NAR - "Prices Rise, Existing-Home Sales Decline in June" (7-25-07)

"Sales of existing homes fell in June with some potential buyers staying on the sidelines, but prices rose modestly as inventories eased, according to the National Association of Realtors®. Total existing-home sales – including single-family, townhomes, condominiums and co-ops – declined 3.8 percent to a seasonally adjusted annual rate1 of 5.75 million units in June from a downwardly revised level of 5.98 million in May, and are 11.4 percent below the 6.49 million-unit pace in June 2006."

MBA - "Fannie Mae Update Master Form and Short Form Mortgage/Deed of Trust Documents" (7-25-07)

"Fannie Mae and Freddie Mac have jointly developed uniform master and short form security instruments for first mortgage loans. In states with statutes that allow for the use of master and short form security instruments, recording the new short form mortgage or deed of trust (“Short Form”), which can be one quarter the length of the current security instruments, can result in significant savings in closing costs. The new uniform master form mortgage or deed of trust (“Master Form”) and Short Form documents have been placed on www.efanniemae.com. Lenders may elect to deliver first mortgage loans to Fannie Mae using the approved Master Form and Short Form documents in lieu of the current version of the Fannie Mae/Freddie Mac uniform first mortgage security instruments."

MBA - "Education is the Key to Owning a Home, it's that Simple" (7-25-07)

"The Mortgage Bankers Association (MBA) is committed to helping first time home buyers learn about the mortgage process and is also working to keep current homeowners in their homes. To that end, MBA has enhanced its bilingual consumer education website, www.HomeLoanLearningCenter.com, with a comprehensive guide and an accompanying online calculator that were created to demystify the mortgage process. The Simple Facts provides valuable information that helps prospective homebuyers identify the pros and cons of each type of mortgage and choose the best product for their own personal situation. The Simple Calculator is a tool that estimates the payments for each product, not just today but throughout the mortgage, and compares payments under different types of loans."

MBA - "Mortgage Applications Decrease in Latest MBA Weekly Survey" (7-25-07)

"The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending July 20, 2007. The Market Composite Index, a measure of mortgage loan application volume, was 609.0, a decrease of 3.6 percent on a seasonally adjusted basis from 631.6 one week earlier. On an unadjusted basis, the Index decreased 3.5 percent compared with the previous week and was up 13.1 percent compared with the same week one year earlier."

MBA - "VA Unveils New VA Loan Electronic Reporting Interface Page" (7-25-07)

"The U.S. Department of Veterans Affairs (VA) completed a project where we redesigned virtually all of our loan servicing regulations, processes, and reporting requirements. The new regulatory environment is being implemented through process changes, organizational changes, and a new application service that replaces our current loan servicing system. The new application service is called the VA Loan Electronic Reporting Interface"

The San Diego Union Tribune - "County foreclosures leap higher" (7-25-07)

"Home foreclosures in San Diego County continued a troublesome climb into record territory in June, but analysts say the number has yet to reach a threshold that creates a drag on real estate prices or the economy. DataQuick Information Systems reported yesterday that during the first half of 2007, San Diego County had 2,896 foreclosures compared with 445 during the first half of 2006, a 551 percent increase."

The San Diego Union Tribune - "Top lender describes a widening housing slump" (7-25-07)

"Countrywide Financial, America's largest mortgage lender, said yesterday that more borrowers with good credit were falling behind on their loans and that the housing market might not begin recovering until 2009 because of a decline in house prices that goes beyond anything experienced in decades. The news from Countrywide, widely seen as a bellwether for the mortgage market, initiated a sell-off in the stock market, which is at its most volatile in more than a year. The Standard & Poor's 500-stock index fell 30.53 points, or 2 percent, to 1,511.04, its biggest one-day drop in nearly five months. The dollar dropped to a new low against the euro, edging closer to $1.40-to-1 euro."

Bloomberg - "Subprime Mess Fueled by Crack Cocaine Accounting" (7-25-07)

"Back in 1998, as the subprime- lending industry imploded, critics blasted the loose rules that allowed profits to be booked under 'gain-on-sale' accounting - - the financial world's equivalent of crack cocaine. While the rules got a few patches, they stayed largely intact, and most investors forgot the whole mess. Nine years later, the subprime world is imploding again. One difference now: The folks who write U.S. accounting standards say they want to redo the rules, insisting that their desire predates the current debacle. Whatever the impetus, it's about time."

New York Post - "COUNTRYWIDE COLLAPSES AS CHIEF CASHES IN" (7-25-07)

"Profits tumbled yesterday for the nation's largest home mortgage firm - Countrywide Financial - even as its chief Angelo Mozilo was quietly cashing out a $118.2 million options windfall ahead of its new troubles. The company reported a 33 percent drop in profits, and expects deep losses across the industry in the wake of housing's thundering crash that's sending cracks this summer throughout the financial services landscape."

CAR - "C.A.R. reports sales decrease 24.7 percent in June, median price of a home in California at $594,260, up 3.2 percent from year ago" (7-25-07)

"Home sales decreased 24.7 percent in June in California compared with the same period a year ago, while the median price of an existing home increased 3.2 percent, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported today. 'The focus on foreclosures and subprime lending is ongoing and, coupled with higher inventories of homes for sale, is prompting many would-be buyers to play a ‘wait-and-see’ role,' said C.A.R. President Colleen Badagliacco. 'However, well-maintained homes with curb appeal that are priced for today’s market continue to sell. It’s often a matter of counseling buyers and sellers to set realistic expectations on both sides of the transaction.'"

Yahoo - "Existing Home Sales Drop for 4th Month" (7-25-07)

"Sales of existing homes fell in June for a fourth consecutive month, further evidence that housing troubles are far from over. The National Association of Realtors reported Wednesday that sales of existing homes dropped by 3.8 percent in June to a seasonally adjusted annual rate of 5.75 million units. That is the slowest sales pace since November 2002 and the decline was about twice what had been expected."

Orange County Register - "O.C. cities lag in revenue from new homes" (7-25-07)

"Orange County cities get less revenue from new home construction than any other metro area in the state, a study released Tuesday shows. The construction of a typical house here nets local cities $287 a year in taxes, the Blue Sky Consulting Group reported in a study commissioned by the California Building Industry Association. That compares to a statewide average of $771."

Orange County Register - "Building permits at 14-year low" (7-25-07)

"Building permits for single-family homes fell to their lowest level this year in at least two decades, Orange County construction data released Tuesday show. It's the first time since 2000 that Orange County building permits for condos and apartments outpaced permits for houses, according to the Burbank-based Construction Industry Research Board."

Real Estate Journal - "Getting the Best Apartment Without Blowing Your Budget" (7-25-07)

"Apartment dwellers are prone to stretching their financial resources to make their monthly lease payments, and with rents moving up in many markets more are likely to find themselves facing a pinch. A recent survey by Apartments.com, a site that lists classifieds of available apartments nationwide, found that about 60% of participants spent more than 30% of their income on rent -- a percentage personal-finance experts say should be the maximum. Twenty percent said they spend more than half of their monthly income on rent."