NAHB - "NAHB Files Suit Over Costly New California Regulation" (6-7-07)

"The National Association of Home Builders has filed suit against a Central California air pollution control district challenging the legality of the so-called Indirect Source Rule (ISR), which is expected to add thousands of dollars to the cost of new homes. The suit was filed in U.S. District Court for the Eastern District of California. In NAHB v. San Joaquin Valley Unified Air Pollution Control District, home builders argue that the ISR is pre-empted by the federal Clean Air Act, and that the district ignored necessary procedures before adopting it. Under the Clean Air Act, only states, not local air districts, are given authority to regulate indirect sources, which in this case are emissions from the tailpipes of construction equipment and motor vehicles related to home construction."

NAHB - "Builders Support Leadership Program To Meet Housing Needs of Disabled Veterans" (6-7-07)

"The National Association of Home Builders (NAHB) today called on Congress to simplify paperwork requirements and increase grant limits for the U.S. Department of Veterans Affairs Specially Adapted Housing program to help builders and remodelers better accommodate the housing needs and improve the lives of the nation’s disabled veterans. Testifying before the Subcommittee on Economic Opportunity of the House Committee on Veterans’ Affairs, Brian Catalde, president of NAHB and a home builder from El Segundo, Calif., expressed support for the Specially Adapted Housing program and offered several suggestions to expand or improve the program to better serve the thousands of severely injured veterans whose homes must be modified in ways that will allow them to live independently."

CAR - "C.A.R. forecasts 14 percent sales decline, modest increase in median home price for state" (6-7-07)

"The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) today projected a 14 percent decline in single-family home sales this year, and forecast a 1.8 percent increase in the median price of a home. C.A.R. Executive Vice President Joel Singer delivered the Association’s 2007 Midyear Housing Market Forecast as part of the California REALTOR® Showcase and C.A.R.’s Legislative Day activities this week in Sacramento. Sales are expected to fall to 410,500 units in 2007, a 14 percent decline from the 477,460 pace recorded in 2006, according to the forecast. The median price of a home will reach $566,500 this year, a 1.8 percent increase from the $556,640 median for 2006."

MBA - "Ginnie Mae Outlines New Monthly Reporting Process" (6-7-07)

"Ginnie Mae is pleased to announce, as part of its ongoing business process improvement efforts, the implementation of a new streamlined process for reporting remaining principal balances (RPBs), pool accounting data and loan level data on a monthly basis. The new streamlined process, Reporting and Feedback System ("RFS"), will require the electronic submission of a single consolidated file to Ginnie Mae on a monthly basis, replacing Ginnie Mae’s current reporting process where issuers have to submit separate file transmissions to Ginnie Mae on a monthly basis for each of the above reports. Ginnie Mae will reconcile the loan and pool level data with the reported RPBs. Issuers will be timely notified of any exceptions. This should eliminate the need for post payment adjustments on payments to Ginnie Mae investors."

Market Watch - "Benchmark Treasury yield rises above 5%" (6-7-07)

"Treasurys sold off sharply Thursday, thrusting the benchmark yield above 5% for the first time since August, on the heels of a global sell-off of government bonds triggered by foreign rate hikes. Selling pressure was intensified by the hedging strategies of many mortgage-backed securities portfolio managers that force them to unload Treasurys. There also is a trend of foreign central banks to diversify away from long-term Treasury notes."

Yahoo - "Rates on 30-Year Mortgages Jump" (6-7-07)

"Rates on 30-year mortgages rose for a fourth straight week, hitting the highest level in 10 months, as bond markets responded to strong employment growth. Mortgage giant Freddie Mac reported Thursday that 30-year, fixed-rate mortgages averaged 6.53 percent this week. That was up sharply from 6.42 percent last week and represented the highest point for 30-year mortgages since they averaged 6.55 percent on Aug. 10."

The Market Oracle - "Global Liquidity Crisis when the Credit Boom comes to an End" (6-7-07)

"Stock markets around the world have been skyrocketing lately. In fact, Forbes reported on Tuesday that: 'all 22 of the developed-world markets tracked by Morgan Stanley Capital International are in positive territory year-to-date… Emerging markets are looking just as flush. Of the 29 emerging market countries that MSCI tracks, only four — Argentina, Sri Lanka, Russia and Venezuela — are in negative territory.' There's just one little problem; the Commerce Department announced yesterday that that GDP in the first quarter was revised downward to a measly .6%."

The New York Times - "Interest Rates Raised in Euro Zone" (6-7-07)

"The European Central Bank raised its key interest rate to the highest level in nearly six years on Wednesday amid steady growth and left the door open to further increases -- though it appeared in no hurry to move again. The widely expected increase will make everything from mortgages to auto loans more expensive for more than 317 million people in the 13-nation euro zone, which accounts for more than 15 percent of the world's gross domestic product."

USA Today - "Many investors feel like running away from homes" (6-7-07)

"For-sale signs are sitting ignored in some cities. Interest rates on exotic loans are doubling. Insurance premiums and property taxes are skyrocketing. Wannabe real estate tycoons stuck with properties they can't sell have been turned into landlords, forced to fix toilets and take tenant calls in the middle of the night. Many are 'under water' — owing more on the mortgage than they could get by selling. Meanwhile, stock investors have been celebrating again as broad market indexes march to new highs. And that is prompting some real estate investors to make the switch back to stocks. Real estate 'isn't as lucrative as it used to be,' says Jack Patterson, a financial adviser in Coral Gables, Fla., who has been helping clients sell real estate and buy stocks."

Orange County Register - "Bella Terra may add 500 housing units" (6-7-07)

"The owner of Bella Terra plans to add more than 500 apartments and condos to the shopping center in Huntington Beach and expand the retail space. The mixed-use proposal, combining housing and retail, is part of a growing trend among malls and fledgling neighborhoods throughout Orange County."

Orange County Register - "Help for first-time homebuyers" (6-7-07)

"Jennifer and Dale Baisch gave up on their dream of buying a home five years ago. The Stanton couple had done their homework, studying first-time buyers guides to learn the ins and outs of homebuying, and thought they were ready to go. But before they could even look very much, they hit a common stumbling block in Orange County – home prices that far outstripped their then mid-$40,000s income."

Los Angeles Times - "Mortgage Fraud 101: Investigator Finds 400 'Crash and Inflate' Scams" (6-7-07)

"Signs of fraud: the house sits on the market for a long time. Then suddenly, miraculously, it sells for above the asking price. Then nobody moves in, and it goes to foreclosure. Where's the fraud? The seller kicks back a bunch of cash to the buyer, who never intended to move in, and everybody walks away happy."

Los Angeles Times - "Thursday Morning Rewind: Remember When 2007 Was Going to Be a Good Year?" (6-7-07)

"Because there seems to be some interest in the forecasts from the National Association of Realtors, here, courtesy of the blog at Inman.com, are the three forecasts the Realtors have issued this year"

Real Esate Journal - "Iraq War Memorial Sparks Fight Over Property Values" (6-7-07)

Like many San Francisco Bay Area residents, Shelly Valerio is against the continued conflict in Iraq. 'I really wish we weren't in Iraq; it's causing such strife,' says the 45-year-old personal trainer, who lives in this upscale town east of Berkeley, Calif. But when a local, Jeff Heaton, late last year planted dozens of three-foot-high crosses on a hillside to commemorate U.S. soldiers who have died in Iraq, Mrs. Valerio -- and many of Lafayette's 24,000 other residents -- objected. Instead of embracing the gesture, which Mr. Heaton says is part of an effort to "end all wars," Mrs. Valerio attended city-council meetings for the first time to voice her displeasure. She signed protest petitions, met with the Lafayette mayor to complain, and put eight signs on her front lawn decrying the 'cemetery' that had sprouted up near her home."

Real Estate Journal - "Rise in Home Inventory Continues to Hurt Prices" (6-7-07)

"Growing inventories of unsold homes continue to weigh on the U.S. housing market, portending more downward pressure on prices, the latest data show. The number of homes listed for sale in 18 major U.S. metropolitan areas at the end of May was up 5.1% from April, according to figures compiled by ZipRealty Inc., a national real-estate brokerage firm based in Emeryville, Calif. The data cover all listings of single-family homes, condos and town houses on local multiple-listing services in those areas."

Real Estate Journal - "What You Don't Know About Real Estate May Cost You" (6-7-07)

"Few consumers understand fundamentals of the real estate industry and don't know that they can negotiate better prices for basic services, according to an analysis released Monday from a consumer advocacy group. The new analysis indicates that about one-third of respondents to a survey, which was performed last year for AARP, knew that the local multiple listing service is the most complete source of information about homes for sale. Only about one-quarter of respondents knew that they can negotiate broker commissions."