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Monthly Archives: June 2010

Today’s Real Estate News 6-30-2010


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

House Moves to Extend Tax Credit Closing Deadline
DS News | June 29, 2010
The U.S. House of Representatives passed a bill Tuesday that would give homebuyers who are eligible for a federal tax credit three extra months to close on their loans.

Banks Return to Commercial Mortgage Bonds
The New York Times | June 30, 2010
Once dominant, and then dormant, commercial real estate loans are beginning to show signs of life on the trading floor after a two-year slump, Jotham Sederstrom reports in The New York Times.

Beijing’s ICBC to Enter U.S. real Estate Loan Market: WSJ
MarketWatch | June 30, 2010
Industrial & Commercial Bank of China is planning to enter the U.S. commercial real estate lending market, offering loans of more than $100 million to commercial clients, according to a published report Wednesday.

U.S. MBA Mortgage Applications Index Increased 8.8% Last Week
BusinessWeek | June 30, 2010
Mortgage applications in the U.S. rose to an eight-month high as a drop in mortgage rates propelled gains in refinancing requests.

Foreclosures Accounted for 31% of Q1 Home Sales: RealtyTrac
DS News | June 30, 2010
RealtyTrac released a new industry report Thursday, which shows that homes already foreclosed or somewhere in the process accounted for 31 percent of all residential sales in the first quarter of 2010.

Stabilizing U.S. Debt is the Greater of Two G-20 Challenges
The Washington Post | June 29, 2010
An international push to cut deficits in half by 2013 may sound impressive, but the United States already is on track to meet that target without significant policy changes. The harder task for President Obama will be achieving a second goal adopted by the nation’s largest economies over the weekend: stabilizing the soaring U.S. debt.

From the National Association of Realtors®:

Renting Can Be a Good Option for Sellers
If home owners have been unsuccessful for more than a year at selling their property, they may want to consider renting it out.

Prices Rise as Consumer Confidence Declines
A survey by the analysts at Bloomberg reveals that home values are gaining, but buyers are still concerned about purchasing now.

Ratio of Debt-to-Value Influences Walk-Aways
A report by the Federal Reserve Board reveals that home owners are likely to default on their mortgage if the equity of their home falls below 50 percent.

Strip Mall Developers Try Different Tenant Mixes
Health clubs, children’s play areas, theaters, and medical offices are popping up in retail centers.

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Anthony Carollo 2007 EMAIL  Follow acarollospok on Twitter  

Find me on LinkedIn by clicking   LinkedIn

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 6-29-2010


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

Tax Credit Deadline Extension in Jeopardy
Approximately 180,000 buyers who signed sales contracts before April 30 could lose out on the home buyer tax credit if their deals are not complete by June 30 and Congress fails to pass an extension.  (Anthony’s note:  I heard today that the measure in the Senate to extend the tax credit failed late last week.  Here’s a link to a brief article: http://bit.ly/9rocf2 )

Elizabeth Warren: Why Credit is Still Frozen
Bloomberg Businessweek.com | June 24, 2010
The congressional TARP watchdog says there’s no evidence that the $700 billion bailout boosted lending to small business.

Market Faces Major Change, But Suburbs, Small Cities May Hold Onto Their Advantage
Nation’s Building News | June 28, 2010
The worst of the housing downturn may be over, according to speakers at PCBC earlier this month in San Francisco, but builders are apt to find themselves on an unfamiliar path to recovery and can expect to see fundamental changes in what motivates prospective home buyers.

Top 10 States for Pending Tax Credit Closings
Inman News | June 28, 2010
The National Association of Realtors continued to lobby lawmakers today to pass legislation that would extend by three months the deadline for closing on a home purchase in order to claim the federal homebuyer tax credit.

The Slippery Slope of Short Sales
HousingWire | June 28, 2010
This past week, I received an email from one of my dearest friends that has really stuck with me. It illuminates perhaps one of the single largest shifts in borrower psychology likely to come from a push to short sales.

Good Schools, Bad Real Estate
The Wall Street Journal | June 25, 2010
Oh, the sacrifices parents make.  Kiely and John Adams began their house hunt this spring with grand plans to upgrade from their small home in Cary, N.C., to a larger, four-bedroom house-preferably with an office and a bonus room-about 25 miles away in Chapel Hill, where Kiely plans on starting a Ph.D. program next fall.

Regulators Point to Improving Loan Performance Across The Board
DS News | June 24, 2010
Well before Congress reached agreement on the details of its financial overhaul legislation, industry lobbyists and consumer advocates started preparing for the next battle: influencing the creation of several hundred new rules and regulations.

Scamming the System for $8,000 Tax Credits
CNNMoney.com | June 25, 2010
Some homebuyers are angling to claim the $8,000 tax credit even though they missed the deadline.  To claim the credit, buyers had to sign contracts by April 30 and close the sales by June 30. But real estate agents say some buyers are demanding quick closing dates to meet the June 30 deadline, even though they failed to meet the April 30 deadline.

From the National Association of Realtors®:

Banks: We’re Hiring
Banks are staffing up on loan originators to handle the predicted increase in mortgage lending over the next two years.

10 Most Recession-Proof U.S. Cities
See which cities the Brookings Institute’s Metropolitan Policy Program highlighted for keeping their labor and housing markets stable.

Analysts Question Fannie Mae Plan
A plan announced by Fannie Mae to sue delinquent owners who have the ability to pay is being questioned by industry experts.

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Anthony Carollo 2007 EMAIL  Follow acarollospok on Twitter

Find me on LinkedIn by clicking   LinkedIn

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 6-28-2010


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

Consumer Spending in U.S. Rose 0.2% in May, More Than Economists Forecast
Bloomberg | June 28, 2010
Consumer Spending in U.S. Rose 0.2% in May, More Than Economists Forecast 

G-20 Calls for Higher Bank Capital to Avert Financial Crisis
Business Week | June 28, 2010
The Group of 20 countries said banks need “significantly higher” capital to avert another financial crisis, while granting member nations more flexibility to meet the new requirements.

Reverse Mortgages Look Better
The Wall Street Journal | June 27, 2010
Upfront fees on reverse mortgages have fallen substantially in recent months, giving homeowners interested in this product a new challenge: how to compare offers to find the best one.

On Finance Reform Bill, Lobbying Shifts to Regulations
The New York Times | June 27, 2010
Well before Congress reached agreement on the details of its financial overhaul legislation, industry lobbyists and consumer advocates started preparing for the next battle: influencing the creation of several hundred new rules and regulations.

Study: Nearly One in Five Mortgage Defaults Are ‘Strategic’
The Wall Street Journal | June 28, 2010
A new report estimates that nearly one in five mortgage defaults through the first half of 2009 were “strategic,” where borrowers who appeared to have the capacity to pay their mortgages stopped doing so.

From the National Association of Realtors®: 

Financial Compromise Bill Close to Passage
The House and Senate reached an agreement this morning on the largest financial overhaul since the Great Depression. If passed, the bill would have a significant impact on mortgage lending.

Mortgage Rates Hit an All-Time Low
Average rates for 30-year fixed mortgages have fallen to record levels, but demand for purchase loans is down due to economic uncertainty.

Forecasters Split on 2010 Housing Market
Industry experts are divided on whether average home prices will go up or down this year.

Oil Drives Beach Property Prices Downward
The oil spill in the Gulf of Mexico is depressing values of beachfront properties, even where environmental problems are still a threat rather than reality.

Hedge Fund Bets on Land
The value of land will go up at some point, investors believe. It’s just a matter of when.

Home Builder CEO Foresees ‘Rocky’ Bottom
The market may be bumpy as the government programs to prop up real estate wind down, the head of Lannar Corp. predicts.

 Join my newsletter list here!

Anthony Carollo 2007 EMAIL  Follow acarollospok on Twitter

Find me on LinkedIn by clicking   LinkedIn

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 6-25-2010


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

Mortgage Rates Hit All-time Low, but Lending Activity Remains Quiet
The Washington Post | June 25, 2010
Mortgage rates have hit an all-time low, but consumers are responding with a big “So what?”

Analysts Question a Threat by Fannie
The New York Times | June 25, 2010
Fannie Mae’s decision to begin punishing people who walk away from their unpaid mortgages could prove difficult to sell to the public and might be impossible to execute, housing and lending experts said Thursday.

Stock Futures Edge Up After Bank Regulation Deal
The Associated Press | June 25, 2010
The stock market headed to a slightly higher opening Friday as investors showed a mildly upbeat reaction to news that congressional negotiators had agreed on a financial regulation bill.

Regulators Point to Improving Loan Performance Across-the-Board
DS News | June 24, 2010
Performance of home mortgages serviced by the largest national banks and federally regulated thrifts improved earlier this year, for the first time in more than 24 months.

Betting Who’s Right on Housing: Baker-Whitney vs Maki-Harris
Bloomberg | June 24, 2010
Dean Maki, chief U.S. economist at Barclays Capital, says the worst is over for the U.S. housing sector. Dean Baker, co-director of the Center for Economic and Policy Research, expects another painful decline.

From the National Association of Realtors®:

Housing Expert: “The Suburban Century Is Over”
Shift to urban living will become evident over the next decade, says former developer who’s now at a think tank.

Fed: Interest Rates to Stay at Record Low Levels
Growth is proceeding, but it remains too fragile to tamper with borrowing costs.

Fannie Mae Cracking Down on Strategic Defaults
Those who choose to walk away are the target, but critics say there are other approaches Fannie should try first.

Five Charities by REALTORS(R) Win Recognition
The Good Neighbor Society’s Volunteering Works program has selected five charities for recognition and is providing assistance to help them expand.

Join my newsletter list here!

Anthony Carollo 2007 EMAIL  Follow acarollospok on Twitter

Find me on LinkedIn by clicking   LinkedIn

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 6-24-2010


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

May New Home Sales Plunge 33%, Surprising Everyone
The Washington Post | June 23, 2010
Forecasters were expecting that May new home sales would decrease compared with April, but not by this much: down 32.7 percent to an annualized sales rate of 300,000, which is a record low, according to numbers out moments ago.

Fannie Set to Penalize Defaulters
The Wall Street Journal | June 24, 2010
Fannie Mae said Wednesday it would “lock out” borrowers from getting a new loan for seven years if they default on a mortgage they could afford to pay.

Fed Holds Rates Steady, Citing Overseas Threats
The New York Times | June 23, 2010
The Federal Reserve’s policy-making arm on Wednesday kept short-term interest rates near zero for “an extended period” and said there were challenges to economic growth, including the new impact from economic troubles abroad.

1.7 Million GSE Loans at Least 60 Days Past Due
DS News | June 24, 2010
The number of loans held by Fannie Mae and Freddie Mac that were 60-plus-days delinquent stood at 1.7 million at the end of the first quarter of 2010, the two companies’ conservator said in a report to Congress this week.

House Drops Proposal for Fund to Aid in Winding Down Failing Firms
The Washington Post | June 24, 2010
House negotiators, seeking to reach agreement with their Senate counterparts over new far-reaching financial rules, dropped their proposal Wednesday for a $150 billion fund, paid for by industry, that would have been used to cover the costs of winding down large, failing firms.

Housing Market Struggles without Government Aid
The Associated Press | June 24, 2010
Americans showed far less appetite to buy new homes last month after the government stopped offering a homebuyer tax credit. The news signaled a renewed housing slump that threatens the broader economy.

Inmates Get $9M in Homebuyer Tax Credits
Fox News | June 23, 2010
Nearly 1,300 prison inmates wrongly received more than $9 million in tax credits for homebuyers despite being locked up when they claimed they bought a home, a government investigator reported Wednesday.

Canada’s Conservative Approach to Mortgage Finance Could Provide Model for U.S.
The Washington Post | June 23, 2010
When he bought a home last week with a 40 percent down payment, lawyer Kevin Fritz didn’t see the transaction as particularly relevant to the debate over global financial stability.

From the National Association of Realtors®:

Find Out Which U.S. Cities Are Growing Fastest
Census data reveals some surprising results about urban population growth.

What Do Apartment Dwellers Really Want?
Low rent, close-in location, and in-unit laundry top the list of key features desired by apartment seekers. 

Join my newsletter list here!

Anthony Carollo 2007 EMAIL  Follow acarollospok on Twitter  

Find me on LinkedIn by clicking   LinkedIn

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 6-23-2010


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

First-Time Homebuyer Traffic Nose-Dives in May: Survey
DSNews | June 22, 2010
Homebuyer traffic nationwide tumbled in May, according to an industry survey released this week. Most of the decline was attributable to first-time buyers who sharply reduced their home shopping last month, after the federal government’s tax credit stimulus sunset. (Anthony’s note: This certainly confirms what we’ve been hearing from local clients.)

Housing Sales Decrease in May, Dashing Hopes of Quick Recovery
The Washington Post | June 23, 2010
Sales of previously built homes dropped in May after huge gains the previous two months, a sign that the federal tax credit that helped energize sales at the start of the selling season has sputtered out sooner than expected.

U.S. MBA Mortgage Applications Index Dropped 5.9% Last Week
Bloomberg | June 23, 2010
Mortgage applications in the U.S. dropped from a six-month high as purchases fell and gains in refinancing subsided.

Bank Failures Through 2014 Will Cost $60 Billion, FDIC Says
BusinessWeek | June 23, 2010
U.S. bank failures through 2014 will drain $60 billion from the Federal Deposit Insurance Corp. fund that protects customer accounts in the event of a collapse, the agency said today.

Permanent HAMP Mods Top 340,000 in May
DS News | June 23, 2010
Servicers continued their loss mitigation efforts under the administration’s Home Affordable Modification Program (HAMP) last month. According to the monthly HAMP report card released Monday by the Treasury Department, 346,816 modified loans had been granted permanent status as of the end of May, up more than 15 percent from 299,092 in April.

Home Sales are Up, but will it Last?
The Boston Globe | June 23, 2010
Home sales and median prices in Massachusetts rose again in May, buoyed by a tax credit and low interest rates, according to data released yesterday. But it is unclear whether the positive numbers signal an improving real estate market or are just a short-term reaction to the availability of federal stimulus dollars.

Unhappy Couple: Falling Mortgage Rates and Fading Housing Demand
Los Angeles Times | June 23, 2010
Mortgage rates look primed to go to new generational lows. But if the housing-market recovery is fading, will another drop in loan rates be enough to rekindle demand?

Fed on Sideline, Waiting for Recovery to Firm
ABC News | June 23, 2010
The Federal Reserve is expected to renew its promise to hold benchmark interest rates exceptionally low for an extended period on Wednesday and may acknowledge a slight slowdown in the pace of U.S. economic recovery.

Gulf of Mexico Oil Spill Could Affect Real Estate Market Throughout the US, it is Claimed
Property Wire | June 23, 2010
The BP Oil Spill is an environmental disaster and a serious blow to businesses and property owners along the Gulf Coast, particularly in Florida, it is claimed.  

From the National Association of Realtors®:

Continued Strong Pace for Existing-Home Sales
Due to strong buyer response to the tax credit, May closings are 19.2 percent higher than in May 2009. 

Commercial Market May Have Hit Bottom
The Moody’s/REAL Commercial Property Price Index rose 1.7 percent from March to April.

Tips for Your Clients Who Garden
The typical return on investment for landscaping improvements is 100 percent to 200 percent, as much or more than a kitchen or bath remodel, according to Money magazine. 

Quiz: Do You Know Today’s FHA?  A short 8 question quiz on fatcs about the FHA.  I got 5 out of 8 right.  See if you can beat me.  I’m not telling which ones I got wrong!

Join my newsletter list here!

Anthony Carollo 2007 EMAIL  Follow acarollospok on Twitter    

Find me on LinkedIn by clicking  LinkedIn

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 6-22-2010


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

U.S. Reports Fewer Enrollees, More Dropouts in Federal Mortgage Relief Program
The Washington Post | June 22, 2010
The Obama administration’s marquee foreclosure-prevention initiative continues to struggle, as government data released Monday show that fewer homeowners are enrolling in the program and more are losing their federal mortgage aid.

Government Gives Itself High Marks on New Housing Scorecard
DSNews | June 21, 2010
The U.S. Treasury and HUD on Monday released a new monthly scorecard, touting the success of the administration’s full scope of efforts to stabilize the nation’s fraught housing industry.

Battles in California Over Mortgages
The New York Times | June 22, 2010
As the housing market continues to sputter, the real estate industry is increasingly split on the responsibilities of overextended and foreclosed homeowners.

Opposing View on Real Estate: It’s Still the American Dream
USA TODAY | June 21, 2010
There’s a reason homeownership is called the American Dream. U.S. history is replete with instances of government support of homeownership, from the Homestead Act during the Civil War to the G.I. Bill after World War II.

Real Estate Owned Inventory to Peak in Summer 2011: BarCap
HousingWire | June 21, 2010
The amount of REO inventory held by lenders is expected to peak in August 2011 at 545,000 properties, according to analysts at Barclays Capital. (Anthony’s note: It’s hard to imagine that we’re still 1 year away from the peak.)

From the National Association of Realtors®:

Top 10 Fastest Growing U.S. Counties
Suburban areas reign over urban centers when it comes to the 10 fastest-growing counties throughout the nation.

Developer to Pay Taxes on Unfinished Project
A Wisconsin Supreme Court ruling says that developers must pay taxes on condos approved for development, but not yet built. (Anthony’s note: This one surprised me.  Really?  Pay taxes on unbuilt condos?)

Insurance Scarce in Flood-Prone Areas
Congress expects to reauthorize the expired National Flood Insurance Program, and home owners who need flood insurance are being encouraged to apply now.

Single Buyers Choosing Suburbia Over Cities
In a survey of 1,000 unmarried buyers, 52 percent decided to move to the suburbs largely due to cost effectiveness and shorter commutes, according to a Coldwell Banker survey.

Join my newsletter list here!

Anthony Carollo 2007 EMAIL  Follow acarollospok on Twitter  

Find me on LinkedIn by clicking   LinkedIn

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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