, or 0.6 percent, to 1,721.45"

Inman - "FTC shuts down mortgage 'rescue' firms" (5-28-09)

"The managers of two California-based companies are accused of collecting at least $3.3 million from Spanish-speaking homeowners without following through on promises to help them negotiate loan modifications with lenders to avoid foreclosure."