NAHB - "Newest Recipients Named To National Housing Hall Of Fame" (6-14-07)

"In recognition of their outstanding lifetime achievements in the housing industry, Henry Cisneros, R. James 'Jim' Nicholson, Bruce C. Smith and William J. Levitt were inducted into the National Housing Hall of Fame last week during an induction ceremony held in conjunction with the National Association of Home Builders’ (NAHB) Spring Board of Directors meeting. 'The National Housing Hall of Fame recognizes individuals whose spirit, ingenuity and determination have changed the face of housing history for the better,' said Brian Catalde, a home builder from El Segundo, Calif. and president of NAHB. 'All of these fine people deserve this award and our thanks for strengthening our industry.'"

NAHB - "NAHB To Launch National Green Building Program" (6-14-07)

"The board of directors of the National Association of Home Builders has approved the creation of a national green building program to provide a template for voluntary, market-driven green building all over the country. The vote came during the NAHB Spring Board of Directors meeting in Washington, D.C. on June 10. The new program will be based on the National Green Building Standard, a model for residential construction and renovation written by builders, architects, environmentalists and product experts that will be released in early 2008."

Victorville Daily Press - "Foreclosed Victorville homes go on block" (6-14-07)

"As foreclosures add to the surplus of homes on the residential property market, auctions are rising in popularity. Hudson and Marshall on Thursday will put 12 homes under the gavel in Victorville ranging in price from $86,000 to about $350,000. 'We are truly in a buyer’s market, and purchasing a home through the auction is a great way to find a deal,' said Dave Webb, principal with Hudson & Marshall, the country’s largest real estate auction firm of foreclosed properties."

The Washington Post - "Foreclosures Up on Certain Mortgages" (6-14-07)

"The number of U.S. mortgages entering foreclosure reached an all-time high in the first three months of the year, led by homeowners with blemished credit histories, the Mortgage Bankers Association said in a report today. The rate of loans entering foreclosure was 0.58 percent on a seasonally adjusted basis, up from the previous record 0.54 percent in the fourth quarter of 2006. So-called subprime loans, made to risky borrowers, entered foreclosure at a rate of 2.43 percent, up from 2 percent the previous quarter. There was also an uptick in new foreclosures on prime loans, those made to people deemed more creditworthy-- from 0.24 percent last quarter to 0.25 percent this quarter, the association reported."

Yahoo - "Most Resilient U.S. Real Estate Markets" (6-14-07)

"When it comes to real estate, the questions on everyone's lips are: How low is low, and when's the perfect time to buy back in? That moment has passed in Seattle and Charlotte--both metros hit bottom in the first quarter of 2006 and have since posted price gains of 12.3% and 6.3%, respectively, according to National Association of Realtors (NAR) data. Of the 40 largest metros that have yet to bottom out, which are ripe for investment? Philadelphia and New Orleans. Based on housing inventory and local economic conditions, both should hit price troughs by year's end and bounce back with moderate gains around 4% in 2008."

CNN - "Fed looks to rein in 'liar loans'" (6-14-07)

"The Federal Reserve opened a hearing in Washington today to solicit suggestions on how to curb abusive mortgage lending practices. Representatives from a wide range of interest groups were scheduled to appear at the hearing, which was chaired by Randall S. Kroszner, a member of the Fed's Board of Governors. In opening remarks Kroszner said, 'The hearing will focus specifically on how the Board might use its rulemaking authority under HOEPA (Home Ownership and Equity Protection Act) to address concerns about abusive mortgage lending practices.'"

CNN - "Mortgage rates: biggest spike in 4 years" (6-14-07)

"Mortgage rates made their largest upward movement in nearly 4 years, and the 30-year fixed-rate reached its highest level since July 2006, Freddie Mac said Thursday. The average rate on 30-year fixed-rate loans climbed to 6.74 percent for the week ending June 14, from 6.53 percent the previous week. That marked the biggest one-week increase since July 2003. Last year at this time, 30-year mortgage rates averaged 6.63 percent. The rate is the highest since July 20, 2006, when it averaged 6.80 percent. The 30-year rate stood at 6.15 percent on May 10th, just before it turned sharply up."

CNN - "Home foreclosures hit record" (6-14-07)

"Home foreclosures hit record levels the first quarter, jumping sharply from a year ago level due to economic weakness in the Midwest and the battered housing market in the overbuilt Sunbelt. The report is the latest look at the hit to the home loan market caused by the problems in the subprime mortgage sector that first started getting national attention early this year. Those problems have led to bankruptcies and tighter lending standards, which in turn have hit the sales of both new and existing homes."

Reuters - "Bear Stearns fund facing mortgage losses: WSJ" (6-14-07)

"Bear Stearns' High-Grade Structured Credit Strategies Enhanced Leverage Fund is facing losses and, together with a sister fund, is trying to sell about $4 billion in bonds to raise cash for redemptions and to prepare for likely margin calls, according to the report, which cited people close to the fund. Market sources told Reuters on Wednesday that Bear was aiming on Thursday to sell $3.8 billion of asset-backed securities backed by subprime loans."

Yahoo - "Freddie Mac Posts 1Q Loss of $211M" (6-14-07)

"Freddie Mac, the nation's second largest buyer and guarantor of home mortgages, reported a first-quarter loss of $211 million, mainly from erosion in the value of financial instruments it uses to hedge against interest rate swings. The government-sponsored company, which is emerging from an accounting scandal, said Thursday it lost 46 cents a share for the three months ended March 31. That contrasted with a profit of $2 billion, or $2.80 a share, a year ago."

MBA - "Delinquencies Decrease in Latest MBA National Delinquency Survey" (6-14-07)

"The delinquency rate for mortgage loans on one-to-four-unit residential properties stood at 4.84 percent of all loans outstanding in the first quarter of 2007 on a seasonally adjusted (SA) basis, down 11 basis points from the fourth quarter of 2006, and up 43 basis points from one year ago, according to MBA's National Delinquency Survey. The delinquency rate does not include loans in the process of foreclosure. The percentage of loans in the foreclosure process was 1.28 percent of all loans outstanding at the end of the first quarter, an increase of nine basis points from the fourth quarter of 2006 and 30 basis points from one year ago."

MBA - "MBA Applauds Board of Governors of the Federal Reserve for Hearing on HOEPA" (6-14-07)

"John M. Robbins, CMB, Chairman of the Mortgage Bankers Association (MBA) applauded the Board of Governors of the Federal Reserve (The Board) for holding a hearing today on the Home Ownership Equity Protection Act of 1994 (HOEPA). He offered the following statement: 'I would like to thank Governor Kroszner and the Federal Reserve for holding this important forum to explore ways The Board can address abuses in the mortgage market while still preserving incentives for responsible lenders to provide credit to borrowers, particularly subprime borrowers. MBA abhors predatory lending and looks forward to sharing our views on how to take a balanced approach to rid the market of abusive lending practices."

CNN - "Rate woes: The latest hit to home values" (6-14-07)

"The recent run-up in bond yields isn't just fueling a stock selloff on Wall Street. It's nearly certain to batter already battered home prices on Main Street. Mortgage rates follow bond yields closely, and economists say that the recent run-up in rates in the bond market will further erode what home buyers can pay for houses. Mortgage rates hit a 10-month high last week and are likely to climb further still - the latest bad news for the nation's troubled housing market."

pasadenastarnews.com - "Bonds presage interest rate hike" (6-14-07)

"Investors' expectations of an interest rate cut - and home buyers' hopes for cheaper mortgages - seem to be disappearing. The yield on the Treasury's 10-year note passed 5 percent Thursday, closing at a session high of 5.13 percent, its highest point since mid-July. Some market watchers say the yield is likely to climb higher as bond prices weaken, making it even harder for consumers to finance home purchases and for companies to borrow money. If the yield reaches 5.25 percent, a five-year high, it would match the Federal Reserve's current benchmark interest rate - signaling that the market is, in a sense, beating the central bank to the punch in hiking rates to curb inflation."

Bloomberg - "Subprime Crash Squeezes Out First-Time Home Buyers" (6-14-07)

"Josh Tullis, who in his eight years as a senior loan officer rarely felt compelled to reject a first-time home buyer's mortgage application, is sending people away empty- handed in 2007. Tullis's latest clients are a married couple that banks ought to love. Between them they make $70,000 a year and they've been renting the same apartment for three years with zero late payments, he said."

Orange County Register - "Housing hits plateau" (6-14-07)

"In Yorba Linda, a one-story home with a view sold recently for $860,000, netting $25,000 more than the seller paid for that same house just 11 months before. But it's a different story over in Garden Grove, where a 1,400-square-foot house on a quiet street is having trouble selling, even though the asking price is $15,000 less than the amount paid a year ago for a comparable home that is smaller with inferior construction and in a worse location."

Los Angeles Times - "Sales of homes down 34% in region" (6-14-07)

"Build them and the buyers will come. That's how developer Shone Wang has been selling homes in Southern California for the last 15 years. But this spring, Wang hit a snag: no takers for a cluster of luxury homes he built in Rancho Cucamonga. 'The first day my homes went on sale I decided I had to do something else,' Wang said. His solution is an auction, set for Saturday, at which bidders have to agree to pay at least $700,000 for homes originally priced at $1.2 million."

Real Estate Journal - "Seller Rushes to Make Fixes Before House Goes on Market" (6-14-07)

"Lately my house has been in such a mess that I can't even find the checklist of items I planned to address before it hits the market. Back in late March, when my agent and a stager did a walk-through to give me pointers on renovations, I took copious notes and made a lengthy checklist. But with only a week to my listing date, I'm wondering if I bit off more than my beau, Dave, and I could chew."

Real Estate Journal - "Lower Home-Price Appreciation Fuels Subprime Delinquencies" (6-14-07)

"Areas of the U.S. with greater house-price appreciation last year tended to have lower delinquency rates on subprime mortgages, economists at the Federal Reserve Bank of San Francisco said. Economists there also found the reverse to be true. In an economic letter, 'House Prices and Subprime Mortgage Delinquencies,' San Francisco Federal Reserve economists noted a close link between house-price appreciation and the severity of recent subprime mortgage delinquencies, with metropolitan areas where home prices decelerated the most in 2006 showing the largest rise in subprime delinquency rates."