How are you with taking good news, along with the bad?
Alright, the good news is that home construction is up this month and mortgage applications have been on the rise over the last two weeks. This is a shot in the arm to an industry that has been struggling for months. The question is though, is this the start of an upward trend, or just a blip on the recovery radar? Tough to say, but before you decide, digest the bad news. Building permit activity has fallen to it's lowest rate in ten years, a drop that sends up a flare that harder times could be ahead for the market. Check out the stories below and decide for yourself, and either way, have a great week.
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| Tips of the Trade |
BillSparkmanTheCoach |
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| "Let me think it over." Prospects seem to love this innocent-sounding phrase, but those five words should warn you that your sale is in jeopardy. "Thinking it over" postpones buying decisions and hides unanswered objections that can result in lost sales. The following strategies will help you draw out and answer four common objections that buyers may not express directly.
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| Fraud Alert |
KansasCityBusinessJournal |
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| Michael Rodd, a defendant in the mortgage fraud case that involves former Jackson County executive Kathryn Shields and her husband, Phil Cardarella, is asking the federal court to give his passport back.
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FreeP |
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| Two Detroit men who were forging the signatures of property owners so they could illegally obtain ownership of the land, take out a mortgage and then pocket the money have been sentenced to prison, Wayne County officials announced Monday.
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| Industry News |
Reuters |
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| The pace of home construction rose 2.3 percent in June but building permit activity, a sign of future construction plans, sank to its lowest rate in 10 years, signaling further weakness in the listless housing market.
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USAToday |
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| U.S. mortgage applications rose slightly last week as a jump in refinancing demand overshadowed a drop in demand for loans to buy houses, an industry group said Wednesday.
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TheNewYorkTimes |
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| Alliance Bancorp, a residential mortgage lender based in Brisbane, Calif., has filed for Chapter 7 bankruptcy and will liquidate its assets.
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Los Angeles Business |
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| Countrywide Financial Corp. reported an increase in mortgage loan fundings and commercial real estate funding for the month of June, the company said Monday.
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Forbes |
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| Continued jitters about the subprime mortgage market boosted U.S. Treasury bond prices on Monday, as worried investors again turned to the safe haven of government bonds.
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Reuters |
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| The dollar was pinned near a record low versus the euro and set a fresh 26-year trough against sterling on Tuesday as concerns over problems in the U.S. subprime mortgage market continued to dent sentiment.
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USA Today |
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| It's 118 degrees in Baghdad, but Peter Hudson is willing to sweat it out there, literally, for 18 more months. Why? So he can save up enough money to buy his first home back in the States — ideally with a swimming pool.
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Ocala |
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| Attorney General Bill McCollum and Office of Financial Regulation Commissioner Don Saxon have announced that more than 48,000 Florida consumers are eligible for $21 million in restitution from Ameriquest Mortgage Company and its related companies.
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Reuters |
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| Four black homeowners sued Countrywide Financial Corp. on Thursday, accusing the largest U.S. mortgage lender of racial discrimination in its lending practices.
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| On Capitol Hill |
MortgageNewsDaily |
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| At the end of June the five agencies that regulate federally chartered banks and their subsidiary lending corporations issued final guidance to those institutions regarding subprime lending, particularly the so-called exotic or non-traditional loans that are threatening to bring down those lenders who haven't already filed bankruptcy or shut their doors.
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TheStreet |
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| The Federal Reserve and four other regulators said Tuesday they are planning a pilot project to oversee nondepository mortgage lenders.
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