WELCOME...to a review of our real estate industry's events. My personal goal is to keep you informed of critical and not so critical news. I hope you will take the time to share any future topics you have an interest in.

Joe Stiles

Interest rates have shifted down slightly this week, according to FHLMC.

30 Year Fixed Rate:

• This Week = 6.740% with 0.60% origination fee
• Last Week = 6.790% with 0.60% origination fee
• Last Year = 5.660%

15 Year Fixed Rate:

• This Week = 6.370% with 0.50% origination fee
• Last Week = 6.790% with 0.50% origination fee

Frank Nothaft, the Chief Economist at FHLMC, indicated that the June employment report caught financial markets off-guard (121,000 jobs created - the experts had predicted over 200,000) last week. Combined with the financial markets’ expectation that the FED will increase short term rates one final time has caused rates to ease somewhat. Going forward, the FED will be watching all economic statistics to see if the economy is slowing or if inflationary signs are increasing as they set future policy.

Houston's housing market is as hot as the summer temperature, according to HAR. The median home sales price is at an all-time high of $156,000, which is a 7.20% increase over June 2005. The average sales price increased by 10.40% to $213,634.

The actual number of sales hit 7,588 - up 13.40% over this time last year. Of the total homes sold, new home sales comprised 13.00%

How many times have you heard the same lecture with bullet points on steps we all should take to protect our credit?

Well...I am sharing this first-hand story of the results of our experience with a stolen ID to give you a better insight into the reality of how this affects us all and if we are not diligent, it can be very crippling.

Over this past week-end, I happened to be working on a Pre-Approval Letter for a home buyer. After the usual credit report and loan application review, I thought that it must be more than a year (more like 1.5 years) since I looked at the credit report that my wife and I share. After completing the loan approval, I pulled our credit report and guess what...someone used my wife's social security number and applied and subsequently defaulted on a Spring PCS account. In May of this year, the account was sold (or referred) to a collection agency. That one collection account, even though fraudulent and in another person's name, negatively impacted Linda's credit score by over 100 points.

For my direct costs, I will be glad to pull your personal credit report that will allow you to keep abreast of potentially negative information.

Take advantage of my offer to pull your credit report, for my direct costs. If it has been more than one year since you last reviewed your report, you will have current information and knowledge if further action is required. I will be glad to offer my FIRST- HAND council of how to remove the fraudulent items.

If you have questions, please consider me a readily- available resource. Feel free to email me with your questions.

There must be about 10 million networking groups just in Houston (that is actually a BIG exaggeration but it does seem like that many). Some of the networking group charge dues, lunch fees, etc. and some are more focused on networking results.

As an avid reader, I enjoyed Networking with the Affluent by Dr. Thomas J. Stanley, author of The Millionaire Next Door. I would highly recommend it to all who are in sales - as we are.

Some of the topics of the book include the following:

When you need a mortgage banker that works as hard as you do, let me introduce you to MORTGAGE FINANCING WITH...STILE

Are you looking for new new business development opportunities? Be sure to ask me about the Private Label Mortgage Lending Program and how it benefit you, directly.

• www.joestiles.com

JOE STILES has over 20 years mortgage experience and lives in West Houston with his wife, Linda, a dynamic professional speaker and communications trainer (www.lindastiles.com). Joe earned a BBA degree in Marketing from the University of Houston, where he was awarded membership in the Phi Kappa Phi and Beta Gamma Sigma honor societies. Joe is also a graduate of the School of Mortgage Banking at Northwestern University. Joe remains active in the Houston community through Second Baptist Church and numerous civic organizations. Joe frequently speaks at many Houston-area organizations and at local firms on Credit Scores, stolen IDs - Prevention & Cure and several other funny and motivating topics.

Network Funding is a Houston, TX based mortgage banking firm that has 160 branches in 32 states.