Associated Press: "Home foreclosures and late payments set records over the first three months of the year and are expected to keep rising, stark signs of the housing crisis's mounting damage to homeowners and the economy."
The New York Times: "Philadelphia announced a program on Wednesday to reduce the number of people who are forced from their homes because they cannot afford the payments on an adjustable-rate subprime mortgage."
The Wall Street Journal: "The economy can't recover as long as falling house prices, slumping sales and new-home construction are pulling it down. 'Until the housing market, and particularly house prices, shows clearer signs of stabilization, growth risks will remain to the downside,' Federal Reserve Chairman Ben Bernanke said earlier this week. There are few signs of that 'stabilization.' "
The Washington Post: "The U.S. economy is well positioned to weather its current challenges, Federal Reserve Chairman Ben S. Bernanke said yesterday, because it is more flexible than it was a generation ago and policymakers know better how to respond."
Reuters: "The U.S. Senate confirmed Steve Preston as secretary of the Department of Housing and Urban Development (HUD) late on Wednesday."