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Today’s Real Estate News 8-31-2010

31 Aug

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

 

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