Working with subprime lender: AppOne, a Baton Rouge-based company that serves as a bridge between lenders and vehicle dealers, has signed an agreement with Merrick Bank. Merrick Bank is a South Jordan, Utah, bank that is one of the nation’s top 25 Visa card issuers. Merrick is a leader in providing boat, RV and motorcycle loans to consumers who have credit blemishes. AppOne says the deal will allow marine and RV dealers to serve a wider range of customers by putting them in touch with a strong subprime lender.
Construction activity hit lowest point in a decade: Builders began work on fewer homes, shopping centers and other projects in 2010, pushing total building activity to its lowest point in a decade. Construction spending dropped 10.3% last year, marking the fifth annual decline, the Commerce Department says. It fell to $814.18 billion in 2010, the lowest level since 2000. And the year ended on a weak note. Builders started fewer homes and other projects in December, pushing activity down 2.5% for the month. Builders have struggled with falling demand since the housing bubble burst, triggering a deep recession. The downturn sharply lowered overall economic activity, which in turn cut demand for office buildings, hotels and shopping centers. For 2010, home construction fell 1.7% and nonresidential projects plunged 23.3%. Spending for the category that includes shopping centers dropped 26%. Government projects slid 2.7%, likely reflecting the budget squeeze affecting many states and cities.
