Mortgage Market News

The Greek tragedy continues as no deal has been reached for another lifeline, as the country inches closer to a default. The European Central Bank has raised emergency funds of $3.7 billion (3.3 billion euros) after there were large withdrawals this past week at Greek banks. There was also a rumor that the banks may not open for business on Monday, but that rumor has been denied. Withdrawals from banks hit 1 billion euros on Thursday.
Home builder KB Home reported on Friday that the company reported earnings that beat both revenue and earnings expectations due in part to positive momentum being generated across its business. The builder said that at the end of the second quarter there were higher backlogs in each of its four regions of the country compared to last year. KB Home said it had net income of $9.6 million or 10 cents oer share in the quarter, better than the 8 cents expected. The company expects "measurable" growth in revenue and deliveries in the second half of 2015.
A recent survey shows that 66% of Americans across the country have seen an increase in their commuting costs, spending $2,600 annually to get to and from work. The highest costs were seen in Los Angeles, at $16, with Chicago and San Francisco the lowest at $11 per day. But it doesn't end just in the wallet, as the average worker spends 200 hours commuting each year. The longest commute is seen by New Yorkers at an average of 73 minutes, with Chicago second at 64 minutes per day.
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