North County Times - "San Diego foreclosure activity hits two-year high" (4-18-07)

"Foreclosure filings in San Diego County doubled during the first three months of this year over the same period last year and increased sixfold over 2005, according to a survey released Wednesday. For the month of March, county properties in some stage of foreclosure climbed by 49 percent from February to 2,551, the highest one-month level since the real estate market began to cool in 2005, according to RealtyTrac Inc., an Irvine foreclosure listing service in Irvine. That figure represents one in every 408 households. During foreclosure, a mortgage holder such as a bank or mortgage lender takes legal steps to seize property from an owner who is in default, or behind in making payments. Of the 2,551 properties in the county, 1,998 were in default, 415 were on notice the property would be sold for repayment and 138 had been foreclosed on or repurchased by the lenders. While foreclosures nationwide are on the increase after years of a robust housing market, James J. Saccacio, CEO of RealtyTrac, said in a news release that they are not far from historical norms, but cautioned that there could be widespread consequences if foreclosure activity continues to accelerate."

OC Register - "Poll results: Buyers won't return until 2009 or later" (4-18-07)

"O.C. homebuyers are clearly taking a wait-and-see-approach. By DataQuick's count, the pace of purchases of newly built homes (or converted apartments) hasn't been this slow in more than a decade. We asked visitors to the Lansner on Real Estate blog when buyers will return to the market with vigor."

CNN - "Subprime solution: Swap ARMs for fixed-rates" (4-18-07)

"Panel members at a Congressional hearing on the subprime crisis recommend changing the terms of ARM loans to forestall foreclosures."

Market Watch - "Pulte Homes warns of deeper net losses" (4-18-07)

"Pulte Homes warned late Wednesday that losses for the first quarter will come in deeper than previously anticipated due to a "challenging" market for homebuilders."