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Today’s Real Estate News 7-22-2010

22 Jul

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

The Wall Street Journal put out a quarterly housing report (click here) on 28 major market areas that pretty interesting.  You can sort the list by months supply, jobless rate, price change, and other criteria.

Obama Signs Overhaul of Financial System
The New York Times | July 22, 2010
President Obama signed a sweeping expansion of federal financial regulation on Wednesday, signaling perhaps the Democrats’ last major legislative victory before the midterm elections in November, which could recast the Congressional landscape.

HUD to Investigate Mortgage Loan Denials
The New York Times | July 21, 2010
The Department of Housing and Urban Development said Wednesday that it would investigate the lending practices of certain mortgage lenders to see if any prospective borrowers had been illegally denied a mortgage because they were pregnant or on short-term disability.

S&P/Experian Index Shows Mortgage Defaults Down 45% from 2009
DSNews | July 21, 2010
Data through June 2010, released Tuesday by Standard & Poor’s and Experian points to a declining trend in consumer default rates, with a reduction in first mortgage past dues leading the drop.

Bank Reform Brings Mortgage Aid for the Unemployed
MarketWatch | July 22, 2010
More help is on the way for unemployed homeowners struggling to make their mortgage payments, thanks to funding tucked into the financial reform legislation signed by President Obama on Wednesday.

Fannie Subpoenas to Show $30 Billion Bad Mortgages, Rosner Says
Bloomberg | July 22, 2010
Fannie Mae and Freddie Mac’s regulator may identify as much as $30 billion of debt included in mortgage bonds that the companies can force sellers to repurchase, according to Joshua Rosner, an analyst who in 2007 predicted the collapse in the market for the securities.

GM Agrees to Buy Lender AmeriCredit for $3.5 Billion
Bloomberg | July 22, 2010
General Motors Co., the automaker 61 percent owned by the U.S., is buying subprime lender AmeriCredit Corp. for $3.5 billion to help it reach more customers with leases and loans to borrowers with faulty credit records.

From the National Association of Realtors®:

Single-Family Home Starts Edge Down
Partly due to continued, widespread unemployment, single-family home starts were down in June.

Post-Downturn Changes Affect Practitioners
Even the most dedicated and expert real estate pros have had to cope with new challenges.

BP Spill Takes a Toll on Coastal Property
Values have plummeted for properties along the coastal area stretching from Louisiana to Clearwater, Fla., in the aftermath of the BP oil spill.

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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
acarollo@stewart.com

Please remember to choose Stewart Title of Spokane on your next transaction!

www.StewartSpokane.com

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