Stated Income Second Mortgage
Home Federal Bancorp Announces Second Quarter Earnings
COLUMBUS, Ind., July 25 /PRNewswire-FirstCall/ -- Home Federal Bancorp (the "Company") (Nasdaq: HOMF - News), the holding company of HomeFederal Bank of Columbus, Indiana (the "Bank"), today announced quarterly earnings of $1,540,000 or $0.40 diluted earnings per common share, for its second quarter ended June 30, 2006. This compared to earnings of $1,453,000, or $0.36 diluted earnings per common share, a year earlier. Year-to-date net income was $3,064,000 or $0.80 diluted earnings per common share, compared to $2,802,000, or $0.69 diluted earnings per common share, a year earlier. Net income increased 6.0% for the second quarter and 9.4% year to date. Diluted earnings per common share increased $0.04 per share or 11.1% for the second quarter and $0.11 per share or 15.9% year to date. Earnings growth for the year has been driven primarily by increases in investment advisor fees and deposit fees.
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Property Values are Falling! Here's What's Next ...
A drop in property values is no longer some distant worry you should shrug off. Its not some theoretical, over-the-horizon, possible threat. Its happening right here, right now.
Just as Ive been saying for months on end: First, sales fall. Then, supplies build. Lastly, prices fall. And sure enough, now this 1-2-3 sequence of events is unfolding right before our eyes.
Look at what happened in June, according to the National Association of Realtors:
Sales dropped almost 9% year-over-year.
Inventory for sale skyrocketed 39% to a record 3.73 million units. At the current sales price, thats 6.8 months worth of supply the worst since 1997.
The real kicker: Median condo and co-op prices dropped 2.1% from June 2005. This isnt just a regional decline.