NAR - "Tighter Lending Standards Affect April Existing-Home Sales" (5-25-07)

"Total existing-home sales including single-family, townhomes, condominiums and co-ops fell 2.6 percent to a seasonally adjusted annual rate1 of 5.99 million units in April from an upwardly revised level of 6.15 million in March, and are 10.7 percent lower than the 6.71 million-unit pace in April 2006. Lawrence Yun, NAR senior economist, isn’t surprised. 'We’ve been anticipating slower home sales because many subprime loan products are no longer available,' he said. 'In addition, increased scrutiny by lenders is stopping risky mortgage origination, which is good for both consumers and the lending community. Fortunately, a wide availability of conventional mortgage products and the 4.5 million jobs created over the past 24 months will help to stabilize the market going forward.'"

Orange County Register - "Cheaper homes seem to sell slower" (5-25-07)

"Housing's no longer 'cooling' or 'in a lull' or 'returning to normal.' The start of Orange County real estate's 2007 has been a major disappointment, at best. Hopes had circled that buyers would shed last year's indifference and get their shopping patterns reinvigorated by the generous selection of homes for sale, a growing flock of somewhat motivated sellers and relatively affordable financing. Instead, buyers are increasingly saying 'No, thank you.'"

Dr. Housing Bubble - "Lifestyles of the Poor and Notorious. 10 Southern California Homes that Prove a Gargantuan Housing Bubble." (5-25-07)

"We have folks making chump change being able to find access to millions of dollars in credit simply because they have a pulse and are able to fog the mirror on their leased Lexus. Even though I’ve featured over 24 homes in Real Homes of Genius, I still get people in the delusional state thinking that there is no housing bubble. 'Dr. Housing Bubble, you cherry pick homes and what does that prove?' they say in a condescending manner. Aside from the fact that the median value of homes is outrageously priced in every county in Southern California (and the median is derived from an aggregate of homes) I’m simply making the story more tangible for the readers who still have doubts."

CNN - "Speed of subprime bust surprises lenders" (5-25-07)

"The subprime mortgage meltdown has been a shock to industry insiders, but now they say it's hitting harder and faster than expected - even to those who predicted the crisis in the first place. That was the message Monday from a panel of leading industry executives on the state of the mortgage lending industry at the Mortgage Bankers Association's National Secondary Market Conference & Expo in New York."

Chicago Tribune - "Trump trumpeting condos for sale" (5-25-07)

"For developer Donald Trump, a press conference may not solve every problem, but it's worth a try. In an effort to turn around a slowdown in sales of units in his luxury tower being built along the Chicago River, Trump on Thursday will meet with reporters to deliver a message: He's got a sale going on. 'We're pricing to sell,' Trump said in an interview Wednesday about his 825-unit Trump International Hotel and Tower now under construction. 'People think we're sold out but we're not.'"

Seeking Alpha - "Subprime Derivatives Say Bernanke Will Be Wrong" (5-25-07)

"U.S. mortgages in foreclosure rose in April 62% from a year ago, according to RealtyTrac Inc. Folks are increasingly losing their homes as we warned last October. Attempting to allay fears, Federal Reserve Chairman Ben Bernanke spoke last Thursday: We believe the effect of the troubles in the subprime sector on the broader housing market will be limited and we do not expect significant spillovers from the subprime market to the rest of the economy or to the financial system."

Realty Times - "Mortgage Sector Shaking Economic Foundation" (5-25-07)

"More evidence reveals the growing chasm between those who can have home loans and those who can't as lenders tighten standards for subprime loans but not prime. Meanwhile, fallout from the mortgage market and other housing market woes finds experts second guessing initial forecasts that the economy is safe from turmoil in the housing market."

BBC News - "US home sales up as prices slump" (5-25-07)

"The number of new builds sold leapt 16.2%, ahead of forecasts and making an annual rate of 981,000 units. But analysts warned against reading too much into the numbers, noting the heavy incentives homebuilders were offering buyers to shift stock."

Orange County Register - "Grubb merger will give Santa Ana firm more exposure" (5-25-07)

"Merging with Grubb & Ellis Co. will give NNN Realty Advisors' investment deals greater exposure, particularly to a growing number of aging baby boomers, the CEO of the Santa Ana-based investment firm said today during a conference call on the proposed joining of the two companies. NNN Realty, the parent company of Triple Net Properties, offers investment opportunities through apartment and office real estate investment trusts and by pooling investor money in the joint purchase of commercial properties."

Orange County Register - "Mortgage rates spike" (5-25-07)

"Mortgage rates in Orange County spiked this week, at exactly the wrong time for a sluggish housing market. The average rate on a 30-year fixed loan with a one-point fee hit 6.107 percent for the week ended Thursday – its highest level in seven months. Fixed rates peaked at 6.616 percent in July 2006, according to National Financial News Services."

Los Angeles Times - "Stocks fall on housing data" (5-25-07)

"Wall Street slumped Thursday after upbeat economic reports damped hopes that the Federal Reserve might cut interest rates this year. The Dow Jones industrials fell for a fourth day, their longest losing streak since February."

Real Estate Journal - "Mortgage Brokers: Are They Friends or Foes for Borrowers?" (5-25-07)

"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."