Federal bank regulators plan six forums in three western states to discuss solutions for borrowers and neighborhoods affected by foreclosures.

Topics will include national and local data on foreclosure, solutions for distressed borrowers, strategies for foreclosure prevention, and the impact of foreclosures on borrowers and neighborhoods.

The forums in California, Nevada and Arizona are intended for employees of federally regulated financial institutions, state-licensed mortgage lenders, mortgage servicers, housing counselors, community development advocates, and state, federal and municipal government representatives.

Sales and prices of new single-family homes in April trailed their year-ago levels by double digits, according to estimates released today by the U.S. Census Bureau and the Department of Housing and Urban Development.

The seasonally adjusted annual rate at which new one-family homes sold last month was 981,000, down approximately 10.6 percent from a year ago when the rate was 1.09 million units. This rate is based on the projection of a monthly sales total over a 12-month period, adjusted to account for seasonal fluctuations in sales activity.

The tight spread between interest rates on fixed- and adjustable-rate mortgages means more than eight out of 10 borrowers refinancing out of 1-year or hybrid ARMs are choosing fixed-rate mortgages, Freddie Mac reports.

In the first quarter of 2007, 89 percent of borrowers who originally had a 1-year adjustable-rate mortgage chose a fixed-rate mortgage when they refinanced, compared with 85 percent in the same quarter a year ago.

About 84 percent of borrowers who initially had a hybrid ARM refinanced into 15-, 20- or 30-year fixed-rate loans, up from 76 percent a year ago. Hybrid ARMs carry fixed interest rates for a predetermined period, usually five years, and then adjust every year.