DQ News - "Bay Area home sales lowest since 1996, prices still flat" (3-15-07)

"Bay Area homes continued selling at an 11-year low in February as the region logged its seventh month without significant price appreciation, a real estate information service reported. A total of 6,305 new and resale houses and condos sold in the nine-county Bay Area last month. That was up 2.2 percent from 6,168 in January, and down 7.9 percent from 6,844 in February last year, according to DataQuick Information Systems. "

NAHB - "Builders Testify On Housing Finance System Reform" (3-15-07)

"The National Association of Home Builders (NAHB) testified before the Congress today on several solutions to enhance H.R. 1427, the Federal Housing Finance Reform Act of 2007, legislation that would strengthen the regulation of the housing government-sponsored enterprises (GSEs) Fannie Mae, Freddie Mac and the Federal Home Loan Banks. The proposals would ensure the ongoing financial safety and soundness of the GSEs, while preserving the vitality of their government-sponsored status for the fulfillment of their vital housing mission. "

NAR - "FHA Reform Could Provide Borrowers With Safer Mortgage Alternative" (3-15-07)

"The country needs a strong, viable Federal Housing Administration that delivers housing policies that ensure federal housing programs meet their mission responsibly and efficiently, the National Association of Realtors® stated today to a Senate subcommittee on housing. NAR has called on Congress to enact legislation that will allow FHA to conform to today’s mortgage environment and reflect consumers’ needs and demands. Changes that FHA has proposed and that are supported by NAR include eliminating the statutory 3 percent minimum cash down payment and offering down payment flexibility; allowing the FHA to offer risk-based pricing; and increasing the loan limits for FHA loans."

Yahoo! - "Why Your Home Is Not the Investment You Think It Is" (3-15-07)

"Too many people rely on their home as their primary savings strategy. That's a mistake."

Bloomberg - "Pulte Says Housing Market Unlikely to Recover Quickly (Update2)" (3-15-07)

"Pulte Homes Inc., the fourth- largest U.S. homebuilder, said the housing market is unlikely to have a quick recovery as buyers wait out the drop in prices."

"We're not projecting anything to bounce off the bottom at this point," Chief Financial Officer Roger Cregg said at a UBS conference in London. "There's been a lot of buyers that have moved to the sidelines."

Reuters - "Nervous neighbors eye California subprime lender" (3-15-07)

"There was no sign of financial meltdown on Wednesday at the Southern California office park surrounding New Century Financial Corp., but neighbors walking by one of the starting points of the mortgage industry crisis shivered at the thought of what could be next."

CNN - "New Century may be shut down in Ohio" (3-15-07)

"State attorney general gets temporary restraining order against the troubled mortgage lender, claiming 'predatory' lending practices."

Reuters - "Senator says regulators accountable on subprime" (3-15-07)

"U.S. Senate Banking Committee Chairman Christopher Dodd said on Wednesday regulators bear some responsibility for problems in the subprime mortgage sector and he plans to call them before the committee for questioning."

Forbes - "From Subprime To The Ridiculous" (3-15-07)

"With the meltdown in the subprime mortgage sector now laid bare, many on Wall Street desperately cling to the notion that the pain will be localized. The prevalent delusion is that the overall mortgage, housing and stock markets will be little affected by the carnage ravaging the subprime sector. As such, the renewed stock market weakness is seen as an overreaction and a great buying opportunity. These assumptions represent wishful thinking in the extreme."

Market Watch - "In subprime mess, another dumb theory falls" (3-15-07)

"Questions have been asked about risky mortgage loans going back to 2003. What would happen to all the leverage taken on by home buyers when interest rates started to rise and the market turned around. But the answer was always the same. It's different this time. The banks and lenders have sold the loans. They don't hold them. "

OC Register - "Home prices hit record" (3-15-07)

"February housing numbers give mixed signals, with the overall price up, driven primarily by a robust Los Angeles housing market. But sales still are down from a year ago, and prices either were flat or down in four of the region's six counties."

MBA - "MBA Chairman Robbins Testifies in Support of Reform to Reinvigorate FHA" (3-15-07)

John M. Robbins, CMB, Chairman of the Mortgage Bankers Association (MBA), testified today before the U.S. Senate Appropriations Committee’s Subcommittee on Transportation, Housing and Urban Development and Related Agencies. The topic of the hearing was “Solvency and Reform Proposals for the Federal Housing Authority.”