NAHB - "Grassley/Baucus/Obama Amendment Puts Immigration Bill Back On Right Track" (6-21-07)

"A bipartisan amendment put forth by Senators Charles Grassley (R-Iowa), Max Baucus (D-Mont.) and Barack Obama (D-Ill.) is critical to putting immigration reform back on the right track, according to the nation’s home builders. 'Everyone has a stake in reforming the nation’s immigration laws in a fair and just manner that will enhance our border security and provide a sensible process for people to enter our country legally,' said Jerry Howard, executive vice president and CEO of the National Association of Home Builders (NAHB). 'The Grassley/Baucus/Obama amendment would help achieve these aims by improving the bill’s employer provisions to allow small business owners to play a constructive role in the enforcement of the new laws.'"

Bloomberg - "Bear Stearns Fund Collapse Sends Shock Through CDOs" (6-21-07)

"Merrill Lynch & Co.'s threat to sell $800 million of mortgage securities seized from Bear Stearns Cos. hedge funds is sending shudders across Wall Street. A sale would give banks, brokerages and investors the one thing they want to avoid: a real price on the bonds in the fund that could serve as a benchmark. The securities are known as collateralized debt obligations, which exceed $1 trillion and comprise the fastest-growing part of the bond market."

The San Diego Union Tribune - Treasury Secretary Paulson says housing correction is likely near the bottom" (6-21-07)

"The major slump in the housing market is nearing an end and should not have a significant impact on the overall economy, Treasury Secretary Henry Paulson said Wednesday. Paulson refused to comment specifically on the market impact of troubles confronting two large Bear Stearns hedge funds that invested heavily in subprime mortgages – loans made to borrowers with spotty credit histories."

Yahoo - "When Should Homebuyers Jump In?" (6-21-07)

"Investors who time any market hope to buy at the nadir and sell at the zenith, but homebuyers have a trickier time knowing when to sit on the sidelines and when to jump in. The reason? There are several. Buying a home is one of the largest financial investments a homebuyer will make. Transaction costs are expensive enough that homeowners remain in their homes approximately six years before trading up or down. As the recent buyers market shows, homes aren't liquid, and may not find buyers at the price and in the time frame that sellers prefer."

USA Today - "Mortgage applications drop as rates remain high" (6-21-07)

"Applications to buy and refinance homes dropped last week, an industry trade group said Wednesday, the latest sign that housing remains mired in a downturn. The Mortgage Bankers Association's mortgage application index slid 3.4% to a seasonally adjusted 643.7 in the week ended June 15."

Orange County Register - "H&R Block swings to loss on Option One woes" (6-21-07)

"The nation's largest tax preparer reported a loss of $433.7 million million for its fiscal year 2007, compared to a gain of $490.4 million a year ago. And it lost $85.6 million in the fourth quarter vs. a whopping gain of $587.5 in the year earlier period. Blame falls to its subprime unit Option One, which the company is selling to Cerberus Capital Management in a deal set to close during the October quarter."

Orange County Register - "Subprime borrowers pay credit cards, not mortgages" (6-17-07)

"It used to be when people got into financial trouble they would pay their mortgage and let their credit cards slide. Not any more -- at least not for subprime borrowers. A new study by Experian, the Costa Mesa-based credit bureau and information services company, shows that subprime borrowers are now paying their credit cards first and getting behind on their mortgages instead."

Los Angeles Times - "The duplex distinction" (6-21-07)

"Distinctive in appearance and designed with thoughtful features that would make the average house dweller jealous, the not-so-humble duplex is back after a prolonged absence from L.A.'s architectural scene. Preminger's home and others like it are rising across the city with a level of ambition rarely seen since the 1920s and '30s, when graceful Spanish and Mediterranean Revival duplexes rose alongside houses in several pockets of town, most notably the tree-lined boulevards near Highland Avenue and 3rd Street."

Orange County Register - "The Thursday Mortgage Rate Update: Rates Dip Slightly" (6-21-07)

"Why didn't we think of this earlier? A weekly update on mortgage rates, via the reliable crew over at Inman News: 'Long-term mortgage rates dipped this week as weak home-builder optimism and lower housing starts took pressure off inflation, Freddie Mac and Bankrate.com reported today.'"

Real Estate Journal - "A Guide for First Timers Making That First Big Home Purchase" (6-21-07)

"Owning a home is a key to the American dream, but with foreclosure rates at a 50-year high in the U.S. it has never been more important to be a responsible buyer. Here are four steps first-time home buyers should take before sinking their life savings into a house."