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Monthly Archives: August 2010

Today’s Real Estate News 8-31-2010


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

Home Values Drop 0.2% from a Year Ago: Freddie Mac
HousingWire | August 31, 2010
Home values in the U.S. fell 0.2% in the second quarter of 2010 from the same quarter last year, according to the Freddie Mac Conventional Mortgage Home Price Index (CMHPI).

Housing Supply and Demand Won’t Balance until 2012: Moody’s
DSNews | August 31, 2010
Moody’s Investors Service says it expects home price appreciation to be “soft” for the next couple of years. The company says there were 1.8 million more vacant homes sitting on the market than what is considered the norm at the end of the second quarter.

Ignore Talk of a Housing Tax Credit ‘Revival’
The Wall Street Journal | August 31, 2010
There’s been a lot of breathless speculation ever since Shaun Donovan, secretary of Housing and Urban Development, awkwardly side-stepped a question from CNN on Sunday about whether the Obama administration would consider reviving tax credits to spur home sales.  (Anthony’s Note: This is an excellent article that articulates well the argument that the previous tax credit did nothing to create home sales, but rather pulled many home sales forward that would have otherwise occurred; and therefore the tax credit should not be renewed.  It’s worth the read if you have clients that ask a question about the effects of the tax credit and whether it will be renewed.)

Secondary Mortgage Market Bracing for More Declines in Housing
HousingWire | August 31, 2010
The recent bond rally is good news for the secondary market, but it may be an unsustainable trend, as analysts predict more declines in the housing industry, potentially sapping mortgage-backed bonds.

Home Market: Lot of Looking
The Wall Street Journal | August 31, 2010
The housing market in most of New York City is outperforming markets in the rest of the country this summer, with prices rising modestly as employment grows in the city.

Pause in Closings, but Number of Problem Banks May Be Stabilizing
DSNews | August 31, 2010
In a rare break from what has been the “norm” throughout the recession, this weekend saw no bank closings. Since January 2008, more than 280 banks and thrifts have collapsed, most as a direct result of problems in the real estate markets.

Car Sales and Consumer Spending Up, but Experts not Convinced of Trend
The Washington Post | August 31, 2010
At first blush, a government report released Monday appeared to offer hope to the nation’s struggling auto industry: New-car sales in July fueled an uptick in consumer spending, which had been wheezing for three straight months.

From the National Association of Realtors®:

5 Reasons Homeownership Trumps Renting
From being your own landlord to proximity to good schools, benefits of owning a home often have nothing to do with fiscal investment gains.

‘Collectible’ Homes Hit Hard by Downturn
The slow real estate market has not been kind to historic homes. Dwellings designed by Wright, Neutra, and Schindler are listed for a fraction of the original price, but still are without buyers.

Anthony Carollo 2007 EMAIL  

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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

 

 

Today’s Real Estate 8-30-2010


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

Will the Administration Bring Back the Homebuyer Tax Credit?
DSNews | August 30, 2010
After a worse than expected falloff in home sales during the month of July, buzz about a possible revival of the federal homebuyer tax credit has begun to surface. Sales of previously owned homes plummeted 27 percent last month, hitting their lowest mark in 15 years. New home sales also took a dive, dropping nearly 13 percent. Both reports were clear indications of the frailty of the housing market post-stimulus. HUD Secretary Shaun Donovan says the July numbers were worse than was expected and are cause for concern, and he’s not ruling out a return of the tax credit incentives.

Housing Market: What’s Ahead?
Time | August 30, 2010
Are housing prices near a bottom? It’s not just policymakers, realtors and bankers who yearn for the turn. Anyone who owns a house, a condo or coop is surely wishing for some modest improvement.

LPS Reports a Jump in Foreclosure Starts in July
DSNews | August 27, 2010
The Mortgage Bankers Association (MBA) offered the industry a ray of hope when it reported Thursday that foreclosure starts were down nearly 10 percent in the second quarter, but the brightness quickly faded when Lender Processing Services (LPS) released its own dataset.

GSEs’ Single-Family Delinquency Rates Fall
DSNews | August 27, 2010
The percentage of home loans 90 or more days past due held by the nation’s two largest mortgage companies has declined yet again.

Delinquencies Down, Foreclosures Up
Inman News | August 30, 2010
The total number of non-current residential mortgage loans fell by 1.4 percent from June to July, to 7.04 million, with improvements in delinquency rates partially offset by an increase in foreclosures, according to mortgage-data aggregator Lender Processing Services.

11M Homes in Negative Equity as Market Struggles to Rebound
Politico | August 29, 2010
Underwater mortgages are a massive drag on the economy and it could take years to eliminate the negative equity from many markets.

Losses Put Federal Flood Insurance Plan in the Red
USA Today | August 26, 2010
FEMA’s National Flood Insurance Program is the nation’s main flood insurer, created by law in 1968 as private companies stopped covering flood damage. The program insures 5.6 million properties nationwide and aims to be self-sustaining by paying claims from premiums it collects. Instead it’s running deeply in the red. A major reason is that the program has paid people to rebuild over and over in the nation’s worst flood zones while also discounting insurance rates by up to $1 billion a year for flood-prone properties.

Obama Administration Plans Mortgage Aid, HUD’s Donovan Says
Bloomberg | August 30, 2010
The Obama administration plans to set up an emergency loan program for the unemployed and a government mortgage refinancing effort in the next few weeks to help homeowners after home sales dropped in July, Housing and Urban Development Secretary Shaun Donovan said.

From the National Association of Realtors®:

4 Business Tips for Social Networking Success
Are you using social networks to garner more business leads? Read tips on how to expand your reach.

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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

 

Today’s Real Estate News 8-27-2010


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

Mortgage Finance Players Begin to Measure the “Shadow” Shadow Inventory
HousingWire | August 26, 2010
The recent data that shows delinquencies rising, mixed with reports that a lack of borrower equity is one of two major reasons for mortgage default, is propelling mortgage finance analysts to attempt to measure the pipeline of borrowers who are likely to lose their home, via strategic default or loss of income.

Fed Will ‘Strongly Resist’ Deflation
MarketWatch | August 27, 2010
Federal Reserve Board Chairman Ben Bernanke said Friday that the central bank would not sit idly and let the U.S. economy sink into a period of deflation.

Secondary Markets Attract Yield, Rehab Buyers
MultiFamily Executive | August 26, 2010
While large institutional buyers and REITs continue to duke it out in the core and core-plus apartment acquisition space, deal flow in Class B assets is beginning to improve. Smaller buyers looking to generate cash flow and returns on value-add opportunities are turning away from the compressed mid-4 percent cap rates of core deals and eying mid-range transactions. 

Landlords Cut Rents to Lure Commercial Tenants
CNBC | August 26, 2010
U.S. commercial property landlords cut rent and offered concessions to lure tenants as vacancies remained high, the National Association of Realtors reported in a quarterly property survey released Thursday.

First Look: Brand New Foreclosure Numbers Reverse MBA Survey’s Bright Spots
CNBC | August 26, 2010
Barely an hour after I reported the somewhat positive delinquency survey from the Mortgage Bankers Association, I received a soon-to-be released report from Lender Processing Services that threw a bucket of water on the cautious optimism of the Bankers.

From the National Association of Realtors®:

Commercial Conditions Favor Business Growth
Rent discounts, other favorable conditions in commercial real estate markets make it a good time for expansion moves by business, NAR report suggests.

Fannie Mae to Prohibit ‘Appraisal Cutting’
The secondary mortgage market company doesn’t want lenders to cut valuations anymore on appraisals in dispute.

Communities Cooperate to Go Solar
Households that are uncertain about costs and risks of going solar find comfort in taking the plunge as part of a group.
 

As you know, I don’t do a plug in here very often, so bear with me!  Much of our staff now has a bio online (with more to come).  Feel free to go to www.StewartSpokane.com and check out the “Meet our Staff” button on the left and find the name you want.  We also have on our site the best rate calulator and seller net sheet of anyone in town.  Check ’em out!  Thanks.

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Anthony Carollo 2007 EMAIL  

Join My List

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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

 

Today’s Real Estate News 8-26-2010


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

Jobless Claims Fall 31,000 Last Week
Reuters | August 26, 2010
New claims for unemployment benefits fell more that expected last week but a measure of underlying labor market trends rose to a nine-month high, government data showed on Thursday.

FHFA Home Price Index Shows First Increase in Three Years
DSNews | August 25, 2010
Home prices in the U.S. rose in the second quarter of 2010, according to the Federal Housing Finance Agency (FHFA).

Chase Moves to Speed Loan Mod Evaluations
DSNews | August 25, 2010
Chase, the consumer and commercial banking arm of New York’s JPMorgan Chase & Co. says it “remains committed to helping customers avoid foreclosure.”

Late Payments Rise on Second Mortgages, Decline for Firsts: Report
DSNews | August 26, 2010
Monthly default rates in July declined for first mortgages, but a larger number of homeowners fell behind on their second lien payments, according to data released jointly by Standard & Poor’s and Experian.

New-home Sales Hit a 40-year Low
The Washington Post | August 25, 2010
Sales of new homes dropped to their lowest level since the government started tracking the numbers more than four decades ago, offering an ominous sign for the direction of the already fragile housing market.

More Lenders Modifying Troubled Home Loans by Extending Mortgage Terms to 40 Years
Orlando Sentinel | August 25, 2010
Maria Olmo, 63, doesn’t like her chances of paying off her new, 40-year mortgage. “I’ll die before it’s paid off,” said Olmo, who got her 30-year mortgage modified because she was at risk of losing her home to foreclosure.

From the National Association of Realtors®:

Survey: A Quarter of Renters Want to Remain So
Of those who do plan to buy, two-thirds expect to wait more than two years to do so, according to research by Trulia.

Owner Financing Can Expedite Sales
Learn the guidelines that buyers and sellers should follow to help renters buy a home.

Mortgage Applications Jump
Total volume jumped 4.9 percent last week with most of the gain coming from refinancings, according to the Mortgage Bankers Association.

Anthony Carollo 2007 EMAIL  

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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

 

Today’s Real Estate News 8-25-2010


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

Housing Market Plunged in July, Fueling Anxiety
The New York Times | August 25, 2010
Americans’ long infatuation with owning a home, which even the economic collapse of 2008 could not kill, shuddered and stalled last month.

U.S. Mortgage Applications Index Increased by 4.9% Last Week, MBA Reports
Bloomberg | August 25, 2010
The number of mortgage applications in the U.S. increased for a fourth straight week, boosted by refinancing as borrowing costs reached record lows.

Lack of Jobs, Foreclosures May Keep Housing in U.S. Depressed
Bloomberg | August 24, 2010
Pat Lashinsky knows what’s preventing his U.S. real-estate brokerage firm from attracting more customers. He also knows there is little he can personally do to make it right.

Real Estate Gets Special Payout for Gulf Spill Claims
Inman News | August 25, 2010
A portion of the $20 billion BP Claims Fund for victims of the Gulf Coast oil spill has now been set aside for real estate professionals, according to Realtor associations involved in the negotiation of the fund. The fund will set aside $60 million for real estate licensees in the five states affected by the spill: Texas, Louisiana, Mississippi, Alabama, and Florida.

Mortgage Fraudsters Find New Schemes
MSN Money | August 24, 2010
Lenders have tightened the rules, but crooks are finding new ways to steal, including identity theft.

Fixing Fannie Mae and Freddie Mac
CBS News | August 24, 2010
Treasury Aims for Plan to Reform Mortgage Giants, But That Will Be Difficult During Sensitive Housing Market.

Real Estate Pros Share Views on Sales Lull
Inman News | August 25, 2010
Sales of existing homes fell to their lowest level on record in July even as home prices edged up, according to a report by the National Association of Realtors.

Fed Unlikely to Lower Rate it Pays on Bank Reserves
Reuters | August 24, 2010
Federal Reserve officials like to say they have plenty of tools left in their policy arsenal to deal with a weakening economy.

KC Fed Chief: Commercial Real Estate Dragging Down Community Banks
HousingWire | August 24, 2010
The president of the Federal Reserve Bank of Kansas City expects commercial real estate to continue to be a drag on bank earnings for “some quarters yet.”

Fed Officials Diverge on Plans to Reinvest Giant $2trn MBS Portfolio
HousingWire | August 25, 2010
The Federal Open Market Committee (FOMC) at its last meeting announced plans to start reinvesting proceeds of maturing mortgage-backed securities held by the central bank into long-term Treasurys in order to halt contraction of the nation’s balance sheet. How exactly, still remains debatable. 

Nearly Two-Thirds of Delinquent Mortgages Untouched: Study
DSNews | August 25, 2010
According to a new report from state attorneys general and bank supervisors from across the country, more than 60 percent of homeowners with seriously delinquent loans are still not involved in any form of loss mitigation with their servicer.

From the National Association of Realtors®:

July Existing-Home Sales Fall, But Prices Rise
Home prices rose in July, though existing-home sales continued their slide following the expiration of the home buyer tax credit.

Businesses Save by Cutting Space Per Worker
As corporations look to cut back, many are signing leases for less office space.

Buying Is a Good Investment, If You Choose Right
Experts at the Motley Fool finance Web site argue that home buyers who select properties that aren’t overpriced and are in an ideal location are making a good investment.

Toll Brothers, Other Builders Buy Empty Lots
Many builders plan to purchase land at today’s prices in order to increase their profit margins down the road. 

Anthony Carollo 2007 EMAIL  

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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

 

Today’s Real Estate News 8-24-2010


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

New Fees Weighed for Mortgage Industry
The Wall Street Journal | August 24, 2010
The Obama administration may propose that any federal backing of mortgages be paid for through fees on the lending industry, according to people familiar with the internal discussions.  (Anthony’s note: It seems to me that our industry cannot possiby sustain more cost.  These fees would be simply passed on to the buyer, therein making a home purchase more expensive once more.)

The Costs of Homeownership Drive First-time Buyers Away
HousingWire | August 23, 2010
The costs of owning a home can substantially outweigh the benefits because of issues such minimal home equity retention and an owners desire to “flip” a home on the market quickly, researchers Wenli Li and Fang Yang said in their report American Dream or American Obsession? The Economic Benefits and Costs of Homeownership, published Friday by the Federal Reserve Bank of Philadelphia.

Mortgage Refinancing Difficult for Many
The San Francisco Chronicle | August 24, 2010
With mortgage rates at record lows, there has never been a better time to refinance your mortgage. But with unemployment high, home prices low and lending standards back to more prudent levels, large numbers of homeowners can’t qualify for a new loan and are locked into their existing ones.

Fed’s Hoenig: “Too Big to Fail” Hurts Small Banks
ABC News | August23, 2010
Kansas City Federal Reserve Bank President Thomas Hoenig warned on Monday that landmark financial reforms may not end market perceptions that taxpayers will rescue the largest banks and cautioned against speculative investments in housing.

Commercial Real Estate Gains for First Time in 2 Years: Study
CNBC | August 24, 2010
U.S. commercial real estate prices posted their first quarterly gain in more than two years last quarter, data showed on Monday, although deepening economic gloom may cut post-slump celebrations short.

Homebuyers’ Dilemma: Has Market Bottomed?
NPR | August 24, 2010
The National Association of Realtors releases Tuesday its monthly statistics on existing home sales, and analysts predict another decline for the month of July.

U.S. Judges Sound Off on Bank Settlements
The New York Times | August 23, 2010
Everything was rolling along traditional lines. A bank broke the rules. The government found out. The company agreed to pay a fine and improve its behavior. And then the judge assigned to approve the deal blew his top.

Fed Split on Move to Bolster Sluggish Economy
The Wall Street Journal | August 24, 2010
At least seven of 17 Fed officials spoke against or expressed reservations on a plan to alter the way the Fed manages its huge portfolio of securities before the move was approved on Aug. 10.

New Credit Card Rules: What You Need to Know
The Washington Post | August 24, 2010
The final phase of the landmark federal legislation that placed new restrictions on credit card interest rates and fees takes effect Sunday. Though the bulk of the law’s provisions were enacted earlier this year, there are still a few important changes you need to be aware of.

RE/MAX: Post Tax Credit Sales Fall, Prices Hold Steady
DSNews | August 24, 2010
Now that the federal government’s homebuyer tax credit stimulus is in the rear view mirror, residential home sales are in a period of correction, according to RE/MAX LLC.

Regulators Close Eight Banks, as 2010 Failures Hit 118
DSNews | August 24, 2010
The pace of bank closings has returned to the recessionary “norm,” following two consecutive weeks where we saw just a single bank failure. That temporary reprieve came to an abrupt halt on Friday, as regulators shut the doors on eight community-based lenders in one fell swoop – four were in California, two in Florida, and one each in Illinois and Virginia.

GSEs’ Foreclosure Pipelines Will Grow Well into 2011: S&P
DSNews | August 24, 2010
Despite the continued efforts of mortgage giants Fannie Mae and Freddie Mac to find sustainable workouts for delinquent borrowers – and the fact that their loan modification activity has indeed increased significantly this year – the analysts at Standard & Poor’s (S&P) expect the GSEs’ foreclosure inventories to continue to swell.

From the National Association of Realtors®:

Is the Housing Slowdown a Sign of a Double-Dip?
As unemployment and mounting foreclosures continue to bind the housing market, analysts fear a slide back into recession.

Military Growth Drives Fastest Rise in Income
Jacksonville, N.C. tops the list of USA Today’s metro areas with the largest per-capita income gains from 2000 to 2009. See what other cities made the list.

Government Mortgage-Aid Program Struggling
Only 32 percent of those who started the federal government’s mortgage-relief program have received permanent loan modifications and are making their payments on time.

Mortgage Fraud Is on the Rise
Mortgage fraud rose 17 percent last year after falling the previous two years, as perpetrators turn to falsifying documents and identity theft to get loans.

Anthony Carollo 2007 EMAIL  

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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

 

Today’s Real Estate 8-23-2010


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

Could 4.5% Refis Be a Balm for Mortgage Crisis?
American Banker | Friday, August 20, 2010
All homeowners current on their mortgages need to be refinanced into a loan with a 4.5% interest rate to help the economy, said Ted Jones, the chief economist at Stewart Title Guaranty Co.

U.S. Mortgage Relief Effort Is Falling Short of Its Goal
New York Times | August 23, 2010
The Obama administration’s mortgage relief program, originally intended to shield three million households from foreclosure, now looks as if it will permanently help as few as one-sixth of that number.

Housing Fades as a Means to Build Wealth, Analysts Say
The New York Times | August 23, 2010
Housing will eventually recover from its great swoon. But many real estate experts now believe that home ownership will never again yield rewards like those enjoyed in the second half of the 20th century, when houses not only provided shelter but also a plump nest egg. 

Housing Diagnosis: Still Weak
The Wall Street Journal | August 23, 2010
Talk of mortgage-market reform has started percolating in Washington. But housing numbers this week are likely to reinforce the notion that the market is still far too weak for radical surgery.

Housing Slide in U.S. Threatens to Drag Economy Into Recession
Bloomberg | August 23, 2010
Housing led the U.S. out of seven of the last eight recessions. This time, it may kill the recovery. Home sales collapsed after a federal tax credit for buyers expired in April. 

From the National Association of Realtors®: 

5 Most Affordable Housing Markets
When it comes to affordability, Syracuse, N.Y. is tops in the United States. See which other cities are in the top five.

Most Owners Satisfied With Their Homes
A survey of U.S. home owners conducted last year by the Census Bureau and HUD finds that most of them are happy with their houses and neighborhoods.

20 Metros That Could See Price Declines
According to PMI Mortgage Insurance Co., more than half the markets it tracks are at risk of declining home values.
 

Anthony Carollo 2007 EMAIL   

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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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