Today’s news that may be of interest to you:
Existing-Home Sales Drop for Second Month; End of Tax Credit Seen as a Cause
The Washington Post | July 23, 2010
Sales of previously owned homes dipped in June for the second consecutive month and are expected to keep dropping at least through the rest of the summer, now that a lucrative homebuyer tax credit has expired. (Anthony’s Note: While it is true that homes sales dipped from May to June, they were still higher than they were a year ago according to the next article in DSNews.)
Existing-Home Sales Slip 5.1% in June but Levels Remain Elevated: NAR
DSNews | July 22, 2010
Sales of existing homes fell further in June but still remained notably higher than year-ago levels, the National Association of Realtors (NAR) reported Thursday.
Fannie Mae and Freddie Mac: Unfinished Business
The Economist | July 23, 2010
The hefty financial overhaul that Barack Obama signed into law on July 21st (pictured) left behind one big piece of unfinished business. In 2008 Fannie Mae and Freddie Mac, mortally wounded from losses on loans acquired during the bubble, were placed in “conservatorship”, a halfway house between bankruptcy and outright nationalisation. There they remain, their losses duly covered with new injections of capital by the Treasury – $145 billion so far.
Mortgage Securities It Holds Pose Sticky Problem for Fed
The New York Times | July 22, 2010
The Federal Reserve provided most of the money for new mortgages in the United States last year, effectively lending more than $1 trillion to American homeowners.
Mortgage Rates Fall, Extend Record Lows
The Wall Street Journal | July 23, 2010
Mortgage rates fell in the past week, with the average rates on 30- and 15-year fixed-rate mortgages further extending record lows, according to Freddie Mac’s weekly survey.
Dodd-Frank Legislation Extends Protecting Tenants at Foreclosure Act
DSNews | July 22, 2010
Renters who find themselves indirect victims of foreclosure were not forgotten in the financial reform legislation signed by President Obama on Wednesday.
From the National Association of Realtors®:
Green Building to Balloon to $173.5 Billion
Growth in green sector will more than double because of savings from increased energy efficiency and government incentives.
Commercial Real Estate Said to Turn Corner
Prices show modest gains over two straight months.
Anthony V. Carollo / President
Stewart Title of Spokane
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