Mortgage Bankers Association - "Purchase Activity Increases, Refinance Applications Decrease in Latest MBA Weekly Survey" (6-3-09)

"The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending May 29, 2009. The Market Composite Index, a measure of mortgage loan application volume, was 658.7, a decrease of 16.2 percent on a seasonally adjusted basis from 786.0 one week earlier. This week's results include an adjustment to account for the Memorial Day holiday. On an unadjusted basis, the Index decreased 32.5 percent compared with the previous week and increased 14.4 percent compared with the same week one year earlier."

The Washington Post - "Big Banks Eagerly Await U.S. Approval to Repay Aid" (6-3-09)

"Several large banks may get government approval to repay billions of dollars in federal aid next week after completing a series of tests to prove they can stand without crutches. J.P. Morgan Chase, Goldman Sachs and American Express are among the most likely candidates to get the Treasury Department's blessing, according to financial analysts. Together they owe the government $38.4 billion. Other banks bidding for approval include Capital One of McLean, BB&T of North Carolina and U.S. Bancorp of Minnesota."

Bloomberg - "Toll, Hovnanian Decline as Losses Exceed Forecasts" (6-3-09)

"Toll, the largest luxury homebuilder, had a net loss of 52 cents a share in the three months ended April 30, compared with the median estimate of 45 cents in a Bloomberg survey. Hovnanian, New Jersey’s biggest builder, reported a net loss of $1.50, higher than the estimate of $1.32."

Bloomberg - "REITs in U.S. May Raise $582 Billion for Acquisitions" (6-3-09)

"Real estate investment trusts in the U.S. may raise about $582 billion by 2013 for acquisitions as competitors sell properties and values fall, the National Association of Real Estate Investment Trusts said. Publicly traded REITs will probably accumulate about $728 billion, including debt, for purchases, said Brad Case, vice president for research at NAREIT. The group expects the surplus capital to spark property buying by the middle of next year."

Bloomberg - "Fed May Step Up on Mortgages, Bank of America Says" (6-3-09)

"Investors should buy 4.5 percent and 5 percent Fannie Mae- guaranteed securities because the government is likely to ramp up purchases as interest rates on 30-year loans have climbed to more than 5.5 percent, having an 'adverse impact on the housing market,' Ohmsatya Ravi and Ankur Mehta, New York-based strategists at the bank, wrote in a report yesterday."

Orange County Register - "1-in-4 O.C. homebuyers borrow 96% of sale price" (6-3-09)

"During the housing boom, FHA had less than a 1% market share in the county. FHA loans are harder to get than subprime was during the boom — no stated income — and FHA loans were once restricted in size to less than the county’s median house sales price. But the FHA limit has been raised to nearly $730,000 in Orange County. I had guessed that folks are using FHA’s program to buy with as little down as possible, but this confirms it. While FHA will take 3.5%, the rest of the lending world wants to see 10% to 20% down on purchase loans."

Orange County Register - "Realtor: The market is a tale of ‘opposites’" (6-3-09)

"Demand for some homes is exceeding supply, says Huntington Beach Realtor Rob Peterson in his OC Hometalk blog this week. He’s done some research showing that multiple offers are common on homes that are under $600,000. But many homes over $1 million aren’t moving, he says."