Bloomberg - "Immigrants May Be First to Feel Housing Slump's Impact on Jobs" (5-30-07)

"The slump in homebuilding, the deepest since 1990, has so far taken only a modest toll on the U.S. job market. Workers like Francisco Leon may be part of the explanation. Two years ago, Leon, an undocumented immigrant from Guatemala, had little trouble finding construction work five days a week in northern Virginia. Nowadays, the 22-year-old mainly does odd jobs, often only two days a week."

Yahoo - "Homebuilder Pulte to Cut 1,900 Jobs" (5-30-07)

"Facing a grim housing market, Pulte Homes Inc. said Tuesday that it is cutting about 16 percent of its work force, or about 1,900 jobs, as part of a restructuring. Pulte, one of the nation's leading homebuilders, said the restructuring will save an estimated $200 million a year before taxes."

Yahoo - "Mortgage Brokers: Friends or Foes?" (5-30-07)

"The political debate over how to deal with a surge in defaults on home loans is raising a question that consumers ought to consider: Is my mortgage broker really working for me? Borrowers often see mortgage brokers as their allies, searching far and wide for just the right home loan at an attractively low price. But many brokers are making it clear they don't see things that way. They are fighting efforts by federal and state politicians to impose a fiduciary duty on them to put their customers' interests first, as lawyers, real-estate agents and financial planners generally are required to do with their clients."

Dr. Housing Bubble - "Summer and Housing in the Garden of Eden" (5-30-07)

"As spring enters its final days and May kisses us goodbye, the air smells of summer. The warmth of the sun caressing your face, the smell of salt at the beach, and sellers getting ready for the Battle of Housing Waterloo. The moment of truth has arrived. Will housing show continued resilience and live eternally in the Garden of Eden? Or will the housing bears be vindicated as inventory numbers begin to pile on top of one another like an Ultimate Fighting Championship? When I say housing will soar I am using this term like Stephen Colbert and referring to housing soaring like the Hindenburg. Let me give you another three reasons why all of us are jumping into this hydrogen powered housing bonanza only to come down in a fiery mess."

CoStar Group - "Mortgage Fraud Jumps 30%" (5-30-07)

"Mortgage fraud is a burgeoning crime that is affecting more and more companies and communities, according to a new report from the Mortgage Bankers Association (MBA). In its ninth annual report, the Mortgage Asset Research Institute (MARI), a service to MBA members, illustrates just how quickly the problem is growing. Suspicious activity reports (SARs) related to mortgage fraud have risen from more than 3,515 in fiscal year 2000 to more than 28,000 in fiscal year 2006, representing estimated losses of about $1 billion."

Yahoo - "Foreclosure risk rises with ARM teaser rates" (5-30-07)

"The borrowers who are in the most danger have two strikes against them. First, they are (or will be) underwater -- owing more than the house is worth. Second, they have adjustable-rate mortgages, or ARMs, with low "teaser rates." Eventually, after anywhere from one month to five years, the ARM enters its rate-adjustment period and the loan is reset with a higher rate."