NAHB - "Bolstering GSEs Key To Future Of Nation's Housing Finance System" (6-4-09)

"In contemplating the future status of housing government sponsored enterprises (GSEs) Fannie Mae and Freddie Mac, the National Association of Home Builders (NAHB) yesterday told Congress it is critical for the federal government to provide a backstop to the housing finance system to ensure a reliable and adequate flow of affordable housing credit. Testifying before the House Subcommittee on Capital Markets, Insurance and Government-Sponsored Enterprises, NAHB Chairman Joe Robson, a home builder from Tulsa, Okla., said that NAHB supports changes to the structure and operations of Fannie Mae and Freddie Mac to enable them to support mortgage market liquidity and address affordable housing finance needs without creating excessive taxpayer risk."

CBIA - "Santa Maria Is the Latest City to Reduce Development Fees" (6-4-09)

"The city of Santa Maria this week became the latest California jurisdiction to reduce development impact fees it charges homebuilders, which the California Building Industry Association said is a growing trend that is paying off. The City Council voted unanimously Tuesday to lower its development impact fees by about 7 percent, which would reduce the cost to build a single-family home in the city, located in northern Santa Barbara County, by about $2,250. The reductions will be in effect for the next two years. The council also gave builders an additional five years to begin construction on previously approved projects"

Mortgage Bankers Association - "2008 Commercial/Multifamily Originations Down 65 Percent to $181 Billion" (6-4-09)

"The commercial/multifamily mortgage origination volumes decreased 65 percent in 2008, with mortgage bankers closing $181.4 billion in commercial and multifamily loans; according to the Mortgage Bankers Association’s 2008 Commercial Real Estate/Multifamily Finance: Annual Origination Volume Summation. Decreases were seen across all property types and most investor groups, and were led by decreases in loans intended for commercial mortgage-backed security (CMBS), collateralized debt obligations (CDO) and other asset-backed security (ABS) conduits. Intermediated loan volume decreased 68 percent between 2007 and 2008."

Press Enterprise - "Mortgage rates above 5 pct for 1st time in 3 mos" (6-4-09)

"Rates on 30-year home loans surged above 5 percent for the first time in nearly three months this week as investors pushed up rates on long-term government debt, which is closely tied to mortgage rates. Mortgage finance giant Freddie Mac said Thursday that average rates on 30-year fixed-rate mortgages rose to 5.29 percent this week, from an average of 4.91 percent a week earlier. It was the highest weekly average in nearly six months."

Wall Street Journal - "Homebuilders Dabble in Spec" (6-4-09)

"After being saddled with unsold inventory following the housing crash, many home builders all but halted construction without a signed contract. But now, the taboo is slowly wearing off so-called spec inventory. Builders realize many buyers want to sell a home before buying again, and first-time buyers who must close before December 1 to tap a federal tax credit need to reach deals soon. There is also fierce competition from existing inventory and bargain-priced foreclosures."

Bloomberg - "FDIC Offers Financing for Failed Bank Assets; Delays Loan Sale" (6-4-09)

"The Federal Deposit Insurance Corp., unable to get U.S. banks to sell toxic loans in a government program, plans to sell hard-to-price assets seized from failed lenders using guaranteed debt financing. A test auction of illiquid bank assets, planned this month, was delayed yesterday after lenders raised capital without needing to sell bad loans, the agency said. The FDIC will instead use debt guarantees as an incentive for buyers of assets when lenders are in receivership, the agency said."

Orange County Register - "O.C. housing seen 11% too cheap" (6-4-09)

"Economists at IHS Global Insight say that by their math Orange County homes were 11% undervalued in the first quarter. That’s when you look at various real estate and economic factors."

Inman - "Downturn widens homeownership divide" (6-4-09)

"The Pew Hispanic Center reported this month that, from 1995 to their respective peaks, the homeownership rate among blacks grew from 41.9 percent to 49.4 percent in 2004; the rate for Hispanics rose from 42 percent to 49.8 percent in 2006; and the Asian homeownership rate surged from 49.1 percent to 60.8 percent in 2008."