Yahoo - "Foreclosure Filings Soar in 3Q" (11-1-07)

"A soaring number of U.S. homeowners struggled to make mortgage payments in the third quarter, with properties in some stage of foreclosure more than doubling from the same time last year, a mortgage data company said Thursday. A total of 446,726 homes nationwide were targeted by some sort of foreclosure activity from July to September, up 100.1 percent from 223,233 properties in the year-ago period, according to Irvine-based RealtyTrac Inc."

Boston Herald - "Realtor ads make a positive pitch" (11-1-07)

"It’s a great time to buy a house - at least according to the National Association of Realtors. At a time when home sales and prices just keep falling, the NAR is offering a more optimistic view in a national radio and TV ad blitz. Dubbed the 'Buy Now' campaign, the ads feature happy buyers talking about the upside of the current market - lots of homes to choose from and still relatively low interest rates."

The San Diego Union Tribune - "Unpaid dues" (11-1-07)

"San Diego County's mushrooming number of foreclosures is starting to hobble homeowners associations large and small as cash-strapped owners cease paying their monthly dues. As a result, residents who do pay are scrambling to balance their association budgets and in some cases cutting back on services such as landscaping, maintenance and security as their complexes face losses of thousands of dollars that may never be recouped."

Bloomberg - "Citigroup Falls to Four-Year Low After Analyst Cuts" (11-1-07)

"Citigroup Inc., the largest U.S. bank, fell to the lowest in four years in New York trading after three analysts cut their ratings and CIBC World Markets said the company may have to reduce its dividend to shore up capital. CIBC and Morgan Stanley recommended investors sell the shares, while Credit Suisse analyst Susan Roth Katzke reduced her rating to the equivalent of hold from buy. Citigroup may have to sell assets, shrinking opportunities for growth, because it needs to increase capital by $30 billion, CIBC said. All 24 members of the KBW Bank Index fell, the worst day for the industry benchmark in more than five years."

Yahoo - "GMAC has $1.6 bln loss on mortgages" (11-1-07)

"Finance company GMAC posted a $1.6 billion third-quarter loss on Thursday as housing and capital market disruptions led to hemorrhaging losses from home lending, triggering credit rating downgrades. Losses at the company once controlled by General Motors Corp (NYSE:GM - News) grew ninefold from $173 million a year earlier. GMAC recorded a $2.26 billion loss in its Residential Capital LLC mortgage unit, including an operating loss of $1.81 billion and a goodwill write-down of $455 million. ResCap has lost money for four straight quarters."

Reuters - "Credit Suisse writedowns hit investment bank" (11-1-07)

"Credit Suissesaid third-quarter profit at its investment bank was all but wiped out by writedowns, leading to a 31 percent fall in group net earnings to 1.3 billion Swiss francs ($1.12 billion). Investment banking income was hit by writedowns of over 2.2 billion Swiss francs ($1.9 billion) in leveraged loan commitments, residential mortgages and collateralized debt obligations. The division barely broke even. The results, boosted at group level by a tax credit and revaluations of bond holdings, sent the bank's share price lower."

CNN - "Foreclosures: Moving on up" (11-1-07)

"Foreclosure filings climbed during the third quarter of 2007 with no relief in sight, according to a report released Thursday. The report by RealtyTrac, an online marketer of foreclosure properties, showed the number of filings rose 30 percent from the previous quarter and nearly doubled from a year earlier. "Given the number of loans due to reset through the middle of 2008, and the continuing weakness in home sales, we would expect foreclosure activity to remain high and even increase over the next year in many markets," James J. Saccacio, chief executive of RealtyTrac said in a statement."

Los Angeles Times - "Still flipping in Mar Vista" (11-1-07)

"A quickie: This listing for a 3-bedroom on Rose Avenue in Mar Vista caught our eye because the price -- $799,000 -- is on the low side for that street. We found the description interesting, because it's evidence that someone still thinks there's money to be made in quick flips on the Westside"

Real Estate Journal - "Refinance Applications Rise, Offset Decline in New Mortgages" (11-1-07)

"For the second week in a row, an increase in refinance applications offset a decrease in applications for mortgages to buy homes. Applications to refinance existing loans rose a seasonally adjusted 9.2% on a week-to-week basis, while mortgage applications to purchase a home eased 0.7%."