DQNews - "California Second Quarter Mortgage Defaults Edge Down" (7-22-09)

"Lenders sent out a total of 124,562 default notices during the second quarter (April through June). That was down 8.0 percent from the prior quarter's record 135,431 default notices, and up 2.4 percent from 121,673 in second quarter 2008, according to MDA DataQuick."

Mortgage Bankers Association - "Mortgage Applications Increase in Latest MBA Weekly Survey" (7-22-09)

"The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending July 17, 2009. The Market Composite Index, a measure of mortgage loan application volume, was 528.9, an increase of 2.8 percent on a seasonally adjusted basis from 514.4 one week earlier. On an unadjusted basis, the Index increased 2.9 percent compared with the previous week and increased 6.6 percent compared with the same week one year earlier."

Bloomberg - "SunTrust Reports Third Straight Loss on Weak Housing" (7-22-09)

"SunTrust Banks Inc., the seventh- largest U.S. bank by assets and deposits, reported a third straight quarterly loss and said more borrowers are paying their home loans on time. The shares rose 6.7 percent"

Bloomberg - "U.S. Home Prices Have Smallest Decline in 10 Months" (7-22-09)

"U.S. home prices had the smallest annual drop in 10 months, signaling the free fall of property values is abating in the three-year housing slump at the center of a global recession. Prices declined 5.6 percent in May from a year earlier and rose 0.9 from April, the Federal Housing Finance Agency in Washington said today. Economists expected a 0.2 percent drop for the month, according to the median of 16 estimates in a Bloomberg survey."

Bloomberg - "Lehman, Broadway Reach Accord on $459 Million Loans" (7-22-09)

"Broadway Partners, the U.S. real estate investor that borrowed more than $459 million from Lehman Brothers Holdings Inc. to buy 10 buildings in 2007, reached an agreement to extend the loans to 2012, the companies said."

Bloomberg - "Bernanke Says Commercial Property May Pose Risk for Economy" (7-22-09)

"Federal Reserve Chairman Ben S. Bernanke said a potential wave of defaults in commercial real estate may present a 'difficult' challenge for the economy, without committing to additional steps to aid the market."

Bloomberg - "Subprime-Mortgage Loss Forecast Is Raised by Standard & Poor’s" (7-22-09)

"Losses on loans backing 2006 securities will reach an average of about 32 percent of the original balances, while losses for similar 2007 bonds will total about 40 percent, the New York-based ratings firm said in a statement today. In February, S&P said the losses would total an average of 25 percent for 2006 bonds and 31 percent for 2007 securities."

Orange County Register - "Budget deal could offer ‘no benefit whatsoever’ to O.C. housing" (7-22-09)

"the governor and legislative leaders propose to solve the deficit through more than $15 billion in deep cuts to education and social services, increased or accelerated tax withholdings, and continued furloughs of state workers. Most affecting Orange County residents will be the $5 billion hit cities and counties will take over a two-year period. The budget deal also gives the governor authority to sell the Orange County Fairgrounds."

Orange County Register - "O.C. seen losing 15,800 more construction jobs" (7-22-09)

"The Los Angeles Economic Development Corp.’s latest regional forecast projects the the Orange County construction industry will lose 15,800 jobs in 2009. State statistics show, as of June, the local construction trades were down 31,600 jobs from the employment peak of September 2006."