CAR - "C.A.R. reports sales decrease 20.8 percent in March, median price of a home in California at $580,090, up 3.2 percent from year ago" (4-24-07)

"Home sales decreased 20.8 percent in March in California compared with the same period a year ago, while the median price of an existing home increased 3.2 percent, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported today."

CNN - "Home sales: Worst drop in 18 years" (4-24-07)

"Sales pace much lower than forecasts, prices show year-over-year drop for eighth straight month."

Bloomberg - "S&P/Case-Shiller Home Price Index Fell 1% in Year" (4-24-07)

"Declines in home prices in 20 U.S. metropolitan areas accelerated in the 12 months ended in February, a private survey showed today. Values fell 1 percent from February 2006 after dropping 0.1 percent in the year ended January, according to the S&P/Case- Shiller home-price index. January's decrease was the first since the group started keeping year-over-year records in 2001. Slow demand has left a glut of homes for sale on the market that's forcing sellers to reduce prices, economists said. A rise in foreclosures may add to the number of unsold homes, suggesting prices will be slow to rebound and housing will continue to limit economic growth. "

Bloomberg - "Subprime Bondholders May Lose $75 Billion From Slump" (4-24-07)

"Bond investors who financed the U.S. housing boom are starting to pay the price for slumping home values and record delinquencies in subprime loans. They will lose as much as $75 billion on securities made up of millions of mortgages to people with poor credit, says Pacific Investment Management Co., manager of the world's biggest bond fund. Some of the $450 billion in subprime mortgage-backed debt sold last year has lost 37 percent, according to Merrill Lynch & Co. "

North County Times - "Home sales plunge in San Diego, Riverside counties" (4-24-07)

"Sales of existing single-family homes plummeted last month in San Diego and Riverside counties -- and in nearly every other California market -- amid growing anxiety over the collapse of the subprime market, real estate officials said Tuesday. San Diego County posted a year-over-year decline of 20 percent in March, nearly matching the statewide decline of 21 percent, according to a new report from the Los Angeles-based California Association of Realtors."

NAR - "Weather Hits March Existing-Home Sales After Three Monthly Gains" (4-24-07)

"Unusually bad winter weather in February curtailed home shopping, slowing sales that closed in March, which may have been dampened further by a decrease in subprime lending volume, according to the National Association of Realtors®. After rising for three consecutive months, total existing-home sales – including single-family, townhomes,condominiums and co-ops – fell 8.4 percent to a seasonally adjusted annual rate1 of 6.12 million units in March from a pace of 6.68 million in February, and are 11.3 percent below the 6.90 million-unit level in March 2006."