The San Diego Union-Tribune - "Realtors also post ominous signs" (5-26-07)

"By all measures, April was a bad month for anyone with a “for sale” sign in their front yard. Sales of previously owned homes declined last month as the supply of unsold properties on the market ballooned and prices declined compared with those a year earlier."

CAR - "C.A.R. 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" (5-26-07)

"Home sales decreased 27.8 percent in April in California compared with the same period a year ago, while the median price of an existing home increased 6.2 percent, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported today. 'April sales fell in part because of tighter credit standards and growing concerns about the impact of subprime loans on the market,' said C.A.R. President Colleen Badagliacco. 'Throughout the state inventory levels have increased to their highest levels in recent years, giving buyers more time to view a greater variety of homes and sellers who set realistic prices an edge in the market.'"

Orange County Register - "Homeowners with mortgage problems head for bankruptcy court" (5-26-07)

"Subprime mortgage problems first showed up last year as an increase in defaults and foreclosures, but more recently experts say the financial difficulties are being seen on a new front – bankruptcies. Consumer bankruptcy filings dropped dramatically after a surge in 2005 by people who wanted to beat tougher rules that took effect that October."

Bloomberg - "Fannie, Freddie Bill May Fail Over Portfolio Issue, Baker Says" (5-26-07)

"Legislation strengthening regulation of Fannie Mae and Freddie Mac could collapse because of a limit on the ability to cut the companies' combined $1.4 trillion in mortgage assets, Representative Richard Baker said. The House of Representative passed legislation on May 22 creating a stronger regulator for Fannie Mae and Freddie Mac that removed constraints sought by the Bush administration."