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 V. Carollo / President
Stewart Title of Spokane
606 W. 3rd Ave.
Spokane, WA 99201
Direct Line: 509.321.3939
Direct Fax: 866.652.8834
Please remember to choose Stewart Title of Spokane on your next transaction!