Today’s Real Estate News 6-24-2010

24 Jun

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. 

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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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