Today’s Real Estate News 6-30-2011

See the new government program article at the end of the newsletter. Do you feel the federal programs introduced so far have been effective in helping homeowners stay in their homes?  I love the feedback on my blog!

Today’s news that may be of interest to you:

Foreign investors flush with cash stabilize Fla. home prices, hurt mortgage lending
Housingwire | June 29, 2011
Some signs of stabilization in Florida home prices surfaced last month as foreign investors flooded the market with cash to buy properties, a new report from FBR Capital Markets said.

Despite Fears, Owning Home Retains Allure, Poll Shows
The New York Times | June 29, 2011
Owning a house remains central to Americans’ sense of well-being, even as many doubt their home is a good investment after a punishing recession.

Smaller Businesses Seeking Loans Still Come Up Empty
The Wall Street Journal | June 30, 2011
Small businesses expected 2011 to be the moment a years-long credit freeze would finally begin to thaw. But borrowing has only gotten worse.

QE2: Fed Bond Purchases End, Leaving Mixed Legacy as Economic Recovery Lags
The Washington Post | June 30, 2011
The Fed’s much-debated effort to boost the economy by buying $600 billion in bonds ends Thursday.

Fannie Mae Silence on Taylor Bean Mortgages Opened Way to $3 Billion Fraud
Bloomberg | June 30, 2011
The first sign of what would ultimately become a $3 billion fraud surfaced Jan. 11, 2000, when Fannie Mae executive Samuel Smith discovered Taylor, Bean & Whitaker Mortgage Corp. sold him a loan owned by someone else.

Housing Market Turning Around in Several Rural States
USA Today | June 29, 2011
The housing market is hurting nationally, but it appears to be marching toward recovery in a handful of mostly rural states, economic forecasters say.

More Money for Struggling Homeowners
SmartMoney.com | June 29, 2011
For the roughly four million homeowners who have fallen behind on their mortgage payments, the federal government is offering yet another remedy: free money to catch up on their loans.

  

 

 

Find me on:       

 

Anthony V. Carollo / President
Stewart Title of Spokane
606 W. 3rd Ave.
Spokane, WA  99201
Telephone: 509.328.7171
Direct Line: 509.321.3939
Direct Fax: 866.652.8834
acarollo@stewart.com

 

Please remember to choose Stewart Title of Spokane on your next transaction!

 

www.StewartSpokane.com

 

 

Today’s Real Estate News 6-29-2011

Today’s news that may be of interest to you:

Pending Sales of U.S. Existing Homes Rise 8.2%
Bloomberg | June 29, 2011
More Americans than forecast signed contracts in May to buy previously owned homes, signaling the residential real estate market may be rebounding from a slump earlier in the year.

Declines in Home Prices Ease
The Wall Street Journal | June 29, 2011
Home prices slowed their pace of decline in April, feeding hope that housing is near a bottom. But tens of thousands of foreclosures and faltering consumer confidence are expected to leave markets bumping near their current level for the rest of the year.

Mortgage Fraud SARs Jump 31% as Investors Demand Loan Buybacks
DSNews | June 28, 2011
A total of 25,485 suspicious activity reports (SARs) involving alleged mortgage fraud were submitted to the Financial Crimes Enforcement Network (FinCEN) during the first quarter of this year.

Twitter’s Small-Business Big Shots
The Wall Street Journal | June 29, 2011
A recently released ranking names the micro-blogging site’s most influential small-business voices, plus tweeting tips from one of the top folks listed.

Commercial Lenders Take Step Into Riskier Deals
The New York Times | June 28, 2011
The market for commercial real estate loans is coming back, but already some industry professionals are warning that risky practices that were common in the recent boom are returning.

Small U.S. Mortgage Lenders Express Reform Worry
Reuters | June 28, 2011
U.S. lenders and community bankers sounded the alarm to lawmakers on Tuesday over proposed federal rules aimed at reducing risk-taking on mortgage lending, saying the guidelines could hurt small banks and impair credit markets.

States Say Bank Regulator Still in Their Way
Reuters | June 28, 2011
The federal regulator of the largest U.S. banks is attempting to maintain too much power to preempt state consumer financial laws and is ignoring the intent of the 2010 financial reform law, state attorneys general complained in a letter released on Tuesday.

Here Comes Bubble 2.0, Which Is Just What The Economy Needs
Yahoo! News | June 29, 2011
With the LinkedIn, Pandora and Bankrate IPOs behind us, and Groupon, Zillow, CafePress and others waiting in the wings, there’s a palpable sense of optimism in Silicon Valley. Over 80 companies have filed to go public in the first six months of the year, and dozens more will certainly file in the months to come.  (Although this article is primarily about a possible dot com bubble, the author makes a good argument about jobs and optimism that really sheds light on the overall economy. ~Anthony)

From the National Association of Realtors®:

Freddie Mac: Better Days Ahead in Housing
Freddie Mac’s chief economist is optimistic that the housing market will turn around in the second half of this year.

The Better Bargain: Foreclosure or Short Sale?
Bankrate.com recently tackled the question in an article that helps buyers weigh the pros and cons of purchasing a short sale or foreclosure.

  

 

Find me on:       

Anthony V. Carollo / President
Stewart Title of Spokane
606 W. 3rd Ave.
Spokane, WA  99201
Telephone: 509.328.7171
Direct Line: 509.321.3939
Direct Fax: 866.652.8834
acarollo@stewart.com

Please remember to choose Stewart Title of Spokane on your next transaction!

www.StewartSpokane.com

 

 

What is the greatest lesson you’ve learned from the housing bust?  Please share it on Facebook or on my blog!  (Stewart Title of Spokane Facebook page)

Today’s news that may be of interest to you:

Housing Numbers Could Spell End to June Gloom
The Wall Street Journal | June 27, 2011
Two housing indicators this week should offer some proof that housing markets aren’t getting any worse, which these days amounts to progress.

Post Double Dip, Case-Shiller Index Edges Higher
DSNews | June 28, 2011
One month after reporting that its home price gauge had officially double dipped, Standard & Poor’s says prices have inched up, in line with the expected seasonal boost that accompanies the spring buying season.  The 20-city composite reading of the S&P/Case-Shiller indices posted a 0.7 percent increase in April versus March.

Uneven Fall of House Prices Could Tumble Another 3%
HousingWire | June 27, 2011
Analysts at both Bank of America Merrill Lynch and Capital Economics forecast another 3% fall for house prices before they reach a bottom at the end of the year.

Why Economists See a Modestly Stronger Second Half for 2011 After a Dismal 6 Months
The Washington Post | June 27, 2011
Farewell and good riddance to the first half of 2011 – six months that are ending as sour for the economy as they began.

Homes at Low End of Market Remain Most Vulnerable to Price Drops
DSNews | June 27, 2011
A continuation of tight credit conditions for first-time buyers and a foreclosure pipeline full of homes bought with subprime loans will mean that house prices at the low end of the market will continue to fall at a faster rate than prices at either the middle or high end, according to analysts at the research firm Capital Economics.

Four Lessons Learned From The Bust
Multifamily Executive | June 16, 2011
It’s said that developers have short memories. That’s probably true. But coming out of this downturn, some developers (who are actually getting projects in the ground) are changing their strategies after suffering through 2008 and 2009. Here are four of the lessons they’ve learned.  (Great article for all of us, not just for developers.  It’s worth a read. ~Anthony)

From the National Association of Realtors®:

Americans Still Embrace Home Ownership
Poll results from the National Association of Home Builders show that more than 70 percent of 2,000 respondents–home owners and non-owners alike–support home ownership tax incentives and oppose proposals to end the MID.

Sluggish Housing Market Lowers Divorce Rate?
More married couples are deciding to stick together for the sake of home equity, a new study finds.

  

 

Find me on:       

Anthony V. Carollo / President
Stewart Title of Spokane
606 W. 3rd Ave.
Spokane, WA  99201
Telephone: 509.328.7171
Direct Line: 509.321.3939
Direct Fax: 866.652.8834
acarollo@stewart.com

Please remember to choose Stewart Title of Spokane on your next transaction!

www.StewartSpokane.com

 

 

Today’s Real Estate News 6-27-2011

According to the article below, there are some borrowers that could turn around and borrow to buy a home immediatley after they’ve lost a home in foreclosure.  Do you think there is a minimum amount of time a buyer should be required to wait after a foreclosure to be eligible buy again?  Let me know on Facebook or on my blog!

Stewart Title of Spokane Facebook page

Today’s news that may be of interest to you:

Tighter Lending Crimps Housing
The Wall Street Journal | June 26, 2011
The percentage of mortgage applications rejected by the nation’s largest lenders increased last year, spotlighting how banks’ cautious lending practices are hampering the nascent housing market recovery.

A New Blow to Housing Market?
The Washington Post | June 26, 2011
New limits on large mortgages are likely to drag prices down.

Reverse Mortgages: Who Needs a Bank?
The Wall Street Journal | June 25, 2011
If someone in your family is planning to apply for a reverse mortgage to pay for long-term care or other expenses, they should move quickly: Two of the largest lenders are exiting the business, and a popular federal incentive geared toward borrowers could end soon.

Milking a Business for Retirement
The Wall Street Journal | June 26, 2011
Professional advisers are pushing two new maneuvers designed to help small-business owners save for retirement or pass down their companies to heirs. While the strategies can make sense for some people, they also carry risks.

More Consumers Forced to Rent Due to Foreclosure: TransUnion
HousingWire | June 24, 2011
The ranks of apartment dwellers have grown as homebuyers lose homes to foreclosure, according to property managers.

Inside a High-end Real Estate Deal Gone Bad
Los Angeles Times | June 25, 2011
The placid panorama at the Bridges at Rancho Santa Fe belies the bruising battles among its developers. The cast includes a home-building titan, a bankrupt La Jolla deal maker and a con man-turned-preacher.

NAHB: 17.2 million homes not eligible for federal funding if loan limit drops
HousingWire | June 24, 2011
A total of 17.2 million home loans will not be eligible for government funding if the conforming loan limit drops in October, according to the National Association of Home Builders.

Real estate bidding wars are back in parts of D.C. area
The Washington Post | June 24, 2011
With all the bad news about the national housing market, it may come as a shock to eager Washington area home shoppers when they run into a bidding war. But that has been happening routinely in some popular neighborhoods, say real estate agents, especially when properties are priced slightly under the market and are in good condition or show strong promise for renovation.

From the National Association of Realtors®:

Fewer Borrowers Strategically Defaulting
While the number is shrinking, strategic defaulters, or borrowers who stop paying on their mortgage even though they can afford it, tend to have jumbo mortgages and higher annual incomes, finds a new study.

How Long Is the Wait to Buy After Foreclosure?
Do you have clients who want to buy again but have a short sale or foreclosure blemish to their credit record? Find out how long they’ll have to wait.  (This is the shorter NAR article, but if you’d like to read the full article from the New York Times see this one: The Post-Foreclosure Wait ~Anthony)

Commercial Real Estate Prices Dip
Moody’s Investors Service reports that U.S. commercial real estate prices declined in April, but high-quality assets are doing very well.

 

  

 

Find me on:       

Anthony V. Carollo / President
Stewart Title of Spokane
606 W. 3rd Ave.
Spokane, WA  99201
Telephone: 509.328.7171
Direct Line: 509.321.3939
Direct Fax: 866.652.8834
acarollo@stewart.com

Please remember to choose Stewart Title of Spokane on your next transaction!

www.StewartSpokane.com

 

 

Today’s Real Estate News 6-24-2011

Next week we are having another Social Media 101 class! This class is great for someone just starting off in the big, wide, world of Social Media. For more information check out our flyer here http://bit.ly/mqMjPK.

The week after we are also having our Social Media 201 Courses. These courses go more in depth on topics such as Twitter, Facebook and LinkedIn and uses for your business! Check out the flyer for our 201 Courses here http://bit.ly/liGQkG

Today’s news that may be of interest to you:

Get Ready for Second Round of CFPB’s Draft Mortgage Disclosure Form
ALTA | June 23, 2011
If you remember the headaches caused by HUD’s RESPA reform in 2009, it’s vital ALTA members provide feedback as the Consumer Financial Protection Bureau (CFPB) attempts to combine the Truth in Lending Act (TILA) disclosure and the Real Estate Settlement and Procedures Act’s Good Faith Estimate (GFE).

County Lawsuits Say Fannie Mae, Freddie Mac Dodge Taxes
Detroit Free Press | June 24, 2011
In a new wrinkle to Michigan’s foreclosure crisis, two counties say they and the state’s public schools lost tens of millions of dollars because home-mortgage lenders – especially government-backed giants Freddie Mac and Fannie Mae – have avoided paying the state’s property-transfer tax.

Pioneer to Revisit Subprime
The Wall Street Journal | June 24, 2017
Lewis Ranieri, once known as the father of mortgage finance, is daring to revisit the most infamous sector of the mortgage market – subprime lending.

Jobless Claims and Home Sales Reflect Slowdown in Economy
The New York Times | June 23, 2011
More Americans than forecast filed applications for first-time jobless benefits last week and new-home sales fell in May, highlighting the Federal Reserve chairman Ben S. Bernanke’s concern that the slowdown in the economy might persist.

Market ‘Snapshot’ Reveals Decline in Strategic Defaults
DSNews | June 23, 2011
The phenomenon of strategic default has become a growing concern for the industry, but a new “Market Insight Snapshot” released by Experian Thursday suggests the percentage of mortgage defaults involving borrowers who decided to simply throw in the towel is trending down.

Survey Points to 2011 Bottom for Home Prices but No Strong Gains
DSNews | June 23, 2011
After the headline news that home prices double-dipped, most forecasters are predicting a 2011 turning point for the U.S. housing market, according to the investment and risk management firm MacroMarkets.

From the National Association of Realtors®:

New Home Prices on the Rise, Inventories Shrink
The median price of new-homes increased for the first time since last December while inventories of new homes fell to their lowest level on record.

Cash Buyers Continue to Dominate
Cash buyers are taking advantage of low prices and even finding profits in their housing purchases.

Shadow Inventory Falls 18% from Peak
The 1.7 million homes in some stage of the foreclosure process represent a five-month supply.

’90s Pop Icon Offers Up Real Estate Tips
Remember Vanilla Ice? The rapper with the ’90s breakout hit “Ice, Ice Baby” has now turned his attention from music to real estate and wants to teach others how to become “real estate rock stars.” 

  

 

 

Find me on:       

 

Anthony V. Carollo / President
Stewart Title of Spokane
606 W. 3rd Ave.
Spokane, WA  99201
Telephone: 509.328.7171
Direct Line: 509.321.3939
Direct Fax: 866.652.8834
acarollo@stewart.com

 

Please remember to choose Stewart Title of Spokane on your next transaction!

 

www.StewartSpokane.com

 

 

Today’s Real Estate News 6-23-2011

Check out the article below and tell me: Should Facebook be considered a fair way to serve someone a foreclosure notice?  Any legal notice?  Let me know your thoughts on (surprise!) our Facebook page at http://ht.ly/5oOvb or send me  an email.

Today’s news that may be of interest to you:

US Home Prices Increase a Scant 0.8% in April: FHFA
HousingWire | June 22, 2011
U.S. home prices rose a scant 0.8% between March and April, the Federal Housing Finance Agency said in its latest home price index report.

Shadows Shrink on More Distressed Sales and Fewer Delinquencies
DSNews | June 22, 2011
The shadow inventory of repossessed and soon-to-be repossessed homes not yet visible to the market has been trimmed, according to new data released by CoreLogic Wednesday. 

‘Next Wave’ of Mortgage Fraud Strikes
Minneapolis Star-Tribune | June 22, 2011
Four face charges of using bogus records, fake college transcripts and a “phone tree” to get FHA loans.

Bernanke Leaves Door Open to Further Easing
Bloomberg | June 23, 2011
Federal Reserve Chairman Ben S. Bernanke left the door open to a fresh shot of monetary stimulus should the economic rebound he’s predicting fail to materialize.

Mortgage Debt, a Lasting Burden
The New York Times | June 22, 2011
The government wants to wind down Fannie Mae and Freddie Mac. But the task is getting bigger, not smaller. Impaired and hard-to-sell mortgage debt – more than $900 billion of it so far – increasingly dominates the two housing finance giants’ balance sheets.

Federal Reserve Chief has One Recipe for Housing Market
Reuters | June 22, 2011
Federal Reserve Chairman Ben Bernanke has a recipe for helping the housing market: Modify more loans and speed up foreclosures to get rid of a glut of distressed properties clogging the system.

From the National Association of Realtors®:

More Home Owners Staying Current on Mortgage
The number of borrowers defaulting on mortgages has dropped significantly in the last year, according to a recent report.

Couple Served Foreclosure Notice Via Facebook
A sign of more things to come? A lender sends a couple a foreclosure notice to their Facebook accounts.  (Creativity in the marketplace.  Wow. ~Anthony)

Mobile Apps That Help You Save Money
New mobile apps for your smartphone aim to help you shop smarter and save money. Check out a few examples.

  

Find me on:       

Anthony V. Carollo / President
Stewart Title of Spokane
606 W. 3rd Ave.
Spokane, WA  99201
Telephone: 509.328.7171
Direct Line: 509.321.3939
Direct Fax: 866.652.8834
acarollo@stewart.com

Please remember to choose Stewart Title of Spokane on your next transaction!

www.StewartSpokane.com

 

Today’s Real Estate News 6-22-2011

Today’s news that may be of interest to you:

Home Resales Slide 3.8%
The Wall Street Journal | June 22, 2011
The real-estate industry’s growth and survival depend on buyers trading up to more-expensive properties. Now, faced with economic uncertainty, tighter lending and a glut of properties, homeowners are hunkering down, forgoing dreams of dens and great rooms, fourth bedrooms and second staircases.

Oversight Group Did Not Refer Housing Complaints
The New York Times | June 21, 2011
The federal agency overseeing Fannie Mae and Freddie Mac, the taxpayer-owned mortgage finance giants, failed to refer to criminal investigators and other authorities almost 100 complaints about possible foreclosure abuse and mortgage fraud at the companies over a recent two-year period, according to a report issued late Tuesday by the inspector general of the Federal Housing Finance Agency.

Lawmakers: Government Guarantee Preserves 30-year Mortgage
HousingWire | June 21, 2011
The prevalence of the 30-year mortgage in the housing market will rapidly diminish and eventually disappear without a government guarantee for related mortgage-backed securities.

Mortgage Applications Declined Last Week: MBA
Reuters | June 22, 2011
Applications for home mortgages fell last week, after a sharp bounce the week before, as refinance demand dropped and interest rates rose, an industry group said on Wednesday.

May Mortgage Delinquencies Down Substantially Compared to 2010: LPS
HousingWire | June 22, 2011
U.S. mortgage delinquencies are faring much better compared to one year ago, according to Lender Processing Services’ “First Look” report released Tuesday.

Distressed Property Sales Drop, Despite Push to Sell
CNBC | June 21, 2011
The share of distressed sales in May, that is foreclosed properties and short sales (when the property is sold for less than the value of the loan), fell to 31 percent of all sales from 37 percent in April. Investors, who purchase a large share of these distressed properties, also represented a smaller share in May. So what’s going on?

Big Four Top Contenders to Replace Fannie, Freddie
HousingWire | June 21, 2011
As the government-sponsored enterprises slowly wind down their massive domination of the mortgage finance markets, the most likely parties to fill the capital hole left behind are the big four banks.

CA pending home sales post first increase in 18 months
HousingWire | June 21, 2011
California pending home sales in May increased 12% from one year ago, the first such gain in 18 months, according to the California Association Realtors.

From the National Association of Realtors®:

More Lawmakers Fight 20% Down Payment
About 240 House lawmakers are urging federal regulators to lower a proposed 20 percent down payment rule on qualified residential mortgages, arguing that it would jeopardize a housing recovery.

Study Reveals Fastest Growing Real Estate Clients
Minorities and immigrants will drive growth in housing demand, a new study reveals. Learn more about what could be your growing client base.

  

Find me on:       

Anthony V. Carollo / President
Stewart Title of Spokane
606 W. 3rd Ave.
Spokane, WA  99201
Telephone: 509.328.7171
Direct Line: 509.321.3939
Direct Fax: 866.652.8834
acarollo@stewart.com

Please remember to choose Stewart Title of Spokane on your next transaction!

www.StewartSpokane.com

 

 

Today’s Real Estate 6-21-2011

Today’s question: What is the minimum amount of down payment a home buyer should have?  Email me, or let me know your thoughts on our Facebook page!

Today’s news that may be of interest to you:

More Lawmakers Join Major Push to Reduce QRM Down Payment
HousingWire | June 20, 2011
More lawmakers in the House of Representatives signed a second letter Friday requesting federal regulators to lower the 20% down payment on the qualified residential mortgage.

Prime Mortgages Originated in 2011 Mirror Proposed QRM: DBRS
HousingWire | June 20, 2011
Many in the housing industry fear the qualified residential mortgage will hinder origination levels. However one credit ratings agency found those seemingly arduous standards are common in today’s tighter credit environment.

Analysts Don’t Foresee Rise in Home Prices Until 2014
DSNews | June 20, 2011
Markets across the country are in full-fledged correction mode. That combined with the prevalence of foreclosures has analysts at the research firm Capital Economics convinced that the double dip in home prices will continue throughout this year.

Understanding the Debt Ceiling
The Washington Post | June 21, 2011
Use this guide to understand the federal debt and to explore spending cuts and revenue changes currently on the table.

One-Third of U.S. Workers Ready to Quit
The Wall Street Journal | June 21, 2011
Employers could soon see a major slowdown in productivity, new research suggests.

House Republicans’ Solution to Recess Appointments? No Recess
The New York Times | June 20, 2011
The freshman class of House Republicans has offered to sacrifice vacations to keep Congress perpetually in session for the next 18 months, which would prevent President Obama from appointing officials while Congress is not in session.

Director or No, Wall Street’s Newest Cop Is Ready for Duty
The New York Times | June 20, 2011
Even as Congress squabbles over who will lead the new consumer watchdog, the fledgling agency is gearing up to police Wall Street.

House Republicans Draft Letter on Warren Mortgage-Talks Role
San Francisco Chronicle | June 20, 2011
U.S. House Republicans will press for new details on Elizabeth Warren’s role in talks to settle federal and state claims that mortgage servicers improperly processed foreclosures.

HUD, NeighborWorks Roll Out Emergency Program for Unemployed
DSNews | June 20, 2011
Lost income from unemployment has left many homeowners unable to make their mortgage payments and pushed them to the brink of default, some into foreclosure.

From the National Association of Realtors®:

8 Fastest-Growing U.S. Counties
By 2020, the population is projected to grow by nearly 9 percent. So which counties stand to increase the most by then? (Franklin County, WA makes the list! ~Anthony)

Happy Graduation! Here’s Your New Home
More parents are taking advantage of dropping real estate prices and low interest rates to give their children a condo or apartment for graduation, real estate brokers report.

  

Find me on:       

Anthony V. Carollo / President
Stewart Title of Spokane
606 W. 3rd Ave.
Spokane, WA  99201
Telephone: 509.328.7171
Direct Line: 509.321.3939
Direct Fax: 866.652.8834
acarollo@stewart.com

Please remember to choose Stewart Title of Spokane on your next transaction!

www.StewartSpokane.com

 

Today’s Real Estate News 6-20-2011

Nationally and locally, we continue to see weaker sales numbers and prices in 2011 compared to 2010.  Many believe this is in large part due to the first-time homebuyer tax credit that expired in the middle of last year.  (I happen to be in this camp.)  Looking ahead to the second half of 2011, do you believe sales prices and sales numbers as compared to 2010 will level out and begin to more closely follow 2010?  Let us know on Facebook!

Also, take the time to check out our new “Feedback” page on our website at http://stewartspokane.com/recommend

Today’s news that may be of interest to you:

Has Your Housing Market Hit Bottom?
The Wall Street Journal
Some cities around the U.S. haven’t had a property crash, or it’s been fairly limited. A look at how these communities have gotten by – and the clues to watch out for to see if your own market is on the rebound.

Delinquencies in Commercial Real Estate CDOs Slid to 14.1% in May
HousingWire | June 16, 2011
The level of delinquencies on commercial real estate loans in collateralized debt obligations slid back to 14.1% in May from 14.8% the month prior, according to Fitch Ratings.

Connecting With Clients Through the Power of Tech
The New York Times | June 19, 2011
Innovative small businesses are adopting sophisticated technology, like smartphone-readable codes and online chat, to improve customer service.

Bankers Advocate Opposition of Mortgage Servicing Amendment
DSNews | June 16, 2011
The American Bankers Association has sent a letter to key lawmakers in the Senate, urging them to reject foreclosure legislation proposed by Sens. Jeff Merkley (D-Oregon) and Olympia Snowe (R-Maine).

Nominees at Standstill as G.O.P. Flexes Its Muscle
The New York Times |June 20, 2011
Senate Republicans are blocking a wide range of presidential nominees as a means of reshaping and restraining the Obama administration’s economic policies on prominent issues like housing, finance, foreign trade and offshore drilling.

5 House Markets With Best, Worst Outlook
MarketWatch | June 19, 2011
Some of the hardest-hit housing markets are beginning to show some signs of strength, though they’re not fully out of the woods yet, according to a new real-estate market forecast.

Government Stays Glued to Mortgage Market
The Wall Street Journal | June 20, 2011
A weak start to the spring housing season, which could be underscored later this week by reports on sales of new and previously owned homes, is raising the prospect that the U.S. government will dominate the mortgage market for a long time.

Backlog of foreclosures giving some a reprieve
The New York Times on msnbc.com | June 19, 2011
Millions of homeowners in distress are getting some unexpected breathing room — lots of it in some places.  In New York State, it would take lenders 62 years at their current pace, the longest time frame in the nation, to repossess the 213,000 houses now in severe default or foreclosure, according to calculations by LPS Applied Analytics, a prominent real estate data firm.

From the National Association of Realtors®:

‘Compact Housing’ Needed for Population Shift
One-person households are the fastest-growing type of household, and such population shifts are causing more people to want a different type of housing than what has been traditionally desired.

11 Fastest-Selling Real Estate Markets
Where do homes sell the fastest? The latest data from Realtor.com offers some insight into the cities that boast the lowest median age of its housing inventories. The city with the lowest age of inventory: Just 39 days.

 

  

 

 

 

 

Find me on:       

 

Anthony V. Carollo / President
Stewart Title of Spokane
606 W. 3rd Ave.
Spokane, WA  99201
Telephone: 509.328.7171
Direct Line: 509.321.3939
Direct Fax: 866.652.8834
acarollo@stewart.com

 

Please remember to choose Stewart Title of Spokane on your next transaction!

 

www.StewartSpokane.com

 

 

Today’s Real Estate News 6-17-2011

Next week we’re hosting three lunch and learn classes on Social Media in our office downtown.  We’d love to see you there!  Check out the Social Media classes flyer.

Today’s news that may be of interest to you:

Wells Fargo Ends Reverse Mortgages
HousingWire | June 16, 2011
Wells Fargo (WFC: 26.80 0.00%) will no longer originate reverse mortgages because of unpredictable home values and restrictions on those loans.

Home Builders to Settle Las Vegas Land Dispute
The Wall Street Journal | June 17, 2011
A group of home builders, including KB Home, Beazer Homes USA Inc. and Toll Brothers Inc., has agreed to pay lenders as much as $340 million to settle legal actions related to Inspirada, a failed land deal outside Las Vegas.

CitiMortgage Paying Borrowers $12,000 After a Short Sale
HousingWire | June 16, 2011
CitiMortgage, the mortgage servicing arm of Citigroup is paying borrowers an average $12,000 after completing a short sale this year alone.

Consumer Financial Protection Bureau Can Open Without Chief
Politico | June 17, 2011
The new Consumer Financial Protection Bureau won’t necessarily be handicapped by President Barack Obama’s delay in naming a director. If the bureau launches on July 21 without a director, Wall Street analysts and attorneys for the financial services industry are bracing for a slew of enforcement actions against major banks.

NAR: May Home Prices Drop as Sellers Fear a Double Dip
HousingWire | June 16, 2011
The median home sale price in May dipped 1.6% compared to April, down to $188,900, according to one real estate listing website.

Modest Improvement in 2 of Economy’s Weakest Areas Offers Hope That Spring Slump is Ending
The Washington Post | June 17, 2011
Fewer Americans applied for unemployment benefits last week and builders broke ground on more homes in May. The latest data offered some hope that the economy may be improving after hitting a slump in late spring.

Inventory Overhang Means 6.5M New Households Needed
DSNews | June 16, 2011
Experts blame the massive inventory of existing homes on the market for hindering the U.S. housing sector’s recovery. The overhang has been inflated by large volumes of foreclosures, and it’s expected to grow with millions more coming down the pipeline.

Builders Probably Started More U.S. Houses After Weather-Related Plunge
Bloomberg | June 16, 2011
A gain in housing starts in May probably failed to make up for ground lost the prior month as U.S. homebuilders remained reluctant to ramp up projects, economists said before a report today.

Foreclosures Plunge as Process Delays Mask Rising Bank Inventory
The Washington Post | June 16, 2011
Foreclosure filings in the U.S. tumbled last month to the lowest in almost four years as banks weighed down by an increasing inventory of seized homes delayed processing defaults, according to RealtyTrac Inc.

From the National Association of Realtors®:

Signs of a Real Estate Recovery?
Foreclosure notices, filings, and repossessions are all declining. Is this a sign of recovery for the real estate market? Also, find out where foreclosures are the highest.

Lease Option Gives a Lift to Solar Panels
Solar-panel companies are introducing a lease option to allow home owners to add these features to their homes to curb electricity bills without any upfront costs.

 

  

 

Find me on:       

Anthony V. Carollo / President
Stewart Title of Spokane
606 W. 3rd Ave.
Spokane, WA  99201
Telephone: 509.328.7171
Direct Line: 509.321.3939
Direct Fax: 866.652.8834
acarollo@stewart.com

Please remember to choose Stewart Title of Spokane on your next transaction!

www.StewartSpokane.com