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Monthly Archives: September 2010

Today’s Real Estate 9-30-2010


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

Congress OKs Higher Mortgage Loan Limit Extension
Reuters | September 30, 2010
The U.S. Congress on Thursday voted to extend higher loan limits for government-backed mortgages, a move that should help keep borrowing costs low and support the shaky housing sector.

A Nation Divided: Pew Reports More Than Half of Americans Inflicted by Recession
HousingWire | September 30, 2010
In its report titled “One Recession, Two Americas,” the Pew Research Center reports that 55% of Americans lost ground during the recent recession while 45% said they “held their own.”

Congress Approves Stopgap Funding Legislation Before Adjourning
Bloomberg | September 30, 2010
The U.S. Congress approved stopgap legislation to keep the federal government from shutting down as lawmakers headed home to campaign for the Nov. 2 midterm elections.

J.P. Morgan Chase to Freeze Foreclosures Over Flawed Paperwork
The Washington Post | September 30, 2010
J.P. Morgan Chase, one of the nation’s leading banks, announced Wednesday that it will freeze foreclosures in about half the country because of flawed paperwork, a move that Wall Street analysts said will pressure the rest of the industry to follow suit.

S&P: $460B Shadow Inventory Will Take 41 Months to Clear
DSNews | September 29, 2010
It’s no secret that the volume of distressed residential properties is weighing heavy on U.S. housing markets and is prolonging any meaningful recovery. Of even greater concern is the industry’s growing backlog of homes that need to be liquidated and resold but have yet to make their way to the market – that menacing shadow inventory that threatens to asphyxiate appreciation of home values and drive the industry to a new low in this down cycle.

Fannie Mae: Problem Loans Keep Falling
The Wall Street Journal | September 30, 2010
Fannie Mae said serious delinquencies on single-family mortgages slid in July from June, the fifth-straight month of declines, further signaling that home-loan problems are on the downswing.

Foreclosures Sell at 26% Discount
CNN | September 30, 2010
Homes lost to foreclosure now make up a quarter of the real estate market – and they’re selling at big bargains.

From the National Association of Realtors®:

Owners Spending Less on Housing
According to the U.S. Census Bureau, the percentage of home owners who spend a significant portion of their income on housing has remained the same while median home prices have dropped 6 percent.

Delinquency Rate Climbs for Commercial Loans
The Trepp National CMBS Delinquency Report indicates that the delinquency rate for commercial real estate loans is at an all-time high.

Applications to Purchase Homes Rose Last Week
The weekly report from the Mortgage Bankers Association says that mortgage applications, especially government-gauranteed ones, are on the rise.

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 9-29-2010


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

Anthony’s note: There are three articles in here today on the subject of “faulty foreclosures” which could become a huge deal for the the title insurance industry since foreclosures are generally insured.

New Bill Calls for Refinancing of 30 Million GSE Mortgages
DSNews | September 28, 2010
Legislation to stabilize the foreclosure crisis through the federal government’s conservatorship of Fannie Mae and Freddie Mac was introduced in the U.S. House of Representatives Tuesday by Congressman Dennis Cardoza (D-California).

HUD Highlights System Changes Regarding Third-party Origination
Housing Wire | September 29, 2010
The Department of Housing and Urban Development today hosted a webinar to guide lenders through changes in data requirements associated with originating a loan backed by the Federal Housing Administration through a sponsored originator.

Ohio, Colorado AGs Start Reviews of GMAC Foreclosures
Housing Wire | September 29, 2010
The Ohio Attorney General Richard Cordray and Colorado AG John Suthers joined five other states in a review of the GMAC Mortgage, now Ally Financial, foreclosure issue.

Will Massachusetts Become the Latest State to Take on Faulty Foreclosures?
The Boston Globe | September 28, 2010
Attorney General Martha Coakley may become the latest to jump into the burgeoning controversy over allegations of assembly-line style foreclosures at major mortgage industry loan servicers.

Case Shiller Index Posts 0.6% Increase in July, but Gains Are Slowing
DSNews| September 28, 2010
Home prices rose again in July, according to one of the industry’s most closely watched gauges of property value trends.

More Fed Easing Not Yet a Done Deal, Lockhart Says
Reuters | September 29, 2010
A top Federal Reserve official said on Tuesday that he has yet to make up his mind whether further ease monetary policy is needed, despite a weakening U.S. economy and some risk of deflation.

Case Says Housing Will Grow Slowly After Free-Fall: Tom Keene
Bloomberg | September 29, 2010
The U.S. housing market has reached its lows and will expand slowly as the economic recovery remains subdued, said the S&P/Case-Shiller index co-creator Karl Case.

From the National Association of Realtors®:

Fannie Mae Offers a Break to Service People
Injured members of the military can reduce or suspend their mortgage payments for up to six months through a new program with Fannie Mae.

Mortgage Study Critical of 30-Year Fixed Loans
An investigation from San Diego State University says the housing collapse was due in part to poor underwriting.

Bank of America Urges Funding for Investors
Analysts from B of A recommend that monetary aid should be directed toward property managers instead of home owners.

Foreclosure Gaffs May Further Roil the Market
Real estate experts warn that inaccuracies in foreclosure documents could result in more legal woes and further postpone a recovery. 

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 9-28-2010


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

From Dr. Ted Jones’ Blog today regarding the “Cities with the Lowest and Highest Credit Scores”:

“This was an eye opener as to where consumers in the U.S. have the best and worst average credit scores (and for once Detroit did not make the bottom 10 list. Finally, congrats Detroit!). Cities With the Highest and Lowest Credit Scores NAR Report

Even cooler is the interactive site (link included on the release above and below) showing Experian’s summary statistics on US cities, including items such as the area unemployment rate, average debt, number of foreclosures and number of open credit cards.

Worth the read and few minutes on the interactive site. (Bet you did not know that the average debt in Fairbanks Alaska is $29,424 and the average consumer has 1.85 open credit cards.) Take a look at your city. State of Credit in the USExperian”

Connecticut and California Join Probe of Ally, Order Foreclosures Freeze
The Washington Post | September 28, 2010
Attorneys general in Connecticut and California ordered Ally Financial’s GMAC mortgage unit to freeze all foreclosures within their borders, joining a growing list of states investigating whether the firm and other lenders improperly kicked people out of their homes.

Freddie CEO: Mortgage Forbearance is Preferable to Foreclosure
HousingWire | September 27, 2010
In an exclusive one-on-one with HousingWire, Freddie Mac CEO Charles E. Haldeman Jr. (pictured), said that foreclosure is the least attractive option from a secondary markets perspective and considers forbearance a viable option to keeping seriously delinquent borrowers in their homes.

Home Prices Probably Cooled, U.S. Consumer Sentiment Declined
Bloomberg | September 28, 2010
Gains in U.S. home prices probably slowed in July and consumer confidence this month cooled, restraining the biggest part of the economy, a pair of reports may show today.

Treasury Said to Prepare AIG Exit, Repayment Plan
The Washington Post | September 28, 2010
The U.S. Treasury Department may announce plans as early as this week to return American International Group Inc. to independence and recoup taxpayer money from the insurer’s bailout, according to three people with knowledge of the talks.

Analyzing the Small-Business Tax Hysteria
The New York Times | September 28, 2010
Last week, Senate Democrats decided, at least for the moment, not to pursue the Obama administration’s plan to let the Bush tax cuts expire for those in the top tax brackets.

Zillow: 29% of Potential Borrowers Don’t Qualify for a Mortgage
HousingWire | September 27, 2010
According to research by Zillow Mortgage Marketplace, any potential borrower with a credit score less than 620 is unlikely to receive a 30-year fixed-mortgage, even if they offer a relatively high down payment. Yet, according to myFICO.com, 29.3% of Americans have a credit score below that number.

Stock Futures Inch Higher Before Confidence Report
Associated Press | September 28, 2010
Stock futures are inching higher as traders were cautiously optimistic about some improving economic reports overseas and corporate dealmaking continued.

Report: Don’t Give Up on ‘Nonprime’ Lending
Inman News | September 28, 2010
With so many people now saddled with poor credit, reestablishing “nonprime” lending is increasingly important to the future of homeownership, researchers at Harvard University’s Joint Center for Housing Studies argue in a new report.

From the National Association of Realtors®:

Commercial Giants See Prospects Improving
Buying and selling of commercial real estate is starting to pick up. That, coupled with climbs in leasing revenue and more property management opportunities, are signs of a turnaround, experts say.

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 9-27-2010


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

API just published a great article on aquiring distressed properties through a 1031 tax deferred exchange. 

Foreclosure Starts Hit Highest Level Since January: LPS
DSNews | September 27, 2010
The August Mortgage Monitor report released Friday by Lender Processing Services, Inc. shows that foreclosure starts are continuing to accelerate, with the GSEs displaying more aggressive timelines on early stage delinquencies.

RPR Live for Two MLSs
Inman News | September 24, 2010
The National Association of Realtors has flipped the switch for the first two multiple listing services to go live on its Realtors Property Resource property database, and is planning to add about 15 MLSs a week by November.

Lawmakers to Fannie Mae: Why Are You Using Lawyers ‘Accused of Regularly Engaging in Fraud’ in Foreclosures?
The Washington Post | September 29, 2010
Members of Congress called on Fannie Mae to stop working with “foreclosure mills” under investigation for document fraud.

National Credit Union Seizes 3 Credit Unions: will Bundle $50 Billion Securitization
HousingWire | September 27, 2010
The National Credit Union Administration seized three corporate credit unions Friday that had total assets of about $15 billion, and officials will bundle about $50 billion of troubled assets into securities.

Fed Model for Treasuries Shows Diminishing Returns
Bloomberg | September 27, 2010
This year’s rally in Treasuries has pushed yields so low that a Federal Reserve measure of risk shows U.S. government securities are too expensive.

Lenders Have Failed to Repurchase $11B in Bad Loans from GSEs
DSNews | September 27, 2010
Banks that sold bad mortgages to Fannie Mae and Freddie Mac have a contractual obligation to buy the loans back, according to their regulator. But many of the nation’s largest institutions aren’t living up to their end of that commitment.

From the National Association of Realtors®:

National Flood Insurance Extended Through 2011
Both the House and Senate approved a one-year extension of the National Flood Insurance Program, giving Congress another year to debate more substantial changes.

Banks to Review Rejected Loans
“Second look programs” have been established by banks to uncover new information about consumers that may help them get approved for a loan.

Mortgage Apps May Ask for More Personal Info
The Federal Reserve held hearings on expanding loan application data to ask for more personal information.

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 9-24-2010


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

More Than Half Exit Foreclosure-relief Program
The Washington Post | September 22, 2010
The Obama administration’s flagship mortgage-relief effort is failing to ease the foreclosure crisis as more than half of those who have enrolled have fallen out of the program.

Bachus: Wean U.S. Mortgages Off Government Subsidy
Reuters | September 23, 2010
The United States needs to be weaned from its reliance on government funding of mortgages by privatizing housing finance giants Fannie Mae (FNMA.OB) and Freddie Mac (FMCC.OB), the top Republican on the House Financial Services Committee said on Thursday.

Fannie Offers Bounty to Agents
Inman News | September 23, 2010
Fannie Mae will pay buyer’s agents a $1,500 bonus when they bring clients who close on the purchase one of the company’s real estate owned (also known as bank-owned or REO) properties as their primary residence by Dec. 31.

Investor Appetite Strengthens for Quality Commercial Real Estate
DSNews | September 23, 2010
Commercial real estate fundamentals are still ailing from the recession and lack clear signs of near-term improvement. As a result, investors remain focused on core assets and proven markets, according to the third quarter findings of PricewaterhouseCoopers’ Korpacz Real Estate Investor Survey.

Small Biz, Banks May Spurn Obama’s $30 Bln Program
Associated Press | September 24, 2010
President Barack Obama’s $30 billion small community business lending program faces one big challenge: many of the community banks and businesses it’s supposed to help don’t want it.

Data Indicate Fresh Weakness in Housing
The Washington Post | September 23, 2010
The collapse of the housing sector was a major driver of the nation’s economic woes. Now, a new wave of weakness in housing poses risks to the fragile economic recovery.

From the National Association of Realtors®:

Voters Say: Don’t Mess With the MID
In a national survey of likely voters, nearly 80 percent said they support retaining federal tax incentives for homeownership.

GOP Hopes to End Support for Fannie and Freddie
Republicans in Congress announced on Wednesday that they’d like to stop aid for Fannie Mae and Freddie Mac.

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 9-22-2010


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

New Push on Home-Loan Disclosure
The Wall Street Journal | September 22, 2010
Elizabeth Warren and Treasury Secretary Timothy Geithner on Tuesday brought together consumer groups, mortgage-industry officials and other housing representatives for talks on the Obama administration’s plan to simplify mortgage-disclosure documents.

Basel Chief Says New Banking Rules Need ‘Rigorous’ Enforcement
Bloomberg | September 22, 2010
The proposed new global banking rules that more than double capital requirements for lenders need to be implemented and supervised rigorously to be effective, said the head of the group that drew them up.

Housing Isn’t Close to Stabilizing
MarketWatch | September 22, 2010
Much has been written about the so-called “shadow inventory” since the term was first coined a few years ago.

Home Values, Credit Issues Tanking More Loans
The Washington Examiner | September 21, 2010
Potential homebuyers and homeowners who plan to refinance often have their hopes crushed early in the game when they find that their income, debt or savings simply will not allow them to qualify for a mortgage.

Fannie Mae Disqualifies Jobless Benefits as HAMP Income
Reuters | September 21, 2010
Fannie Mae, the largest provider of U.S. home loan funding, on Tuesday said it will no longer count unemployment benefits as income when troubled borrowers are applying for loan modification.

Foreclosure Errors Could Snag Other Lenders
The Washington Post | September 22, 2010
Some of the nation’s largest mortgage companies used a single document processor who said he signed off on foreclosures without having read the paperwork – an admission that may open the door for homeowners across the country to challenge foreclosure proceedings.

From the National Association of Realtors®:

Builder Confidence Stays in the Cellar
The National Association of Home Builders’ monthly index stays at an 18-month low.

MIT Prof Says Housing Demand Is about to Take Off
William Wheaton, an economics professor at MIT, says that home construction will be in demand.

Housing Starts Rose in August
The U.S. Department of Commerce announced on Monday that housing starts were up 10.5 percent in August.  (Anthony’s note: This is great news, though it would seem to be in stark contrast to the headline above that builder confidence is in the celler!  Feel free to comment with your thoughts on my blog.)

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 9-21-2010


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

FHA Insured 37% of Mortgage Originations in 2009
Housing Wire | September 21, 2010
Mortgages insured by the Federal Housing Administration accounted for 37% of all originations in 2009, up from 26% in 2008 and 7% in 2007, according to the Federal Financial Institutions Examination Council.

Fannie Mae Urges early Tightening of Mortgage Delivery Requirements
Housing Wire | September 20, 2010
Fannie Mae officials are urging mortgage lenders start implementing new processes to ensure their loans meet the 400 or so eligibility criteria before federal mandates take effect around this time next year.

Banking Group Spent $400,000 Lobbying
BusinessWeek | September 20, 2010
The Consumer Bankers Association, which focuses on retail banking, spent $400,000 lobbying the federal government in the second quarter about credit card regulations and other issues, according to a disclosure report.

Servicers: Sometimes Leasing Makes Sense
Housing Wire | September 20, 2010
As inventory increases, servicers are seeing themselves more and more in the role of landlord, according to panelists in a discussion, “From Lender to Landlord,” at this week’s Five Star default servicing conference in Dallas .

Housing Group Applauds Warren Appointment
Inman News | September 21, 2010
A slew of public advocacy groups, including the National Fair Housing Alliance, applauded President Obama’s appointment of Harvard Law professor Elizabeth Warren to lead a new consumer protection agency Friday.

Real Estate Bubble-Bursting Prediction Nobel Win?
ABC News | September 21, 2010
After zooming up impossibly fast, making homeowners millionaires in just a few years, real estate prices crashed in a classic bubble. The shock caused credit markets to freeze and banks to stop lending.

One Year of First Look: Fannie Mae Sells 29,000 REOs to Owner Occupants
Housing Wire | September 21, 2010
A year into its First Look program, Fannie Mae vendors have sold 29,000 REO properties to owner-occupants and 5,000 to public entities under the Neighborhood Stabilization Program.

Obama Answers Skeptics After Recession is Declared Officially Over
The Washington Post | September 20, 2010
On the day that the Great Recession was officially declared to be part of history, President Obama confronted deepening angst from business leaders and ordinary Americans who have little faith that the recovery is for real.

Commercial Real Estate Prices Near Recession Low in July
Housing Wire | September 20, 2010
Commercial real estate prices dropped another 3.1% in July, the second-straight month of declines and only 0.9% above the recession low in October 2009, according to the credit rating agency Moody’s Investment Services.

Freddie Expects Technology to Enhance Lender Confidence in Mortgage Data
Housing Wire | September 20, 2010
Freddie Mac operations executives expect new technologies and processes to increase lender confidence in loan-data quality, reduce time and costs, and offer a more-flexible data architecture.

Obama: Housing Market Faces ‘Tough Decisions’
The Wall Street Journal | September 21, 2010
President Obama was asked today at a town hall-style meeting on CNBC whether he would consider a payroll tax holiday, but the question led to an interesting exchange on housing policy.

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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