CBIA - "California New-Home Market Slowly Improving, CBIA Announces" (7-10-09)

"The monthly CBIA/Hanley Wood Market Intelligence (HWMI) New Home Sales and Pricing Report showed that sales in new-home communities of 10 units or more were 26 percent below May 2008, but is improved from the 31 percent decline in the prior month and is the fourth consecutive month of that improvement trend."

Wall Street Journal - "Few Economists Favor More Stimulus" (7-10-09)

"Just eight of 51 economists in The Wall Street Journal's latest forecasting survey said more stimulus is necessary, suggesting an average of about $600 billion in additional spending. On average, the economists forecast an unemployment rate of at least 10% through next June, with a decline to 9.5% by December 2010"

Bloomberg - "Home Sellers in U.S. Cut Prices by $27 Billion, Trulia Says" (7-10-09)

"U.S. home sellers cut the prices of their properties by a total of $27.1 billion as the recession and rising foreclosures curtailed demand, Trulia Inc. said."

Bloomberg - "Banks May Sign on to Delayed U.S. Home-Equity Plan" (7-10-09)

"U.S. banks are likely to begin signing contracts as soon as this month that would let second mortgages and other home-equity debt be reworked under a government-subsidized program, a Treasury official said."

Orange County Register - "Could new law protecting tenants from foreclosure be ‘abused’?" (7-10-09)

"We now have a new law. In a nutshell it is protecting the tenant with the following: the tenant is entitled to continue to lease the home until the end of his lease term AND have an additional 90 days thereafter. It is my understanding that a month to month tenant will also be given an additional 90 days after the end of that month to move out. Obviously in both scenarios, the tenant continues to pay rent to the bank who has taken the foreclosure."

Orange County Register - "Think twice before using one mortgage to pay another" (7-10-09)

"The scheme takes advantage of the fact that interest on an equity line is, today, lower than your mortgage rate. And, second, interest accrues on a daily basis whereas your mortgage accrues the same interest every month regardless of when you make the payment. The advantage is that if you make your equity-line payment early, you save interest that you would not save if you made your mortgage payment early. It is true that the cumulative savings from doing this a measurable, but not significant in any calculations I have ever seen."

Orange County Register - "These south coast ZIPs see consistent home sales" (7-10-09)

"Of the 3 cities’ 5 ZIP codes, 3 had sales gains vs. a year ago while 1 had a gain in their median selling price vs. a year ago. 2 of these 5 ZIP codes beat the -11.6% overall performance of the countywide median for the past year."

Inman - "Roads to recovery overlooked" (7-10-09)

"Long-term interest rates plunged this week as any hopes for a V-shape recovery gave way to L-shape reality. A 10-year Treasury auction drew three times as many bids as bonds offered, the yield to 3.3 percent from 4 percent last month taking mortgages under 5.25 percent. The best chance for a run back into the fours: a big break in stocks. Inflation bets sank with rates: oil broke $60 for the first time since April; gold is $912 vs. $980 in May."

Inman - "Appraisers shunning FHA work" (7-10-09)

"New rules governing appraisals on loans slated for purchase by Fannie Mae and Freddie Mac are also affecting valuations conducted for loans guaranteed by the Federal Housing Administration, trade groups representing appraisers say."