Today’s Real Estate News 7-26-2010

26 Jul

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

Geithner: U.S. Should Retain a Mortgage Backstop
Wall Street Journal | July 25, 2010
Treasury Secretary Timothy Geithner said Sunday the government should retain “some type” of federal guarantee to ensure that Americans can easily finance home loans, in what could be the latest salvo between the Obama administration and Republicans over the future role of the public sector in the housing market.

Sales of New U.S. Houses Probably Rose in June to Second-Lowest on Record
Bloomberg | July 26, 2010
Sales of new U.S. homes rose in June to the second-lowest level on record, indicating the industry that sparked the recession is having difficulty sustaining a recovery following the end of a government tax credit, economists said before a report today.

Regulators Shut Down Seven More Banks, as 2010 Failures Surpass 100
DS News | July 26, 2010
The number of U.S. banks to go under this year surpassed the 100-mark over the weekend, as regulators closed the doors on community-based lenders in Florida, Georgia, Kansas, Minnesota, Nevada, Oregon, and South Carolina.

Outlook Dims For Popular Energy-Efficiency Loans
NPR | July 26, 2010
A White House-backed program that allows property owners to pay for energy improvements like solar panels or efficient furnaces through an additional assessment to their property taxes may soon be shut down.

Financial Overhaul has been Signed, but Lawyers’ Work on Law is Far from Over
The Washington Post | July 26, 2010
There will be no rest for the weary as the very lawyers and lobbyists who spent the past two years preparing for the passage last week of the game-changing financial regulatory overhaul now turn to both deciphering the immediate impact of the behemoth law and influencing its implementation.

From the National Association of Realtors®:

Financial Industry Calls for GSE Support
The Securities Industry and Financial Markets Association argues that withdrawal of support for government-sponsored enterprises Fannie Mae and Freddie Mac could hurt consumers.

California Foreclosures Drop to 3-Year Low
Experts say the state’s decline in foreclosures is due to greater willingness from banks to do loan modifications and short sales, as well as improvements in home values.

HUD and VA to Prevent Homeless Vets
The two departments will jointly invest in communities near military installations to keep veterans, especially those returning from Iraq and Afghanistan, off the streets.

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Anthony V. Carollo / President
Stewart Title of Spokane
606 W. 3rd Ave.
Spokane, WA  99201
Telephone: 509.328.7171
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