NAR - "Expanded Market Share Must Be Supported, Say Realtors®" (6-18-09)

"Without the Federal Housing Administration’s mortgage insurance program, a large portion of today’s home buyers would be unable to realize their dreams of homeownership. The National Association of Realtors® urged Congress today to invest resources that will ensure FHA’s continued role in stabilizing housing to stimulate the nation’s economy. FHA’s market share has grown from less than 3 percent to more than 25 percent in a short period of time. NAR submitted testimony to the House Financial Services Subcommittee expressing support for increased FHA staffing and resources to keep up with this rising demand."

DQNews - "Uptick in Bay Area home sales and median price" (6-18-09)

"The median price paid for a Bay Area home jumped in May as more expensive homes started to sell again. The overall number of homes sold increased for the ninth month in a row, a real estate information service reported. The median price paid for a home in the nine-county region rose to $341,500, up 12.3 percent from $304,000 in April, but down 33.9 percent from $517,000 in May 2008, according to MDA DataQuick of San Diego."

Mortgage Bankers Association - "Commercial/Multifamily Mortgage Debt Outstanding Remains Unchanged During First Quarter 2009" (6-18-09)

"The $3.48 trillion in commercial/multifamily mortgage debt outstanding recorded by the Federal Reserve was a decrease of $33 million from the fourth quarter 2008. Multifamily mortgage debt outstanding grew to $908 billion, an increase of $5 billion or 0.6 percent from fourth quarter. The level of commercial/multifamily mortgage debt outstanding remained relatively unchanged in the first quarter, at $3.48 trillion, according to the Mortgage Bankers Association (MBA) analysis of the Federal Reserve Board Flow of Funds data."

Los Angeles Times - "Forecast for California: gradual clearing" (6-18-09)

"An economic recovery will begin in the second half of this year, but many Californians won't feel the benefits until 2010, forecasters from Chapman University said Wednesday. That's because the Golden State is in its deepest and most profound recession since the Great Depression, dragged down by sluggish construction activity in both the residential and nonresidential markets"

Sacramento Bee - "Leading economic indicators up more than expected" (6-18-09)

"A private research group's forecast of economic activity rose in May by the largest amount in more than five years, the latest sign that the recession is easing. The Conference Board said Thursday that its index of leading economic indicators - designed to forecast activity in the next three to six months - rose 1.2 percent, the biggest gain since March 2004. Economists surveyed by Thomson Reuters expected a 0.9 percent increase in May. The April reading was revised to a 1.1 percent gain from 1 percent, the first back-to-back increases since 2006."

Bloomberg - "U.S. Mortgage Rates Drop to 5.38%, Freddie Mac Says" (6-18-09)

"The average 30-year rate dropped to 5.38 percent from 5.59 percent a week earlier, mortgage buyer Freddie Mac of McLean, Virginia, said today in a statement. The 15-year rate averaged 4.89 percent for the week ended June 18."

Orange County Register - "Homes are selling slower in this south coast city" (6-18-09)

"Dana Point and San Clemente saw a decrease in the amount of time it would theoretically take to sell off all of each city’s active inventory, according to a biweekly report done by Steven Thomas of Altera Real Estate"

Inman - "New-home tax credit near capacity" (6-18-09)

"More than 9,000 homebuyers have applied for a tax credit of up to $10,000 on new-home purchases in California, meaning the $100 million program is likely to reach capacity by the end of the month. Through June 10, the state had received 9,145 applications for the credit totaling $88.2 million, and issued 3,219 certificates totaling $30.5 million. The program operates on a first-come, first-served basis.