Los Angeles Times - "Stuck in a housing glut" (10-14-07)

"ARE you a homeowner who is having trouble selling your house? National housing experts say you can heap some of the blame on those big builders with their much-ballyhooed sales and the banks that have put too many foreclosed homes on the market. And if that isn't enough to banish those Goliaths to Dante's Ninth Circle, some experts also hold them responsible for dragging down existing homes' sale prices in certain parts of the nation -- including communities in Southern California."

Orange County Register - "Housing recovery expected in 2 to 3 years" (10-14-07)

"Anaheim A recovery in the housing market may start taking hold sometime in the coming two to three years, depending on whom you asked at the California Association of Realtors convention that ended Saturday. An economist on a panel of experts discussing the slump predicted that the market won't hit bottom until mid- to late 2008. 'We've got a good six to 12 months before we hit that trough in the housing market stats,' Frank Nothaft, chief economist for federal mortgage giant Freddie Mac, said on Thursday."

Herald Tribune - "Banks may pool billions to avoid securities sell-off" (10-14-07)

"Several of the world's biggest banks are in talks to put up about $75 billion in a backup fund that could be used to buy risky mortgage securities and other assets, a move designed to ease pressure on a crucial part of the credit markets that threatens the broader economy. Citigroup, Bank of America and JPMorgan Chase, along with several other financial institutions, have been meeting to come up with a plan to create a fund that could prevent a sharp sell-off in securities owned by bank-affiliated investment vehicles."