|
|
|
The Outside View...
Rising Foreclosures Suggest Many Nonprime Mortgage Approvals Were Mistakes
from Builder Online
When 1,300 members of the NAHB made their annual trek to Capitol Hill on June 6, they checked their usual swagger—which came from representing what once was the country's primary growth engine—at the door. That engine was sputtering and could seize up entirely if foreclosures kept mounting. So the builders' laundry list of requests for lawmakers included a plea to allow the Federal Housing Administration (FHA) to help troubled borrowers refinance mortgages, many of which are nonconforming loans with escalating interest rates that have put owners behind the financial eight ball...
read more
Lowe's Axes 205 Workers in Osceola
from OrlandoSentinel.com
The slumping housing market claimed more victims Friday, as 205 Lowe's workers lost their jobs because of slowing sales at the nation's second-largest home-improvement retailer. Employees who showed up for work Thursday night at the massive Lowe's distribution center in Osceola County were told not to clock in. Some started to cry, and others were simply stunned by the news. Several said their hours had been reduced in recent weeks, but they had no idea they would be without jobs -- and health benefits... read more
Housing Starts & Building Permits Fall to Lowest Levels in a Decade
from National Assoication of Home Builders
Total housing starts fell 6.1 percent in July to a seasonally adjusted annual rate of 1.381 million, the lowest level for this series in a decade. Likewise, building permits also contracted to a 10-year low, falling by nearly 3 percent from June to an annual rate of 1.373 million. Single-family activity for both housing starts and permits continued to decline through July, significantly contributing to the declines... read more
|
|
|
|
