Bloomberg - "May Existing-Home Sales Continue Rising Trend" (6-23-09)

"Existing-home sales – including single-family, townhomes, condominiums and co-ops – rose 2.4 percent to a seasonally adjusted annual rate¹ of 4.77 million units in May from a downwardly revised level of 4.66 million units in April, but remained 3.6 percent below the 4.95 million-unit pace in May 2008."

Wall Street Journal - "Weakness in Mortgage Refinancing" (6-23-09)

"The Mortgage Bankers Association cut its forecast of home-mortgage lending this year by 27% amid deflating hopes for a boom in refinancing. The trade group said Monday that it now expects $2.034 trillion of originations of mortgages for one- to four-family homes in 2009, down from a forecast of $2.780 trillion in March, when falling interest rates spurred expectations for huge volumes of refinancing."

CNN - "$6 billion available to buy foreclosed homes" (6-23-09)

"Home prices are at their most affordable in many years, which has opened up homeownership to many who had been locked out during the housing boom. And now, the federal government -- and many states - are launching plans to hook up buyers of repossessed properties with very attractive terms. The feds made nearly $6 billion available for the Neighborhood Stabilization Program, which intends to combat blight by reducing the number of foreclosed homes on the market."

Bloomberg - "U.S. Home Prices Drop 6.8 Percent in April as Foreclosures Rise" (6-23-09)

"U.S. home prices fell 6.8 percent in April from a year earlier as rising unemployment and record foreclosures kept buyers out of the market. Measured monthly, the average price fell 0.1 percent from March, the Federal Housing Finance Agency in Washington said today. The number was projected to drop 0.4 percent in April, according to the median forecast of 15 economists in a Bloomberg survey."

Bloomberg - "Pulte Expects Home Sales Will Languish for Months" (6-23-09)

"New home sales in the U.S. likely will remain little changed in coming months because of low consumer confidence and the difficulty would-be buyers have getting loans, Pulte Homes Inc. Chief Executive Officer Richard Dugas said at an investor conference today. "

Bloomberg - "Treasuries Climb Third Day as Stock Losses Spur Safety Demand" (6-23-09)

"Ten-year yields fell to the lowest level in a week on speculation Federal Reserve officials will use tomorrow’s policy statement to damp expectations they plan to raise interest rates this year. Treasuries yesterday rallied by the most this month after the World Bank said the global recession will be deeper than previously forecast. The U.S. will sell $40 billion of two- year notes today. "

Bloomberg - "Red Roof Defaults on 4 Mortgage Loans, Realpoint Says" (6-23-09)

"Red Roof Inns Inc., the hotel company acquired in a Citigroup Inc.-led buyout for $1.3 billion two years ago, defaulted on four loans totaling $361.4 million, credit rating company Realpoint LLC said."

Orange County Register - "7 lenders escape state foreclosure moratorium" (6-23-09)

"Bank of America, Citigroup and EMC Mortgage Corp. are among seven companies that have received permanent exemptions to California’s 90-day foreclosure moratorium, which began last week. More than 20 other lenders and loan servicers, including Wells Fargo and JPMorgan Chase, have received a temporary exemption while they wait to learn if it will become permanent."

Orange County Register - "More homes selling, in escrow in south coast cities" (6-23-09)

"San Clemente leads the three coastal cities with 66 closed sales in the last 30 days (59 closed in the 30-day period taken a month prior to this report). Dana Point, like the last report taken, comes in second place with 46 closed sales, up from 34 in the last report. Laguna Beach brings up the rear once again but gained more sales in 30 days since the last report - up with 35 closed sales over 20 in the last 30-day report and only 6 in the report before that."