Today’s Real Estate News 5-18-2010

18 May

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

Home Price Reductions Jump 10% as Homebuyer Tax Credit Expires
DSNews | May 12, 2010
Marking a 10 percent increase from April, 22 percent of listings on the market as of May 1, 2010 experienced at least one price reduction, San Francisco-based Trulia reported Wednesday.

Housing Starts Up 5.8%, While Permits Plunge 11.5%
MarketWatch | May 18, 2010
U.S. housing starts increased for the second straight month in April to an 18-month high, the government estimated, but building permits fell sharply, casting doubts on the momentum of the housing recovery.

Senate Rejects $400 billion Freddie Mac Cap
MarketWatch | May 17, 2010
The Senate on Monday evening rejected a measure that would have re-established a $400 billion cap on taxpayer assistance to Fannie Mae and Freddie Mac. The Obama administration had removed a previous $400 billion cap on taxpayer exposure to Fannie Mae and Freddie Mac in late 2009.

FHA Set to Reduce Closing Cost Assistance This Summer
Housing Wire | May 18, 2010
The real estate industry is still waiting to see how the market will adjust after the expiration of the first-time homebuyer tax credit, but more consumer incentives are about to be cut, this time from the Federal Housing Administration (FHA).

Treasury: 295,348 Mortgages Permanently Modified
FOX Business | May 17, 2010
The number of struggling homeowners who were current on permanently reduced mortgage payments under the U.S. Treasury’s housing rescue program grew to 295,348 in April from 227,922 in March, a Treasury report showed Monday.

Housing, Retail Take Focus Amid Turbulent Markets
Forbes | May 17, 2010
U.S. markets will be looking to data on residential housing and retail earnings as Tuesday trading kicks off, following a turbulent start to the week that saw the Dow Jones Industrial Average plunge 184 points before recovering to a small gain.

Spike Seen in Number of Homeowners who Lost Federal Mortgage Aid
The Washington Post | May 18, 2010
Homeowners taking advantage of mortgage aid under a federal foreclosure-prevention plan are being dropped from the program at an increasing rate, potentially forcing more borrowers out of their homes as the program struggles to make an impact, according to Treasury data released Monday.

From the National Association of Realtors®:

Total Foreclosures Fall, But REOs Rise
Properties in all stages of foreclosure were down 9 percent from April to March of this year, according to RealtyTrac.

Will Housing Feel a ‘Saw-Tooth’ Effect?
A few industry experts believe that home prices will bounce up and down sharply as eager sellers periodically add to shadow inventories.

Texas Tops List of Best Business States
For five years, the Lone Star State has been voted as having the best conditions for business in Chief Executive magazine’s annual poll.

Comfortable Laundry Rooms Are a Must-Have
Forget stately offices and state-of-the-art media rooms. One of the most popular features in today’s homes is a utilitarian yet cozy laundry room.

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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

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


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