Bloomberg - "U.S. Mortgage Rates Rise to 5.2%, Freddie Mac Says" (7-23-09)

"The average 30-year rate increased to 5.2 percent from 5.14 percent, mortgage buyer Freddie Mac of McLean, Virginia, said today in a statement. The 15-year rate was 4.68 percent."

Los Angeles Times – "June existing home sales rise by 3.6 percent” (7-23-09)

“The National Association of Realtors said Thursday that home sales rose 3.6 percent to a seasonally adjusted annual rate of 4.89 million last month, from a downwardly revised pace of 4.72 million in May. Home sales haven't risen for three straight months since early 2004, during the housing boom.”

NAHB – “APPRAISAL AND AD&C PROBLEMS HAMPERING HOUSING RECOVERY, BUILDERS TELL CONGRESS” (7-23-09)

“The National Association of Home Builders (NAHB) told Congress today that inappropriate appraisal practices and the acquisition, development and construction (AD&C) lending crisis that has choked off credit for home builders threaten to prolong the current housing and economic downturn.”

Orange County – “More moving vans exit O.C. than arrive” (7-23-09)

“In 2009’s first half, 55% of the moves handled by United were outbound from Orange County. That’s an exit rate up slightly from the 54.3% rate for all of 2008.”

Orange County Register – “O.C. builder nears profitability” (7-23-09)

“Irvine-based homebuilder Standard Pacific Homes has cut its way to the smallest quarterly loss in almost three years, the company’s latest financial report shows. The builder reported a net loss of $23.1 million in the three months ended on June 30. That’s the smallest loss since the third quarter of 2006, the last profitable quarter for a firm that narrowly averted bankruptcy.”

Orange County Register – “Home sales remain stable in these south coast cities” (7-23-09)

“San Clemente leads the three coastal cities with 73 closed sales in the last 30 days (66 homes sold in the 30-day period taken a month prior to this report). Dana Point, like the last report and the one before, comes in second place with 47 closed sales, up by only one sale from the last report taken. Laguna Beach falls far behind in third place, as usual, with only 19 homes sold in the last 30 days (down from 35 sales in the last 30-day report).”

Reuters – “BofA to notify borrowers of foreclosure help” (7-23-09)

“Bank of America Corp (BAC.N) said it has begun notifying Countrywide Financial Corp borrowers that are eligible for foreclosure assistance and plans to begin issuing checks to customers during the first quarter of 2010.”

Realty Times – “Mortgage Fraud Crackdown” (7-23-09)

“The number of Suspicious Activity Reports (SARs) for mortgage fraud tracked by the Federal Bureau of Investigation could skyrocket by nearly 300 percent this year. Compared to 2007, mortgage fraud SARs in 2008 had already increased by more than 36 percent to 63,000. But just two months into 2009, the FBI has already documented nearly 29,000 mortgage fraud SARs.”

Realty Times – “California: Land of Sunshine and a Year of FREE Living” (7-23-09)

“The state of California has more than doubled the normal foreclosure time by an additional 90 days for homeowners with troubled mortgages. This is on top of the 30 day extension put in to place in 2008. Is this the state where living is free or are these actions only prolonging the pain? Sen. Ellen Corbett (D-San Leandro) introduced a bill as an add-on to the California "budget" package to add a 90-day moratorium on California home foreclosures. Gov. Arnold Schwarzenegger signed into the bill on 2/20/09. It applies to owner-occupied homes and first-mortgages made from 2003 to 2007.”