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!
Anthony V. Carollo / President
Stewart Title of Spokane
606 W. 3rd Ave.
Spokane, WA 99201
Direct Line: 509.321.3939
Direct Fax: 866.652.8834
Please remember to choose Stewart Title of Spokane on your next transaction!