Today’s Real Estate News 7-15-2010

15 Jul

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

Fed Eyes Steps to Bolster Sputtering Recovery
The Associated Press | July 14, 2010
Federal Reserve officials cut their forecasts for growth this year and signaled they stood ready to take new steps to keep the recovery alive if the economy takes a turn for the worst.

Mortgage Applications Tumble
The Wall Street Journal | July 15, 2010
The number of mortgage applications in the U.S. for home purchases fell to a 13 1/2-year low last week, the Mortgage Bankers Association reported Wednesday, in a further sign of the slump in homebuying since a federal tax credit concluded at the end of April.

GOP Sees Political Advantage Opposing Banking Bill
The Associated Press | July 14, 2010
Cast this debate as big banks versus big government. Despite lingering public anger at Wall Street, most congressional Republicans oppose the tougher financial regulations that Congress is expected to send to President Barack Obama this week.

Fed Leaders Show Division Over Deflation
The New York Times | July 15, 2010
The Federal Reserve disclosed on Wednesday that its chief policy makers were divided on whether the weak economy faced a new, potentially dangerous threat in the form of deflation.

As Tax Cuts’ Expiration Date Nears, Little Consensus
The Wall Street Journal | July 15, 2010
President Barack Obama wants to extend the Bush-era tax cuts for the middle class only. Many House Democrats want to extend them for that group, too, but perhaps only for a year or two. Republicans, and a handful of centrist Democrats, are talking about extending all the tax cuts. Such is the confused state of play heading into one of the biggest tax debates in a decade.

Fannie Mae, Freddie Mac Sued Over California Claims
Bloomberg | July 14, 2010
California Attorney General Jerry Brown sued Fannie Mae and Freddie Mac over claims the companies thwarted a program that allows property owners to pay for energy upgrades over time through special tax assessments. 

From the National Association of Realtors®:

More Homes Accommodate Multi-Generations
Grandma and grandpa moving in to help take care of the grandkids is a trend that may stick, according to the National Association of Home Builders.

Mortgage Volume at Lowest Level in 13 years
Purchase applications fell 3 percent last week reaching their lowest level since 1996, even as interest rates remain at historic lows, according to the Mortgage Bankers Association.  (Anthony’s note: While it is true that purchase applications are down, we are also hearing stories of more folks than usual that are paying cash, particularly investors and investor groups, and the retired.  There is much to be said about buying when prices are low!)

Anthony Carollo 2007 EMAIL  Follow acarollospok on Twitter

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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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