Today’s Real Estate News 7-21-2010

21 Jul

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

Thanks to faithful reader Greg Britton (MetLife Home Loans) for the following:

On July 15th HUD has given notice that several changes to FHA guidelines are proposed.  There is a public comment period open for 30 days from the posted date.  One key change proposed is to lower the allowable seller contribution from 6% to 3%.

Interested parties should go to the press release here, and if you want to comment, click on the link in the middle of the page (Anthony’s note: it’s a little tough to spot and follow what to do next, if you can’t find it call me). 

US Home Loan Demand Jumps; Purchase Demand Rises
Reuters | July 21, 2010
U.S. mortgage applications jumped last week as demand for loans to purchase homes rose for the first time in five weeks, the Mortgage Bankers Association said on Wednesday.

Obama’s Next Focus of Reform: Housing Finance
The Washington Post | July 21, 2010
After President Obama signs into law an overhaul of financial regulation at a ceremony set for Wednesday, his administration will turn to reforming an area at the root of the financial crisis: the U.S. housing market.

Housing Market Stumbles
The Wall Street Journal | July 21, 2010
The housing market, whose collapse pulled the economy into recession in late 2007, is stalling again.

U.S. Treasury’s Allison Calls Financial Bill ‘Major Watershed’
Bloomberg | July 21, 2010
President Barack Obama’s signing today of the biggest U.S. financial-rules overhaul since the Great Depression will be a “major watershed” for the government’s bailout programs, a Treasury Department official said.

U.S. Mortgage Brokers Get Criminal Check, Tests Under New Rules
Bloomberg | July 21, 2010
California mortgage brokers face closer scrutiny as the state adopts a federal law aimed at curbing the fraud and abuse that helped decimate the housing market.

Bankruptcy Can Save your House from Foreclosure
CCNMoney | July 21, 2010
Slick TV commercials and online ads tell delinquent borrowers that they can save their homes by filing for personal bankruptcy. But is it true — or just too good to be true? 

From the National Association of Realtors®:

Rentals Are a Booming Business
As home owners seek to avoid foreclosure, many are utilizing Web sites and rental listing services to help lease out their properties.

Home Builder Confidence Declines
The weak job market and an increasing number of foreclosed properties caused the National Association of Home Builders monthly confidence reading to fall to a March 2009 level. But improvement is predicted.

Seller Financing Can Have Tax Advantages
An installment sale can help spread taxability out over time, and could produce a higher profit for the seller.

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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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