The San Diego Union Tribune - "Real estate, construction woes slow Calif. job growth to a crawl" (7-21-07)

"Hiring in California was hit by a bad case of June gloom last month as the effects of the real estate slowdown seeped into the job market, according to data released yesterday by the California Employment Development Department. Statewide, employers added only 400 jobs in June, after adjusting for seasonal fluctuations, compared with a jump of 29,700 in June 2006. Sharp declines in home construction and financial activity – such as mortgage lending – put a crimp in last month's job growth."

Orange County Register - "Home prices down in most O.C. neighborhoods" (7-21-07)

"Foothill Ranch and Portola Hills may be bright spots in Orange County's housing market. The median price of a home in the 92610 ZIP code increased 25.5 percent during the first half of the year, according to a mid-year review of home prices by DataQuick Information Systems."

Los Angeles Times - "Force banks to avoid foreclosures?" (7-21-07)

"Paul Leonard, the director of the California office of the Center for Responsible Lending, writes, 'When loans are modified, borrowers should be able to afford their loans over the long term at the so-called fully indexed rate, not just the current payment level. Public agencies should be monitoring and holding lenders accountable for affordability outcomes from foreclosure-avoidance efforts.' If we understand it correctly, this means that lenders would figure out how much the borrower can afford to pay, and then restructure the loan so that the borrower can keep the house by paying that amount."