Need a Mortgage? Try a Wedding Fair - Housing Tracker

Quotes of the Day

“The phones are not ringing nearly as much. And the jobs we do get called out on, everyone and their mother is bidding the job... We just don’t have a whole lot of options.” - Ryan McLean, whose family owns McLean Roofing Inc. in Arroyo Grande, California. (San Luis Obispo.com, May 11th)

"This is a summer of uncertainty." - Kevin Leibel, president of a Chapel Hill, N.C.-based research and marketing company, who globetrotted to Austria, Chile, Argentina and Thailand last year. This summer he’s using frequent flyer miles and traveling to Phoenix. (Wall St. Journal, reprinted May 12th)

Macro Effects of the Housing Slump

The Subprime Summer Vacation. “As families across the country plan their vacations, many are downsizing… spooked by talk of a recession, the weak value of the dollar overseas and home foreclosures. Add to that air-travel delays and the rising cost of gas, and some travelers are holding off planning, in hopes of nabbing cheap deals at the last minute. Some resorts and tour operators are responding with discounts and other incentives to try to fill rooms. Close-to-home destinations like suburban water parks and regional resort towns say they're bracing for a spike in business as Americans look for fun things to do that don't require much travel.” (Wall St. Journal, reprinted May 12th)

Wedding Expos Now Offer Mortgages, Too. NY: “As they seek ways to offset the downturn in home sales, real estate and mortgage brokers have recently started courting first-time buyers among the newly engaged — at wedding expos and on wedding Web sites… "Five years ago, the mortgage companies didn't want to know us," said Tony Drago, VP of North Shore Entertainment, a company that operates three bridal exhibitions each month. But starting about two years ago, he said, inquiries started coming in; now he receives about a half-dozen calls each month from real estate agents or mortgage brokers interested in exhibiting at the shows.” (Chicago Tribune, May 12th)

Housing Pain Ripples Through Economy. “In San Luis Obispo County, new-home construction is in the midst of a significant downturn. The result has been a decline in business for many whose survival depends on a robust housing market—the building suppliers, skilled workers and retailers who make a project happen. Add to that the rising cost of fuel, sinking home values and sluggish sales, and an overall uneasiness about the economy... Leslie Halls, executive director of the San Luis Obispo County Builders Exchange: “The residential construction market, it’s dead. We’ve seen a lot of contractors lay people off. It has a ripple effect through the marketplace.” (San Luis Obispo.com, May 11th)

Mortgage Holders Find It Hard to Walk Away From Their Homes. “Mortgage Bankers Association: An estimated 9 million American households, or 10.3% of all single-family homes, owe more than their home is worth, according to Moody’s Economy.com. By comparison, 4.8% of home loans were in foreclosure or delinquent by 60 days or more at the end of last year.” (NY Times, May 10th)

Dear Readers: Read anything you liked on this subject and didn't see it here? Why not post a link or a quote from the article in our comments section. Share the wealth! - Ed.

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