The San Diego Union Tribune - "'Cyclical' real estate market will improve, Realtors told" (5-10-08)

"Many analysts blame the current market downturn on weak loan underwriting standards. Davi said the blame for the subprime mortgage crisis extends beyond real estate professionals. In cases of consumer loan fraud that his department investigates, borrowers often are in complicity."

The San Diego Union Tribune - "Citigroup to sell off assets, shrink by one-fifth" (5-10-08)

"Citigroup's new chief executive, Vikram Pandit, plans to stick with a global banking model after months of intense review – but only after shrinking the company by about one-fifth first. The three-year plan, revealed yesterday, includes getting rid of more businesses, mortgages, real estate operations and jobs."

Bloomberg - "Paulson, Trichet Signal Welcome at Dollar's Recovery Since G-7" (5-10-08)

"U.S. and European officials signaled satisfaction that the dollar is stabilizing after Group of Seven policy makers expressed concern a month ago about its decline. The dollar has advanced 3.4 percent from its record low of $1.6019 per euro on April 22, and is up 2.1 percent since the G-7 central bankers and finance ministers met in Washington April 11."

Bloomberg - "Treasuries Post Weekly Advance as Falling Stocks Spur Demand" (5-10-08)

"Two-year Treasury notes posted their biggest weekly gain since February as stocks declined and yields close to a four-month high attracted investors to government debt."

Orange County Register - "Did the agencies rating mortgage bonds let greed trump common sense?" (5-10-08)

"Turmoil in credit markets has sent politicians and investigators looking for the bad guy, the one who started it all. Critics say the potential culprits include agencies that rate bonds, including ones backed by home loans, because many bonds have lost value as homeowners default on their mortgages. They are Standard & Poor’s, Moody’s and Fitch."

IdahoStatesmen.com - "Lotterman: The way mortgages are set up is why the market is down" (5-10-08)

"Our economy is reeling because many borrowers are failing to make their mortgage payments. This undercuts the value of mortgage-backed securities, which, in turn, threatens the solvency of large financial institutions. The irony surrounding mortgage defaults is that securities at the core of the crisis were designed to solve a very different problem, that of borrowers paying off their mortgages too soon rather than late or not at all."

NAR - "Nar Says Stimulus Bill Will Help Stabilize Housing And Mortgage Markets" (5-9-08)

"The National Association of Realtors congratulated House Committee on Financial Services Chairman Barney Frank, D-Mass. on his leadership and the U.S. House of Representatives for voting to pass H.R. 3221, The Foreclosure Prevention Act. Their actions will help bring stability to the housing market and stem the rising rate of foreclosures."

Yahoo - "Citigroup to shed nearly $500B in assets" (5-9-08)

"Citigroup Inc. said Friday it aims to shed about $500 billion in assets and grow revenue by 9 percent over the next few years, as it tries to rebound from massive losses tied to deterioration in the mortgage and credit markets."

Bloomberg - "Morgan Asset's Kelsoe Set to Lose Seven Funds After" (5-9-08)

"The last step in James Kelsoe's transformation from top-ranked bond investor to subprime-crisis poster boy may come July 11 when shareholders of his seven funds vote on whether to dump him for a new manager. The funds, with combined assets of $611 million, have lost an average 67 percent in the past 12 months, prompting investor lawsuits against Kelsoe and his employer, Memphis, Tennessee- based Morgan Asset Management Inc. Assets in his largest fund, Regions Morgan Keegan Select High Income, have plunged to $104 million from a peak of $1.23 billion in 2006."

Bloomberg - "U.S. House Passes Anti-Foreclosure Bill Facing Bush Veto Threat" (5-9-08)

"The U.S. House of Representatives passed legislation to let a federal agency insure up to $300 billion in mortgages to help homeowners avert foreclosure, a day after the White House threatened to veto the measure. The House voted 266-154 yesterday to approve the housing package offered by Massachusetts Democrat Barney Frank. The plan would allow the Federal Housing Administration to insure refinanced mortgages after loan holders agree to cut principal to make payments affordable."

Bloomberg - "Tejon Ranch, Environmentalists Agree to Protect California Land" (5-9-08)

"Tejon Ranch Co., owner of the largest ranch in California, will permanently protect two-thirds of its land in an agreement with five environmental groups that opens the way for the construction of thousands of homes. In exchange for the guaranteed conservation of 178,000 of Tejon's 270,000 acres, groups including the Sierra Club and the Natural Resources Defense Council won't oppose plans to develop 30,000 acres, Tejon said yesterday in a BusinessWire statement."

Realty Times - "Real Estate Outlook: State of the Economy" (5-9-08)

"Here's how a top mortgage industry economist sees conditions in the market at the moment: It's all kind of 'flat', says Orawin, senior forecast economist for the Mortgage Bankers Association of America."

Realty Times - "Realty Viewpoint: Show HomeBuyers How Rewards Outweigh Risks" (5-9-08)

"As we've hammered home the point before, Americans have been scared witless by economists, most with personal agendas, that housing still has a long way to go before it hits bottom. That puts the housing industry in a bad spot. Not only do Realtors, builders and sellers need to convince buyers that now is a good time to buy, the industry also has to go one step further -- prove to buyers that purchasing real estate is a sound investment."

Orange County Register - "Great mortgage deals for big O.C. homes?" (5-9-08)

"Buyers of larger homes in Orange County got a break this week as rates fell on big home loans following a move by Fannie Mae, the largest U.S. funder of mortgages. Of course, buyers need to bring some hefty cash to the table to get the lower rate."

NAHB - "NAHB Applauds Fannie Mae Housing Recovery Initiatives " (5-8-08)

"The National Association of Home Builders (NAHB) today expressed support for steps recently announced by Fannie Mae to address severe problems in the nation’s housing finance system.
'Fannie Mae is demonstrating the leadership expected of a government-sponsored enterprise with the rollout of its Keys to Recovery Initiatives and commitment to raise additional capital to support those and other responses to mortgage market challenges,' said NAHB President Sandy Dunn, a home builder from Point Pleasant, W.Va."

CNN - "Bernanke: Foreclosure woes require action" (5-8-08)

"Foreclosure filings of all kinds - delinquency notices, auctions sale notices and bank repossessions - were up 112% during the first three months of 2008 compared with the same period a year ago. Community advocates and policy makers are worried that the problem will worsen as the interest rates on as many as 1.8 million mortgages reset this year."

Bloomberg - "Hovnanian Falls on Plan to Sell 16 Million New Shares" (5-8-08)

"Hovnanian Enterprises Inc., New Jersey's largest homebuilder, fell as much as 14 percent in New York on plans to raise up to $191 million in a stock sale. The company will sell up to 16.1 million Class A shares at an assumed offering price of $11.87 each, based on the stock's closing price on May 6, Red Bank, New Jersey-based Hovnanian said yesterday in a regulatory filing. The offering would expand the outstanding Class A stock by as much as one-third to about 64 million shares."

Bloomberg - "Jim Rogers Says Financial Crisis Hasn't Hit Its Worst" (5-8-08)

"Jim Rogers, co-founder of the Quantum Fund with George Soros, said the global credit squeeze triggered by U.S. housing-loan delinquencies may not be nearing an end. 'I doubt that we're half way through the financial crisis,' Rogers, chairman of Rogers Holdings, said at a Barclays Plc press conference in Singapore."

Bloomberg - "Cerberus to Join Chinese Companies to Invest in U.S." (5-8-08)

"Cerberus Capital Management LP, the $21 billion New York-based buyout firm, plans to partner with Chinese companies to invest in the U.S. and Europe, Chairman John Snow said. Cerberus will join Chinese banks and funds to find investment opportunities among U.S. financial institutions struggling to recover from a slump in housing and credit markets, Snow, a former U.S. Treasury Secretary, said today during a visit to Beijing."

Orange County Register - "Are Fannie and Freddie in danger?" (5-8-08)

"On the heels of Fannie Mae’s $2.2 billion loss reported Tuesday, the New York Times published a story questioning its solvency and that of its little sibling Freddie Mac."

Orange County Register - "Builders gets 24% less in March deals for new homes" (5-8-08)

"Hanley Wood Market Intelligence reports that O.C.’s median selling prices fell at a 24% annual rate for all types of new home contracts signed in March. The median price for townhomes and small complexes of one-to-four units fell the most, declining 16.5% from contracts signed the same month in 2007, the real estate research firm reported. The single-family home median fell 11.4% and the median price for contracts to buy new condos declined 5.2%."

Realty Times - "Successful Browsing For Housing" (5-8-08)

"Leverage the broker. Capitalize on the fact that brokers and real estate agents are the 'matchmakers' in the residential real estate world. They use local expertise to connect buyers and sellers. Research, browse and focus your search online with tools they provide. They generally are tools that put you quickly in contact with all of the information and resources the listing agent or broker has to offer. Broker blogs, market reports, how-tos and other information can give you the foundation for an informed online home search."

Realty Times - "Realty Viewpoint: Lower Pending Sales Trend Could Have Been Worse" (5-8-08)

"The National Association of Realtors' Pending March home sales index was lower by one percent. The miracle is that it wasn't worse. March homebuyers were rattled by news that we might finally be in a recession. Employers cut jobs for the third month straight, and production slowed. Complicating the economy, were credit bottlenecks brought on by banks reluctant to lend mortgage money, despite incredible support from the Feds, including raising conforming loan limits."

Harper's Magazine - "The next bubble" (4-1-08)

"A financial bubble is a market aberration manufactured by government, finance, and industry, a shared speculative hallucination and then a crash, followed by depression. Bubbles were once very rare—one every hundred years or so was enough to motivate politicians, bearing the post-bubble ire of their newly destitute citizenry, to enact legislation that would prevent subsequent occurrences. After the dust settled from the 1720 crash of the South Sea Bubble, for instance, British Parliament passed the Bubble Act to forbid 'raising or pretending to raise a transferable stock.' For a century this law did much to prevent the formation of new speculative swellings."

NAHB - "Slim Down Utility Bills With Green Remodeling" (5-7-08)

"It doesn’t cost much to put your house on an energy diet. In fact, remodeling to improve energy efficiency may pay for itself with immediate savings on energy and water bills. May is Home Remodeling Month, and the National Association of Home Builders (NAHB) Remodelers is shining a spotlight on the financial incentives of remodeling and offering suggestions for home renovation projects that provide the best return on investment."

NAR - "Soft Existing-Home Sales Expected Near-Term But to Rise Midsummer" (5-7-08)

"A flat pattern in home sales activity should continue for the next couple months before improving over the summer, according to the latest forecast by the National Association of Realtors®."

Orange County Register - "Fed maps show how Orange County’s home loans stack up vs. California, U.S." (5-7-08)

"Fed Chairman Ben Bernanke gave a speech Tuesday on foreclosures and loan delinquencies. What interested me are the maps on the Federal Reserve’s Web site that accompany the speech."

Orange County Register - "Lyon Homes prices fall 19% in Q1" (5-7-08)

"Average selling price for Newport Beach homebuilder William Lyon Homes was $372,000 during the first three months of the year, down 19% from the average price reported in the first quarter of ‘07. The company, which builds homes in California, Arizona and Nevada, cited declining home values accounted for part that drop. A change in the mix of homes sold also lowered the average price, according to the company’s news release out today."

Bloomberg - "U.S. MBA's Mortgage Applications Index Rose 15.6% Last Week " (5-7-08)

"The number of mortgage applications filed in the U.S. rebounded last week as a drop in mortgage rates boosted buying and refinancing. The Mortgage Bankers Association's index of applications to purchase a home or refinance a loan rose 15.6 percent to 655.4, from 567 the prior week that marked the lowest level this year. Refinancing increased 19.3 percent and the purchase index rose 12.1 percent. "

Bloomberg - "Bernanke Wants Fed to Pay Interest on Bank Reserves" (5-7-08)

"Federal Reserve Chairman Ben S. Bernanke, seeking ways to stabilize money markets, will ask Congress for authority to pay interest on commercial-bank reserves this year, a person familiar with the discussions said. The central bank isn't authorized by Congress to begin making such payments until 2011. Allowing interest on bank reserves may enable the Fed to pump more funds into the banking system without pushing its main policy rate lower, in effect separating action to boost liquidity from monetary policy. "

The Wall Street Journal - "Fannie to Boost Capital After Posting Big Loss" (5-7-08)

"Fannie Mae announced plans to shore up its capital after recording a loss of $2.19 billion for the first quarter and warning that losses stemming from mortgage defaults are likely to be even worse next year."

The Wall Street Journal - "Expect a Jolt When Opening The Electric Bill" (5-7-08)

"Surging fuel costs are about to inflict more pain on consumers, this time in the form of rapidly rising electricity bills.Power prices are being pushed up across the U.S., with increases sometimes soaring into double digits, due to costlier coal and natural gas, the fuels used to make 70% of the nation's electricity."

The Wall Street Journal - "Paulson Sees Credit Crisis Waning" (5-7-08)

"Treasury Secretary Henry Paulson said U.S. financial markets are emerging from the credit crunch and that 'the worst is likely to be behind us,' marking possibly the most optimistic comments yet from the Bush administration on the financial crisis."

CNN - "Can $15 billion and some paint save your 'hood?" (5-6-08)

"A housing-rescue bill moving through Congress would allocate $7.5 billion in grants and $7.5 billion in zero-interest loans to states to buy foreclosed homes, rehab them, and resell them. The bill, sponsored by Rep. Maxine Waters (D-Calif.), passed committee last week and will most likely be taken up on the House floor this week. A Senate bill including a similar provision passed in April, appropriating $4 billion to the task."

News Week - "It’s Going to Get Worse" (5-6-08)

"Whenever a boom goes bust, there's always a round of finger pointing and blame assigning, of people asking "Why didn't the experts see this coming?" So as the housing bust has morphed from a cyclical downturn into a full-blown crisis, there's been no shortage of culprits. Some blame Alan Greenspan for badly orchestrated monetary policy, a charge against which he's lately been fighting back. Some blame the subprime lenders and the brokers who found clients for them; together they underwrote many of the loans that are now causing so many foreclosures and so much pain. And at least a few observers include an industry economist in this lineup: David Lereah, the former chief forecaster for the National Association of Realtors, whose irrational exuberance for real estate has led to some measure of ridicule."

NAR - "NAR Joins Congressmen Mcnerney and Miller in Call to Stabilize Mortgage Market by Increasing Conforming Loan Limits Permanently" (5-6-08)

"The National Association of Realtors®, in a letter to members of the U.S. House of Representatives, urged Congress to make the FHA and conforming loan limit increases permanent as part of the 2008 Housing Stimulus bill, which is expected to be marked up this week. Yesterday, Reps. Jerry McNerney, D-Calif., and Gary Miller, R-Calif., introduced H.R. 5958, the Homeowner Opportunity Act, making permanent the increase to FHA and conforming loan limits for high-cost areas. The bill will be considered as an amendment to the larger housing stimulus bill."

Bloomberg - "Banks, Brokers Cut 65,000 Jobs as Subprime Losses Mount: Table" (5-6-08)

"The following table shows the 65,000 jobs cut by the world's biggest banks and securities firms in the past 10 months as mortgage losses and writedowns for financial institutions reached $319 billion."

Bloomberg - "D.R. Horton Reports Record Loss as Slump Worsens" (5-6-08)

"D.R. Horton Inc. reported a record loss as the deepening housing slump forced it to write down $834.1 million of land and inventory. The company cut its quarterly dividend by half. The fiscal second-quarter net loss at the largest U.S. homebuilder was $1.31 billion, or $4.14 a share, almost seven times higher than analysts' estimates. Revenue plunged 38 percent to $1.62 billion."

Bloomberg - "U.S. Home Slump Puts Owners `Under Water,' Zillow Says" (5-6-08)

"U.S. home values dropped 7.7 percent in the first quarter to the lowest in almost three years, according to estimates by Zillow.com, an online data provider. The decline is the biggest in 12 years of data compiled by Seattle-based Zillow.com, a Web site started in 2006 to provide homeowners, real estate agents and potential buyers with value assessments called 'zestimates' for single-family homes, co- operative apartments and condominiums."

Bloomberg - "Bernanke Urges Action to Slow Jump in U.S. Home Foreclosures" (5-6-08)

"Federal Reserve Chairman Ben S. Bernanke, seeking to end the worst housing slump in a quarter century, urged the government and mortgage lenders to intensify their efforts to avoid home foreclosures. Bernanke, in a speech in New York yesterday, also reiterated his call for lenders to forgive portions of mortgages for some struggling homeowners. He said proposals should be 'tightly targeted' at borrowers at greatest risk of losing their properties, and avoid providing an incentive for defaults."

Orange County Register - "Fannie Mae’s big loss and the credit crunch" (5-6-08)

"Fannie Mae, the government sponsored loan buyer that some politicians hope will ease the credit crunch, reported a $2.2 billion loss in the first quarter as it set aside $3.2 billion to cover bad loans, reports the Associated Press. It will cut its dividend and raise $6 billion in new capital, amid expectations the housing slump will persist into next year."

Los Angeles Times - "Flat, flat, flat, flat: Listing prices unchanged, again" (5-6-08)

"Update: Median listing prices were flat again in greater L.A. over the last week, holding steady at $450,000 for the fourth week in a row, according to Housing Tracker's analysis of MLS listings. Inventory of unsold houses and condos was also essentially flat. Regardless of whether prices have reached a bottom, a temporary bottom, or none of the above, there is a clear trend here: inventory is not building. I'd love to hear your interpretations of that trend."

Bloomberg - "Greenspan Says `Pale Recession' May Last Through Year" (5-5-08)

"Former Federal Reserve Chairman Alan Greenspan said the U.S. has slipped into an 'awfully pale recession' and may continue to languish for the rest of the year. 'We are clearly receding,' with economic growth now at about zero percent, he said in an interview with Bloomberg News. Greenspan, who now consults for clients including Deutsche Bank AG, also said it was too soon to declare the end to the credit crisis stemming from the collapse in the subprime mortgage market."

Bloomberg - "Buffett Castigates Wall Street, Bankers on Blunders " (5-5-08)

"Billionaire Warren Buffett castigated investment bankers, home lenders and regulators for letting the financial system spin out of control and causing a run on Bear Stearns Cos. that almost brought down more of the biggest banks. Buffett and investing partner Charlie Munger also lambasted credit raters, bond insurers and policymakers for two days as a record 31,000 attended the annual affair in Omaha, Nebraska. In between scoldings, Buffett told investors more damage lay ahead and dropped hints about where Berkshire is looking for purchases abroad as the dollar falls."

Bloomberg - "Hovnanian Triples Its Cash-Flow Forecast: Shares Rise" (5-5-08)

"Hovnanian Enterprises Inc., New Jersey's biggest homebuilder, tripled its forecast for positive cash flow in fiscal 2008 as it cut prices on homes to stimulate sales. Shares rose as much as 5.7 percent. The Red Bank, New Jersey-based company raised its cash flow forecast to more than $300 million for the year from an earlier target of more than $100 million, it said in a statement today."

Reuters - "BofA may lower Countrywide deal price" (5-5-08)

"Bank of America Corp will likely lower its purchase price for Countrywide Financial Corp, at least two analysts said, with Friedman, Billings Ramsey saying the bank may cut its price to the $0 to $2 level or even walk away from the deal."

Yahoo - "Rep. Frank wants answers on jumbo loan inaction" (5-5-08)

"Rep. Barney Frank, D-Mass., said Monday that the House Financial Services Committee that he chairs will hold a May 21 hearing to try to find out why so-called jumbo mortgages remain difficult to get and continue to carry high interest rates, despite new rules that took effect April 1. Frank will try to get answers from mortgage bankers, Wall Street financiers and government-sponsored mortgage firms Fannie Mae and Freddie Mac."

Yahoo - "Don't Let Your Money Yield to the Fed Rate Cuts" (5-5-08)

"The most aggressive bank savings deals pay out little more than 2.5 percent to 3 percent right now. Given that the official inflation rate is above 4 percent, you're pretty much guaranteed a negative real rate of return. And you're probably feeling a lot more than a 1-percentage-point shortfall; the official Consumer Price Index (CPI) numbers sure don't seem to reflect the much-higher price hikes for basic food and fuel."

Orange County Register - "Demand for O.C. homes nears ‘06 levels" (5-5-08)

"The math of Steve Thomas at Re/Max Real Estate Services in Aliso Viejo says demand for O.C. housing continues to grow. As of last Thursday, 2,540 existing homes and condos had been placed into escrow in the past 30 days, a 677 gain vs. a year ago and just 161 homes short of this late April reading in 2006. It’s a strong hint that when these deals-in-the-works are completed in the next two months we’ll see an end of the county’s homebuying losing streak — per DataQuick’s tracking of closed deals — that’s run 31 months back to September 2005."

Orange County Register - "O.C. distressed-home listings creep up" (5-5-08)

"Home market watcher Steve Thomas at Re/Max Real Estate Services in Aliso Viejo reports that the number of O.C. distressed properties (homes listed by agents as foreclosures or short sales) was 5,576 last week, +115 vs. two weeks earlier or a +2.1% change. As a percent of all listed homes for sale, distressed properties were 36.1% of the market last week vs. 35.1% two weeks earlier and 24.2% at the end of ‘07."

Orange County Register - "Could foreclosures help increase affordable rental stock?" (5-5-08)

"A new report by Harvard University’s Joint Center for Housing Studies argues that the nation’s policy on low-income housing got out of whack when the federal government placed its emphasis on homeownership over increasing the supply of affordable rental properties. As a result, as low-income homeownership rose, the availability of Section 8 and other affordable rentals shrank. But they think the foreclosure crisis could help remedy that."

Realty Times - "As Foreclosure Rates Rise So Does Fraud" (5-5-08)

"As foreclosure rates rise, so does fraud. And as the incidence of fraud rises, foreclosure rates follow. It is as vicious a cycle as any economist has ever witnessed. Which came first is a chicken-and-egg scenario that I do not want to get into. Sometimes rampant fraud can trigger foreclosures. I am currently involved in the investigation of such a case in Detroit. In a classic cash back at closing scheme, a builder who was having trouble selling his homes managed to find someone to pay nearly $800,000 for a home with a true market value of no more than about $550,000, scamming the lender out of over $250,000 in cash."

Realty Times - "Realty Viewpoint: Why Buy Now? Media Is Wrong About Housing Slump" (5-5-08)

"The financial press is worried that they might have gone too far -- paralyzing the nation into recession by piling on housing. So they're finally beginning to question the indexes where they get their data, and whether the news is really as bad as it seems. Slowly but surely, headlines are changing from Don't Buy A Home Now to Is It Time To Buy?"

Ventura County Star - "County bankruptcies soar" (5-3-08)

"Ventura County consumer bankruptcy filings jumped 122 percent last year as lenders toughened refinancing requirements, area bankruptcy attorneys say. County residents filed 1,285 bankruptcies in 2007, up from 580 the previous year, according to data pulled for The Star by an analyst at the U.S. Bankruptcy Court in Los Angeles."

The New York Times - "It’s Newer Homes That Stand Empty as Vacancies Rise " (5-3-08)

"The Census Bureau reported that 2.9 percent of homes intended for owner occupancy were vacant at the end of the first quarter. That figure had begun to rise even during the housing boom, a little-noticed byproduct of the aggressive construction of homes encouraged by easy credit. Before 2006, that figure had never exceeded 2 percent."

The Wall Street Journal - "Best Loan Rate? Don't Bank On It." (5-4-08)

"Analysts say banks are looking to price optimization as a relatively quick and easy way to boost a sagging bottom line by as much as 5% to 10% in three to six months. 'The return on investment is huge,' says Terry Kuester, a banking consultant with Deloitte & Touche.
Most banks won't discuss or confirm the practice, but insiders say Wachovia and Washington Mutual are using the technology to set rates on home-equity loans, and Citibank is testing its own in-house version of the technology."

Mish's Global Economic Trend Analysis - "Rebuttal To SmartMoney Housing Bottom Call " (5-4-08)

"What establishes value in a home price? Like anything else, it's a question of historical norms. So how do we determine the norms? Try this way on for size.Let's think of value in terms of affordability — the ability of people to buy the home they want. That has three elements. First, home prices — the lower, the more affordable. Second, mortgage rates — again, the lower, the more affordable. Third, personal income — the more of it, the more affordable."

The San Diego Union Tribune - "U.S. moves to insulate appraisers from pressure to cook the numbers" (5-4-08)

"As the U.S. economy struggles to recover from the ongoing housing slump, the appraisal industry is undergoing changes designed to improve professional standards and reduce the temptation for appraisers to overvalue homes. Critics say appraisers, pressured by lenders and other real estate professionals, often overvalued homes during the recent housing boom. They hold that such practices contributed to the recent surge in foreclosures and the meltdown of the subprime lending market. "

CAR - "Mortgage bankers find fault with appraisal rules" (5-2-08)

"The Mortgage Bankers Association is calling on Fannie Mae and Freddie Mac to back out of agreements with New York Attorney General Andrew Cuomo that would create a code of conduct for home appraisals."

Bloomberg - "Home Prices Fall in 22 U.S. Cities as Foreclosures Reach Record" (5-2-08)

"Home prices fell in 22 U.S. metropolitan areas in February, led by Sacramento and Las Vegas, as record foreclosures deepened the housing slump. The price per square foot in Sacramento, California's capital, dropped 29.8 percent to $161 from a year earlier, according to a report released today by New York-based Radar Logic Inc., a real estate data company. Las Vegas declined 26.2 percent to $133 a square foot."

Bloomberg - "ResCap to Start Exchange Offer on $14 Billion of Debt" (5-2-08)

"Residential Capital LLC, the mortgage- finance company owned by GMAC LLC, is offering as little as 80 cents on the dollar to exchange or buy back $14 billion of bonds to stave off bankruptcy. ResCap will offer cash or notes as part of the tender that it plans to start next week, according to a statement today. The exchange will enable Minneapolis-based ResCap to push back maturities until 2010 and 2015, the company said."

Bloomberg - "Buffett Plots Buying Spree as Crunch Diverts Bidders" (5-2-08)

"Berkshire Hathaway Inc. Chairman Warren Buffett, who has used dozens of acquisitions to beat every major U.S. stock index, is poised to extend his lead with more than $40 billion to spend as the credit crunch sidetracks other bidders. With the U.S. on the brink of recession, investors expect Buffett to deploy Berkshire's cash to scoop up bargains. Berkshire rose 22 percent in New York trading in the past 12 months as the worst housing slump in a quarter century slowed the economy, led to record losses for banks and securities firms and caused the Standard & Poor's 500 Index to decline 6.8 percent. The shares gained at an annual rate of 19.5 percent during the past two decades, outpacing the S&P 500's 11 percent advance."

Realty Times - "Realty Viewpoint: Loans Bottleneck Housing" (5-2-08)

"The economy still grew in March, although at a crawl. Housing inventories are at previous 1991 recession highs, while mortgage interest rates are four points lower today. But there's a lot to fear in the news. Inventories could get worse if the credit crunch doesn't improve. The elimination of subprime loans is being exacerbated by the large point spread between conforming and jumbo loans of as much as two percent."

MSN - "5 best cities for home sellers" (5-2-08)

"West Coast sellers are faring better. In San Jose, Calif., No. 1 on our list, tough regulatory measures make it difficult to overbuild. New home construction dropped 63% last year, while jobs grew by 1.2%. Home vacancies, which were already low at 1.6%, fell to a national bottom at 0.8%, helping to make San Jose one of the country's tightest markets."

Orange County Register - "Builders’ home pricing at ‘02 levels in mid-April" (5-2-08)

"Fresh DataQuick stats show how hard O.C. developers are working to sell homes: Median selling prices for the 22 business days ended April 14 of $499,500 is 42% below the new home market’s February 2005 peak. ($864,000, ouch!) If such low pricing holds for the entire month, it would mark the second cheapest builder pricing since June 2002; and only the second time under a half-million bucks since then. (Prices briefly dipped to $469,000 in January ‘06.)"

Bloomberg - "Fed May Take Breather After Seven Rate Cuts, Emergency Loans" (5-1-08)

"Federal Reserve officials are betting that seven interest-rate cuts and emergency loans to banks may be just about enough to pull the economy through the biggest financial crisis since the Great Depression. The Fed's Open Market Committee lowered its benchmark rate by a quarter point to 2 percent yesterday, extending the most aggressive easing in two decades. At the same time, the Fed backed away from previous language signaling a preference for further cuts and described reductions to date as 'substantial.'"

Market Watch - "U.S. initial jobless claims surge 35,000 to 380,000" (5-1-08)

"Erasing the drop reported in the prior week, first-time filings for state unemployment benefits surged 35,000 to 380,000 last week, the Labor Department said Thursday. That level is the highest seen since March. The prior week's claims were revised up by 3,000 to 345,000. The four-week moving average of initial claims fell 6,500 to stand at 363,750."

Yahoo - "Economy Grew in Q1? Only If You Believe in Santa Claus" (5-1-08)

"The recession-deniers were out in force yesterday after the 'better-than-expected!' GDP figures came out: See? The economy GREW in Q1! We aren't in a recession! All that horrendous economic and housing data is just media hysteria! Here's what they didn't tell you: First, those are just preliminary numbers. Hold the champagne until the several rounds of revisions are out."

Bloomberg - "U.S. Economy: Manufacturing Shrinks for a Third Month " (5-1-08)

"Manufacturing in the U.S. shrank for a third month and rising prices eroded consumers' buying power as the six-year economic expansion ground to a halt. The factory index compiled by the Tempe, Arizona-based Institute for Supply Management was unchanged at 48.6 in April. The Commerce Department said consumer spending rose 0.4 percent in March. Stripping out the effect of inflation, purchases were up 0.1 percent after stagnating the previous month."

Bloomberg - "Zell Sees Commercial Real Estate Investment Resurging" (5-1-08)

"Billionaire Sam Zell said institutional investors are beginning to return to the market for mortgage- backed securities that finance commercial real estate deals and new construction.
'I believe the overall market has already started to ease,' Zell, chairman of Equity Residential, the largest U.S. apartment owner, said in an interview in New York. 'Is it in large volumes? No. Is it the first natural step in the evolution? Yes.'"

Bloomberg - "Paulson Says U.S. Credit-Market Crisis Is `Closer to the End'" (5-1-08)

"Treasury Secretary Henry Paulson said the credit crisis, now in its ninth month, probably is more than half over, and retained his forecast for the U.S. economy to keep growing. 'We are closer to the end of this problem than we are to the beginning,' Paulson said in a Bloomberg Television interview yesterday in Washington. Even with 'headwinds and despite some of the things that we're going through, this economy is still growing, albeit modestly,' he said."

Realty Times - "Regional Report: South" (5-1-08)

"The latest report from the National Association of Realtors shows that in the South, existing-home sales fell 3.5 percent to an annual rate of 1.92 million in March and are 20.0 percent below March 2007. The median price in the South was $167,200, down 7.1 percent from a year ago."

Realty Times - "Moving Hard-to-Sell Homes with Staging" (5-1-08)

"When the market slumps or you get stuck with a hard-to-sell property, you may have to ramp up your efforts -- market a little more heavily, spend more time on the phones, pound the pavement, and generate enthusiasm at showings and open houses. Another strategy is to simply try to make the house look nicer than the rest of the homes in the neighborhood. Unfortunately, when you are dealing with sellers, they are often reluctant to take on much of the work to beautify their homes. When you offer the awkward advice that they need to remove the clutter, clear out their closets and other storage areas, and make their home spotless, many sellers simply think that you expect them to do your job."

Orange County Register - "Is your neighborhood in foreclosure danger?" (5-1-08)

"Growth in home loans entering the foreclosure process in Orange County is not exactly the same as where foreclosures have already occurred but it’s fairly close. In both cases, Santa Ana ZIP codes dominate."

Orange County Register - "Bad O.C. economy hits 1-bedroom apartments" (5-1-08)

"M/PF YieldStar found new evidence of a softening economy in O.C. — one-bedroom apartments were slower to rent in the first quarter while two- and three-bedroom units were in higher demand. That’s a switch from last year when one-bedrooms were the hardest to find."

Mortgage Bankers Association - "Mortgage Applications Decrease In Latest MBA Weekly Survey" (4-30-08)

"The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending April 25, 2008. The Market Composite Index, a measure of mortgage loan application volume, was 567.0, a decrease of 11.1 percent on a seasonally adjusted basis from 637.6 one week earlier. On an unadjusted basis, the Index decreased 10.2 percent compared with the previous week and was down 14.2 percent compared with the same week one year earlier."

Bloomberg - "Citigroup Increases Stock Offering to $4.5 Billion" (4-30-08)

"Citigroup Inc., under pressure to bolster capital depleted by mounting losses, sold $4.5 billion of stock, 50 percent more than it planned. Citigroup fell as much as 4 percent in New York trading after the biggest U.S. bank said in a statement that it priced 178.1 million shares at $25.27 each, a discount to yesterday's closing price of $26.32. The sale represents about 3 percent of the bank's shares outstanding as of March 31."

The San Diego Union Tribune - "Housing prices off 19.2% in S.D. area" (4-30-08)

"The Standard & Poor's/Case-Shiller home-price index for February, which was released yesterday, showed San Diego County prices down 19.2 percent from February 2007. San Diego, which ranked fifth out of 20 markets surveyed, trailed Las Vegas, which was down 22.8 percent; Miami, down 21.7 percent; Phoenix, down 20.8 percent; and Los Angeles, down 19.4 percent over the same period."

CNBC - "FDIC Finalizing Direct Home Loan Plans: WSJ" (4-30-08)

"Federal Deposit Insurance Corp Chairman Sheila Bair is finalizing a legislative proposal that will let the Treasury Department issue direct loans for nearly 1 million homeowners, in a move to prop up the housing market, the Wall Street Journal said on Wednesday. The plan, which needs Congress approval, would permit new government loans so borrowers can repay up to 20 percent of the principal they owe on their mortgage, the report said, citing confidential draft of the proposal."

Bloomberg - "Jones Lang Declines After Earnings Miss Analysts' Estimates" (4-30-08)

"Jones Lang LaSalle Inc., the second-largest commercial property broker, fell as much as 10 percent in New York trading after earnings missed analysts' estimates. First-quarter net income declined to $2.8 million, or 9 cents a share, the Chicago-based company said yesterday in a statement after the regular trading. Analysts on average projected net income of 69 cents a share."

Orange County Register - "Building slump zaps drywall prices 36%" (4-30-08)

"Sheetrock-brand wallboard maker USG says its average North America selling price for its signature product was $104.41 per thousand square feet in the first quarter, down 36% from $164.12 in the year ago period."

Orange County Register - "O.C. mortgage debt slipped in 2007" (4-30-08)

"TransUnion, one of the big three credit-reporting agencies, said the average mortgage debt in Orange County dropped at the end of 2007 for the first time in two years. The average consumer mortgage debt of $410,093 in the fourth quarter of 2007 was down 3.4 percent from the prior quarter, the first time it dropped quarter-to-quarter since the end of 2005 (back then it was a meager 0.5 percent dip.)"

Orange County Register - "Industrial property still hot in O.C." (4-30-08)

"Grubb & Ellis says the place to be in O.C. real estate during the first quarter was in warehouses and other industrial space. Industrial vacancies here remained tight at 4.3% during the first quarter, just slightly above the 4% in the fourth quarter of 2007. That compares to the office market, which saw the vacancy rate jump to 14.9%."

Wall Street Journal - "Room to Rise? In Hotels, Operators Have an Edge Over Owners" (4-30-08)

"For investors trying to determine which hotel companies are best positioned to ride out a downturn, economic and construction data don't tell the whole story. The industry has evolved over the past decade into two groups. One is composed of companies that manage and operate hotels, such as InterContinental Hotels Group PLC, Starwood Hotels & Resorts Worldwide Inc., and Wyndham Hotels & Resorts LLC, a unit of Wyndham Worldwide Corp. The other group is composed of real-estate investment trusts that build, buy and own hotel properties; most REITs aren't household names."

Wall Street Journal - "Wells Fargo Is Sanctioned For Role in Mortgage Woes" (4-30-08)

"a federal bankruptcy judge has penalized a trustee, San Francisco-based Wells Fargo & Co., imposing a $250,000 sanction against it. The judge last week said Wells Fargo failed to monitor a mortgage-servicing company that the court found took improper actions in a consumer-bankruptcy case and made misrepresentations to the court."

Yahoo - "Home prices sink at record clip; foreclosures keep mounting" (4-29-08)

"In a bad omen for sellers and lenders this spring home selling season, the erosion of house values is accelerating and foreclosure filings are doubling, new data showed Tuesday. A closely watched index of home prices in 20 cities fell almost 13 percent in February from a year earlier, a record for the seven-year-old S&P's/Case-Shiller Home Price index. The report follows news that foreclosure filings between January and March also hit a new high, and comes a day after the government said the number of vacant homes on the market also hit a record."

Bloomberg - "Bonds, Stocks Show Bernanke Fixing Financial System" (4-29-08)

"Federal Reserve Chairman Ben S. Bernanke is persuading investors that the financial markets are working again. The Standard & Poor's 500 Index gained 7.88 percent since the central bank backed the purchase of Bear Stearns Cos. on March 16. Companies sold $45.3 billion of debt last week, the most ever. High-yield bonds are poised for their best month in five years and mortgage securities are outperforming Treasuries for the first time in 2008."

Bloomberg - "More Subprime, Alt-A Mortgages May Head `Underwater'" (4-29-08)

"About half of recent subprime and Alt-A borrowers may soon owe more on their mortgages than their houses are worth or hold minimal equity, putting $800 billion of debt at greater risk of default, according to Barclays Capital. Subprime loans from 2006 and 2007 that exceed the value of the homes jumped 5 percentage points to 19.8 percent in the fourth quarter, and may reach 26 percent by midyear if prices drop at the same pace, Barclays analysts wrote in a report yesterday. Alt-A loans, a grade better than subprime, would grow to 23 percent from 16.3 percent."

Forbes - "Worst Cities For Homeowner Debt" (4-29-08)

This article contains a chart listing information like the median home price and the total mortgages of each city

The San Diego Union Tribune - "State budget '$20 billion out of whack'" (4-29-08)

"Gov. Arnold Schwarzenegger said yesterday that the state budget is “$20 billion out of whack,” a startling figure that doubles some previous estimates. A shortfall of that size in a projected general fund of $101 billion would create more pressure for deep cuts and tax increases to balance a budget for the fiscal year that begins July 1."

Market Watch - "Countrywide posts $893 million first-quarter loss" (4-29-08)

"Troubled mortgage lender Countrywide Financial Corp. continued to hemorrhage money in a toughening housing climate, reporting Tuesday that it lost $893 million in the first quarter compared to a profit of $434 million during the same period last year."

Yahoo - "Homes facing foreclosure more than doubled in 1Q from 2007" (4-29-08)

"The number of U.S. homes heading toward foreclosure more than doubled in the first quarter from a year earlier, as weakening property values and tighter lending left many homeowners powerless to prevent homes from being auctioned to the highest bidder, a research firm said Monday."

Realty Times - "Real Estate Marketing Strategies - Getting Your Clients to Buy Now!" (4-29-08)

"Have you been feeling frustrated at clients who don't seem to be able to make a decision? At the beginning they seem interested in buying, either they've contacted you or you contacted them. Then as they see some homes may begin listening to the news about today's marketplace, they start to get cold feet."

Realty Times - "Mortgage Fraud Now An Organized Crime Staple" (4-29-08)

"Fraud associated with home loans first cashed in on the greed that came with the previously booming housing market, when some buyers would do anything to own a home. The cons used falsified applications, inflated appraisals and other techniques to get home loans approved on the home buying end."

Realty Times - "Condo Trends: The Good, The Bad, The Ugly of Condo Fees" (4-29-08)

"The problem with condo fees, is that the monthly expense is rolled into your debt-to-income-ratio by mortgage lenders and can affect your buying power. For instance, if you have a condo fee of $300 per month, your purchasing power could drop by $50,000 if you were buying a home with a 6 percent mortgage on a 30-year note."

Orange County Register - "Closing HELOCs could bite banks, report says" (4-29-08)

"KBW said there’s an additional $1.2 trillion in outstanding debt on credit lines and home-equity loans. To put the numbers in perspective, the total of $2.2 trillion (used and unused HELOCs and home-equity loans) equates to 20 percent of outstanding first-mortgage debt and roughly 85 percent of outstanding non-mortgage consumer debt ($2.5 trillion), the report found."

Bloomberg - "Dollar Slide Drives Budget as Japan Shuns Treasuries" (4-28-08)

"The Japanese, who own $586.6 billion, or 12 percent of U.S. government debt, had their worst quarter in Treasuries this decade, losing 7 percent in the first three months of the year as the dollar fell to the lowest since 1995 versus the yen, Merrill Lynch & Co. indexes show. Dai-ichi Mutual Life Insurance Co., Meiji Yasuda Life Insurance Co. and Sumitomo Life Insurance Co., three of the nation's four-biggest insurers, would rather accept the world's lowest bond yields in Japan than buy U.S. debt."

Yahoo - "Vacant homes set new record high in first quarter" (4-28-08)

"The percentage of vacant homes for sale in the U.S. set a new record high in the first quarter of this year, the government said Monday. The Census Bureau report shows that 2.9 percent of U.S. homes -- excluding rental properties -- were vacant and up for sale, compared with 2.8 percent in the fourth quarter of 2007. It was the highest quarterly number in records going back to 1956."

Bloomberg - "KB Home's Broad Says Home Prices May Drop Another 20%" (4-28-08)

"Eli Broad, a philanthropist and co- founder of KB Home, the fifth-largest U.S. homebuilder by revenue, said he expects home prices to drop another 20 percent."

Bloomberg - "Maguire Chairman Proposes to Purchase 75% of Company" (4-28-08)

"Maguire offered $21 per share, or 23 percent more than the closing price of $17.07 on April 25, for 75 percent of the company. He is proposing the company sell most of its assets outside Orange County and pay investors a special dividend funded by the proceeds, Maguire Properties said in a statement today. Maguire fell 45 cents, or 2.6 percent, to $16.62 at 4:01 p.m. in New York Stock Exchange composite trading."

Bloomberg - "Zell Says Macklowe Will Get $6 Billion for New York Buildings" (4-28-08)

"Harry Macklowe should raise about $6 billion from the sale of seven New York office towers that he bought for $7 billion from Blackstone Group LP last year, according to Sam Zell, the real estate investor who sold the properties to Blackstone."

Realty Times - "Washington Report: Fannie and Freddie Under Fire From Groups" (4-28-08)

"Private mortgage insurers -- who work hand in hand with Fannie and Freddie by writing coverage on loans with downpayments less than 20 percent -- are enforcing even more extensive and restrictive lists of declining markets. Some industry estimates put the total number of Zip codes affected across the country at between 8,000 and 12,000."

Ventura County Star - "Home quality dropping with prices" (4-26-08)

"Stoked by a rash of short sales and other distressed transactions, inventory of homes on the market has swelled as demand has sagged. Quality also has become an issue as strapped homeowners seemed to have lost that 'pride of ownership.'Properties foreclosed on within the past year accounted for 35.2 percent of the existing homes sold in Ventura County during March, according to DataQuick Information Systems."

The San Diego Union Tribune - "Resales of homes a house divided" (4-27-08)

"San Diego County's unprecedented housing downturn has created a sharp split in the resale market, with foreclosed properties selling at steep discounts while other homes take a much smaller hit. Although values are down in all categories, the variance between the resale prices of foreclosed and regular properties is dramatic."

Orange County Register - "O.C. building slump hits non-home projects, too" (4-27-08)

"Construction Industry Research Board, Burbank-based group tracking building permits statewide, says planned construction in Orange County of commercial, industrial and other non-residential projects in O.C. fell to the lowest level in six years.That’s one reason why the estimated value of all building permits combined (see chart above) was $663 million for January through March this year, or a little more than half the value of permits issued during the first three months of 2007. Last year’s value was the high for the decade, with permits valued at nearly $1.3 billion in the first quarter."

The San Diego Union Tribune - "'Declining market' tag may threaten recovery" (4-27-08)

"Could widespread designations of entire ZIP codes, metropolitan areas – even entire states – as 'declining markets' hinder a real estate recovery and hurt minority groups and moderate-income buyers disproportionately? Growing ranks of critics say the answer is yes. Since late 2007, most lenders, insurers and mortgage investment firms have compiled lists of local markets that they consider to be posing higher risks because housing values are dropping. Within those areas, borrowers are charged higher rates, loan fees and down payments – costs that can rise significantly when applicants have credit scores below designated minimum levels."

CBIA - "New-Home Production Down Again in March, CBIA Announces" (4-25-08)

"According to housing permit data supplied by the Construction Industry Research Board, total housing starts in California, as measured by building permits issued, dropped 65 percent in March when compared to the same month a year ago to 4,713 units. Production of single-family homes fell 63 percent while construction of multifamily units decreased 68 percent when compared to March of 2007."

CAR - "C.A.R. reports sales decreased 24.5 percent, median home price fell 29 percent in March" (4-25-08)

"Home sales decreased 24.5 percent in March in California compared with the same period a year ago, while the median price of an existing home fell 29 percent, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported today."

Bloomberg - "Homeowners Convert to Costlier Fixed-Rate Loans Amid ARM Fears" (4-25-08)

"Mortgage refinancing in the U.S. is increasing as record numbers of homeowners dump their adjustable-rate mortgages for the security of a fixed loan. The amount of refinanced home loans will reach $321 billion by the end of June, the most in a year, according to estimates from Washington-based Fannie Mae, the largest buyer of mortgages. Nine out of 10 of those borrowers will choose a fixed rate, Fannie Mae said."

Yahoo - "Many states appear to be in recession as deficits grow" (4-25-08)

"The finances of many states have deteriorated so badly that they appear to be in a recession, regardless of whether that's true for the nation as a whole, a survey of all 50 state fiscal directors concludes."

Bloomberg - "Loan Derivatives Index Soars as Banks Find Takers for LBO Debt" (4-25-08)

"A gauge of investor confidence in the U.S. leveraged-loan market is headed for its biggest monthly increase since being created last year as banks find ways to sell loans they have been stuck with the past 10 months."

Bloomberg - "Steel Says Premature to Call U.S. Credit Crisis Over" (4-25-08)

"Treasury Undersecretary Robert Steel said it's premature to say that financial market turmoil stemming from tightening credit conditions is near an end."

Orange County Register - "O.C. builder defaults on $235 million debt" (4-25-08)

"An Irvine developer defaulted on a $235 million loan borrowed against Bakersfield’s planned McAllister Ranch golf course community, chalking up what’s probably Kern’s largest soured debt so far in the current market downturn. A default notice recorded Tuesday in Kern County shows SunCal Cos., the company behind the 6,000-home project, owes late payments totaling more than $4 million to lender Lehman Commercial Paper Inc., a New Jersey-based financial company."

Orange County Register - "Subprime fraud rampant at end of housing boom" (4-25-08)

"The State Foreclosure Prevention Working Group came to this conclusion after noticing a 'worsening trend' of subprime loans going into delinquency prior to an increase in monthly payments due to the end of a low introductory teaser rate. For example, in the group’s first report based on data from Oct. 2007 it found the percentage of loans facing reset in Q3 2009 that are currently delinquent was 21.4%. That figure increased to 28.5%, based on more recent data from January 2008."

Realty Times - "Inflation Jitters Push Mortgage Rates Up This Week" (4-25-08)

"Freddie Mac (NYSE:FRE) today released the results of its Primary Mortgage Market Survey (PMMS) in which the 30-year fixed-rate mortgage (FRM) averaged 6.03 percent with an average 0.3 point for the week ending April 24, 2008, up from last week when it averaged 5.88 percent. Last year at this time, the 30-year FRM averaged 6.16 percent."

The Wall Street Journal - "Rising Property Taxes Fill Gaps, Pinch Homeowners" (4-25-08)

"Faced with revenue shortfalls, local governments across the U.S. are raising property-tax rates, angering homeowners already hit by the housing slump and economic slowdown. Spring Valley, N.Y., approved a 9.7% increase in the property-tax rate to balance its budget. A number of fast-growing suburbs around Washington, D.C., have raised rates, while Memphis Mayor Willie Herenton has proposed a 17% increase in the property-tax rate to close a budget gap."

NAHB - "Builders Lead The Way In Energy Efficient Housing, Congress Told" (4-24-08)

"Calling green building 'the next evolution in residential construction,' the National Association of Home Builders (NAHB) told Congress today that the best way to help small home builders promote residential energy efficiency and sustainability technology in home construction is by extending tax incentives for new energy-efficient homes."

Market Watch - "New-home sales sink 8.5% to 17-year low" (4-24-08)

"The decline in new-home sales to a seasonally adjusted annual rate of 526,000 was much weaker than the 577,000 pace expected by economists surveyed by MarketWatch. New-home sales are down 36.6% compared with a year ago and are down 62% from the peak in July 2005. February's sales pace was revised lower to 575,000 from 590,000"

CNN - "Homebuilders: No recovery until 2009" (4-24-08)

"The damaged housing and home construction markets will continue to take a beating at least through the end of the year, according to economists who spoke Thursday at a forecast conference sponsored by the National Association of Home Builders. The economists said the deterioration of the housing market helped the U.S. economy slip into a recession that will continue through June. They said high oil prices will continue to hamper consumer spending, and the ongoing credit crisis will make home financing difficult, stalling a housing recovery until at least 2009."

CNN - "Rates on 30-year mortgages top 6%" (4-24-08)

"Rates on 30-year mortgages topped 6% for the first time in six weeks as financial markets grew more worried about rising inflation pressures. Freddie Mac, the mortgage company, reported Thursday that 30-year fixed-rate mortgages averaged 6.03% this week after three straight weeks at 5.88%. Rates on 30-year mortgages were last above 6% the week of March 16 when they averaged 6.13%."

Realty Times - "Real Estate Outlook: Index Says Positive Growth Underway" (4-24-08)

"You might not hear much about them on TV or in the papers, but there are some economic signs popping up right now that are -- at the VERY least -- encouraging for housing and real estate."

Realty Times - "Regional Report: West" (4-24-08)

"HousingPredictor.com's list of the 25 worst housing markets in 2008 is dominated by California, who has 8 cities in the list. Of the remaining 17 cities, 4 are from other western states like Arizona and Oregon. Our agents in some western cities don't necessarily echo these dire reports about the overall market."

Realty Times - "Tax Rebate Uses For Sellers" (4-24-08)

"Starting in May, the U.S. Treasury Department will begin sending rebates to taxpayers, who had $3,000 of income, filed a 2007 tax return and have a valid Social Security number. Eligible taxpayers will receive up to $600 ($1,200 for married couples). Parents will receive an additional $300 for each eligible child younger than 17."

Realty Times - "Is the Single Member LLC a New IRS Target?" (4-24-08)

"A little known Court Case has just sent ripples through the business community. If you, or someone you know, has one of the 1.2 million Limited Liability Companies in the US today, you'll want to read this alert."

Mortgage Bankers Application - "Mortgage Applications Decrease In Latest MBA Weekly Survey" (4-23-08)

"The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending April 18, 2008. The Market Composite Index, a measure of mortgage loan application volume, was 637.6, a decrease of 14.2 percent on a seasonally adjusted basis from 743.4 one week earlier. On an unadjusted basis, the Index decreased 13.4 percent compared with the previous week and was down 3.2 percent compared with the same week one year earlier."

USA Today - "Renters can't escape housing foreclosure crisis" (4-23-08)

"The most brutal real estate slump in decades is reverberating through the rental market. Renters in properties that are being foreclosed on are being evicted. Homeowners forced into foreclosure are becoming tenants again and driving up rents. And renters not yet ready to buy a home — shut out by stricter lending rules or hoping to buy after prices fall still further — are creating a dynamic shift: Even as real estate is sputtering, the rental market is surging."

Bloomberg - "Ambac Posts Loss on CDO Writedown, New Business Drop" (4-23-08)

"Ambac Financial Group Inc., the bond insurer that lost 93 percent of its stock market value in the past year, posted a wider loss than analysts estimated after $3.1 billion in charges for subprime-mortgage securities. The world's second-largest bond insurer tumbled 43 percent in New York Stock Exchange trading after reporting a first- quarter net loss of $1.66 billion, or $11.69 a share. The company also revised claims estimates higher by $2 billion and said it may be in violation of at least one loan covenant."

Bloomberg - "Credit Suisse May Post Quarterly Loss on SF5 Billion Writedown" (4-23-08)

"The world's biggest banks and securities firms have reported credit losses and writedowns of $290 billion since the start of 2007 following the collapse of the U.S. subprime mortgage market."

The Washington - "Lenders Swamped by Delinquent Mortgages" (4-23-08)

"Seven out of 10 troubled mortgage borrowers remain without a plan to work out their loans despite increased industry efforts to help them, according to a new report from a coalition of state attorneys general and banking regulators. The group collected data from 13 of the largest subprime lenders from October through January and found that the lenders are overwhelmed by their workloads and unable to keep pace with the number of borrowers who are falling behind on payments."

The Washington Post - "Effort to Rein In Fannie, Freddie Gains Steam" (4-23-08)

"Treasury Department officials have stepped up efforts to strengthen the regulation of Fannie Mae and Freddie Mac, the two largest buyers of home mortgages, pressing key senators to break a legislative stalemate that has lasted for years. The recent turmoil in credit markets has refocused attention on Fannie Mae and Freddie Mac, which play a vital role in supporting the U.S. mortgage market. About 80 percent of all home loans are now bought by these two federally chartered companies, according to Freddie Mac."

Bloomberg - "Morgan Stanley Raises $2.5 Billion for Real Estate" (4-23-08)

"Morgan Stanley, seeking profits amid the decline in real estate values, raised an additional $2.5 billion for a global property fund that will invest part of its assets in U.S. mortgage debt. About half of the new money in the Special Situations Fund III will be spent in the U.S., Spain and the U.K., as well as other developed markets in Europe and Asia, said John Carrafiell, joint global head of real estate investing for Morgan Stanley. The rest will be invested in emerging markets."

Bloomberg - "Kimball Hill, U.S. Homebuilder, Files for Bankruptcy" (4-23-08)

"Kimball Hill Inc., a closely held homebuilder active in five U.S. states and 29 affiliates, filed for Chapter 11 bankruptcy protection as demand for new homes tumbles. The Rolling Meadows, Illinois-based company listed assets of $795.5 million and debt of $631.9 million as of Dec. 31 in documents filed today in U.S. Bankruptcy Court in Chicago. Kimball Hill sells houses in California, Illinois, Florida, Texas and Las Vegas."

Bloomberg - "Pulte Loss Widens to $696.1 Million in Housing Slump" (4-23-08)

"Pulte Homes Inc., the fourth-largest U.S. homebuilder, reported a $696.1 million first-quarter net loss, about three times wider than analysts expected, as stricter mortgage-lending standards cut demand. The net loss swelled to $2.75 a share, from $85.7 million, or 34 cents, a year earlier, the Bloomfield Hills, Michigan-based company said today in a statement. Pulte's sixth consecutive quarterly loss included $663.6 million of expenses to write down the value of land. Revenue declined 23 percent to $1.45 billion."

Bloomberg - "GE Real Estate Buys EU1.27 Billion of Property Loans" (4-23-08)

"General Electric Co. bought 1.27 billion euros ($2.03 billion) worth of commercial-property loans in Europe, the U.S. firm's second acquisition of such loans in five months. The 39 loans were bought from closely held Capmark Financial Group Inc. at a discount, Michael Rowan, GE's head of real estate in the U.K., said in an interview today. Most of the loans are backed by properties in Germany, according to Rowan, who declined to disclose the purchase price."

Bloomberg - "U.S. Architects' Services Index Falls to Record as Demand Slows" (4-23-08)

"Slowing demand for U.S. architectural services last month drove down a billings index to a record, as developers cut back plans for commercial construction this year, the American Institute of Architects said. The Architecture Billings Index dropped to 39.7 last month from 41.8 in February, the Washington-based institute said today in a statement. The score was the lowest since the survey's inception in November 1995. Any score below 50 indicates a decrease in billings from the previous month."