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Today’s Real Estate News 9-28-2010

28 Sep

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

 

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