Officials Working To Fix Pole Failures

EL CAJON -- Officials continue on Saturday to complete repairs from an odd occurrence Thursday in which six telephone poles along Mollison Avenue, a main El Cajon thoroughfare, suddenly failed with two falling completely into the street.
The cause of the failure isn't clear, but the loss of electricity and telephone services hit the neighborhood and traffic has been impacted as crews have worked to repair the problem.

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Tags: El Cajon, Heartland Fire & Rescue, La Mesa newspaper

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HousingWire

Bank of America to Pay Record $16.65 Billion to Settle Mortgage Claims

Source: LA Times

In what amounts to the largest settlement by a single company in U.S. history, the Justice Department has announced that Bank of America Corp. will pay $16.65 billion to end federal and state investigations into the sale of toxic mortgage securities during the subprime housing boom. California will receive $300 million from the settlement to reimburse the CalPERS and CalSTRS pension funds. Read the full story: http://www.latimes.com/business/la-fi-bank-of-america-settlement-justice-mortgage-countrywide-20140821-story.html

3 Facts Crippling California's Housing Recovery

Source: HousingWire

While California’s job growth and economy continue to improve, major hurdles remain for housing’s recovery. Firstly, affordability is a huge concern as rapid home price increases, mixed with a lack of affordable inventory is leaving little room for first-time borrowers to jump into the market. Tight credit and stagnant incomes are another concern if prices remain high.

Read the full story: http://www.housingwire.com/articles/31101-facts-crippling-californias-housing-recoveryHousing

Construction Surges in July

Source: The Hill

During July, housing construction hit its highest level in eight months as the sector shows signs of picking up pace in the second half of the year. After two months of drops, construction jumped 15.7 percent last month to a seasonally adjusted annual rate of 1.09 million homes, the fastest pace since the 1.11 million posted in November, according to the Commerce Department.

Read the full story: http://thehill.com/policy/finance/215472-housing-construction-surges-in-july

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