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Monthly Archives: October 2010

Today’s Real Estate News 10-29-2010


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

Best Cities to Move to in America
Yahoo! | October 27, 2010
What people are looking for when they relocate changes from time to time. In the 90s, it was a city with low crime. Then, it was places with good schools.  “These days, you want a job and to make sure you can get a house there,” said Bert Sperling of BestPlaces.net, which helps people find the best places to live, work or retire.  (Anthony’s note: This is a “Top 10” list that actually even recites companies that are hiring in each of the communities.  Good article, though our lovely and vibrant Northwest region gets ignored.)

Recovery in Building is Forecast for 2011
The Wall Street Journal | October 29, 2010
The nation’s construction industry, virtually on life support during the economic downturn, will begin a slow recovery next year, according to a forecast set to be released Friday.

Mortgage Rate Edges Up Again, to 4.23%
The Wall Street Journal | October 29, 2010
Mortgage rates were mixed the latest week, with long-term fixed-rate loans edging higher for the second consecutive period after a streak of record lows, according to Freddie Mac’s weekly survey of mortgage rates.

U.S. on Track for “Fiscal Train Wreck”: Roubini
Reuters | October 29, 2010
The U.S. economy is a “fiscal train wreck” waiting to happen that risks ushering in a period of stagnation featuring by minimal growth, high unemployment and deflationary pressure, U.S. economist Nouriel Roubini wrote on Friday.

Elizabeth Warren Says Technology is Key to New Consumer Bureau
The Washington Post | October 28, 2010
Elizabeth Warren has talked early and often about molding the new Consumer Financial Protection Bureau into a nimble, sophisticated watchdog built for the 21st century.

Title Insurers Drop Demands on Lenders
The Washington Post | October 29, 2010
Mortgage servicers have successfully pushed back an attempt to make them explicitly responsible for title problems resulting from their handling of foreclosure paperwork and legal procedures.

Moody’s Economist Zandi Sees Ample Optimism in Housing Market
HousingWire | October 29, 2010
Mark Zandi, chief economist at Moody’s Analytics said he expects home prices to be depressed into 2012. He adds that the knock-on effect from the robo-signing debacle will be minimal. “It’s not going to be a significant issue,” he said.

Despite Claims, Bailouts not Over Yet
Associated Press | October 29, 2010
The Treasury Department says its bank bailouts are over, but the spending continues. In a Sept. 22 speech, Treasury Secretary Timothy Geithner said the bailouts “are completely behind us.” That’s not quite correct.

Fannie Mae Shifting Florida Foreclosure Work to Nine Firms
The Palm Beach Post | October 28, 2010
Mortgage giant Fannie Mae has hired nine additional Florida law firms to handle foreclosures as it suspends business with the David J. Stern firm in Plantation and continues an evaluation of other companies it uses in Florida.

From the National Association of Realtors®:

New Credit Score Tailored for Lenders
FICO says the new score better predicts troubled borrowers.

Property Resales Don’t Compare to S&L Crisis
Managing and selling seized property is big business now, but it was bigger business in the early 1990s.

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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Today’s Real Estate News 10-28-2010


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

From my friend Larry Stege:

“This interactive chart on the top 31 markets in the US, compiled and updated monthly by the Wall Street Journal, provides insight on housing inventory and months of supply, housing price change, jobless rate and percent of loan payments overdue.  While we have seen some improvement in both new and existing sales numbers as well as builder confidence over the past two months, housing continues to turn in an uneven performance by market and is likely to do so for a while.” (From the WSJ)

Mortgage Rates Seen Rising to 5.1% in 2011
The Wall Street Journal | October 28, 2010
Mortgage rates may be as low as they will go, with the average 30-year fixed-rate home loan on course to rise after hovering for months at historically low levels.

Homeowners Facing Foreclosure Demand Recourse
The New York Times | October 27, 2010
Ricky Rought paid cash to the Deutsche Bank National Trust Company for a four-room cabin in Michigan with the intention of fixing it up for his daughter. Instead, the bank tried to foreclose on the property and the locks were changed, court records show.

New Home Sales Stuck at Rock-Bottom
The Wall Street Journal | October 27, 2010
While new-home sales rose from a depressed level in September, they’re still really, really low. (Anthony’s note: Read that sentence again.  New home sales are up!  Yes, they are really low.  What isn’t low right now?  I say the glass is half full.)

Buying Foreclosures: Do You Own the Title?
Housing Watch | October 26, 2010
Suppose you bought a foreclosed house and moved in with your family. You loved your new home – until this month, when news broke that major banks had screwed up thousands of foreclosures by rushing through the process. (Anthony’s note: This is a well written article if you have clients with REO questions.)

Most Americans Worry About Ability to Pay Mortgage or Rent, Poll Finds
The Washington Post | October 27, 2010
A majority of Americans now say they are worried about making their mortgage or rent payments, underscoring the extent of economic anxiety in the country heading into midterm elections.

Foreclosure Activity Up in 65% of U.S. Metros in Q3: RealtyTrac
DSNews | October 27, 2010
Data released by RealtyTrac Thursday shows that foreclosure activity rose in 65 percent of the nation’s major metropolitan areas during the third quarter.

Wells Fargo to Resubmit 55,000 Foreclosure Affidavits
HousingWire | October 27, 2010
Wells Fargo will submit 55,000 supplemental affidavits for pending foreclosures in 23 judicial states, according to a company statement Wednesday

Mortgage Industry Bristles at ‘Robin Hood’ Foreclosure Theories
Bloomberg | October 27, 2010
The mortgage industry is casting aside concern that its foreclosure practices are rife with unfixable errors, even as executives acknowledge inappropriate practices such as robo-signing, officials said at a conference.

Here is a great article from API on creative ways to buy investment real estate using a 1031 tax deferred exchange.  I’ll bet there is at least 1 form of investment real estate in here that you haven’t thought of!  A couple of them surprised me.

 

From the National Association of Realtors®:

5 Traits of Today’s Home Buyers
Young, frugal, and financially-minded are a few terms that describe typical consumers right now.

Record Year for Home Lending
Low interest rates and strong demand for modifications make for a successful year for the mortgage industry.

Administration Says HAMP Has So Far Failed
Fewer than 500,000 home owners have been helped by the Making Home Affordable Program.

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 10-27-2010


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

One article today actually says consumer confidence is up, another article says it is down.  Tell me what you are hearing from your clients on my blog below!

MBA Sees Total Mortgage Originations Slipping Below $1 Trillion in 2011
HousingWire | October 26, 2010
Declining demand for refinancings will push overall mortgage originations to less than $1 trillion next year, according to the Mortgage Bankers Association.

Mortgage Applications in U.S. Increase, Spurred by Lower Borrowing Costs
Bloomberg | October 2, 2010
The number of mortgage applications in the U.S. increased last week as a drop in borrowing costs revived refinancing and purchases.

Mortgage Bankers Push Housing Recovery to 2012
The Wall Street Journal | October 26, 2010
Remember the 2010 housing recovery? The Oracle of Omaha said that by the end of this year things would get better. He wasn’t the only one. Fitch also promised us stability in late 2010.

S&P Case-Shiller Index Records Widespread Declines in Home Prices
DSNews | October 26, 2010
Home prices across the country slipped in August, according to data released by Standard & Poor’s Tuesday. The agency’s closely-watched gauge of residential property values recorded a 0.1 percent drop in the composite reading of 10 cities tracked, while the 20-city composite posted a 0.2 percent decline between July and August.

Mortgage Fraud Index Suggests Shift Toward Property Crime: Interthinx
HousingWire | October 26, 2010
Mortgage fraud risk remained “essentially unchanged” in the third quarter of 2010 compared to the second and down from a year ago, according to Interthinx’s Quarterly Mortgage Fraud Risk Index.

Housing Still Hamstrung, Consumers Not As Confident As Expected
Forbes | October 27, 2010
Data that point to slower growth in housing prices and still middling consumer confidence failed to inspire stock investors on Tuesday. Analysts say that without a real change in unemployment, the consumer economy will continue to sag.

Freddie Mac: Rate of Late Home Loans Rose in Sept.
BusinessWeek | October 26, 2010
The percentage rate of single-family home loans behind in payments by at least 90 days improved between August and September, government-controlled lender Freddie Mac said Tuesday.

Housing Agency Head Urges Banks to Help Borrowers
Reuters | October 26, 2010
A top federal regulator urged the U.S. banking industry to help struggling borrowers as a way to regain public faith lost in the mortgage mess, even as more banks defended their foreclosure processes on Tuesday.

U.S. Economy: Confidence Increases More Than Forecast
The Washington Post | October 26, 2010
Confidence among U.S. consumers rose in October from a seven-month low as households turned less pessimistic on the outlook for the economic recovery.

Fed Gears Up for Stimulus
The Wall Street Journal | October 27, 2010
The Federal Reserve is close to embarking on another round of monetary stimulus next week, against the backdrop of a weak economy and low inflation – and despite doubts about the wisdom and efficacy of the policy among economists and some of the Fed’s own decision makers.

From the National Association of Realtors®:

Home Prices Stabilizing in Key Markets
ZipRealty report shows that five of the 10 hottest zip codes in the third quarter were in California.

Rising Inventories Hurt Recovery Prospects
Economists are split over whether home prices will bottom in 2011 or 2012.

QR Codes: What’s in Them for You?
Smartphones can read Quick Reponse codes on business cards or advertisements, taking users to open house listings or virtual home tours.

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 10-26-2010


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

How the Fight over Tax Breaks Affects your Bottom Line
The Washington Post
(Anthony’s Note: This is an interesting graphic that reveals how the expiration or extension of the Bush-era tax cuts may affect your paycheck next year.)

Refinancing Surge Helps Banks amid Foreclosure Mess
Bloomberg | October 25, 2010
A rush by U.S. homeowners to refinance at near record-low interest rates marks a rare bright spot for the mortgage industry, under attack for choking the economy with shoddy loans and botched foreclosures.

Home Sales Up 10%, But Market Still On Shaky Footing
Forbes | October 25, 2010
Increase comes amid uncertainty over foreclosures and putbacks.

Mortgage Modifications Slow in September
The New York Times | October 25, 2010
Even as banks, borrowers and regulators battle over how much faulty documentation by lenders should impede foreclosures, fresh evidence came Monday that the housing market remained very wobbly.

Fannie Mae Stops Foreclosure Work Done by Florida Firm
Reuters | October 25, 2010
U.S. housing finance giant Fannie Mae (FNMA.OB) has paused mortgage foreclosure work that was previously referred to a Florida law firm under investigation by state officials, the Wall Street Journal said.

Housing Gloom Deepens
The Wall Street Journal | October 25, 2010
Home Sales Rise, but Economists Don’t See Prices Bottoming Till Late ’11 or ’12.

U.S. Probing Foreclosure Processing Firms
The Washington Post | October 26, 2010
The more banks foreclosed on homes, the more a little-known company in Florida called Lender Processing Services saw its revenue and stock price soar.

Warning Signs of Foreclosure Crisis Were Ignored, Says FDIC Chairman Sheila Bair
The Washington Post | October 26, 2010
Sheila C. Bair, chairman of the Federal Deposit Insurance Corp., said Monday that federal officials should have recognized “warning signs” in recent years that the mortgage industry was cutting corners in the foreclosure process.

How a Pas5woRd Can Sink Your Company
The New York Times | October 26, 2010
It’s easy to expose your company to hackers with poor password practices – but there is an equally easy solution.

Fed Up Fannie and Freddie Eye New Workout Firms
Reuters | October 25, 2010
Mortgage finance giants Fannie Mae (FNMA.OB) and Freddie Mac (FMCC.OB) are looking to more aggressively move loan workout duties to specialist firms as their frustrations with the big banks deepen, sources said.

U.S. Bank Bonds Could Face an Irish-Style Cram Down
Forbes | October 25, 2010
Like the Rumble lyrics to the famous West Side Story – there’s a rumble coming. This time, it’s coming from Europe. Like the Jets versus the Sharks, we are getting a full view of the Irish government’s rumble against owners of subordinated bank debt. Though, it looks more like a slaughter.

From the National Association of Realtors®:

10% Jump in September Existing-Home Sales
Existing-home sales saw a strong gain nationwide last month, as buyers capitalized on affordable prices and low interest rates.

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 10-25-2010


For those of you that may be interested, consider checking out our Seller Net Proceeds CalculatorIt was created directly from client feedback, so it’s the best one out there!

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

Existing Home Sales in U.S. Probably Rose for a Second Month
Bloomberg | October 25, 2010
Sales of U.S. existing homes probably climbed in September for a second month as the industry that precipitated the worst recession since the 1930s struggled to overcome mounting foreclosures, economists said before a report today.

Study: Shadow Inventory to Keep REO Supply Elevated for Several Years
DSNews.com | October 25, 2010
An estimated 4.1 million borrowers are in the process of foreclosure or are more than 90 days delinquent. Their homes make up what’s been termed the shadow inventory — a pent up supply of REOs that could drive down home prices and perhaps cause another wave of defaults. Guhan Venkatu, an economist at the Federal Reserve Bank of Cleveland, says even under the most benign projections, the stock of REO properties is likely to remain elevated for the next several years.

Structural Redesign
The Washington Post | October 25, 2010
The federal regulator in charge of Fannie Mae and Freddie Mac has released staggering new estimates for the ongoing bailout of the mortgage-guarantee giants. In the likeliest scenario — housing prices and the economy muddle along more or less as they are now — the taxpayer will take a net hit of $154 billion.

Foreclosures Had Errors, Bank Finds
The New York Times | October 25, 2010
Even as Bank of America begins to restart foreclosure proceedings in 23 states on Monday, the bank confirmed that it had discovered errors, including incorrect data and misspelled names, in the paperwork it has reviewed.

Refinancing Surge Gives Lift to Banks Amid Foreclosure Scrutiny
Bloomberg | October 25, 2010
A rush by U.S. homeowners to refinance at near record-low interest rates marks a rare bright spot for the mortgage industry, under attack for choking the economy with shoddy loans and botched foreclosures.

Short Sales Resisted as Foreclosures Are Revived
The New York Times | October 25, 2010
Bank of America and GMAC are firing up their formidable foreclosure machines again today, after a brief pause. But hard-pressed homeowners like Lydia Sweetland are asking why lenders often balk at a less disruptive solution: short sales, which allow owners to sell deeply devalued homes for less than what remains on their mortgage.

FHFA: GSE Serious Delinquency Rate Drops 68 Bps in August from Peak
HousingWire | October 22, 2010
The combined serious delinquency rate at Fannie Mae and Freddie Mac was 4.35% in August, down 10 basis points from the previous month and 68 bps from the peak in February, according to a report from the Federal Housing Finance Agency.

Nation’s Biggest Banks Each Hold over $20B in Foreclosures: Report
DSNews | October 21, 2010
New data released this week shows that the nation’s largest banks are holding monstrous volumes of soured home loans. Not only has the housing crisis left major lenders knee-deep in an ocean of non-performers, but added exposure to early delinquencies means they could sink even deeper.

Clear Capital Reports Sudden and Dramatic Drop in U.S. Home Prices
DSNews | October 21, 2010
Clear Capital issued a market alert Friday after identifying what the company called a “dramatic change” in U.S. home prices. 
From the National Association of Realtors®:

HUD: Banks Will Be Held Responsible
HUD Secretary Shaun Donovan warned that if severe problems are discovered with banks’ foreclosure processes, it could result those institutions being banned from writing mortgages.

8 Alternatives to Pricey Retirement Locales
Want to retire in style without breaking the bank? Consider these alternatives to popular yet expensive retirement destinations.

Foreclosure Freeze Shakes Up Security Clearances
Federal employees who have had foreclosures frozen now face losing their security clearances because of their sudden financial insecurity.

Anthony Carollo 2007 EMAIL  

Join My List

Find me on:   LinkedIn  

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 10-22-2010


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

Fannie, Freddie Bailout Cost is Likely to Rise to $154 Billion, Agency Projects
The Washington Post | October 21, 2010
The bailout of Fannie Mae and Freddie Mac is likely to cost taxpayers an additional $19 billion and may cost as much as $124 billion more if the economy starts shrinking again, according to a government projection released Thursday.

Moody’s: Commercial Property Conditions Improve
BusinessWeek | October 21, 2010
Conditions in the commercial real estate market improved nationwide in the third quarter with all seven property types moving out of weak rankings, a study released by Moody’s Investors Services on Thursday showed.

Housing Crash Spurs High-end L.A. Shopping Spree
Reuters | October 22, 2010
The recession is great news for house buyers looking to drop $5 million on a pad in Los Angeles.

Foreclosure Crisis Puts Wall Street Reform Legislation to the Test
The Washington Post | October 21, 2010
The foreclosure problems that have unfolded in recent weeks present a test of whether financial regulators can respond more cohesively and aggressively to an emerging problem than they did to the subprime crisis three years ago.

MBA Wants FHA to Revise Penalties in Foreclosure Timeline
HousingWire | October 21, 2010
The Mortgage Bankers Association wants the Federal Housing Administration to revise the penalty structure for mortgage servicers who fail to begin foreclosure proceedings by the federal deadline.

Credit Cards Soon to Get a Makeover
The New York Times | October 21, 2010
The simple credit card is about to get a makeover. Next month, Citibank will begin testing a card that has two buttons and tiny lights that allow users to choose at the register whether they want to pay with rewards points or credit, at most any merchant they please.

New York Fed Faces ‘Conflict’ in Mortgage Buybacks
Bloomberg | October 21, 2010
The Federal Reserve Bank of New York’s effort to recover taxpayer money used in bailouts during the crisis may be at odds with its mission to ensure the stability of the financial system.

U.S. Fixed Mortgages Up From Record Lows: Freddie Mac
Reuters | October 21, 2010
U.S. 30-year fixed-rate mortgages rose for the first time in five weeks while interest rates on adjustable-rate mortgages dropped to record lows, according to a survey released on Thursday by Freddie Mac, the second-largest U.S. mortgage finance company.

Fannie Mae Sues Insurers Over Mortgage Loan Losses
BusinessWeek | October 20, 2010
Fannie Mae sued insurance companies, including Great American Financial Resources Inc. and The Travelers Cos., claiming they are responsible for losses on the $131 million Fannie Mae paid for fraudulent mortgage loans.

Anthony Carollo 2007 EMAIL  

Join My List

Find me on:   LinkedIn  

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 News 10-21-2010


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

House Committee to Investigate Mortgage Servicing Problems
DSNews | October 20, 2010
The House Subcommittee on Housing and Community Opportunity will hold a hearing on the industry’s foreclosure paperwork errors when Congress reconvenes next month.

Beige Book Shows Modest Growth in Economy
HousingWire | October 20, 2010
The economy continued growing between September and early October but at a modest pace, according to the Federal Reserve.

HUD Secretary: Foreclosure Problems Not “Systemic”
HousingWire | October 20, 2010
Department of Housing and Urban Development Secretary Shaun Donovan said recent foreclosure problems at some mortgage servicers are not “systemic issues.”

Fidelity National to Require Banks to Sign Foreclosure Warranty
Bloomberg | October 20, 2010
Fidelity National Financial Inc., the largest U.S. title insurer by market share, will require lenders to sign a warranty assuring their paperwork is sound before backing sales of foreclosed homes.

Fannie Mae Sues Insurers Over Mortgage Loan Losses
BusinessWeek | October 20, 2010
Fannie Mae sued insurance companies, including Great American Financial Resources Inc. and The Travelers Cos., claiming they are responsible for losses on the $131 million Fannie Mae paid for fraudulent mortgage loans.

Regulator for Fannie Set to Get Litigious
The Wall Street Journal | October 21, 1010
The federal regulator overseeing Fannie Mae and Freddie Mac hired a law firm specializing in litigation as the agency considers how to move forward with efforts to recoup billions of dollars on soured mortgage-backed securities purchased from banks and Wall Street firms.

Niche Lawyers Spawned Housing Fracas
The Wall Street Journal | October 20, 2010
The paperwork mess muddying home foreclosures erupted last month. But the legal strategy behind it traces to a lawyer’s gambit in 2006 that has helped keep one couple in their home six years beyond their last mortgage payment.

The New Best Places to Retire
The Wall Street Journal | October 21, 2010
SmartMoney takes on the conventional wisdom about where to retire

From the National Association of Realtors®:

Reverse Mortgages Gain Popularity
Between 2005 and 2009,the number of federally-insured reverse mortgages jumped 166 percent as fees were reduced.

Where Do Most People Want to Live?
California tops the list of most desired state to live, according to The Harris Poll.

Play It Straight With Marketing Services Fees
Here are tips to avoid RESPA violations in setting fees for marketing services with preferred lenders and title companies.

Anthony Carollo 2007 EMAIL  

Join My List

Find me on:   LinkedIn  

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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