REGION

REGION

Farmers reports increased earnings

CANFIELD — Farmers National Banc Corp. earned $1.53 million in the second quarter, up from $1.52 million in the same quarter last year. Earnings for both quarters were 12 cents a share.

This year’s earnings include a $363,000 accounting charge to reflect the lower value of the bank holding company’s investment in Fannie Mae. The preferred stock has suffered a sudden drop in price because of the real estate mortgage crisis.

NATION

Mortgage applications drop to lowest level of ’08

NEW YORK — Mortgage application volume tumbled last week to its lowest level of the year, a trade group said Wednesday, as many homeowners found they don’t have enough equity to refinance their homes.

Mortgage application volume fell 14 percent during the week ending July 25, the Mortgage Bankers Association said, even as interest rates on fixed-rate mortgages retreated from sharp increases a week earlier.

The culprit behind the drop: refinance volume, which plunged almost 23 percent during the week. Purchase application volume also fell, but was off about 8 percent.

From Vindicator staff and wire reports