The San Diego Union Tribune - "Governor-led deal helps, but it's no game-winner" (11-25-07)

"Schwarzenegger pulled together the heads of four major mortgage operations – Countrywide, GMAC, Litton and HomeEq – and encouraged them to keep subprime mortgage borrowers at their initial interest rate as long as they're living in their home (i.e. they're not speculators) and making timely payments (i.e. they haven't defaulted), but won't be able to afford their adjustable-rate loan if it resets to a higher rate."

Market Watch - "A week of weakness seen for U.S. economy" (11-25-07)

"That's how one economist describes the U.S. economy as the markets get ready for a busy week of data, including numbers about the already damaged U.S. housing market, orders for durable goods and personal income and spending. Housing has been a big drag on the economy and this coming week's data forecasts don't offer any hope that the housing outlook will improve. Analysts surveyed by MarketWatch are expecting existing home sales, for example, to drop to a seasonally adjusted annual rate of 4.99 million in October from an eight-year low of 5.04 million in September. The existing home sales report is due out at 10 a.m. on Tuesday."

Toronto Sun - "Guess who pays?" (11-25-07)

"We're being nickeled and dimed to death to pay for losses racked up when our banks were lured into the U.S. sub-prime mess by floating instruments, called asset-backed commercial paper (ABCP). These babies, that bundled up collaterized debt obligations and sold to investors, caused a liquidity crunch this past summer, sending markets into a tailspin. The Bank of Canada was forced to jump in and prop up our financial system by injecting billions of dollars."

The San Diego Union Tribune - "Neighborhoods suffer as crime follows foreclosure" (11-25-07)

"Eighty-five bungalows dot the cul-de-sac that joins West Ontario Avenue and East Ontario Avenue in Atlanta. Twenty-two are vacant, victims of mortgage fraud and foreclosure. Now house fires, prostitution, vandals and burglaries terrorize the residents left in this historic neighborhood called Westview Village."

Bloomberg - "U.S. Consumers Spent Average of 3.5% Less on Shopping" (11-25-07)

"U.S. consumers spent an average of 3.5 percent less during the post-Thanksgiving Day holiday weekend than a year earlier as retailers slashed prices to lure customers grappling with higher food and energy costs. Shoppers spent $347.44 on purchases from Nov. 22 through today, choosing to buy less-expensive digital-photo frames and cashmere sweaters, the National Retail Federation said today in a statement. Store visits increased 4.8 percent."

The New York Times - "A Time for Bold Thinking on Housing" (11-25-07)

"Bankruptcy law is a risk management institution, and such an institution should adopt more modern practices. For example, Andrew Caplin, professor of economics at New York University, has proposed that in personal bankruptcy proceedings, the courts should be allowed the latitude to substitute real estate equity — a share in the ownership of the property, to be realized when it is eventually sold — for first mortgage debt. This could let troubled borrowers stay in their homes, and might be better in terms of efficient risk sharing: it would provide incentives for the mortgage industry and would be friendlier to prospective home buyers who would otherwise face higher mortgage rates to pay for others’ bankruptcies."

The Washington Post - "At Home, but Not in Their Own" (11-25-07)

"The run-up in home prices during the real estate boom -- and now the housing market's dramatic reversal -- have sparked a new breed of resident in the Washington area, one more commonly found in New York: the renter by choice. Many of these die-hard renters regard themselves as winners as they watch home prices fall in parts of the country and homeowners struggle to pay their adjustable-rate mortgages."

Los Angeles Times - "USC outgrowing its neighborhood" (11-25-07)

"As USC attracts a substantially higher number of students from out of the state and nation, more students are moving into areas around the campus that used to be considered too distant or too unsafe, and developers are eagerly courting renters willing to pay for the convenience of skateboarding to chemistry class. The results have included complicated demographic shifts, zoning disputes and debates about how to balance the needs of USC's burgeoning off-campus residential population with those of longtime residents, including middle-class homeowners and low-income renters."

Orange County Register - "Gradually greener real estate" (11-25-07)

"The brownstones going up next to the Orange train depot look pretty much like most other townhomes being built these days: boxy, three-story affairs with modern, airy kitchens, deluxe master suites, walk-in closets and price tags north of a half-million greenbacks. But take a look at the top floor. Here, where pigeons roost, rows of black solar panels are affixed to gray asphalt rooftops, converting sunshine into enough juice for one-fifth to half of each home's electricity needs. That's a potential savings of up to roughly $40 a month on the average electric bill."

Los Angeles Times - "Fire retardants that protect the home" (11-25-07)

"Manufacturers of products such as Safe-T-Guard have seen interest soar in the wake of the fires. And San Diego-based Fire Etc. reports that sales of some of its home fire-retardant products have doubled in recent weeks. There are many fire-retardant products available in California, but few are widely marketed to consumers. Garrett learned about Safe-T-Guard through his work as a textile specialist on film sets, where he treated fabrics with the liquid to protect them from open flame. Realizing how useful the product could be, he decided to keep some in case of emergency."

Los Angeles Times - "Pocket condo complexes catch on with young professionals" (11-26-07)

"There are no hard data on how rapidly the number of small condo complexes has grown -- firms that track the real estate market generally cut off their research at 10 or 20 units. But there is some evidence of the growing trend. For example, Vigen Onany & Associates Inc., a La Crescenta real estate consulting firm that has put together budgets for homeowners associations at hundreds of condominium projects, claims to handle roughly 50% of that market and has done budgets for more than 1,200 small projects since 2000. That year, the firm said, it put together association budgets for 160 developments of 10 units or fewer in Southern California. Last year, that number reached 650, up from 400 a year earlier. It has since backed off to just 350 projects so far this year."