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Today’s Real Estate News 6-4-2010

04 Jun

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

(Anthony’s note: Many of you have asked if I’ve heard anything about an extension of the tax credit deadline.  I’ve heard nothing up until now.  Read the first article carefully, they’re not pushing for an extension of the tax credit past June 30th for writing the deals, but for closing them.)

Realtors Want Congress to Tweak Tax Credit Timeline
The Wall Street Journal | June 2, 2010
The real-estate lobby wants Congress to extend the amount of time that potential home buyers have to complete transactions that qualify for the $8,000 federal home-buyer tax credit.

U.S. Fed’s Balance Sheet Grows in Latest Week
Reuters | June 4, 2010
The U.S. Federal Reserve’s balance sheet grew slightly in the latest week, Fed data released on Thursday showed. The balance sheet – a broad gauge of Fed lending to the financial system – rose to $2.318 trillion in the week ended June 2 from $2.317 trillion the previous week.

Banks Have Recognized 60% of Expected Loan Charge-Offs: Moody’s
DS News | June 3, 2010
In its latest quarterly report on credit conditions of the U.S. banking system, Moody’s Investors Service says banks’ asset quality issues are “past the peak” but charge-offs and non-performers continue to eat away at profitability and sheer fundamentals.

Fifteen-Year Mortgage Hits a Record Low
The Wall Street Journal | June 4, 2010
Home-mortgage rates were little changed last week, holding steady for the most part at or near recent lows, including a record for the 15-year fixed-rate loan, Freddie Mac said.

Report: More than 1,400 Former Lawmakers, Hill Staffers are Financial Lobbyists
The Washington Post | June 4, 2010
Even for Washington, the revolving door between government and Wall Street spins at a dizzying pace. More than 1,400 former members of Congress, Capitol Hill staffers or federal employees registered as lobbyists on behalf of the financial services sector since the start of 2009, according to an exhaustive new study issued Thursday.

Fed Chief Urges Banks to Do More for Small Business
The New York Times | June 3, 2010
Ben S. Bernanke, the Federal Reserve chairman, said Thursday that banks needed to increase lending to small businesses to reduce unemployment and help the economic recovery.

Cisneros: Profiteers, Not Government, To Blame for Housing Crisis
The Wall Street Journal | June 4, 2010
Former HUD Secretary Henry Cisneros placed the blame for the recent housing crisis on “unscrupulous interests” that fueled reckless lending and weak regulation rather than housing policies of the past two decades.

From the National Association of Realtors®:

Chinese Housing Bubble Called Huge
Prices have risen so much that few households can afford to own, potentially stoking anger against the disparity.

Building a Home Is a Bargain These Days
With land priced low and workers available, now could be the time to build a custom dream home. The hurdle lies in financing.

Small Builders Want Federal Backstop
With lenders unwilling to loan to them, builders can’t meet housing demand in underbuilt markets.

BofA Rolls Out Plan to Forgive Principal
The federal government will help banking giant defray some losses on the company’s troubled Countrywide business.


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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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