AP - Federal Reserve Chairman Ben Bernanke acknowledges he was wrong in believing that there would be limited fallout to financial markets from risky mortgages that soured after the housing market’s collapse.
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Foreclosures have flooded North County’s housing market, and indicators show that the waters will be rising, not receding through the rest of the year.
Just as April’s sales data was the best in months and provided some encouragement for real estate agents, the month’s huge foreclosure numbers offered more ammunition to housing market bears who see […]

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BBC News - Sales of previously-owned US homes fell in April but not as much as had been feared, industry figures show.
The number of transactions during the month was 1% lower than in March to an annual rate of 4.89 million, said the National Association of Realtors (NER).
Down 17.5% on the year before, the estate […]

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WASHINGTON (AFP) - Further Federal Reserve interest rate cuts appeared more likely Wednesday after government reports showed a modest rise in inflation and that the housing market remained mired in a deep slump.
Many economists expect the US central bank to continue its aggressive rate-cutting campaign at a looming two-day meeting on April 29-30, especially as […]

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Investors Business Daily - Credit and housing market woes could trigger a “prolonged and severe” downturn, feared some Federal Reserve policymakers at their March 18 meeting, according to minutes released Tuesday.
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AFP - President George W. Bush’s administration will propose sweeping new oversight powers for the Federal Reserve in a bid to avoid calamities like the current subprime crisis.
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Reuters - The Federal Reserve Board on Thursday took the unusual step of scheduling public hearings in Chicago and Los Angeles next month to get comments on the pros and cons of Bank of America Corp’s planned $4 billion acquisition of mortgage giant Countrywide Financial Corp.
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Reuters - Former Federal Reserve
Chairman Alan Greenspan and other economic experts should determine whether the U.S. government needs to buy up homes to stem the country’s housing crisis, Democratic presidential candidate Hillary Clinton will propose on Monday.
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