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Monthly Archives: May 2010

Today’s Real Estate News 5-28-2010


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

ResCap Plans Expansion in Wholesale Mortgage Lending
HousingWire | May 28, 2010
Residential Capital (ResCap), the mortgage subsidiary of GMAC Financial Services, confirmed to HousingWire its plans for a re-entrance into wholesale mortgage lending.

Luxury Sales Bounce Back
Wall Street Journal | May 28, 2010
For years, Jennifer Metz and her husband John yearned for a bigger home in San Francisco. Three months ago, the couple started looking, figuring that in this shaky economy, their $3 million budget should provide them a pick of attractive homes and accommodating sellers.

Mortgage Rates are Back Near Record Low
The Washington Post | May 27, 2010
Turmoil in the stock market and the European debt crisis are making life easier for American homebuyers and families looking to refinance: Mortgage rates are inching closer to a record low.

FHA Mortgages Will Soon Allow Fewer Seller Concessions
Daily Herald | May 28, 2010
One of the key attractions of FHA home mortgage financing is going, going – but not quite gone. Sellers and buyers who move fast can still make the most of it.

More Homeowners Turn to Mediation After Foreclosure
USA TODAY | May 28, 2010
When Mark Weeks was laid off from his $90,000-a-year construction job 2½ years ago,he vowed to hang onto his family’s house here, where he’d lived with his wife, their three children and two dogs for the last six years.

Mortgage Lenders Seek Relief on Bad Debt Repurchases
BusinessWeek | May 28, 2010
Mortgage lenders are seeking relief from Fannie Mae and Freddie Mac as the government-supported companies force them to buy back more soured debt, said John Courson, president of the industry’s largest trade group.

Treasury Lowers Projected TARP Cost by $11.4 Billion
DSNews | May 27, 2010
New figures released by the U.S. Treasury indicate that the government’s $700 billion Troubled Asset Relief Program (TARP) – used for the financial and auto industry bailouts, and to a much smaller extent, for a national foreclosure prevention program – will wind up costing taxpayers $105.4 billion when all is said and done.

Banks Cut Emergency Borrowing from Fed
The Washington Post | May 27, 2010
Banks borrowed less from the Federal Reserve’s emergency lending program over the past week, a further signal that credit markets are improving.

Geithner Sees Consensus on Finance Reform
The New York Times | May 27, 2010
Treasury Secretary Timothy F. Geithner said in Berlin on Thursday that the United States and Europe were in “broad agreement” on the need for stricter market regulation but stressed that they would take different paths when necessary.

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Anthony Carollo 2007 EMAIL  Follow acarollospok on Twitter  

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 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 5-27-2010


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

(I’ve heard from many of you about the constant conflicting messages that we get from the media about where the economy, and specifically the real estate market, is headed.  I think it simply illustrates how much we don’t know about the future.  We’ve seen very dramatically how much of our economic health is dependent on real estate.  Whether you read my “Today’s News” or you read some other sources, it’s critical in our industry that we all stay educated.  Thanks for reading.  You’re the informed folks that make a difference!)

Experts Predict Worst is over as Existing Home Sales Rise
The Title Report | May 26, 2010
An anticipated rise in existing home sales for April led to the National Association of Realtors declaring that the housing price correction “appears essentially over.”

Fed’s Lacker Says Regulatory Overhaul Fails to Curb Safety Net
Bloomberg | May 27, 2010
Federal Reserve Bank of Richmond President Jeffrey Lacker said proposed U.S. laws to overhaul financial rules keep too much of a safety net in place for firms and probably won’t break a “vicious circle” of crises.

U.S. Economy: Home Sales, Durables Point to Strength
BusinessWeek | May 26, 2010
Purchases of new homes jumped in April to a two-year high and orders for durable goods climbed the most in three months, signaling the U.S. economy strengthened before the European debt crisis gathered force.

FHA Mortgages: Get a Good Deal While You Can
Housing Watch | May 26, 2010
Next time you’re inclined to complain about the bankers’ bailout, remember that homebuyers are now on government life support as much as anyone.

Federal Reserve’s MBS Purchases Could Lead to Record Earnings of $70B
DSNews | May 26, 2010
Through its efforts, the U.S. Federal Reserve more than doubled the size of its asset portfolio to over $2 trillion and assumed far more risk than is considered “normal” for the central bank, according to the CBO study.

US Banking Reform Sounds Hollow
Economic Times | May 27, 2010
You have to wonder what the hoopla is all about. The measures that are likely to go through hardly qualify as big reforms or even as reforms. 

From the National Association of Realtors®:

Commercial Vacancies to Peak Near Early 2011
Multifamily housing is a bright spot, with increased demand expected, NAR says.

Top 10 Towns for the ‘Cool’
Ely, Minn., is rated highest for its outdoor qualities.

Lock in Super Low Rates Today, Not Tomorrow
Rates are unlikely to go lower than they are now, analyst says. 

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Anthony Carollo 2007 EMAIL  Follow acarollospok on Twitter    

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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 05/26/10


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

 Home Prices Show Renewed Weakness, Dropping 3.2% in Q1
DSNews | May 25, 2010
One of the industry’s most-closely watched barometers has quelled recent optimism that residential real estate had found its footing on solid ground.

Bernanke Continues Fight Against More Fed Scrutiny
The Wall Street Journal | May 26, 2010
With Congress getting close to finalizing an overhaul of the nation’s financial-regulatory system, Federal Reserve Chairman Ben Bernanke weighed in against provisions in the proposed legislation that would subject the central bank to more political scrutiny.

Senators Appointed to Hammer out Differences with House on Financial Overhaul
The Washington Post | May 26, 2010
Senate leaders on Tuesday appointed seven Democrats and five Republicans to meet with counterparts from the House in coming weeks to hammer out differences between new financial rules approved by each chamber.

Freddie Mac Portfolio Grows, Delinquencies Mixed
Reuters | May 25, 2010
Freddie Mac (FRE.N), the No. 2 U.S. home finance agency, said on Tuesday its portfolio grew in April for the first time in 2010 after the Federal Reserve concluded its buying of mortgage securities in March.

Bernanke Says Central Banks Must Be Free of Pressure
Bloomberg | May 26, 2010
Federal Reserve Chairman Ben S. Bernanke said central banks must be free from political pressure as they bolster regulation and try to prevent future financial crises.

Banks Share in Mortgage Relief
The Wall Street Journal | May 25, 2010
Lower mortgage rates aren’t just good for homeowners. Banks that have hunkered down in safe-haven mortgage bonds backed by the government should also gain.

U.S., Europe Fall Out of Step on Global Financial Reform
The Washington Post | May 26, 2010
The global campaign to harmonize rules for financial firms is swerving off course, threatening efforts to curb the risky bets that rocked the world economy two years ago.

From the National Association of Realtors®:

 More People Are Choosing to Rent
A National Apartment Association survey finds that more people prefer renting to owning in today’s market. The report also says most renters and home owners do not have plans to change their housing status within the next year.
Read more >

Auctioneers Pick Up Business in Tough Market
According to the National Auctioneers Association, auctions are up by 14 percent compared to 2009.
Read more >

Housing Still Lacks Stable Funding
FHA Commissioner David Stevens tells bankers that the home-loan market is “sick” without enough private capital.
Read more >

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Anthony Carollo 2007 EMAIL  Follow acarollospok on Twitter  

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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 5-25-2010


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

Survey Finds 76% of Consumers Favor Renting to Homeownership
DSnews.com | May 24, 2010
As the real estate market continues to fight an uphill battle towards recovery, the dream of homeownership seems to be dying out for some consumers, at least for the time being.  (Anthony’s note: this number was much higher than I would have expected.  I assumed almost everyone shared the same idea of the American dream!  Interesting comments in the article and the last paragraph is eye-opening.)

Senate Bill Brings New Powers, New Pressures for Fed
The Washington Post | May 25, 2010
The Federal Reserve, a target of bipartisan bashing during the past two years, has emerged a big winner in the financial overhaul passed by the Senate, but the broader powers granted by the legislation expose the central bank to new risks.

Home Financing “Sick,” Needs Private Capital: FHA
Reuters | May 25, 2010
Financing for U.S. housing still lacks private capital, a sign of a “very sick system,” said David Stevens, Federal Housing Administration commissioner, told a Mortgage Bankers Association convention on Monday.

Key Bank Loan Rate Keeps Climbing, a Sign of Rising Stress in the Financial System
Los Angeles Times | May 24, 2010
The world’s big banks continue to grow leerier about lending to one another, a sign that the latest tensions in the financial system aren’t abating.

Fed May Send Record $70 Billion to Treasury, CBO Says
Bloomberg | May 24, 2010
The Federal Reserve will probably transfer record earnings exceeding $70 billion to the U.S. Treasury Department this year on income from assets including mortgage-backed securities, according to the Congressional Budget Office.

Rising Home Sales Likely to Cool Despite Low Rates
Associated Press | May 24, 2010
A now-expired homebuyer tax credit and low mortgage rates helped boost sales of previously occupied homes in April. The improvements aren’t likely to last.

Think Housing is Recovering? Think again.
CNNMoney | May 25, 2010
Americans purchased homes at a surprising clip in April, but don’t let that fool you into thinking the housing market is back.

Banks Seek $10 Billion of Bids in Effort to Sell Bad Mortgages
Bloomberg | May 24, 2010
Banks are boosting efforts to sell distressed U.S. home loans, according to two buyers of the debt.

From the National Association of Realtors®:

Existing-Home Sales Up 7.6% in April
Because of the expiration of the home-buyer tax credit and continued affordability of houses, existing-home sales increased last month.

European Crisis Drives Down Mortgage Rates
The massive debt loads of some European Union member states, most notably Greece, has spurred a flight of capital to U.S. government securities, causing mortgage rates to go down.

Survey: Economy Improving, Housing Lags
While analysts believe unemployment will fall over the next couple of years, the housing market remains a question mark.

Owners Optimistic About Home Values
Although more than 40 percent of home owners think their residences lost value in the past year, they predict their houses’ worth will go up during the next five years.

Despite Downturn, More Shopping Malls Emerge
The number of shopping centers in the U.S. has inched up since 2008, a new report shows.

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Anthony Carollo 2007 EMAIL  Follow acarollospok on Twitter

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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

 

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Today’s Real Estate News 5-24-2010


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

Pawlenty Signs Law Banning ‘Resale Fees’
Finance & Commerce | May 22, 2010
The Minnesota Land Title Association and the Minnesota Association of Realtors lauded Pawlenty’s action, calling the Transfer Free Covenant Act a pre-emptive strike against so-called “Wall Street resale fees.”

April Sales of Previously Owned Homes Likely Rose
The Washington Post | May 24, 2010
Sales of previously occupied homes likely rose 5.2 percent in April as government incentives provided temporary fuel to the housing market.

Housing Recovery Starts in 2011, Says Panel of Industry Experts
DSNews | May 21, 2010
The housing recovery is just around the corner – at least that’s the consensus among a panel of 92 well-known industry economists and analysts.

In Congress, Spending Measures Meet Bipartisan Resistance
The Washington Post | May 24, 2010
Congress is headed for a showdown this week over government spending, an issue that is dividing Democrats as lawmakers prepare to face voters still hurting from the recession but also angry about the huge cost of federal efforts to revive the economy.

No Reform for Fannie and Freddie, Despite Costs
The New York Times | May 24, 2010
Fannie Mae and Freddie Mac, are headed towards being the single-biggest expense to hit taxpayers in the fall-out of the financial crisis, The Wall Street Journal reported.

Assembly Approves Bill To Jump-Start N.J.’s Housing Market With 2010 Tax Credit
New Jersey Today | May 24, 2010
Legislation aimed at jump-starting New Jersey’s housing market by creating a tax credit for home purchases during 2010 was approved Thursday by the Assembly.

As Reform Takes Shape, Some Relief on Wall St.
The New York Times | May 24, 2010
The financial reform legislation making its way through Congress has Wall Street executives privately relieved that the bill does not do more to fundamentally change how the industry does business, Eric Dash and Nelson D. Schwartz report in The New York Times.

Still Looking: Non-traded REITs Seek Buy Opportunities
Multi Family Executive | May 13, 2010
After a 16-month run of posting near weekly acquisition gains in what was practically a non-transactional environment, all has been quiet in the non-traded apartment real estate investment trust (REIT) sector for a couple of months. Major non-traded multifamily apartment REITs such as Dallas-based Grubb & Ellis Apartment REIT and Dallas-based Behringer Harvard Multifamily REIT I have not announced significant asset buys since March, even as their traded peers begin to grab properties and look at ground-up development.

From the National Association of Realtors®:

Fewer Buyers Consider Foreclosures
According to a survey by Trulia.com and RealtyTrac, house hunters have become less interested in foreclosures.

North Dakota Has Lowest Rate of Foreclosures
The state’s strong economy, heavily involved in energy and agriculure, has kept the housing market robust.

FEMA Offers Discount for Insurance Requirement
For owners in newly-designated special flood hazard areas, FEMA is offering its Preferred Risk policy, their least expensive insurance option.  (Editor’s Note:  How many of us knew FEMA was remapping flood zones to include areas that were not formerly in a flood hazard area?  I just discovered it myself last week.  In Spokane, most of the changes are in the Millwood area.  It’s my understanding  that this means that after July 6, 2010, if the property was not in a flood hazard zone before, but it is now after the new remapping, then they are required to buy flood insurance if they have an existing mortgage.)  Check out your community here: http://www.msc.fema.gov/webapp/wcs/stores/servlet/CategoryDisplay?catalogId=10001&storeId=10001&categoryId=12001&langId=-1&userType=G&type=1

Mortgage Rates Continue to Drop
Both fixed- and adjustable-rate mortgages fell slightly this week to their lowest level of the year.

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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!

www.StewartSpokane.com

 

 

Today’s Real Estate News 5-21-2010


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

Landlords See Record-High Retention Rates
Multi Family Executive | May 19, 2010
In late 2008, as the economy was quickly turning sour, the battle cry throughout the apartment business was to ” keep heads in beds” at all costs. Now, a year-and-a-half later, it looks as though the industry was successful in doing just that.

Conventional Financing Remains Difficult for Private Builders
Multi Family Executive | May 13, 2010
Despite the rumblings that life companies and banks, both large and small, are dipping their toes back into the development game, third-party builders such as Summit Construction in Jacksonville, Fla., and LandSouth Construction in Jacksonville Beach, Fla., don’t really seem to be seeing the fruits to these discussions.

Senate Passes Financial Regulation Bill
The Washington Post | May 21, 2010
The Senate approved far-reaching new financial rules on Thursday aimed at preventing the risky behavior and regulatory failures that brought the economy to the brink of collapse two years ago and cost millions of Americans their jobs and savings.

Freddie Mac: Mortgage Rates Hit Yearly Low
Associated Press | May 20, 2010
U.S. borrowers can get the cheapest mortgages this year, thanks to worries over European debt, and that could keep homebuyers active even after the expiration of a tax credit designed to lift sales.

Big Banks Prosper but Smaller Lenders’ Struggles Deepen
Los Angeles Times | May 21, 2010
The FDIC reports that nearly 10% of all U.S. institutions – most of them community banks – were in trouble as the first quarter closed.

U.S. Mortgage Rates Sink Further
Los Angeles Times | May 21, 2010
Mortgage rates continued their slide toward record lows this week as fallout from the European debt crisis and dormant inflation proved to be boons for Americans buying or refinancing homes.

Survey: 59% of Borrowers Would Not Walk Away if Underwater
DSNews | May 20, 2010
A survey released Thursday by Trulia.com and RealtyTrac shows that only 1 percent of homeowners with a mortgage say walking away would be their first choice if they were unable to make their payments.

From the National Association of Realtors®:

Tagging Online Content Can Boost Sales
Taking time to understand tagging tactics can pay off in search results and business.

Foreclosures Hit Record High in First Quarter
Despite the bad figures, the problem isn’t getting worse, an analyst says.

Commercial Real Estate Business Still in Slump
Prices are still heading down, although not by much, according to Moody’s.

Now is the Time to Buy, Investment Firm Says
A company, seeing parallels with the 1980s downturn, says the time to sell is 3-4 years from now.

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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!

www.StewartSpokane.com

 

Today’s Real Estate News 05-20-10


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

 Real Estate Groups Urge Ban on ‘Resale Fees’
Finance & Commerce | May 19, 2010
Two leading Minnesota real estate groups are calling on Gov. Tim Pawlenty to sign legislation that would ban so called “private covenant transfer fees” in home-purchase contracts.

Financial Regulation Measure is Stalled in Senate
The Washington Post | May 20, 2010
Two Senate Democrats broke party ranks Wednesday to block an effort to wrap up debate on landmark legislation to overhaul the nation’s financial regulation, potentially delaying passage.

HUD Announces Additional Funds To Fight Foreclosures
The Huffington Post | May 19, 2010
Areas hardest hit by the nation’s housing crisis may receive up to $1 billion in unused federal funds, according to Housing and Urban Development Secretary Shaun Donovan.

Mortgage Delinquency at Record High, but Borrowers Falling Behind at Slower Rate
The Washington Post | May 19, 2010
The number of U.S. homeowners who are behind on their mortgages rose to a record level in the first quarter, according to industry data released Wednesday that also included tentative signs that the nation’s foreclosure crisis may be starting to ease.

What’s Big, Risky, and Losing Billions?
The Boston Globe | May 20, 2010
THIS WEEK, the Senate rejected a $400 billion cap on the taxpayer bailout of the Federal Home Loan Mortgage Corporation and the Federal National Mortgage Association, better known as Freddie Mac and Fannie Mae.

CoreLogic Home Price Index Shows Second Consecutive Annual Increase
DSNews | May 19, 2010
National home prices, including distressed sales, increased by 1.7 percent in March 2010 compared to March 2009, according to CoreLogic’s Home Price Index released Wednesday.

From the National Association of Realtors®:

Housing Prices Could Rise 12.4 Percent by 2014
A survey of more than 100 analysts found a wide range of pricing predictions. One expects an increase of 37 percent over the next four years, while pessimists expect a decline of 18 percent during that time.
Read more >

Mortgage Applications Fall Sharply
Though interest rates remain at bargain levels, the end of the tax credits led to a 27.1 percent drop in loan activity last week, according to the Mortgage Bankers Association.
Read more >

Mortgage Jobs Are Coming Back
Banks and loan companies added 714 new mortgage-related positions in the first three months of the year, the second straight quarter of industry job growth, according to Mortgagedaily.com.
Read more >

Join my newsletter list here!

Anthony Carollo 2007 EMAIL 

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!

 
 
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