MBA - "Fed Plans Public Hearing HOEPA" (5-29-07)

"The Federal Reserve Board on Tuesday announced the discussion topics for its June 14 public hearing under the Home Ownership and Equity Protection Act (HOEPA). The purpose of the hearing is to gather information about how the Board might use its rulemaking authority to curb abusive lending practices in the home mortgage market, including the subprime sector, in a way that preserves incentives for responsible lenders to provide credit to borrowers."

Bloomberg - "U.S. Home Prices Drop for the First Time in 16 Years" (5-29-07)

"Home prices in the U.S. dropped last quarter for the first time in almost 16 years, as 13 out of 20 cities reported declines in March. The value of a house dropped 1.4 percent in the first three months of the year from the same period in 2006, according to a report today by S&P/Case-Shiller. Prices last fell during the third quarter of 1991."

Bloomberg - "U.S. Home Construction Bust May Last Until 2011" (5-29-07)

"New home construction in the U.S. may take until 2011 to return to last year's level, said David Seiders, chief economist for the National Association of Home Builders in Washington. Monthly construction starts would need to jump by 21 percent to reach Seiders's benchmark for full recovery, which is 1.85 million. There were 1.53 million in April, the Commerce Department said. At the height of the five-year housing boom in January 2006, construction began on 2.29 million homes."

MSNBC - "April's Blue-Light Housing Sale" (5-29-07)

"Real estate investors got a swift smack back to reality May 25 with news that existing home sales fell to a four-year low and inventories reached a 15-year high, defying a surge in new home sales reported the previous day. Instead of a projected 2.1% increase, existing home sales dropped 2.6% to an annual rate of 5.99 million units in April from an upwardly revised 6.15 million units in March."

Bloomberg - "Property Taxes Spur Revolts" (5-29-07)

"When it comes to property taxes in the U.S., often you are blessed and cursed. In a rising market, the local assessor will raise his estimate of your home's worth, which usually results in a higher real-estate tax bill. Your property taxes, particularly in a high-growth area, then pay for new schools, fire and police stations and other public services."

Reuters - "Centex, DR Horton, Pulte may bust bond terms" (5-29-07)

"At least three major U.S. home builders suffering from the housing slump may soon violate contracts meant to protect payments on some $11 billion in debt, Standard & Poor's analysts said on Tuesday."

The Call - "2.2 Million Mortgages Will End In Foreclosure" (5-29-07)

"A recent report released by the Center for Responsible Lending predict that 2.2 million subprime loans issued in the U.S. will end in foreclosure. Those 2.2 million foreclosures will flood the housing market -- causing homeowners who received the mortgages between 1998 and 2006 to lose a combined total of $164 billion in home equity. According to the report, the subprime mortgage industry has experienced a rise in consumer activity -- increasing profits from $35 to $665 billion since 1994."

Real Estate Journal - "Are They Friends or Foes for Borrowers?" (5-29-07)

"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."

The New York Times - "As Condos Rise in South Florida, Nervous Investors Try to Flee" (5-29-07)

"As dozens of condominium towers conceived during Florida’s real estate boom near completion, investors who snatched up units in the preconstruction phase in hopes of turning a quick profit are increasingly trying to break contracts, even walking away from fat deposits."

Patrick.net - "The California Housing Report: Details In the Data Show A Broad-based Price Decline" (5-29-07)

"Headline: 'C.A.R. [California Association of Realtors] reports sales decrease 27.8 percent in April, median price of a home in California at $597,640, up 6.2 percent from year ago.' Then we also read, 'Throughout the state inventory levels have increased to their highest levels in recent years…' Price increase in the climate of declining sales and rising inventory? Something doesn’t add up."

eFinanceDirectory.com - "New Home Sales Fall 11 Percent, Prices Plummet" (5-29-07)

"According to the numbers released by the U.S. Census Bureau and the Department of Housing and Urban Development, April of 2007 was another housing market debacle. New home sales fell an astounding 11 percent in a year over year comparison. The decline would have been much worse if it would have not been for the market performance in the Northeast, where sales increased by (an almost unbelievable) 43.1 percent*. New home sales fell in every other region"