Today’s Real Estate News 6-10-2010

10 Jun

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

In a Slow Real Estate Market, Indecision Is on the Rise
The New York Times | June 10, 2010
During the residential real estate boom, in the seller’s market that once was – do you remember it? – the wildly high returns and the low inventory meant snap decisions and swifter deals.

US Foreclosures Decline 3% in May; Surpass 300000 for 15th Straight Month
The Money Times | June 10, 2010
After the two most tumultuous years since the 1930s, foreclosure crisis finally seems to be loosening its grip on the housing market. In what can be termed as some relief for the Americans, foreclosure filing in May decreased 3 percent, compared to the houses foreclosed in the previous month.

Bernanke: Economy on Track to Expand
The Hill | June 9, 2010
Federal Reserve Chairman Ben Bernanke on Wednesday said the economy “appears to be on track” to expand, but warned rising debt will be difficult to get under control.

China Property Prices Rise More-Than-Estimated 12.4%
BusinessWeek | June 10, 2010
China’s property prices rose at the second-fastest pace on record in May, showing little sign yet that the government crackdown on speculation will work to avert an asset-price bubble.

Lobbyists Get Exclusive W.H. Invite
Politico | June 9, 2010
President Barack Obama has publicly railed against Wall Street lobbyists for months, even going to Manhattan to ask their corporate masters to call off the attack dogs.

Bank of Internet Launches Jumbo, Super Jumbo Origination Platform
HousingWire | June 10, 2010
Bank of Internet USA, the wholly-owned subsidiary of BofI Holding ( BOFI: 14.77 +0.68%), launched a jumbo and super jumbo ($1m+) portfolio loan program in California.

RealtyTrac: Most Foreclosure Properties Not Underwater
HousingWire | June 9, 2010
Of all of the foreclosures in the RealtyTrac online database, less than 50% have mortgages worth less than what is owed, said Rick Sharga, senior vice president at RealtyTrac, during a session at REO Expo, which concludes in Dallas Wednesday.

From the National Association of Realtors®:

Mortgage Fraud Rises: Who’s at Risk?
A recent report that analyzes mortgage fraud risk reveals the states most at risk and the types of mortgage fraud you need to watch out for.

Lenders Warn Foreclosure May End in Lawsuit
Experts predict a wave of lawsuits in the coming months due to more lenders looking to recoup losses on home sales, particularly from owners who damaged houses in foreclosure or walked away from underwater mortgages.

Mortgage Applications Drop, Rates Stay Low
Despite mortgage rates remaining at historical lows, mortgage applications continue to decline. Emphasizes Rental Section
The popular Web site is now emphasizing homes for rent, based on findings of consumer search data that showed more online searches on “houses for rent.”

Many Small Banks Wary of Lending
Smaller banks once were a great option for buyers and those looking to refinance, but with more of these banks facing financial problems, borrowers are being forced to look elsewhere.

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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

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



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