NAHB - "New Guidelines Needed For Appraising Distressed Properties" (6-22-09)

"Using foreclosed and distressed sales as comparables with appraisals on single-family homes without adequately reflecting the differences in the condition of the respective properties is needlessly driving down home values, according to the National Association of Home Builders (NAHB)."

Mortgage Bankers Association - "MBA Lowers 2009 Originations Forecast To $2.03 Trillion" (6-22-09)

"The Mortgage Bankers Association today lowered its forecast of mortgage originations in 2009 to $2.03 trillion, a drop of over $700 billion from its March forecast. $84 billion of the drop is due to lower purchase originations and the rest is due to lower rate/term refinancings and very low volumes in the Fannie Mae and Freddie Mac Home Affordable Refinance Program (HARP). MBA is now forecasting $737 billion in purchase originations and $1,297 billion in refinance originations."

San Francisco Chronicle - "'Vanilla' home loans could benefit borrowers" (6-22-09)

"If President Barack Obama gets his way, consumers who take out mortgages would automatically get a 'plain vanilla' loan — such as a traditional 30-year fixed-rate mortgage — unless they opted for a riskier variety. Obama's plan to revamp financial regulation aims to protect borrowers from the confusing and high-risk mortgages that fed a pandemic of delinquencies and foreclosures, led to the worst financial crisis in decades and thrust the nation into a deep recession."

Wall Street Journal - "Changes Urged to Rules on Condo Loans" (6-22-09)

"In March, Fannie Mae said it would no longer guarantee mortgages on condos in buildings where fewer than 70% of the units have been sold, up from 51%. Fannie Mae also won't purchase mortgages in buildings where 15% of owners are delinquent on condo association dues or where one owner has more than 10% of units, which the firm sees as signals that a building could run into financial trouble. Freddie Mac will implement similar policies next month."

Inman - "Report: Stage is set for recovery" (6-22-09)

"Home-price declines and low interest rates have restored housing affordability in many markets, and a dramatic reduction in home construction should eventually improve the balance between housing supply and demand, the 2009 State of the Nation's Housing Report from the Joint Center for Housing Studies of Harvard University concludes."

Bloomberg - "Spending, Home Sales Probably Increased: U.S. Economy Preview" (6-22-09)

"Consumer spending in the U.S. probably rose in May for the first time in three months and home sales increased as Americans became more confident the recession will end this year, economists said before reports this week. Purchases advanced 0.3 percent, according to the median of 58 estimates in a Bloomberg News survey ahead of Commerce Department figures due June 26. Combined sales of new and existing homes likely improved to 5.18 million, capping the first back-to-back increase since 2006, the survey showed."

Orange County Register - "O.C. real estate enjoys rare job spurt" (6-22-09)

"Orange County bosses at real estate and finance business employed 202,300 last month — that’s down 10% and 22,300 workers in a year … and it’s also off 22% or 58,700 people from these local industries’ peak employment back in September 2006."

USA Today - "Tax credit for home purchase could rise" (6-22-09)

"Lawmakers and businesses are calling for expansion of a tax credit for first-time home buyers that has helped spark home sales in an otherwise dismal real estate market. With the tax credit scheduled to expire in fall, some business groups say the amount of the credit, now capped at $8,000, should be raised to $15,000 and applied to anyone who buys a home."