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Thursday, 24 July 2008
 CNN Money
How housing rescue bill can help you
A bill passed by the House on Wednesday will assist up to 2 million borrowers in danger of foreclosure by allowing them to refinance their current mortgages with a Federal Housing Administration (FHA)-backed loan. The bill also allocates funding to assist Fannie Mae and Freddie Mac. Most borrowers will receive substantial savings on FHA-backed loans, which carry reasonable interest rates that are fixed for the life of the loan. It also would give the FHA new authority to guarantee repayment of up to $300 billion in mortgages if a lender agrees to write down the loan principal below a home’s current appraised value. First-time home buyers would receive a tax credit. Additionally, states would be authorized to issue an additional $11 billion of tax-exempt bonds to refinance subprime loans, provide loans to first-time home buyers and fund the construction of low-income rental housing. Finally, it would permanently raise the limit to $625,000 for mort! gages that Fannie Mae and Freddie Mac could purchase. The bill now goes to the Senate for approval and then to President Bush, who is expected to sign the bill into law.
MAKING SENSE OF THE STORY FOR CONSUMERS
· To qualify for the housing assistance program, homeowners must live in their home and have loans that were issued between January 2005 and June 2007. They also must be spending at least 40 percent of their gross monthly income on all household debt. Borrowers do not have to be in default, but they must show proof that they will not be able to continue making their existing mortgage payments.
· Prior to receiving an FHA-backed mortgage, homeowners must first pay off any other debt on the home, such as a home equity loan or line of credit. Borrowers also are not permitted to take out another home equity loan for at least five years, unless it’s used to pay for the necessary upkeep of a home and is approved by the FHA. Total debt cannot exceed 95 percent of the home’s appraised value at the time of appraisal.
· The program is voluntary, so the original lender(s) must agree to rework the loan before a homeowner starts the application process. Each loan must be underwritten by an FHA-approved lender and will be evaluated on a case-by-case basis. Homes will be re-appraised and banks will verify income statements, bank accounts, job histories and credit scores.
· Although there are little up-front costs for borrowers, consumers receiving a refinanced loan must agree to certain terms, including paying an insurance premium of 1.5 percent of the principal annually to the FHA.
To read the full story, please click here:
http://money.cnn.com/2008/07/23/real_estate/housing_rescue_guide/index.htm?postversion=2008072321
RISMedia Real Estate News
Seeing the Light at the End of the Tunnel
According to a recent survey conducted by Leading Real Estate Companies of the World®, real estate brokers’ outlook on the market is improving. The nationwide survey indicated that 59 percent of the respondents saw a stronger market in the last 60 days. Although inventory levels remain high, 20 percent of brokers reported a decline in inventory compared with a year ago.
MAKING SENSE OF THE STORY FOR CONSUMERS
· Although prices have decreased in the past year, the majority of brokers indicate that price declines are less than 10 percent, demonstrating that real estate markets are local and can fluctuate greatly from one community or region to the next. About one-third of brokers indicated that foreclosures have had a significant impact on prices in their area.
· Brokers are at odds on which segment of the market is the most sluggish. More than half of the brokers surveyed believe that high-end homes represent the slowest segment, while 31 percent believe that it’s the mid-range "move up" market. Only 13 percent of brokers believe that the first-time buyer market is the slowest.
To read the full story, please click here:
http://rismedia.com/wp/2008-07-17/leadingre-housing-beat-seeing-the-light-at-the-end-of-the-tunnel/
 Los Angeles Times
Treasury Secretary Paulson calls bank system secure
Following the collapse of IndyMac, consumers are questioning the security of the U.S. banking system, although only a small percentage of banks are expected to fail. A bill aimed at stabilizing the housing market will assist borrowers and will allow the Treasury Department to increase its line of credit to Fannie Mae and Freddie Mac and purchase stock in the companies, if necessary. Reports show that both companies stand a better than 50 percent chance of weathering the current market without government aid.
MAKING SENSE OF THE STORY FOR CONSUMERS
· Paulson assured IndyMac consumers that all funds fully insured by the Federal Deposit Insurance Corp. (FDIC) guarantee of $100,000 and below will remain safe. Several thousand depositors had accounts exceeding the FDIC guarantee and may not have been fully insured depending on how the accounts were structured. Deposits above $100,000 will be paid out at 50 percent of the value.
· Fearful of future loan defaults, investors have rapidly sold off shares in Fannie Mae and Freddie Mac. Combined, the two banks own or back approximately half of the nation’s $12 trillion in mortgage debt. Paulson is supporting a plan to ease the ability of Fannie and Freddie to borrow from the government, which in turn allows the Treasury Department to acquire stakes in both.
· Experts remain divided on when mortgage defaults will subside. Median housing prices have declined for 22 consecutive months, according to the NATIONAL ASSOCIATION OF REALTORS® (NAR). Some economists predict that the market will bottom out mid-2009, while others think the market is at or near the bottom now.
To read the full story, please click here:
http://www.latimes.com/business/la-fi-paulson21-2008jul21,0,1007132.story?track=rss
In Other News…
Los Angeles Times
Record home losses in state
To read the full story, please click here:
http://www.latimes.com/news/local/inland/la-fi-foreclose23-2008jul23,0,7902436.story
San Francisco Chronicle
Bay Area home prices plunge 27% in last year
To read the full story, please click here:
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/07/18/MN6711QRVS.DTL&hw=Carolyn+Said&sn=004&sc=375/
CNN Money
Saving IndyMac’s mortgages
To read the full story, please click here:
http://money.cnn.com/2008/07/17/news/economy/indymac_mortgages/index.htm
San Francisco Chronicle
Mortgage market weathers storm
To read the full story, please click here:
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/07/20/BU3411RIAP.DTL&hw=Carolyn+Said&sn=002&sc=517
CNN Money
California broadens Countrywide lawsuit
To read the full story, please click here:
http://money.cnn.com/2008/07/17/news/companies/countrywide_california.ap/index.htm?postversion=2008071717
Yahoo Finance
More Home Buyers Seek Sleepover ‘Test Drive’
To read the full story, please click here:
http://finance.yahoo.com/real-estate/article/105405/More-Home-Buyers-Seek-Sleepover-'Test-Drive'
San Francisco Chronicle
State agency will lend to 1st-time home buyers
To read the full story, please click here:
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/07/22/BUMJ11SP2H.DTL
The Associated Press
Wachovia loses $8.9B, cuts 6,350 workers, dividend
To read the full story, please click here:
http://hosted.ap.org/dynamic/stories/E/EARNS_WACHOVIA?SITE=VACUL&SECTION=HOME&TEMPLATE=DEFAULT
Reuters
June housing starts up 9.1 pct; NY code cited
To read the full story, please click here:
http://www.reuters.com/article/economicNews/idUSN1727962420080717
Saturday, 19 July 2008
In an effort to facilitate the sale of bank-owned properties, the Federal Housing Administration (FHA) has temporarily suspended its 90-day rule against flipping properties. Under the anti flipping rule, the FHA will not insure a mortgage loan if the sales contract is executed within 90 days of the seller's acquisition of the property. Effective June 2008, the anti flipping rule is waived for one year for properties acquired by lenders, their subsidiaries, and their outside vendors.
The purpose of FHA's new policy is to facilitate the sale of bank-owned properties, given that foreclosed and abandoned homes harm neighborhoods and delay a community's recovery. However, FHA still requires homes to be in a "safe, secure and sound" which may not be the condition of certain foreclosed-upon properties.
For more information about the waiver of FHA's anti flipping rule, go to www.fha.gov. For general information about bank-owned property transactions, C.A.R. has two legal articles entitled REO Transactions and REO Disclosure Chart, available at http://qa.car.org.
Thursday, 17 July 2008
 Barron's
Bottom’s up: This real-estate rout may be short-lived
Home sales and prices may be down, foreclosures may be mushrooming and the blowback from the subprime mortgage crisis may be threatening banks and secondary mortgage lenders, but there are some early signs the real estate market is trending in a more positive direction -- although you may not know it if you rely on the mainstream media for your real estate news.
MAKING SENSE OF THE STORY FOR CONSUMERS
· Recent data suggest real estate market pessimism may be overblown. Even economist Karl Case, father of the S&P/Case Shiller Home Price Index, admits many industry pundits and members of the media are ignoring key facts – as demonstrated by their focus on negative year-over-year price figures rather than more recent monthly data. An example: Home prices actually increased slightly in eight of 20 Case Shiller markets between March and April. Instead, the focus of most media reports was on year-over-year figures, which continue to support the notion that the market may not have hit bottom, let alone begun to improve.
· Transaction-related indices may be skewed at present by a far larger than normal share of subprime-derived default and distress sales. In the San Francisco Bay Area, for example, more expensive homes (those priced over $721,548) have dropped in price by only about 10.7 percent from their peak, compared with homes priced under $473,711, which have tumbled by 40.9 percent.
· Even new housing construction numbers suggest an improvement, according to Case. He notes that housing starts, which fell to 975,000 in April from 2.27 million in January 2006, have fallen by similar percentages three times during the last 35 years. Case observes that each previous time this has occurred the market has staged a surprising upturn within a quarter. Only a slide into a recession would temper his optimism about the potential for a similar recurrence of this trend.
To read the full story, please click here:
http://online.barrons.com/article/SB121581623724947273.html?mod=googlenews_barrons&page=sp
Los Angeles Times
Fed stiffens restrictions on mortgage lenders
The Federal Reserve is clamping down on what it called "deceptive acts and practices" by some mortgage lenders that it says helped lead to the subprime mortgage crisis. The new rules, which apply to all banks and other lenders and specifically target subprime loans and borrowers, will take effect Oct. 1.
MAKING SENSE OF THE STORY FOR CONSUMERS
· The new rules "are intended to protect consumers from unfair or deceptive acts and practices in mortgage lending, while keeping credit available to qualified borrowers and supporting sustainable homeownership," said Federal Reserve Chairman Ben Bernanke.
· The new rules will prohibit loans to borrowers who can’t repay the loan from income and assets other than the home’s value and will require lenders to verify the borrower’s income and assets. Prepayment penalties are banned for the first four years of any adjustable rate subprime loan and for the first two years on other subprime loans. Lenders also must establish escrow accounts for property taxes and insurance for all first-lien loans
· Also banned are seven misleading advertising practices, including use of the word "fixed" to describe a rate or payment that changes at any time during the loan term. Other prohibited practices include loan comparison advertising (unless all payments and rates are disclosed), foreign-language ads where disclosures are presented in English, and encouraging appraisers to misrepresent a home’s value. The rules also will require lenders to credit payments on the date of receipt, prohibit pyramiding of loans, and require a good faith estimate of costs and payments on any loan application for a home secured by its value (including home equity loans and refinancings) within three days. Further, borrowers cannot be charged any fees other than to obtain a credit report before receiving that estimate.
To read the full story, please click here:
http://www.latimes.com/business/la-fi-fed15-2008jul15,0,6482071.story
The New York Times
Bush offers plan to save Fannie, Freddie
Eroding confidence in the nation’s two largest mortgage finance companies led President Bush to ask Congress to approve a rescue plan that would provide billions of dollars in investments and loans to the two companies. Separately, the Federal Reserve said it would make funds available to Fannie Mae and Freddie Mac on a short-term basis, if necessary. The dual rescue efforts came over the weekend after stock prices for the two quasi-governmental companies plunged late last week, potentially jeopardizing a planned debt offering by Fannie Mae and sending shock waves through the nation’s equity markets.
MAKING SENSE OF THE STORY FOR CONSUMERS
· The White House plan calls on Congress to raise the national debt limit and to allow the Federal Reserve to determine how large a cash reserve the two companies must have on hand. The proposals are expected to be attached to a housing bill that will be voted on by Congress as early as this week.
· Both Fannie Mae and Freddie Mac have existing credit lines of $2.25 billion that were set 40 years ago by Congress when Fannie Mae held about $15 billion in outstanding debt. It now has about $800 billion in debt; Freddie Mac debt totals about $740 billion.
· Despite concerns that the program will protect shareholders and investors while asking taxpayers to foot the bill, Treasury Secretary Henry M. Paulson, Jr. reiterated that the failure of either Fannie Mae or Freddie Mac would have a devastating impact on the world economy because their debt is held by investors around the globe.
To read the full story, please click here:
http://www.nytimes.com/2008/07/14/washington/14fannie.html?ref=business
In Other News…
 Bloomberg.com
Foreclosures rose 53% in June, bank seizures tripled
To read the full story, please click here:
http://www.bloomberg.com/apps/news?pid=20601068&sid=aoF2SSDy4Ja4&refer=home
CNNMoney.com
Calm down: Beyond the Fannie and Freddie panic
To read the full story, please click here:
http://money.cnn.com/2008/07/11/markets/thebuzz/
Riverside Press-Enterprise
Inland condo projects shut down as single-family home foreclosures flood market
To read the full story, please click here:
http://www.pe.com/business/local/stories/PE_Biz_S_condos13.2ff32a8.html
Sacramento Bee
Feds’ aid for mortgage giants is said to aid Sacramento market
To read the full story, please click here:
http://www.sacbee.com/103/story/1082711.html
San Francisco Chronicle
No sign of slump in S.F. rental market
To read the full story, please click here:
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/07/12/RECT11MC47.DTL
Thursday, 10 July 2008
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The Associated Press
Pending home sales fall 4.7 percentAfter posting a sharp gain in April, NAR’s Pending Home Sales Index for May slipped by 4.7 percent and was 14 percent below 2007 levels. While the decline reflects continued softness in the market, there was some good news in the West, which includes California. There, pending sales slipped only 1.3 percent in May and were 2 percent higher than a year ago.
MAKING SENSE OF THE STORY FOR CONSUMERS
- The national index registered 84.7 on a scale where 100 equals the rate of pending sales during 2001, when the index was initiated. It stood at 98.5 in May 2007. The national decline was driven by the South, where the index fell 7.1 percent to 84.5, 22 percent below last year’s figure, and the Midwest, which experienced a 6 percent decline to 78.6, 13.8 percent lower than a year ago.
- Despite the higher-than-expected national decline, the West region index fell to 97.5 in May led by Sacramento, which experienced double-digit gains in pending sales as homebuyers continued to take advantage of favorable home prices and interest rates.
- NAR President and Long Beach REALTOR® Richard (Dick) Gaylord noted that the current market offers short-term benefits and long-term value for homebuyers. He warned that buyers should consider the potential that interest rates may increase slightly should inflationary fears arise.
To read the full story, please click here:
http://ap.google.com/article/ALeqM5jYhsxaJOLCURko2JR8R6NUDHRW2wD91PO5TO0
The New York Times
Fed to clamp down on exotic and subprime loans
Signaling that it sees no end to the housing downturn in the foreseeable future, the Federal Reserve Tuesday said it will issue new lending rules next week that are expected to limit exotic mortgages and loans to high-risk individuals, and that it may extend its program of low-cost overnight loans to investment banks beyond September in a further attempt to normalize the nation’s credit markets.
MAKING SENSE OF THE STORY FOR CONSUMERS
- On July 14, the Federal Reserve is expected to present a revised set of rules governing mortgage lending. Proposed rules issued in December drew significant criticism from lenders, who fear that tougher standards at a time when credit already is tight could make many mortgages more costly by increasing paperwork and creating additional legal issues. At the same time, consumer groups argue that the proposed rules already are too weak and that efforts to alter the proposal could make it ineffective.
- Starting in March 2008 during the near-collapse of Bear Stearns, the Fed initiated what was expected to be a six-month program to avert further bank defaults among the 20 top investment banks that regularly trade Treasury securities. Under federal law, the program may continue beyond September 2008 only if "unusual and exigent circumstances" exist in the financial markets. Under the program, the government may hold a wide variety of investments, including hard-to-sell mortgage-backed securities, as collateral for the overnight loans.
- Speaking Tuesday, Fed Chairman Ben Bernanke reiterated his support for the proposed overhaul of Fannie Mae and Freddie Mac. "If these firms are strong, well-regulated, well-capitalized and focused on their mission, they will be better able to serve their function of increasing access to mortgage credit, without posing undue risks to the financial system or the taxpayer," Bernanke said.
To read the full story, please click here:
http://www.nytimes.com/2008/07/09/business/09housing.html?_r=1&ref=business&oref=slogin
Los Angeles Times
IndyMac Bank to exit most lending, slash 3,800 jobs
Pasadena-based IndyMac Bank, at one time a leader in lending to "alt-A" homebuyers whose credit fell below prime mortgage lending standards, Monday announced it will close nine regional loan offices (including four in California) and shutter 150 retail outlets that made direct loans to consumers. The company said it will discontinue mortgage operations with the exception of its Financial Freedom unit, which makes reverse mortgages, and will cut almost half its current employees.
MAKING SENSE OF THE STORY FOR CONSUMERS
- During the real estate boom, IndyMac became a leading lender by offering adjustable-rate mortgages with options that allowed homeowners the flexibility to pay interest-only if they wished. While some banks focused on providing loans to sub-prime borrowers, IndyMac focused on the "alt-A market, which allowed borrowers to qualify with minimal proof of income and slightly lower than prime credit histories. When home prices began to fall or interest adjusted upward from initial teaser rates, many borrowers found their property was worth less than the mortgage balance or were unable to cover higher payments.
- Recently, IndyMac had focused on making conforming loans it could sell to Fannie Mae and Freddie Mac. However, the volume of conforming loans was not enough to offset $693 million in losses for the six months ending March 31.
- In the face of increasing bank losses and tighter credit standards, FHA has become the mortgage lending program of choice for California homebuyers. It also is playing a key role in helping stave off defaults and foreclosures. This year alone, more than 500,000 American homeowners will refinance from an adjustable-rate mortgage into a more affordable fixed-rate FHA loan.
To read the full story, please click here:
http://www.latimes.com/news/printedition/front/la-fi-indymac8-2008jul08,0,954496.story
In Other News
Bloomberg.com
Arson surges for foreclosed home lost to subprime
To read the full story, please click here:
http://www.bloomberg.com/apps/news?pid=20601109&sid=aelStm0.FmYo&refer=home
CNNMoney.com
On the path to a housing rebound
To read the full story, please click here:
http://money.cnn.com/2008/06/24/news/economy/tully_housing.fortune/index.htm?postversion=2008062509
Forbes
Increasingly affordable U.S. housing markets
To read the full story, please click here:
http://www.forbes.com/realestate/2008/07/03/housing-affordable-cities-forbeslife-cx_mw_0703realestate.html
Los Angeles Times
Builder incentives: Just marketing, or the real deal?
To read the full story, please click here:
http://www.latimes.com/business/la-re-incentive6-2008jul06,0,364501.story
Palm Springs Desert Sun
Expert: Valley is in a recession
Stronger housing market waits at other end, Realtor says
To read the full story, please click here:
http://www.mydesert.com/apps/pbcs.dll/article?AID=/20080706/BUSINESS/807060315/1006/news01
San Francisco Chronicle
More banks are helping hurting homeownersTo read the full story, please click here:
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/07/02/BU7411HK85.DTL
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Thursday, 03 July 2008
MarketWatch
Mortgage insurers slump again; defaults remain high
Continued high default rates among homeowners with mortgage insurance policies and uncertainty about future losses sent shares of the nation’s major mortgage insurers tumbling and caused Freddie Mac to warn one insurer that it could lose its position as its top insurer if its rating doesn’t improve within 60 days.
MAKING SENSE OF THE STORY FOR CONSUMERS
• In May, 67,967 homeowners with mortgage insurance were at least 60 days behind in their mortgage payments while 40,687 borrowers “cured” their overdue loan payments, according to the Mortgage Insurance Companies of America (MGIC), an industry group. In May 2007, the group reported 45,986 defaults. Mortgage insurance policies are designed to reimburse lenders if homebuyers who take on debt of more than 80 percent of a home’s value subsequently default.
• Acting on fears that the major mortgage insurers will continue to experience increasing rates of default, Moody’s Investors Service downgraded the credit ratings of GenWorth Financial’s mortgage insurance business and Old Republic International, Freddie Mac’s top mortgage insurer. Moody also lowered its rating on Triad Guaranty, the nation’s seventh largest mortgage insurer, to junk status – meaning it has insufficient capital to support an investment-grade rating. Triad previously disclosed it is discontinuing the sale of mortgage insurance policies.
• MGIC, the nation’s largest mortgage insurer with roughly $28 billion of its $177 billion in insured loans tied to sub-prime mortgages, reported Friday that its shareholders approved the sale of an additional 160 million shares in an effort to raise capital. Analysts warned that even a 20 percent loss on its subprime portfolio would erase the company’s book equity.
To read the full story, please click here:
http://www.marketwatch.com/news/story/mortgage-insurers-slump-again-defaults/story.aspx?guid=%7B2DCFCB2E-1DEB-4F98-A1D4-42AAFFEF27AA%7D&dist=msr_39
To read a companion story, please click here:
http://www.marketwatch.com/news/story/mortgage-insurer-may-lose-top/story.aspx?guid=%7B80BB3381-EF1E-4958-AAC9-B1FF935353F3%7D&dist=msr_1
The New York Times
As housing bill evolves, crisis grows deeper
The mortgage rescue plan currently before Congress, which was designed to help only about 400,000 of the 2.6 million homeowners needing assistance at the time it was created, may fall far short of bailing out the thousands of additional Americans each month who join the ranks of mortgage borrowers in need thanks to an increasingly troubled economy, analysts say.
MAKING SENSE OF THE STORY FOR CONSUMERS
• The Senate is expected to consider a bailout bill after the July 4 recess. That bill would allow banks and borrowers to refinance troubled adjustable-rate mortgages into 30-year fixed-rate loans backed by the government. Lenders would lower each loan amount to 85 percent of its current value while borrowers would pay a 1.5 percent annual mortgage insurance premium, and any gain in value would be shared when a home is sold.
• An estimated nine million homeowners currently owe more than the market value of their home. To qualify, borrowers would have to demonstrate that they can’t afford their current mortgage payment but have the financial wherewithal to make payments on a new loan with new terms.
• Critics of the proposal suggest that the real estate market will correct itself without Congressional intervention, and that a weak economy, rising unemployment and higher mortgage interest rates could derail the usefulness of the program, which would be managed by the Federal Housing Administration and funded by the mortgage insurance fees, a 3 percent lender fee, and a tax on Fannie Mae and Freddie Mac.
To read the full story, please click here:
http://www.nytimes.com/2008/06/29/washington/29housing.html?_r=1&th=&adxnnl=1&emc=th&adxnnlx=1214794471-1wPUSlKP4CUyMb8ECvTjAg&oref=slogin
Bloomberg.com
Homes less affordable as prices fall, rates rise, Zillow says
Higher interest rates are balancing out lower home prices and making home ownership less affordable in many U.S. real estate markets, according to a study of about 25,000 mortgage offers to potential homebuyers conducted by Zillow.com.
MAKING SENSE OF THE STORY FOR CONSUMERS
• Monthly payments are 6 to 10 percent higher than they were two months ago in the 41 housing markets Zillow surveyed. On average, monthly payments have climbed $131, or $1,572 annually, since April 1.
• The situation is worse in high-cost markets like California. In Ventura, for example, the annualized cost of a 30-year fixed rate loan to buyers with credit scores of at least 680 is $2,640 more than it was just 60 days ago. Without considering inflation, that increase alone costs a borrower an additional $79,200 more over the life of the loan. The trend applies to most areas of the state.
• Californians also are suffering from the increasing cost of jumbo loans – those mortgages made on homes with loans of more than $417,000. Despite rate cuts by the Federal Reserve, jumbo loan rates since June 2003 have increased by more than two percentage points; over the past nine months alone they have increased from about 7 percent to approximately 7.4 percent. What’s more, the average spread between jumbo and conforming loans has jumped from 93 basis points to approximately 111 basis points.
To read the full story, please click here:
http://www.bloomberg.com/apps/news?pid=20601087&sid=aRDMJGbadcWY&refer=home
In Other News
The Associated Press
Wachovia quits offering risky mortgage loan
To read the full story, please click here:
http://ap.google.com/article/ALeqM5grTw0_fHZ030KelzKI6bTUKU7WrgD91KJP7G7
CNNMoney.com
Ailing home builders battling new foreclosures
To read the full story, please click here:
http://money.cnn.com/news/newsfeeds/articles/djf500/200806261633DOWJONESDJONLINE000751_FORTUNE5.htm
Los Angeles Times
Down market gives rise to home-swap deals
To read the full story, please click here:
http://www.latimes.com/business/la-re-swap29-2008jun29,0,212545.story
Orange County Register
OC riding an economic downturn
To read the full story, please click here:
http://www.ocregister.com/articles/economy-housing-retail-2079115-banking-consumer
Pasadena Star-News
IndyMac appears close to collapse
To read the full story, please click here:
http://www.pasadenastarnews.com/news/ci_9723222
San Diego Union-Tribune
S.D. index points to a continuing economic slump
To read the full story, please click here:
http://www.signonsandiego.com/news/business/20080627-9999-1b27sdecon.html
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