A Tale of Two Markets: Housing Price Risk Diverges During Fourth Quarter - The risk of housing price corrections in key metropolitan statistical areas continued to show a split during the fourth quarter of 2007, a new report released Thursday… - housingwire

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The Folly in Calling a Housing Market Bottom - Markham Lee - Analytical Wealth

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REQUIRED READING:  Meeting with my investment mentor – Richard Russell -  I have just had my first one-on-one discussion with the legendary Richard Russell. This was a truly memorable encounter as I have been subscribing to his newsletter, the Dow Theory Letters, for the past 25 years, and I consider Mr Russell as my mentor in the common-sense faculty of investment. Mr Russell’s outlook for the stock market is also included in this post. -   Prier Du Plessis - Investment Postcards from Cape Town

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No-down-payment mortgages gone for good? - Most mortgage insurance companies won’t cover 100% loans anymore -   MarketWatch 

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A Tale of Two Coasts - The CME has housing futures that track the S&P/Case-Shiller home price indices.  These futures allow big investors to trade or hedge against real estate prices nationwide …  There is a big discrepancy between the outlook for Los Angeles and New York, however.  … - Bespoke Investment Group 
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Wanna Raise Tax rates? - The Lighter Side of Tax Cuts -  Paul Price has a story to tell - seeking alpha

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US 2008 GDP Growth Estimate Ranks 177 out of 181 by IMF - The International Monetary Fund recently published their World Economic Outlook.  The IMF has done a great job making their website much more interactive, and they now offer their Data Mapper that maps out their global estimates for a number of economic indicators.  Below is a screenshot of the Data Mapper showing the IMF’s estimates for 2008 GDP growth across the globe. - Bespoke Investment Group

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Survey: D&O Premiums Dove 19 Percent in First Quarter - Stuffed with capital, the property/casualty insurance industry is offering corporations bargain-basement prices in directors’ and officers’ liability coverage and other lines. - Despite the mounting threat of shareholder lawsuits tied to the subprime crisis, the average directors’ and officers’ liability premium fell 19 percent in the first quarter, according to a survey of about 150 corporate risk managers.  - David M. Katz - CFO.com 

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Memphis: Q1 Mortgage Filings Plunge 30 Percent - The Daily News

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1.  US Treasury to hold GSE summit next week -sources - Treasury Secretary Henry Paulson will convene a meeting next week with the heads of mortgage finance giants Fannie Mae and Freddie Mac and leading senators to discuss legislation that would create a stronger regulator, … - Reuters

2.  Paulson: Housing Is Still Biggest Threat to Economy - CNBC 
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Ken Harney - Consequences for walking away from house, mortgage - …  On March 31, Fannie Mae sent out new guidelines to lenders aimed at walkaways and other foreclosure situations. Fannie will now prohibit foreclosed borrowers from getting another mortgage through the giant investor for five years … - Chicago Daily Herald 

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Chairman Frank and Committee Members Call for GAO Study on Fair Lending Enforcement - full text of letter at House.gov

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PMI Releases Spring 2008 Risk Index - PRNewswire - Money CNN  -  A complete copy of the Spring 2008 PMI ERET report and an appendix that provides data for all 381 U.S. MSAs is available at PMI 
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Commentary on WSJ article   - The Fed Is Terrified - Michael Shedlock - The Wall Street Journal is reporting Fed Weighs Its Options in Easing Crunch. -  globaleconomicanalysis

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Volcker Shuns the Blame Game - Without fingering Bernanke, the former Fed chairman talks tough in reiterating the Fed’s responsibility to “resist pressures toward inflation” -  BusinessWeek

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Consumer Confidence Declines As Employment Growth Declines and Month in Review, April 2008 - U.S. Building Market Intelligence - John Burns RE Consulting

posted by Bill Coppedge