CNN - "Get your $8,000 HUD tax credit now" (6-1-09)

"First-time homebuyers will now have access to quick cash to help them with their down payments. On Friday, the U.S. Department of Housing and Urban Development (HUD) announced that first-time homebuyers using FHA-approved lenders can now get an advance on the $8,000 tax credit created by the stimulus package and apply it toward their down payments or closing costs"

Bloomberg - "AIG Replaces Nutt as Chief of Mortgage Insurance Unit" (6-1-09)

"American International Group Inc., the insurer bailed out by the U.S., replaced the head of its mortgage insurance unit as the company weighs whether to shut the money-losing business."

Bloomberg - "Mortgage-Bond Yields Climb, Suggesting Higher Home-Loan Rates" (6-1-09)

"Yields on Fannie Mae and Freddie Mac mortgage bonds climbed, likely pushing up interest rates on new home loans after soaring last month and adding to the hurdles for a recovery in the housing market and economy."

Orange County Register - "1 Surf City ZIP sees 44% sales drop" (6-1-09)

"City sales totaled 124 – that’s -16% vs. a year ago. Countywide, sales were +14% vs. a year ago in same period. Of the city’s 4 ZIP codes, 1 had sales gains vs. a year ago while none had a gain in their median selling price vs. a year ago. All of Huntington Beach’s 4 ZIP codes beat the -22.4% overall performance of the countywide median for the past year."

Wall Street Journal - "Mortgage Delinquencies Increase Again" (6-1-09)

"Credit-report provider TransUnion.com said the number of borrowers at least two months behind on their mortgage rose for the ninth quarter in a row, hitting 5.22%. The first-quarter national average is 14% higher than the fourth-quarter average and is up 62% from a year earlier, when the average was 3.23%."

Wall Street Journal - "Fed Mortgage Efforts Prove Costly" (6-1-09)

"An analysis of the timing of the Fed's purchases of mortgage-backed securities by J.P. Morgan Chase & Co. shows the Fed is 'under water' on its portfolio by about 1%, and it would have to take about $5 billion in losses if it were to mark its portfolio to the market."

Wall Street Journal - "Home Builders' Losses Expected to Narrow" (6-1-09)

"Luxury home builder Toll Brothers and family-controlled Hovnanian have reported a string of losses, with Toll Brothers last reporting a profit nearly two years ago and Hovnanian having a 10-quarter streak of red ink"

Realty Times - "Helping Clients Estimate Their Affordability Range" (6-1-09)

"Mortgage lenders, real estate agents, and other professionals who are providing guidance to homeowners on how much house they can afford do their clients a grave disservice by using these general guidelines to make recommendations to specific families about how much house they can afford"