News10 - "Facing Foreclosure Fears" (6-10-07)

"Nearly 20 percent of Sacramento homes are worth less than the value of their mortgage. Some 3,400 Sacramento County property owners faced foreclosure in the first quarter of 2007, up nearly 200 percent from 2006. Sacramento County ranks in the top ten nationally in the number of foreclosures."

North County Times - "Professor: San Diego economy to weaken" (6-10-07)

"The San Diego County economy will weaken through the end of this year, but it shouldn't fall into recession, according to an economist who compiles an index of leading indicators that was released Thursday. The index dropped slightly in April, the 12th decline in the last 13 months. That signals slower job growth, higher unemployment and continued slow home sales, said Alan Gin, a professor of economics at the University of San Diego, who compiles the university's San Diego Index of Leading Economic Indicators. 'Job growth has slowed considerably,' Gin said. 'It's almost exclusively due to the housing market.' The loss of jobs in construction, real estate sales and real estate financing account for much of the slowdown in job growth, Gin said. He estimated that jobs in the county would increase by 8,000 to 9,000, or about half the job growth of 18,000 in 2006."

The Boston Globe - "The subprime barn door" (6-10-07)

"HOME FORECLOSURES are on the rise, and lenders specializing in subprime mortgages -- that is, loans for homebuyers with blemished credit -- have been evaporating left and right. At long last, lawmakers and regulators have taken an interest in this untidy corner of the mortgage market, and financial-services trade groups are getting in on the act, too, recently issuing a joint statement offering their response to the mess."

The Press Enterprise - "Economists debate specifics of Inland's future economy" (6-10-07)

"Consumer spending is a bubble that will burst in coming months, punctured by mortgage failures and a pullback in home refinancing. Over the next two years, median home prices will decline by 25 percent in Riverside County and 18 percent in San Bernardino Counties, adjusted for inflation. Or scratch that. Job and population growth will not slow down quite so much and home prices, again adjusting for inflation, will fall slightly more than 10 percent in Riverside County and not enough to matter in San Bernardino County."

Orange County Register - "Crime vs. home prices" (6-10-07)

"Here's a look at how 63 major California cities – including eight from Orange County – fared in the 2006 version of annual FBI local crime statistics vs. their DataQuick median home prices, and how such measures compared to statewide benchmarks for 63 other large cities plus three slices of statewide data by housing costs from most to least costly. Stats shown are for 2006: population estimates; median selling price for all residences; violent crimes reported per 1,000 residents; property crimes per 1,000; and all crimes per 1,000."

Orange County Register - "S&P/Case-Shiller best index, poll says" (6-10-07)

"Four of five key home-price indexes for Orange County sit slightly off their peaks: S&P/Case-Shiller, Real Estate Research Council, DataQuick and Office of Federal Housing Enterprise Oversight. A California Realtor index is at its peak as of April. We asked visitors to the Lansner on Real Estate blog which indexes is currently giving out the most reliable signals."

Los Angeles Times - "LA's Champion House-Flipper, Another Subprime Warning" (6-10-07)

"The New York Times gives the full-on Style Section profile treatment to serial remodeler Sandy Gallin, calling him 'Home Flipper to the Stars.' 'Owning a Sandy Gallin flipped home is now nearly as prestigious as it once was to be managed by Sandy Gallin,' the Times says (Gallin once managed Dolly Parton). What's the secret to the successful high-end flip? 'Lots of windows and light, modern, outdoor California living,' says Gallin's architect, Scott Mitchell."

Los Angeles Times - "The 'Freakonomics' Guys Discover Cash Back At Closing" (6-10-07)

"We've written a couple of times about 'cash back at closing' scams. Today we feel ahead of the curve, because the 'Freakonomics' economists (Levitt and Dubner) are examining the same issue here in The New York Times Sunday Magazine. That said, they view it through the prism of Chicago real estate, and focus on cash-back-at-closing scams intended to give the buyer enough cash back for a downpayment, so that the home does not appear to be 100% financed (Our favorite California cash-back scam involves taking the cash and walking away, letting the house fall into foreclosure)."