CNN - "Subprime mess - no easy fix" (4-20-07)

"Swapping risky mortgages for those with steady payments sounds like a reasonable plan to keep millions out of foreclosure. But the way mortgage products have been packaged and sold into financial markets presents a big hurdle. At a Congressional hearing Tuesday, several speakers - including lawmakers, activists and real estate professionals - called for loan modifications that would move troubled borrowers out of adjustable-rate mortgages, forgive late penalties and add late-payments to the end of the loan. "

Sign On San Diego - "Trend called 'disturbing'" (4-20-07)

"San Diego County neighborhoods with large minority populations have been especially hard hit with foreclosures and risky subprime loans, members of the San Diego City-County Reinvestment Task Force were told yesterday. Steve Bouton, an El Cajon banking consultant, said his analysis of census tracts showed a clear pattern of subprime loans – higher-priced loans for people with tarnished credit or low incomes who are considered greater risks. "

Yahoo! - "Luxury Homes on the Block" (4-20-07)

"Subprime lending. It’s enough to strike fear in the heart of the most credit-worthy homeowner. Indeed, scores of homeowners and banks, reacting to recent mortgage defaults, are scrambling to sell off housing, often at a loss. In watching congressional hearings and reading media reports, it seems the subprime problem is germane to the low end of the market."

CNN - "5 dumbest renovation fads" (4-20-07)

"A remodeling trend may look good on paper, but it may not make your home more livable - or more valuable. These five alternatives from Money Magazine will."

MSNBC - "Subprime assault on southern California" (4-20-07)

"Far away from the sun-kissed beaches and palm trees that make up southern California's idyllic coastline, trouble is brewing in the Inland Empire. Two years ago the sprawling arid region that lies to the east of Los Angeles was one of California's property hot spots. House buyers priced out of expensive Orange County and the more affluent neighbourhoods of Los Angeles poured into towns such as Riverside, Moreno Valley and Perris. Limited housing stock and a relatively benign regulatory environment attracted developers, who built scores of new homes."

Market Watch - "California home prices to weaken further: Goldman" (4-20-07)

" Investment bank Goldman Sachs is increasingly concerned about the health of California's real estate market and reckons mortgage giant Countrywide Financial could be harder hit than other lenders because of its big exposure to the state."

Yahoo - "Is There Still Value in Subprimes?" (4-20-07)

"NovaStar Financial is one of the most controversial stocks we cover. The subprime mortgage lender rode the wave of the housing boom over the past few years, and it is now struggling to survive the storm in the subprime mortgage industry--a storm that already forced industry stalwart New Century Financial into bankruptcy. NovaStar's stock price has plummeted from more than $30 per share in early December to approximately $5 per share today. Right now, NovaStar's long-term prospects are up in the air. It is unclear whether the company can survive the mortgage malaise, stave off liquidity problems and emerge as one of the few stand-alone players in the industry."

OC Register - "Orange County home prices and sales" (4-20-07)

"For the 22 business days ending April 6, sales for all types of Orange County home sales decreased 23.7 percent. The median sales price increased 3.1 percent. The median is where half the homes sold for more and half for less. Types of homes selling, as well as home value changes, cause the median to change."