NAHB - "FHA Tax Credit Monetization Helps Home Buyers With Upfront Costs" (6-9-09)

"First-time home buyers who would otherwise qualify for the $8,000 tax credit, but don’t have the money for a down payment or closing fees, may now be able to get a loan to help cover those upfront costs. The U.S. Department of Housing and Urban Development (HUD) announced on May 29 that the Federal Housing Administration (FHA) will allow state housing finance agencies to provide second mortgages 'monetizing' the tax credit so that borrowers can use the funds toward their down payments and closing costs for the purchase of homes with FHA-insured mortgage loans."

CNN - "Tips for refinancing your mortgage" (6-9-09)

"it is still a good time to refinance, for certain people -- it depends on variables like the borrower's financial situation, the purpose of the refinance and the dollar value of the loan. In general, if you can make up your closing costs within two years, refinancing could be a good idea. Loan value is one of the primary factors in the equation."

Bloomberg - "U.S. Commercial Mortgage Defaults May Rise to 17-Year High" (6-9-09)

"The default rate on commercial mortgages held by U.S. banks may rise to the highest in 17 years in the fourth quarter as debt for refinancing remains scarce and the recession drags down rents. The rate is likely to reach 4.1 percent by year-end, Real Estate Econometrics LLC, a New York-based property research firm, said in a report today."

Bloomberg - "JPMorgan, Morgan Stanley Among 10 Banks Repaying TARP" (6-9-09)

"JPMorgan Chase & Co., Goldman Sachs Group Inc. and Morgan Stanley were among 10 banks that won U.S. Treasury approval to buy back $68 billion of government shares, freeing them from added oversight that curbed lending practices, hiring and pay."

Orange County Register - "Tax credit no cure for O.C. builders" (6-9-09)

"Costa Mesa-based Hanley Wood Market Intelligence reports that Orange County buyers signed 35% fewer sales contracts for new homes in March and April, the first months of a homebuyer tax credit designed to spur the purchase of newly built residences."

Orange County Register - "Developer of O.C. high-rise condos ponders bankruptcy" (6-9-09)

"Opus West, builder of among other projects — the Plaza high-rise condos in Irvine — has confirmed it has hired advisers to consider a bankruptcy or other financial reorganization."

Inman - "Real estate's perfect storm?" (6-9-09)

"Robert Sibcy of Sibcy Cline Realtors argued that we are in the exact opposite of the 'perfect storm' for real estate. Sibcy contends that now is absolutely the best time ever to purchase real estate. Consumer confidence is increasing, the housing affordability index is the best it has been in 40 years, and interest rates are hovering around 5 percent."