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Today’s Real Estate News 7-30-2010

30 Jul

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

 Falling U.S. Mortgage Rates May Aid Economy Outside Housing
Bloomberg | July 29, 2010
Mortgage rates for U.S. homes set a record low for the sixth straight week, potentially freeing up money for consumers to spend elsewhere.

Congress to Try to Recoup Fannie, Freddie Costs
The Associated Press | July 30, 2010
Lawmakers plan to study ways to get back some of the $145 billion the government has pumped into giant mortgage buyers Fannie Mae and Freddie Mac.

New Coalition Urges Federal Government to Stop Dangerous Wall Street Home Resale Fees
RisMedia | July 30, 2010
A wide array of organizations including the American Land Title Association, the National Association of Realtors, AFSCME, Vote Vets, the Center for Responsible Lending, the Property Rights Alliance and the Institute for Liberty recently launched The Coalition to Stop Wall Street Home Resale Fees with an appeal to United States Secretary of the Treasury Timothy Geithner to ban dangerous Wall Street Home Resale Fees (also known as “private transfer fee covenants”), which have already been restricted in 17 states because of their adverse impact on homeowners and home buyers.

US Fed’s Balance Sheet Shrinks in Latest Week
Reuters | July 30, 2010
The U.S. Federal Reserve’s balance sheet decreased in the latest week, Fed data released on Thursday showed. The balance sheet — a broad gauge of Fed lending to the financial system — was $2.308 trillion on July 28 versus $2.315 trillion on July 21.

Later Than Expected, 4.5 Percent Fixed-rate Mortgage Arrives
The Philadelphia Inquirer | July 30, 2010
The 4.5 percent fixed-rate mortgage is here, although more than 14 months late.

Fannie Mae’s CEO Lauds ‘New Realism’ of Better Underwriting
DSNews | July 29, 2010
Fannie Mae is building the “strongest book of business we’ve seen in the last decade,” the GSE’s president and CEO, Michael Williams, proclaimed to a group of industry professionals this week.

From the National Association of Realtors®:

Congress Restores Rural Mortgage Help
Popular mortgage help for buyers who live outside of urban areas goes to President Obama for signature.

Fannie Mae: No More Overly Easy Loans
Tougher lending standards are crucial for getting mortgage financing back on a strong, healthy footing, says secondary mortgage market company head.
 
33,000 Media Outlets to Promote HAMP
The federal government’s home loan modification program stands to get a big boost in awareness.

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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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