TheMReport — News and strategies for the evolving mortgage marketplace.
Issue link: http://digital.themreport.com/i/134983
Final Thoughts "Mel [Watt] represented the people of North Carolina in Congress for 20 years, and in that time, he helped lead efforts to put in place rules of the road that protect consumers from dishonest mortgage lenders and give responsible Americans the chance to own their own home. He's the right person for the job, and that's why Congress should do its job and confirm him without delay." President Barack Obama in his weekly address, referring to the potential block of Mel Watt's nomination as head of the Federal Housing Finance Agency. Final Thoughts American consumers hang tough despite dragging economic conditions; the buzz is that the housing sector is the bright spot. "If your goal is to get the top dollar, if your goal is to serve the seller's interest—put their interest first—then you'd want the market at large to have a chance at it." Jim Tice, a sales manager with Century 21 Luger Realty in Edina, Minnesota, on why the rise of pocket listings, or "sleeving," during this period of inventory contraction is unethical, told Minnesota Public Radio "First let me start by saying yes, I can give you assurances. As you know, we pride ourselves on being a nonpolitical, non-partisan organization." Douglas Schulman, former IRS commissioner, being questioned by the Senate Finance Committee on whether the IRS is targeting particular groups with certain political leanings. 80 | The M Report "We are currently experiencing a feeding frenzy in the Reno area for inventory. While the increase of foreclosures and building permits will bring some much needed relief in the future, it will unfortunately be far from a feast." Craig King, COO of Chase International brokerage covering Lake Tahoe and Reno, on the demand for properties in Northern Nevada. "The gross domestic product, adjusted for inflation, grew at a 2.5 percent annual rate in the first quarter of this year but would have grown at a 3.3 percent annual rate if government spending had just remained flat . . . If government continues a drag on the economy, we're looking at very modest growth in the next few years." Ingo Winzer, president of Local Market Monitor, on the root of the country's current economic problem. "While there is yet no clear case for economic acceleration that can be made, the U.S. economy ahead is less subject to derailment from its slow recovery than any time in the last five years . . . U.S. consumers are also holding up despite the tax increases. A key issue remains unemployment, which must be corrected to support a robust fundamental growth. The U.S. housing sector continues to be the bright spot." Ron D'Vari, CEO and co-founder of NewOak Capital, on the economy righting itself.