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Real Estate Today 8-31-2012

31 Aug

Stewart Title Spokane Facebook Page

Fannie, FHFA moving forward with bulk sales program
California Association of Realtors | August 22, 2012
The Federal Housing Finance Administration (FHFA) is moving ahead with its REO bulk sales pilot initiative in a highly secretive manner, despite vehement opposition from California congressional members, the negative economic impact to the state’s housing market, and cost to taxpayers, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said today. (I don’t know enough about it to know if their complaint is valid, but I can tell you I have personally seen almost nothing on exactly what the process is to bid or buy in bulk. ~Anthony)

Repeat Home Buyers a Rare Breed
San Francisco Chronicle | August 30, 2012
Such “move-up buyers” have long been the lifeblood of a vibrant real estate market, accounting for significant chunks of supply as they sell their homes, and demand as they buy larger ones.

Could Housing Fall Off The Fiscal Cliff?
Forbes | August 30, 2012
Economists have focused primarily on the impact to overall gross domestic product (GDP), the financial markets, and businesses’ bottom lines. But what about housing?

U.S. Households Chip Away at the Debt on Their Homes
The Wall Street Journal | August 30, 2012
Americans continued to whittle down their debt during the second quarter, a process that has weighed on the recovery but could free it to gain momentum in the future.

Five Questions: Will I Owe Taxes on Forgiven Mortgage Debt?
The Wall Street Journal | August 30, 2012
A key tax provision set to expire at the end of the year could trip up the Obama administration’s push to have banks forgive mortgage debt more often for borrowers who are underwater. (A good FAQ on forgiven debt. ~Anthony)

Buyers Worried They’re Losing Bargaining Power
RealtorMag | August 30, 2012
While home buyers have been holding a lot of bargaining power in the housing market the last few years, more of them say they are now feeling the market shift against them, according to a new survey.

Researchers Suggest ‘Kelley Blue Book’ of Real Estate to Limit Bubbles
DSNews.com | August 31, 2012
A study completed by the University of Miami School of Business Administration suggests that fragile market bubbles could be prevented if the public were aware of how assets are valued.  (How many of us know someone who purchased a home that was out of reach unless they did some fudging on their loan application? This is simple greed. I’m not sure that this concept if implemented would solve the problem of human nature.  See the next article below on applicant dishonesty. ~Anthony)

Mortgage Fraud Rises Due to Dishonest Applicants
The MReport.com | August 30, 2012
While fraud in the financial services sector declined year-over-year from April through June, mortgage fraud increased, according to the latest report from Experian, a global information services company based in London. 

A few more comments came in on the home inspection article from Aug. 29th.  To summarize, one agent suggests any buyer “absolutely walk away” if the seller will not allow a home inspection.  Another client, a builder, told me that they strongly encourage the buyer to get a home inspection and in the contract language they use they actually offer the www.ashi.org website as a way to make sure the buyer hires a professional. 

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Posted by on August 31, 2012 in Real Estate news

 

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