RSS

Monthly Archives: April 2010

Today’s Real Estate News 4-30-2010


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

Here is a list of “Tomorrow’s Real Estate Trouble Spots” as recently ranked in Forbes.  I was surprised by several on the list, including Portland, Eugene, Bellingham, and two areas in Utah.  Click on the link, then the picture article, then the arrows in the upper right.  It’s a little confusing to get to.

No ‘Frenzy’ to Beat Homebuyer Tax Credit Deadline
CNNMoney | April 29, 2010
The $8,000 homebuyer tax credit has had an impact: Reports from around the nation are that contract signings have been way up the past few weeks as people prepare for the credit to expire on Friday.

Geithner: Fannie and Freddie Reform Plan Coming in Six Months
The Hill | April 29, 2010
The Obama administration will likely take another six months before releasing its plan to reform Freddie Mac and Fannie Mae mortgage firms, Treasury Secretary Timothy Geithner said Thursday.

Mortgage Rates Remain Flat
DSNews | April 29, 2010
Mortgage rates seem to be in a holding pattern. While still relatively low, rates remained flat for the second consecutive week, Freddie Mac and Bankrate reported Thursday.

U.S. Economy Grows 3.2 pct in First Three Months of the Year
The Washington Post | April 30, 2010
The U.S. economy grew at a slightly slower-than-expected pace in the first quarter, held back by inventories and exports, but resurgent consumer spending offered evidence of a sustainable recovery, a government report showed on Friday.

From the National Association of Realtors®:

Households Unfazed by Expiring Tax Credits
Most believe housing remains key over the long-term and would buy regardless of tax credit.

Foreclosures Decline in Most Hard-Hit Markets
The improvement is due to non-market forces, including government intervention, an analyst says.

Investment Bank Predicts Rising Foreclosures
Prices have another 3-5 percent to fall over the next two years, Barclays thinks.

Join my newsletter list here!

Anthony Carollo 2007 EMAIL  Follow acarollospok on Twitter

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!

Advertisements
 

Today’s Real Estate News 4-29-2010


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

Remember: “Any service member who is or has been on extended duty for 90 days or more between Jan. 1, 2009 to April 30, 2010, has until April 30, 2011, to sign a sales contract and until June 30, 2011, to close on the property. Both the $8,000 first-time and the $6,500 repeat home buyer tax credits are included in the extension.”  From the NAR Article below Service Members Get Extra Year for Tax Credit

FHA’s Delinquency Rate Falls Below 9%
DSNews | April 28, 2010
The Federal Housing Administration (FHA) has taken a lot of heat lately for the growing number of delinquencies in its portfolio. But new data released this week shows that the agency is making significant strides in this area.

House Financial Services Committee Approves FHA Reform Act
Mortgage Orb | April 28, 2010
The House Financial Services Committee this week approved three pieces of legislation tied to mortgage markets, including the FHA Reform Act of 2010, which allows the Federal Housing Administration (FHA) to adjust its premium structure for new borrowers.

Fed: Economy Better, Rates to Stay Low
CNNMoney | April 28, 2010
The Federal Reserve said Wednesday it sees further signs of improvement in the U.S. economy, but not enough to start raising its key interest rate from near 0% anytime soon.

Housing Rebound at Least 3 Years Away, Ranieri Says
BusinessWeek | April 28, 2010
The U.S. housing market won’t recover for three to five years as mounting foreclosures hold down prices, according to mortgage-bond pioneer Lewis Ranieri.

Obama to Nominate Three for Fed
Los Angeles Times | April 28, 2010
President Obama plans to name Janet Yellen to serve as vice chairwoman of the Federal Reserve, where she would play a crucial role in shaping monetary policy for the nation’s banking system.

Fed Signals Sustained Job Gains Needed to End Low-Rate Pledge
Bloomberg | April 29, 2010
Federal Reserve officials signaled they’ll need to see more evidence of sustained gains in the job market before ending their pledge to keep the benchmark lending rate at a record low for an “extended period.”

From the National Association of Realtors®:

Tax Credits Have Been Pricey and Effective
As government program ends, the Treasury Department estimates that the credits helped 1.8 million people buy homes, though two-thirds went to people who would have bought homes anyway.

Mortgage Volume Rises to Six-Month High
Applications increased 7.4 percent last week as the end of the home buyer tax credit approaches, according to the Mortgage Bankers Association.

Service Members Get Extra Year for Tax Credit
The rule requiring buyers to repay the credit if they move within three years has also been waived for qualifying members of the U.S. military, foreign service, and intelligence communities if the government orders the transfer.

High Rates May Spook Commercial Investors
Casual investors in commercial real estate are likely to exit the sector as debt becomes more expensive.

Fannie Extends Distressed Property Deal
Fannie Mae will give buyers until June 30 to participate in a rebate program. Participants receive 3.5 percent of the final sales price to be used for closing costs or selected appliances.

Join my newsletter list here!

Anthony Carollo 2007 EMAIL Follow acarollospok on Twitter

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!

 

Today’s Real Estate News 4-28-2010


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

Good News From the Housing Sector
The New York Times | April 28, 2010
Recent reports on housing starts, new home sales and housing prices show that the housing recovery continues.

U.S. Economy: Confidence Increases on Jobs Outlook
BusinessWeek | April 27, 2010
Consumers in the U.S. turned more optimistic in April as the growing economy raised hopes jobs will become available.

Republican Senators Again Block Vote on Financial Regulation
The Washington Post | April 28, 2010
Senate Republicans on Tuesday blocked for the second straight day efforts to begin debate on a sweeping overhaul of financial regulations, saying the bill represents an overreach of government power that could harm small businesses.

U.S. MBA Mortgage Applications Index Fell 2.9% Last Week
BusinessWeek | April 28, 2010
An index of mortgage applications in the U.S. fell last week as rising mortgage rates hurt refinancing, while a looming deadline for a homebuyers’ tax credit boosted purchases for a fifth time in six weeks.

House Committee Approves FHA Reform Bill
DSNews | April 27, 2010
The House Financial Services Committee approved legislation Tuesday that lawmakers say will ensure the Federal Housing Administration (FHA) remains viable and continues its mission of insuring mortgage loans.

Republicans Propose Fannie, Freddie Reform
The Washington Post | April 27, 2010
Senate Republicans’ alternative financial regulation package includes reforms for mortgage finance giants Fannie Mae and Freddie Mac, according to a document obtained by Reuters on Tuesday.

Experts say Waiver of FHA Anti-flipping Rule has had Little Effect on the Market
The Examiner | April 28, 2010
A government decision to temporarily suspend rules that prohibit using Federal Housing Administration financing to buy a house a seller has owned for less than 90 days has had little effect on the market, area real estate experts said.

From the National Association of Realtors®:

States Craft Programs for Stressed Owners
Arizona, Florida, and Michigan propose using federal funds to subsidize mortgage payments for struggling borrowers.

Economist Says It’s Time to Raise Rates
Ken Rosen of the University of California Fisher Center for Real Estate says the financial crisis is over and that it’s time for the Fed to increase interest rates.

Mortgage Scams Continue to Grow
According to the Mortgage Asset Research Institute, mortgage fraud is still on the rise.

Housing Analyst says ‘Worst Is Over’
Metrostudy, a real estate research firm, says demand is up in certain cities while inventory levels decrease.

Vacancy Rates Slip Slightly
The U.S. Commerce Department reports that vacancies have declined since 2009, a positive sign for the market.

Join my newsletter list here!

Anthony Carollo 2007 EMAIL  Follow acarollospok on Twitter

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!

 

 

Today’s Real Estate News 4-27-2010


Today’s news that may be of interest to you (if you read none of the news today but one article, consider reading the first one):

Should FHA Raise Minimum Down Payment from 3.5%?
The Wall Street Journal | April 27, 2010
A House committee will vote Tuesday on an amendment that would raise minimum down payments on loans backed by the Federal Housing Administration to 5%, from the current level of 3.5%. The measure would also prohibit sellers from kicking in any cash for closing costs.

Home Price Index Posts First Annual Increase in Three Years
DSNews | April 26, 2010
In yet another sign of stabilization within the housing market, national home prices increased on a year-over-year basis for the first time in three years in February, according to the LoanPeformance Home Price Index (HPI) released Monday by First American CoreLogic.

Mortgage Fraud Continues to Climb, Up 7% in 2009: Report
DSNews | April 26, 2010
Reported incidents of mortgage fraud and misrepresentation by professionals in the residential mortgage industry continue to climb.

Mortgage Deals Under Scrutiny as Goldman Faces Senators
The New York Times | April 26, 2010
The legal storm buffeting Goldman Sachs continued to rage Tuesday just ahead of what is expected to be a contentious Senate hearing at which bank executives plan to defend their actions during the housing crisis.  

From the National Association of Realtors®:

New Home Sales Jump in March
The soon-to-expire buyer tax credit and bargain prices are fueling both new-home and existing-home sales.

Fannie Adds Incentive to Avoid Foreclosure
Starting this summer, Fannie Mae will forgive more deed-in-lieu and short-sale transactions sooner, allowing previously troubled home owners to apply for a new mortgage in only two years.

Jumbo Market Inching Back to Health
Banks are originating more large loans, which could help loosen up rest of the mortgage market.

HUD to Broaden Help for U.S. Cities
HUD is opening up the pool of foreclosures that municipalities can purchase through the Neighborhood Stabilization Program to beat out cash investors who rent the distresses homes. 

Join my newsletter list here!

Anthony Carollo 2007 EMAIL  Follow acarollospok on Twitter

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!

 

Today’s Real Estate News 4-26-2010


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

Private Mortgage Insurance Companies Return to Market
Los Angeles Times | April 25, 2010
As the FHA tightens its requirements for borrowers with small down payments, independent insurers are back in the game and offering competitive rates.

Fannie Mae Cuts Mortgage Guidelines to Help Borrowers
Housing Predictor | April 26, 2010
Former homeowners who have lost their homes in a short sale or signed them back to the bank may get a break from Fannie Mae to buy a new home. The mortgage giant has cut mortgage guidelines, reducing the time to obtain a new mortgage from four years for troubled mortgage borrowers to just two years.

Jumbo Mortgages Become More Affordable
MarketWatch | April 26, 2010
Jumbo mortgage rates experienced a jumbo hike when the meltdown in the mortgage market caused funding for these bigger loans to dry up.

Commercial Property Values Turn Negative Again
DSNews | April 23, 2010
Commercial real estate prices appeared to be stabilizing toward the end of last year, but a new study shows price declines have returned. Moody’s Investors Service reported this week that its index for commercial property values fell 2.6 percent in February. 

Two Investment Advisors Hire Commercial Real Estate Experts
HousingWire | April 23, 2010
American Realty Advisors and New Oak Capital are taking on new staff as both investment advisory firms expand their strategies in commercial real estate (CRE).

From the National Association of Realtors®:

Where have all the optimists gone?
Steve Brown, Dallas Morning News columnist doesn’t think this downturn is as bad as the 80’s. He acknowledges that it’s bad, but says there hasn’t been as much overbuilding in his region, and he compares the 22.5 percent office building vacancy rate of last year with 1987 when vacancy rates hit 34 percent.

Murder-Site Homes Attract and Repel Buyers
Properties stigmatized by notorious violent crime typically sell for a deep discount, unless buyers find the infamy appealing.

ZIPs Where Homes Sell Above List Price
Surprisingly, nine of the 10 ZIP codes with the most favorable home sales prices are in California, according to ZipRealty.

Sears Opens Commercial Realty Business
The retailer will sell or lease its thousands of vacant and operating stores and associated properties nationwide.

Join my newsletter list here!

 Anthony Carollo 2007 EMAIL  Follow acarollospok on Twitter

 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!

 

Today’s Real Estate News 04/23/10


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

Existing-Home Sales Jump 6.8% in March
DSNews | April 22, 2010
Sales of previously-owned homes rose higher than expected in March, reversing a three-month slide. The National Association of Realtors (NAR) said Thursday that existing-home sales jumped 6.8 percent to a 5.35 million-unit annual sales rate.

New Home Sales Likely Rose in March, US
The Associated Press | April 23, 2010
Sales of new homes are expected to show an increase in March, recovering from record-low levels in February, as better weather and government incentives boosted sales

Shifting U.S. Housing View Aids Mortgages, New Bonds
Reuters | April 23, 2010
Investors are backing off worst-case housing scenarios for the first time in this cycle — a milestone shift that is keeping a mortgage bond rally alive and setting the stage for a recovery in securitization.

Obama Makes a Strong Case for Financial Reform
The Washington Post | April 23, 2010
President Obama’s assertive stride into the debate on financial regulatory reform stands in marked contrast to the messy health-care battle that consumed most of the past year. It also represents a crucial part of a political strategy that — at least so far –appears to be moving a bill through Congress more easily.

How to Avoid a Real Estate Investing Overdose
The New York Times | April 22, 2010
Are you overexposed to real estate? It’s a question worth asking if you’re among the legions of homebuyers contributing to a turnaround in home sales.

New Paperwork Rules Meant to Protect Home Buyers are Creating New Headaches
The Boston Globe | April 23, 2010
For anyone buying a home, beware: There could be some kinks with the paperwork.

US 30-year Mortgage Rate Flat at 5.07 pct-Freddie
Reuters | April 22, 2010
The average 30-year fixed mortgage rate was unchanged in the past week, home funding company Freddie Mac said, to hover just above 5 percent in the final days of federal home buyer tax credits. 

From the National Association of Realtors®:

New Metro-Area Housing Equity Reports
How has the wealth of current homeowners changed as a result of home ownership? One way to answer that question is to create a snapshot of the equity individuals who purchased a home at the median price 5, 10, 15, and 20 years ago would have built up if they had kept that home through 2009. We did that for 154 metropolitan statistical areas (MSAs), and the findings yield some expected and unexpected results. Find out how your metro area is doing.

Home Sales Rise on Tax Credit, Favorable Market
Sales are up month-over-month and prices are up both month-over-month and year-over-year, suggesting values are stabilizing.

First-Time Home Buyers, Sellers Optimistic
Almost half of buyers say home prices will be up in a year, survey finds.

Existing-Home Sales Rise on Home Buyer Tax Credit and Favorable Market Conditions
Buyers responding to the homebuyer tax credit and favorable affordability conditions boosted existing-home sales in March, marking the beginning of an expected spring surge, according to the latest report . Existing-home sales rose 6.8 percent to a seasonally adjusted annual rate of 5.35 million units in March from 5.01 million in February, and are 16.1 percent above the 4.61 million-unit level in March 2009. Lawrence Yun, NAR chief economist, said it is encouraging to see a broad home sales recovery in nearly every part of the country, with two important underlying trends. “Sales have been above year-ago levels for nine straight months, and inventory has trended down from year-ago levels for 20 months running,” he said. “The home buyer tax credit has been a resounding success as these underlying trends point to a broad stabilization in home prices. This is preserving perhaps $1 trillion in largely middle class housing wealth that may have been wiped out without the housing stimulus measure.”View Existing Home Sales Data >

 

Join my newsletter list here!

Anthony Carollo 2007 EMAIL  Follow acarollospok on Twitter

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!

 

Today’s Real Estate News 04/22/10


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

US Mortgage Demand Stirred by Drop in Loan Rates
Reuters | April 21, 2010
Thirty-year mortgage rates dropped to hover around 5 percent, stoking home loan demand after applications slid for two straight weeks.

Home Sales Expected to Rise in March
ABC News | April 22, 2010
Home sales rose more than expected in March, reversing three months of declines, as government incentives drew in buyers and kicked off what’s expected to be a strong spring selling season.

Purchases of U.S. Existing Homes Probably Climbed on Tax Credit
BusinessWeek | April 22, 2010
Sales of U.S. previously owned homes probably rose in March for the first time in four months as buyers took advantage of a government tax credit and the weather improved, economists said before a report today.
 

From the National Association of Realtors®:

 Buyers Rush to Meet Tax Credit Deadline
First-time buyers accounted for nearly half the homes sold in March, according to a survey of real estate practitioners.
Read more >

Mortgage Applications Spike
Loan volume rose 10.1 percent last week as the tax credit deadline approaches, according to the Mortgage Bankers Association.
Read more >

Foreclosure Backlog Helps Troubled Borrowers
An estimated 1.4 million home owners haven’t paid their mortgages in a year as they try to use the time to stabilize their finances.
Read more >

Join my newsletter list here!

Anthony Carollo 2007 EMAIL  Follow acarollospok on Twitter

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!

 
 
%d bloggers like this: