Hoevel's Blog

Yep, it's been a while since I've posted, but I'm going to try to keep up with it this year so let's get into some news of the day:

Citigroup is not having a good day writing off about 10 Billion in losses in the 4th quarter. To make our business worse, they are blaming it squarely on the subprime market.

Even with Countrywide being acquired by BofA, there are still a few questions that are being asked.

The city of Cleveland is suing 21 banks, saying that their subprime practices have caused a nuisance and destroyed home values throughout the city.

With all of this, mortgage applications were up last week.

And finally to give our business some help, this article says that mortgage rates have dropped below 6%.

That's about it for now, and just think, in about two months we could be playing golf. I hope...

Few stories here today and a few of them are good news:

Mortgage rates are the lowest they've been since June. It might not seem like much, but it's a good sign in our housing market.

And because of this, home loan demands jump.

Just because I saw this article, Campells' is selling Godiva Chocolate.

It appears that mortgage applications are on the rise, could this be the beginning of the housing slumps end?

NAR may even be agreeing with the previous article.

But the slump is still going on if you were to ask Toll Brothers Inc.

According to USAToday, we live near one of the most affordable cities in the nation. Hope it brings in some business down the line.

I would love to hear from some loan officers on this article. How much harder are loans to get?

This will be the only time I acknowledge Hillary Clinton unless I absolutely have too. By the way, whatever happened to the Rodham part?

Finally, don't be late with your house payment in Alabama. You could be out on the street in as little as 30 days!

It's August, and here are some stories of interest:

Looks like the city has a new levee project in the works.

Pending sales prices appear to be rising, even though mortgage applications to a downward turn.

Things do not look good for American Home Mortgage, their stock prices fell 90%.

Foreclosures are 58% from last year.

Leading economists say that foreclosure losses may top $113 billion.

Rates on 30 year mortgages remained unchanged.

Looks like the housing market is still slowing down. You would think by now it would be in reverse.

Bigger is better these days when it comes to building a home.

New home sales are up, exsisting home sales are down.

This is why you never sign a blank anything! How could they not think something was up?

Here in the Fort, lighting up is now a major no-no. My opinion on this, if you don't want to go into a smoky bar or restaurant, go somewhere else. You know going in that there's going to be smoke. Deal with it or find a non-smoking venue. (By the way, I'm a non-smoker.)

Petitions are making their way out for the school improvements. I'm all for education but half a billion for building improvements? That seems a bit much. I don't remember the buildings being one of the things that I worried about, my books falling apart however...

Fannie Mae has a new member on their Board of Directors. Mulder and Scully can't be too far off.

Speaking of Fannie Mae, new legislation is in the works.

Looks like Mortgage Bankers and Brokers are going at it. I guess the blame has to go somewhere.

According to the Fed, housing slumps shouldn't hurt the economy. Paying $4.00 a gallon for gas just might.

And on a personal note, after taking jabs from a poster on this blog about taking a whipping in our golf match, Stevie and I ended up winning the match against this poster, possibly knocking them out of first place.

We here in Fort Wayne can sympathize with this tax story, ours have been on the rise for the past couple of years.

Here is some more mortgage news. It's not good by the way.

Jason Bourne has returned.

A-rod has begun to bother me, he keeps saying that he wants to stay. Alex we've heard you, time and time again. Now go help your team out of the cellar or I won't be able to make fun when you hit .087 in the playoffs.

The housing market appears to be in another downward trend, even after last month when the USAToday reported growth. Make up your mind already!

The Journal Gazette has an interactive presentation for the Harrison Hill Project.

Finally, my golf partner Stevie Richardson Jr. and I started our golf league at Colonial Oaks Golf Club. We didn't do too badly, but it was handicap night and no one wants to do that well. I'll keep you posted on how we do. As for those who might be wondering, Angie beat me again this past weekend. I know that's nothing new.

Looks like Mayor Richards has the votes to get the Harrison Square project on the go, pending the final details. Just some FYI, Sam Talarico (pictured) was my wildcat baseball coach when I was 12. Read more here.

Beazer homes is being investigated for fraud in the companies mortgage lending practices. I know, I was shocked as well. Beazer Article.

Subprime lenders may be getting some help.

Finally, I hit the links for the first time this year yesterday at Colonial Oaks Golf Course. We (my fiance' Angie and I) only played nine. I shot a 52 and she beat me by 6 strokes. I still need some more practice. Oh, and laugh that I got beat by a woman, but she's club champ out there.