Today’s news that may be of interest to you:
To Boost Quality, Fannie Mae Calls for Experienced Appraisers
The Washington Post | July 10, 2010
Picture this: You’ve signed a contract to sell your house. Your buyers say they have nailed down the right mortgage. All is well. But then the appraisal comes in low – $25,000 to $50,000 under what was agreed upon in the contract.
On Economy, White House Says ‘Better’ Isn’t ‘Good’
ABC News | July 12, 2010
White House Senior Advisor David Axelrod conceded this morning on ABC News’ This Week that there wasn’t “a great appetite” on Capitol Hill for more spending to stimulate the economy, but called on Democrats and Republicans to support more tax relief for small business.
Bank Bailout Is Potent Issue for Fall Elections
The New York Times | July 11, 2010
The vote in 2008 to bail out Wall Street was framed as the only way to avert an economic meltdown and relieve financial institutions of their most poisonous holdings. For many members of Congress, it turns out that the vote itself was toxic.
Federal Reserve Worry List Gets Longer
ABC News | July 12, 2010
A fading recovery, persistently high unemployment, Europe’s debt troubles and commercial real estate losses have garnered most of the attention. But some Fed officials have begun talking more about another trouble zone – recession-hit U.S. state and local government finances.
White House says Changes to Fannie Freddie on Deck
The US Daily | July 11, 2010
The aggregate value of commercial real estate (CRE) loans that collateralize commercial mortgage-backed securities (CMBS) rose to 76.6% of the original balance in May, from 76.4% in April, according to loan sale advisor DebtX.
DebtX Sees Commercial Mortgage Values Recover Slightly in May
HousingWire | July 9, 2010
Republicans should not use problems at mortgage finance giants Fannie Mae and Freddie Mac as an excuse to vote against sweeping changes to the rules of Wall Street, White House spokesman Robert Gibbs said on Sunday.
Weyerhauser to Pay $5.6 Billion to Shareholders
Bloomberg | July 11, 2010
Weyerhaeuser Co., the second-largest owner of U.S. timberland, declared a record $5.6 billion special dividend to lock in the company’s conversion this year to a real estate investment trust.
From the National Association of Realtors®:
Zillow and Yahoo! to Form Partnership
The two companies have announced a deal in which Zillow will manage a network to serve listings up on both its own site and Yahoo.com.
Mortgage Rates Hit Another Record Low
The average rate for 30-year fixed mortgage fell again this week, but that hasn’t necessarily translated into more activity in home sales or refinancing.
Rents Rise as Apartment Vacancies Fall
Apartment rental costs rose 0.7 percent from April to June, the largest quarterly gain in two years.
Demand Down for Pricey Vacation Homes
Reports from locales such as Martha’s Vinyard and Key West suggest that the vacation-home market is threatened by concerns over the broader economy.
Anthony V. Carollo / President
Stewart Title of Spokane
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Spokane, WA 99201
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