MBA - "Delinquencies and Foreclosures Increase in Latest MBA National Delinquency Survey" (3-13-07)

"The delinquency rate for mortgage loans on one-to-four-unit residential properties stood at 4.95 percent of all loans outstanding in the fourth quarter of 2006 on a seasonally adjusted (SA) basis, up 28 basis points from the third quarter, and up 25 basis points from one year ago, according to MBA's National Delinquency Survey. The increase was driven by increases in delinquencies for all major loan types, most notably for subprime and FHA loans. Delinquency rates for prime, subprime, FHA, and VA loans increased on a seasonally adjusted basis relative to the third quarter. The delinquency rate for FHA loans reached a new record in the fourth quarter. "

NAR - "Housing Recovery Likely This Year, But Timing Isn't Clear" (3-13-07)

"Unusual weather patterns and problems in the subprime lending marketplace are creating challenges in assessing housing market conditions, but a recovery is likely this year, according to the latest forecast by the National Association of Realtors®. David Lereah, NAR’s chief economist, said there is some ambiguity about the current housing market. 'Our goal each month is to fine-tune the forecast based on the latest housing data and a variety of economic indicators, but extraordinary weather variations are skewing home sales and clouding the picture,' he said. 'Underlying trends point to a housing recovery in 2007, but it will take a couple months for us to get a better handle on it. Existing-home sales are expected to slowly improve from what appears to be the cyclical low last fall, but we think there will be some additional pain in the new home market, which hopefully will start to rise later in the year.'"

Yahoo! - "Late Mortgage Payments Reach High" (3-13-07)

"Late Mortgage Payments Jump to 3 1/2 Year High, New Foreclosures Hit All-Time High"

Market Watch - "Alt-A mortgage losses accelerate, study says" (3-13-07)

"Delinquencies have jumped on Alt-A mortgages originated last year with adjustable interest rates that let borrowers pay only the interest for a time.
These loans, known as Alt-A ARM IOs, have seen a four-fold increase delinquencies of at least 60 days, four times the level of similar loans originated in 2003 and 2004, according to the study by David Liu, head of mortgage credit research at UBS, and LoanPerformance, a division of real estate data firm First American."

Bloomberg - "Senate Weighs Aid to 2.2 Million Subprime Borrowers (Update4)" (3-13-07)

"U.S. lawmakers will have to consider providing aid to about 2.2 million subprime mortgage borrowers who are at risk of defaulting and losing their homes, Senate Banking Committee Chairman Christopher Dodd said today."

OC Register - "New Century can't meet creditor demands" (3-13-07)

"New Century Financial of Irvine said Monday that it doesn't have enough money to buy back up to $8.4 billion in loans it provided to homebuyers with spotty credit and later sold to other creditors, many of which are now demanding repayment. The company's creditors, including global banks such as Bank of America, Barclays, Citigroup, Credit Suisse, Goldman Sachs, and Morgan Stanley, also cut off new financing, essentially shutting down the business and leaving an uncertain future for the 1,800 employees in Orange County and almost 7,000 across the U.S. "

Market Watch - "Lenders fall again on more New Century worries" (3-12-07)

"Shares of mortgage lenders fell again Monday as more bad news from subprime firm New Century Financial rippled through the industry."

"Countrywide, one of the nation's largest mortgage lenders, said Monday that the volume of subprime loans it made in February fell as the company tightens lending standards in response to rising defaults. It said subprime loan fundings in February fell to $2.6 billion from $2.8 billion a year ago. Total loan fundings climbed 10% to $35 billion, Countrywide said. Countrywide added that subprime applications have fallen as the company has tightened its lending criteria. It plans to tighten criteria further, and expects short-term earnings volatility as the changes are made. "

Bloomberg - "Foreclosures May Hit 1.5 Million in U.S. Housing Bust (Update3)" (3-12-07)

"Hold on to your assets. The deepest housing decline in 16 years is about to get worse. As many as 1.5 million more Americans may lose their homes, another 100,000 people in housing-related industries could be fired, and an estimated 100 additional subprime mortgage companies that lend money to people with bad or limited credit may go under, according to realtors, economists, analysts and a Federal Reserve governor. Financial stocks also could extend their declines over mortgage default worries. "

Press Enterprise - "Foreclosure protection sought for low-income homeowners" (3-12-07)

"The Center for American Progress said the government should consider grants to expand mortgage aid and foreclosure prevention programs for families falling behind on their monthly payments. Up to 2.2 million families around the country could lose their homes to foreclosure in the coming years, according to a 2006 report by the Durham, N.C-based Center for Responsible Lending."

Please see our archived radio show as Rick Sharga from RealtyTrac speaks with Bruce in our March 3rd and March 10th show and the Center for Responisble Lending joins us for our March 17th and March 24th show. The Norris Group Real Estate Radio Show

Yahoo! - "New Century Subpoenaed, Faces Delisting" (3-13-07)

"New Century Says Feds Seek Documents, New York Stock Exchange Plans to Delist Shares"

Bloomberg - "U.S. Mortgage Delinquency Rates Likely Rose in Fourth Quarter" (3-13-07)

"Home loan delinquency rates released today by the Mortgage Bankers Association may show an increase for a fourth straight quarter as subprime defaults ripple through the real estate market. Past-due payments on 43 million loans tracked by the survey have climbed since a five-year boom in U.S. housing prices ended a year ago. In the third quarter of 2006, about 4.6 percent of mortgage holders were at least 30 days late, including about 2.4 percent of prime borrowers and 12.6 percent of subprime customers with poor or limited credit histories. "

NAR - "Housing Recovery Likely This Year, But Timing Isn't Clear" (3-13-07)

"Unusual weather patterns and problems in the subprime lending marketplace are creating challenges in assessing housing market conditions, but a recovery is likely this year, according to the latest forecast by the National Association of Realtors®."

Yahoo! - "Accredited, New Century lead subprime meltdown" (3-13-07)

"The meltdown among U.S. subprime mortgage lenders including New Century Financial Corp. broadened on Tuesday, as Accredited Home Lenders Holding Co. shares fell more than 60 percent, and investors worried that more lenders might restructure or seek bankruptcy protection."

Bloomberg - "U.S. Subprime Mortgage Delinquencies at 4-Year High (Update1)" (3-13-07)

"Subprime borrowers fell behind on their mortgages at the highest rate in four years in the fourth quarter and delinquencies rose on all types of U.S. home loans, the Mortgage Bankers Association said. U.S. mortgages entering foreclosure rose to an all-time high of 0.54 percent, the Washington-based bankers' group said in a report today. Subprime delinquencies rose to 13.33 percent from 12.56 percent in the third quarter. Overdue payments on all types of loans rose to 4.95 percent from 4.67 percent in 2006's third quarter. That was the highest since the second quarter of 2003. "

CNN - "Scary math: More homes, fewer buyers" (3-13-07)

"The problem with subprime lenders means there will be more homes in an over-supplied market and not as many people who can step in to make purchases."

Market Watch - "Housing recovery 'likely' this year: NAR" (3-13-07)

"A recovery in the nation's housing market is "likely" this year, though problems in the subprime lending marketplace and unusual weather have posed challenges in assessing conditions, according to a Tuesday forecast from the National Association of Realtors."

LA Times - "Upside in L.A. housing market" (3-13-07)

"Condo sales downtown, where prices start in the mid-$300,000 range, are still relatively strong."

LA Times - "As sub-prime lender implodes, housing shudders" (3-13-07)

"In some parts of the state — including the Central Valley, the Inland Empire and San Diego — foreclosures have gone from rare to plentiful in a little more than a year. Real estate appraisers say home values are beginning to be affected."