Bloomberg - "Subprime `Liar Loans' Fuel Bust With $1 Billion Fraud" (4-25-07)

"Cheating on mortgage applications is so widespread and so seldom punished that it's fueling an increase in foreclosures that will prolong the housing slump, said Robert W. Russell, counsel to the director of the Office of Thrift Supervision, which oversees savings and loans. Borrowers and brokers commit fraud when they exaggerate the applicant's income, qualifying the borrower for a home he otherwise couldn't afford. Such fraud robbed lenders of an estimated $1 billion last year, according to data collected by the Washington- based Mortgage Bankers Association and the Federal Bureau of Investigation. "

Daily News - "Housing market finally cools off" (4-25-07)

"The home sales market in the Santa Clarita Valley is returning to normal, not generating the spectacular profits that marked the past two years, but staying solid, real estate experts said. Sales of single-family homes in the region were up 11.7 percent in January compared with a year ago. The month saw escrows close on 172 houses, compared with 154 in January 2006. "

CNN - "Mortgage applications rebound" (4-25-07)

"Five-week decline ends as activity climbs more than 3 percent, helped by a dip in interest rates, MBA's weekly index says."

CNN - "Foreclosures surge on mortgage woes" (4-25-07)

"Filings were up 35 percent in the first quarter; Detroit and Las Vegas get hammered."

LA Times - "Home sales plunge 8.4% in March" (4-25-07)

"The U.S. housing market will continue softening because prices are too high while too many homes remain unsold, industry observers said after a trade group reported a steep drop in existing-home sales. Sub-prime mortgage woes and harsh winter weather were the main culprits for an 8.4% decline in sales of existing homes in March from the month before, the National Assn. of Realtors said Tuesday. It was the sharpest month-to-month fall since a 12.6% plunge in January 1989."

Yahoo! - "Top 10 remodeling projects for resale" (5-24-07)

"Expecting to plant a "For Sale" sign in the front yard any time soon? Whether the target date for listing your home on the market is a few months or a few years away -- or whether you simply like to make decisions with an eye toward the future -- you may well be wondering how putting some money into the house now will pay off later."

CNN - "Subprime bailouts: How they work" (4-25-07)

"There's some state-sponsored help on the way for subprime borrowers."

Bloomberg - "New-Home Sales in U.S. Increase 2.6% to 858,000 Pace" (4-25-07)

"Purchases of new homes in the U.S. rose for the first time in three months in March as unusually warm weather and incentives brought out more buyers. Sales rose 2.6 percent to an annual pace of 858,000 last month from an 836,000 rate in February that was lower than previously reported, the Commerce Department said today in Washington. The supply of unsold homes at the current sales pace declined. "

Press Enterprise - "Is the Inland housing market weakening?" (4-24-07)

" Two real estate reports released Tuesday suggest the housing market in the Inland region is still weakening. The number of homes on the market in the Inland region is at its highest level in eight years, according to Multi-Regional Multiple Listing Service, which tracks resale homes in western Riverside and San Bernardino counties and eastern Los Angeles County. The service reports that more than 34,700 homes are listed for sale in the region. And, the length of time those houses stay on the market has nearly doubled in the past 12 months, the report found. The month's supply of listings, or how long it would take for this supply of homes to be sold at the current pace, is at 13.2 months, up from 6.9 monthsa year ago. "

CBS - "Study: California Foreclosures Up 68 Percent" (4-25-07)

"California reported 80,595 first-quarter foreclosure filings, about 18 percent of the national total and numerically more than any other state, according to figures released Wednesday by Irvine-based RealtyTrac. Foreclosures increased 68 percent statewide from the previous quarter and more than doubled from the first quarter of 2006, resulting in a foreclosure rate of one foreclosure filing for every 152 households -- fifth highest among the states and 1.7 times the national average, according to RealtyTrac.

eFinanceDirector - "Federal Reserve Urged to Crack Down on Mortgage Originators" (4-25-07)

"The subprime meltdown has led to a great deal of finger pointing. On Monday, a group of senators did some pointing of their own and urged the Fed to use existing authority to restrict some of the mortgage loans being offered by both banks and non-banks."

NAHB - "New Home Sales Tick Up in March in Uncertain Climate" (4-25-07)

"Sales of new single-family homes increased a slight 2.6 percent in March to a seasonally adjusted annual rate of 858,000 units, following sharp declines in both January and February, according to figures released by the U.S. Commerce Department today. The March sales pace was 23.5 percent below a year earlier."

Real Estate Jounral - "U.S. House Prices Slide As Property Glut Grows" (4-25-07)

"Tighter credit and a growing glut of properties are depressing an already weak U.S. housing market, wrecking the industry's hopes for an early rebound. That leaves buyers in a strong position to negotiate for bargains during the spring home-shopping season, the busiest time of the year for housing sales. Yesterday, the National Association of Realtors reported that sales of previously occupied homes in March dropped 8.4% from the prior month to a seasonally adjusted annual rate of 6.12 million units -- the largest monthly drop since 1989. The trade group said the median price for homes was $217,000 in March, down 0.3% from a year earlier."