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Monthly Archives: November 2010

Today’s Real Estate News 11-30-2010


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

Second-Mortgage Standoffs Stand in Way of Short Sales
The Wall Street Journal | November 29, 2010

Sergio Trujillo thought he could avoid foreclosure when an investor made an all-cash offer last month to buy his one-bedroom condominium in La Jolla, Calif., for less than the amount he owes on his mortgage. But a standoff between Mr. Trujillo’s lenders over a few thousand dollars threatens to derail the deal, known as a short sale.

Short Sales Still Hit Owners’ Credit
The Wall Street Journal | November 29, 2010
Is a short sale as damaging to a borrower’s credit as a foreclosure?  (Anthony’s Note: This is a good Q&A article on short sales)

Fannie Mae Cuts Off Investors from Redelivering Mortgage Putbacks
HousingWire | November 29, 2010
Fannie Mae will no longer accept back a mortgage that was repurchased by a secondary market investor, government-sponsored enterprise or private institutional investor – even if the lender cured the defect in the loan.

Ginnie Mae Doubles Net Worth Requirement for Multifamily Program
HousingWire | November 29, 2010
Ginnie Mae doubled the net worth requirement for its multifamily program, changed how that figure is calculated and adopted new capital requirements for issuers. (Anthony’s note: The minimum doubles, going from $500,000 to $1,000,000!)

Analysts: Glory Days Over for Banks
The Washington Post | November 29, 2010
Two years after benefiting from an extraordinary government bailout, banks are hitting a wall.

Fannie and Freddie Give Green Light to Resume Sales of Foreclosures
HousingWire | November 29, 2010
Fannie Mae and Freddie Mac gave real estate agents the green light to resume selling foreclosed homes, after suspending the process as the robo-signing debacle unfolded the past two months.

Commercial Mortgage Default Rates Up, Pace Slows
ABC News | November 29, 2010
U.S. commercial real estate loan delinquencies and default rates continued to march toward new records in the third quarter, but the pace of growth slowed, in yet another sign of a nascent industry recovery.

Is Real Estate On Sale?
The New York Times | November 30, 2010
A friend of mine told me that his landlord was trying to raise his commercial rent from $3.25 to $5 per square foot per year. I was surprised, because most people I know are either having their rent reduced or at least frozen.

Banks Resisting Fannie, Freddie Demands to Buy Back Mortgages
Bloomberg | November 30, 2010
Fannie Mae and Freddie Mac are facing growing resistance as they attempt to push failed home loans off their books and onto the balance sheets of banks including Bank of America Corp. and JPMorgan Chase & Co.

Government Study Finds Banks Rarely Walk Away from a Foreclosure
DSNews | November 29, 2010
The Government Accountability Office (GAO) has just completed a study of what is called “bank walkaways” – that’s when a lender initiates foreclosure proceedings but then decides not to complete the process because the cost outweighs the expected proceeds from the property’s sale.

From the National Association of Realtors®:

NAR: Commercial Real Estate Stabilizing
A steady improvement in the economy should lead to modest growth in the commercial real estate sector next year.

Sales, Interest in Tiny Houses Growing
As the economic realities of the “new normal” set in, consumers seem to be thinking smaller when it comes to their residences.

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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 11-29-2010


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

Fannie, Freddie Recommend Foreclosed-Property Sales Resume
The Wall Street Journal | November 26, 2010
Fannie Mae and Freddie Mac have begun telling real-estate agents nationwide to resume sales of foreclosed properties that had been suspended after document-handling problems surfaced over the past two months.

Bidding Wars Are Back in Some Markets
The Wall Street Journal | November 29, 2010
In another sign of a housing-market recovery, bidding wars are back. Not everywhere. But in some upper-middle-class suburbs around San Francisco and New York, and other areas where prices have hit bottom, first-time buyers eager to take advantage of relatively low prices and low mortgage rates are actually driving up prices.

Why it Doesn’t Feel Like a Recovery
The Washington Post | November 28, 2010
The nation’s economic woes boil down to this. Compared with a healthy economy, about 7 million working-age people and 5 percent of the nation’s industrial capacity are sitting idle, not producing what they could. The economy is growing again, but at a rate – less than 2 percent in recent months – that’s too slow to keep up with a population that keeps increasing and workers who keep getting more efficient.

Home Production Falls as Economy Languishes
The Philadelphia Inquirer | November 27, 2010
The nation’s home builders, and some economists, saw October’s slight increase in single-family construction permits as a positive sign, yet the housing industry remains concerned about a shortage in years to come.

Political Gridlock Can Prevent A Quick Solution To The Next Big Crisis
Forbes | November 28, 2010
With the near collapse of the financial system in 2008, the Bush administration, with the Republican party in control of both houses of Congress, took aggressive, unprecedented action. The government was not grid-locked. Decisive action was possible and was taken.

U.S. Home Prices Down in 3rd Quarter
The Washington Post | November 28, 2010
U.S. home prices fell 3.2 percent in the third quarter from a year earlier as demand weakened without federal tax credits, the Federal Housing Finance Agency said this week.

Fannie Mae Says Consumers Uncertain Housing Market Has Bottomed
DSNews | November 24, 2010

U.S. home prices fell 3.2 percent in the third quarter from a year earlier as demand weakened without federal tax credits, the Federal Housing Finance Agency said this week.

From the National Association of Realtors®:

Jobs, Lending Key in Market Recovery
Low interest rates are good, but not enough to recover from the downturn, experts say. Job opportunities and the availability of credit are needed to stimulate growth.

Mortgage Purchase Applications Hit 6-Month High
As home purchase applications climbed 14.4 percent last week from the previous week, to the highest level since the home buyer tax credit expired, industry officials call it another sign consumer confidence is up.

New Lending Guidelines Benefit Young Borrowers
Fannie Mae’s new lending guidelines will take effect Dec. 13 and include rules allowing gifted down payments, but stricter debt-to-income ratios.

Moody’s: Housing Prices to Fall Until Mid-2011
The rising number of bank-owned properties will contribute to falling home prices through next spring when Moody’s Analytics predicts that foreclosures will peak.

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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 11-24-2010


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

Banks Seek Exemption From Dodd-Frank for Foreign-Exchange Swaps
Bloomberg | November 24, 2010
The biggest Wall Street banks are pushing the U.S. Treasury Department to exclude foreign exchange derivatives from new regulations, a move that would leave a $42 trillion market largely outside of federal oversight.

Fed Lowers Economic Expectations for 2011
The Washington Post | November 24, 2010
Unemployment is set to remain higher for longer than previously thought, according to new projections from the Federal Reserve that would mean more than 10 million Americans remain jobless through the 2012 elections – even as a separate report shows corporate profits reaching their highest levels ever.

FDIC’s List of “Problem” Banks Grows to 860
DSNews | November 23, 2010
The FDIC said Tuesday that it added 31 banks to its so-called “Problem List,” bringing the total number of institutions under the agency’s watchful eye to 860.

Home Sales Fell 2.2% in October
The Wall Street Journal | November 23, 2010
Sales of previously owned homes fell in October amid weak demand and concerns about the foreclosure process, putting sales for 2010 on pace to close at their lowest level in 13 years.

Commercial Real Estate: Price Rise Is a Record
The Wall Street Journal | November 23, 2010
Commercial real-estate prices rose in September, as measured by the Moody’s/REAL All Property Type Aggregate Index, which posted a 4.3% increase.

Delinquent Borrowers Would Rather Rent: Fannie Mae Survey
HousingWire | November 23, 2010
Half of homeowners who are delinquent on their mortgages would rather rent than buy a home, according to Fannie Mae’s third quarter national housing survey.

Freddie Mac Delinquencies Increase for First Time Since February
HousingWire | November 23, 2010
Freddie Mac’s 90-plus day delinquency rate increased for the first time since February, according to the government sponsored enterprise’s monthly summary. The delinquency rate for single-family residences was 3.82% in October, up from 3.8% in September.

Mediation Urged to Limit Foreclosures
ABC News 4 | November 23, 2010
The Department of Justice and HUD are promoting expanded use of third-party mediation as a way to prevent foreclosures, saying the approach has proven effective in states and municipalities where it has been tried.

Two Years of “Shadow Inventory” Looming Over Md.’s Housing Market
November 24, 2010 | The Baltimore Sun
In today’s topsy-turvy housing market, the number of homes that soon could be for sale is just as important to know as the number that actually are.

From the National Association of Realtors®:

Google’s Real Estate Plans
As Google hires more, they plan to increase their corporate headquarters with much buzzed-about corporate housing.

Existing-Home Sales Decline in October
Following two monthly gains, the more recent sales dip may be a sign of things to come, according Lawrence Yun, NAR chief economist.

Market for Commercial Property Increases
Moody’s Investors reports that commercial property prices had big gains in September.

Green Building Shows Innovation
At the Greenbuild Expo, major manufactures debut their plans for more environmentally friendly windows, drywall, and energy generators.

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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!

 

Today’s Real Estate News


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

Freddie Mac Raises Mortgage Fees as It Seeks Adequate Payments
Bloomberg | November 22, 2010
Freddie Mac, the mortgage-finance company under U.S. control, will boost fees it charges lenders selling it riskier home loans. The changes, which take effect March 1, will raise some of the upfront fees by as much 0.75 percent of loan balances and add costs for consumers using additional home loans as part of their borrowing.

Sales of U.S. Existing Homes Probably Fell as Moratoriums Held Back Market
Bloomberg | November 23, 2010
Sales of existing homes probably dropped in October for the first time in three months as foreclosure moratoriums disrupted the U.S. housing market, economists said before a report today.

Paperwork Problems Steer Buyers from Distressed Properties: Report
DSNews | November 22, 2010
The ongoing controversy surrounding deficiencies in foreclosure documentation is taking its toll on the housing market as a significant share of home shoppers refused to even look at distressed properties in October, according to an industry study conducted by Campbell Surveys.

Investors Eye Opportunities in Distressed Properties and Loans
HousingWire | November 22, 2010
In the time between Black Friday and the Christmas break, nonperforming loan investors look set for a bull run, in what one market player is expecting to be a “buying frenzy.”

Foreclosure Takes Toll on Increasing Number of Children
The Washington Post | November 23, 2010
Three years into the mortgage crisis, the public debate over how to stem the unprecedented tide of foreclosures and the damage they are doing to the housing market has largely overshadowed any discussion of the human toll. But researchers have begun to examine what happens to people after they lose their homes and are becoming especially concerned about the harm to children.

New Fannie & Freddie Litigation the Next Ugly Shoe to Drop in Mortgage Repurchase Nightmare?
CNBC | November 22, 2010
Are Fannie Mae and Freddie Mac, the enormous Government Sponsored Enterprises (GSEs) that purchased about three quarters of the total single-family mortgages in the United States, about to step into the repurchase litigation fray?

More Homeowners Paying Cash in Effort to Deleverage
HousingWire | November 22, 2010
Cash was the top source of financing home purchases in September, as more homeowners look to deleverage their debt.

From the National Association of Realtors®:

MID Talk Already Chilling Markets, NAR Says
Federal budget-cutting proposal leaves owners and buyers wondering if the mortgage interest deduction will be there for them.

Loan Delinquencies Still on the Rise
The percentage of mortgage borrowers who were 60 days or more past due on their payments rose to 6.44 percent in the third quarter, up from 6.25 percent in the same period a year earlier.

Foreclosure Defense Attorney Faces Foreclosure
Peter Ticktin of Boca Raton, Fla., whose firm handles some 3,000 foreclosure cases, hasn’t paid his home mortgage since 2006.

Right-click here to download pictures. To help protect your privacy, Outlook prevented automatic download of this picture from the Internet. 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!

 

Today’s Real Estate News 11-22-2010


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

For Sale: Used Army Barracks, Island. Cheap.
The Wall Street Journal | November 21, 2010
Think selling a house in this market is tough? Try unloading a lighthouse. Saddled with buildings, properties and land it can’t use, the U.S. government is ready to deal – which spells opportunity for buyers with a little imagination and about $10,000 down.

U.S. Extends Fannie, Freddie Conforming Loan Limits
Reuters | November 21, 2010
Higher maximum conforming mortgage loan limits for Fannie Mae and Freddie Mac will be extended through September 2011, the housing finance entities’ regulator said on Friday.

Reality Check for Fed Forecasts
Reuters | November 22, 2010
The U.S. economy, to mix two Federal Reserve catch phrases, may be disappointingly slow for an extended period.

HUD Looking Into Warehouse Lending for RESPA Compliance
Reverse Mortgage Daily | November 21, 2010
The Department of Housing and Urban Development may issue new guidance under the Real Estate Settlement Procedures Act (RESPA) to address possible changes in warehouse lending used to fund federally insured mortgages.

Percent of Americans Likely to Rent Their Next Home Grows, Survey Indicates
The Los Angeles Times | November 21, 2010
The mortgage financing company’s chief economist, Doug Duncan, used the word to headline his analysis of Fannie Mae’s new national survey of public attitudes about housing. What it found shouldn’t surprise anybody who has paid any attention to home sales: Consumers feel cautious about home buying.

Geithner Says Obama Opposes Depriving Fed of Employment Mandate
Bloomberg | November 21, 2010
U.S. Treasury Secretary Timothy F. Geithner said the Obama administration would oppose any effort to strip the Federal Reserve of its mandate to pursue full employment and warned Republicans against politicizing the central bank.

Flood Insurance Program Drains Millions in Taxpayer Dollars
CNBC | November 18, 2010
The National Flood Insurance Program (NFIP) is one big hurricane away from costing U.S. taxpayers billions of dollars. Experts say unless Congress makes some much needed changes to the program, taxpayers will find themselves footing the bill for another major disaster.

From the National Association of Realtors®:

Mortgage Bankers: Foreclosures Are Falling
The percentage of homes in some stage of foreclosure went down between the second and third quarter of this year, due in large part to banks’ investigations of their processes.

Signs Mortgage Fraud Might Be Picking Up
Information group says investment companies are involved in a high number of suspicious resales.

Frank: Single Entity for Loan Assistance
Massachusetts Democratic U.S. Rep. Barney Frank says there should be just one organization making decisions related to home loan assistance.

Midwest Farm Prices Rise 10 Percent
The Federal Reserve Bank of Chicago attributes the rise in farm values to increasing agricultural prices.
 

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 11-19-2010


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

I think this is a first for me to include a video link.  This a WSJ interview with Toll Brothers CEO Doug Yearly discussing the 2011 national market.  He does a great job in 5 minutes of discussing their strategy for 2011.  A thought-provoking quote from him: “You can buy more land in an afternoon than you can get rid of in a lifetime.”

Obama Administration Committed to Preventing ‘Avoidable Foreclosures’
HousingWire | November 19, 2010
Recovery in the housing market remains fragile but the Obama administration is committed to preventing “avoidable foreclosures and stabilizing” the market.

Washington DC Creates “Quasi-Judicial” Foreclosure Process
HousingWire | November 18, 2010
Washington D.C. mayor Adrian Fenty ratified a provision this week with the aim of bringing a more judicial-type framework to the nonjudicial foreclosure system in the nation’s capital. However, enforcement of the mandate is likely to add confusion to the federal district’s mortgage industry.

Lawmakers Hit Banks, Regulators on Foreclosures
Reuters | November 19, 2010
Lawmakers hauled the top U.S. mortgage lenders and their regulators to Capitol Hill on Thursday to chastise them for widespread flaws in foreclosure documents, but failed to extract any promises of fines or fresh loan modification programs.

Fewer Fall Delinquent in Paying Mortgages
The New York Times | November 18, 2010
Even as the fight over foreclosures continues, the high tide of delinquency among homeowners has begun to recede.

Aggressive Lobbying Defends Mortgage-Trading System
The Washington Post | November 19, 2010
The financial services industry has launched an aggressive campaign on Capitol Hill to bolster the legality of the way companies have turned mortgages into securities and traded them across the globe in recent years.

Capito: Dodd-Frank Did Nothing to Address the Future of Federal Housing Finance
CNBC | November 19, 2010
“Robo-signing” is a big topic in Washington this week with two Capitol Hill hearings addressing the scandal. First up was the the Senate Banking Committee, where Chairman Christopher Dodd called the crisis the “tip of the iceberg.” Today we get the House’s hearing on the issue.

Mortgage Rates Jump; 30-Year Fixed at 4.39%
The Wall Street Journal | November 18, 2010
Home-mortgage rates have surged to their highest level in three months, a reminder of the real-world implications of the recent spike in Treasury yields and another headache for the Fed.

Mortgage Credit Pendulum too Tight: Quicken CEO
Reuters | November 19, 2010
Mortgage credit has become too tight as lenders reacted to the U.S. housing bust, but chances that those terms will ease soon are remote, William Emerson, chief executive officer of online lender Quicken Loans Inc., said on Thursday.

From the National Association of Realtors®:

Credit Score Requirements Stifling Borrowers
Big lenders keep raising minimum credit scores, increasing the number of borrowers who can’t obtain financing.

AGs Pressure Banks to Fix Mortgage Mess
Among other things, attorneys general want to see standardized loan modification systems among lenders.

The Long Process of Foreclosure Gets Longer
In many states, foreclosures take almost a year to complete.

Dividends Start to Rise at Commercial REITs
Operating fundamentals in commercial real estate seem to be getting better, says an analyst.

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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 11-18-2010


 
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Today’s news that may be of interest to you:For you readers in Washington, we have some good news this morning!
Gov. Gregoire suspends state rule making process
Gov. Chris Gregoire today signed an executive order suspending and limiting the state rule making process to help small businesses and local governments as the state continues its economic recovery.

5 Must-knows About Title Insurance
The Boston Globe | November 18,2010
Surely, many a first-time homebuyer who has waded through the closing process has come across the line-item charge for something called “title insurance” and has been simultaneously puzzled at just what it is he’s buying and annoyed by its several-hundred-dollars cost.
 

Management Tip of the Day: Reduce organizational clutter
Reuters | November 18, 2010
The Management Tip of the Day offers quick, practical management tips and ideas from Harvard Business Review and HBR.org.

 

CoreLogic: Mortgage Fraud Up 20% from 2009
HousingWire | November 18, 2010
When CoreLogic analyzed 7 million loan files in its database, it found the rate of mortgage fraud increased by more than 20% from early 2009 with specific processes and products being targeted.
 

MERS to Testify it Forecloses Only by Mortgage Servicer Request
HousingWire | November 18, 2010
In written testimony for the House Financial Services Committee, R.K. Arnold, CEO of MERS Corp, will state that the electronic mortgage registry system only begins a foreclosure when instructed by the mortgage servicer and receives no financial compensation when it does so.

Mortgage Rates Rise, Applications Fall to Four Month Low
The Wall Street Journal | November 18, 2010
Mortgage applications plunged last week to a four-month low after mortgage rates jumped to 4.46% for an average 30-year fixed-rate mortgage, up from 4.28% in the previous week, the Mortgage Bankers Association reported on Wednesday.

Fishing for Housing Bargains
The Wall Street Journal | November 18, 2010
This could be a good time to buy a house. Here are 5 low-risk markets.
From the National Association of Realtors®:

Tips for Getting Vacant Homes Ready for Winter
Insulation or electric heating tape can prevent pipes from freezing in empty houses. Here are additional tips.

Big Banks Fixing Foreclosure Processes
A Treasury official notes that 11 federal agencies contend that the foreclosure document problems don’t represent a threat to U.S. financial stability.

Mortgage Activity Logs Biggest Drop of the Year
Higher interest rates drove down refinancings 17 percent last week, while overall mortgage demand dropped 14 percent, according to the Mortgage Bankers Association.

FHA Cushion Still Low
Though the Federal Housing Administration’s cash reserves are still short, officials say they won’t be seeking a taxpayer bailout.

Housing Starts Fall in October
The annual rate of housing starts dropped 12 percent to 519,000, according to the Commerce Department.
 

 

Right-click here to download pictures. To help protect your privacy, Outlook prevented automatic download of this picture from the Internet. 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 11-17-2010


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

QE2: Potential Winners and Losers
U.S. News / November 3, 2010
As expected, the Federal Reserve will once again engage in another round of quantitative easing. In the second round, the Fed will purchase another $600 billion of longer-term treasuries by the end of the second quarter of 2011, at a pace of about $75 billion per month.  (Anthony’s note: You’ve heard about QE2, and perhaps you vaguely know what it is.  This article does a good job of explaining the potential effects on the different aspects of our economy.) 

Five myths about the Federal Reserve
The Washington Post / November 12, 2010
The Federal Reserve’s announcement on Nov. 3 that it will buy $600 billion worth of Treasury bonds to help boost the struggling U.S. economy reverberated around the world this past week, with condemnation from critics as varied as Sarah Palin and the president-elect of Brazil. Yet much of what the Fed and its chairman, Ben Bernanke, have done is shrouded in confusion and misperceptions.
(Anthony’s note: A good compliment to the QE2 article above.)

Why the Irish Crisis is Going Global
U.S. News / November 16, 2010
You may not have to worry about Ireland in a week, or a month. But at the moment, the Emerald Isle is causing global investors a whole lot o’ anxiety.

Community Associations Hit Hard by Housing, Economic Slump
DSNews / November 16, 2010
More than half of the estimated 310,000 homeowner and condominium associations in the United States are struggling with financial issues stemming from the nation’s mortgage foreclosure crisis and related economic downturn, according to the Community Associations Institute (CAI).

Loan Value Group’s RH Reward Program Named a 2010 Best Invention
DSNews / November 16, 2010
Loan Value Group LLC (LVG), a Rumson, New Jersey-based risk solutions provider focusing on strategic default, recently announced that its Responsible Homeowner Reward program was chosen by Time magazine as one of the 50 Best Inventions of 2010.
(Anthony’s note: In theory, this sounds like a great program to reward those folks that are paying the debt they agreed to pay.  It will be interesting to see if it works for both lenders and for borrowers.)

NAR: Homeowners net worth 41 times greater than renters
HousingWire / November 16, 2010
The average homeowner has a net worth that is about 41 times greater than that of a renter, according to a report from the National Association of Realtors.  Homeowners’ net worth averaged between $150,000 and $200,000 this year, according to NAR. The trade group for Realtors said homeowner equity accounts for a substantial part of that net worth.

From the National Association of Realtors®:

NAR Praises FHA’s Increased Stability
An independent audit shows that the Federal Housing Administration cash reserve levels have increased over the past year.

America’s 10 Dirtiest Cities
Forbes magazine names cities across the country that could use a little clean up.
(Anthony’s Note:  This doesn’t necessarily mean these cities are filthy and unlivable.  The survey was done by the American Lung Association, so it’s really about air quality according to the full article in ForbesYes, seven of the ten are in California.)

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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 11-16-2010


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

I often get asked for foreclosure data and foreclosure resources.  Here is a resource I believe to be useful.  ForeclosureRadar  has foreclosure data for a variety of counties (but not all) in Washington, Oregon, California, Arizona, and Nevada.  The site you’ll land on is for Washington data, but the other states are available at the bottom under “Consumer Services-Arizona Foreclosures, California Foreclosures, etc).  They really have some terrific data, and it can be sorted by county and even by zip code.  This website is a keeper.  (Not all counties are represented.)

If you checked out the article yesterday on  REAL ESTATE SURVEY FINDS NEW TREND IN COLLEGE TOWNS: “PARENT INVESTORS” BUYING HOMES VS. SPENDING ON RENT OR DORMS it is worth mentioning that the average sales price in Spokane in October was $189,541 which would put us right at about #35 on the list for college towns.  It’s worth considering when looking at Whitworth, Gonzaga, EWU, or the WSU/Spokane campus that Spokane is very affordable in comparison to the PAC-10 school towns.

Report to Urge Foreclosure Vigilance
The Washington Post | November 16, 2010
A congressional oversight panel is set to warn on Tuesday that a widespread problem of flawed and fraudulent foreclosure paperwork could upend the housing market and undermine the nation’s financial stability, just as the issue is coming under greater scrutiny this week in Washington.

FHA’s Cash Reserves Rebounding, Audit Shows
The Washington Post | November 16, 2010
The Federal Housing Administration’s cash reserves remain below the level required by law, but they have not deteriorated much since last year and taxpayer funding will not be necessary to buoy the agency even under worst-case scenarios, federal officials said Monday.

Analysts See 7% Drop in Home Prices over Next Year
DSNews | November 15, 2010
Despite a bounce in home prices during the first half of 2010, Fiserv Inc. says it expects property values nationally to fall another 7.1 percent over the next 12 months before beginning to stabilize.

Backlash to Bond-Buying Plan Hampers Fed
The Washington Post | November 16, 2010
The political maelstrom that erupted after the Federal Reserve’s decision two weeks ago to take expansive action to boost the economy has reduced the central bank’s maneuvering room as it considers how to get growth on track.

Freddie Mac: Refinancing Borrowers Big Fans of Fixed-rate Mortgages
HousingWire | November 15, 2010
Refinancing borrowers “overwhelmingly” moved into 30-year fixed-rate mortgages in the third quarter, according to a Freddie Mac product report.

From the National Association of Realtors®:

Two Paths for Commercial Market in 2011
An expert with the Urban Land Institute predicts the commercial market will be divided between well-located, high-occupancy properties and overleveraged, mostly vacant buildings.

Analysts Say Housing Is Better But Still Fragile
Low interest rates coupled with stabilizing home prices could give the economy a boost, analysts say.

3 Reasons to Sell a Home Soon
Steve McLinden says to focus on your local situation when deciding whether to sell, look at comparative sales, investment potential, lending standards, and interest rates.

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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 11-15-2010


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

REAL ESTATE SURVEY FINDS NEW TREND IN COLLEGE TOWNS: “PARENT INVESTORS” BUYING HOMES VS. SPENDING ON RENT OR DORMS
(Anthony’s Note: A great article on buying a rental in a college town that highlights a few things worth mentioning.  Over the years we’ve seen investors that buy a rental in the town where their kid will be going to college.  If you pick up a duplex or triplex, much of the rent can cover the payment or cost of the building and your kid can live almost rent-free.  To me the most surprising news that came out of the article was that the PAC-10 is the most expensive division in the NCAA in which to buy a home {based on average sales price}).

Also a quick reminder that the Spokane County Assessor just sent out the annual assessed value notices.  If your Assessed Value went up and you want to appeal, you have 30 days from the date of notice to do so.  Be sure to call Hayley in our customer service department (509-328-7171) for help with comparable sales in your neighborhood or you can order customer service online.

Home Prices Decline in Nearly Half of Metropolitan Areas
The Wall Street Journal | November 13, 2010
Home prices fell in nearly half of U.S. metropolitan areas in the third quarter, indicating that the market is losing steam without government tax credits, according to an industry report.

Mortgage Regulator Is Tapped
The Wall Street Journal | November 13, 2010
President Barack Obama tapped North Carolina Banking Commissioner Joseph A. Smith Jr. on Friday to head the regulatory agency that oversees mortgage giants Fannie Mae and Freddie Mac.

Fannie Mae Moves Foreclosure Cases Out of Stern Law Firm
HousingWire | November 14, 2010
Fannie Mae has officially terminated its relationship with Florida foreclosure law firm David J. Stern and directed its servicers to begin transferring cases, according to an announcement Wednesday.

He Sounded the Housing Alarm, but to No Avail
The Washington Post | November 14, 2010
Former Treasury secretary Henry M. Paulson Jr., Federal Reserve Chairman Ben S. Bernanke and other top government officials have said they did not notice the dangers that Michael Blomquist saw in the runaway California housing market until five years after he did.

“Re-Foreclosure” Hits Massachusetts
CNBC | November 14, 2010
Homeowners in Massachusetts are now facing “back-to-back foreclosures,” due to problems with property titles. When lenders are unable to get title insurance for the property on which they have foreclosed, they are now opting to try the whole process again.

From the National Association of Realtors®:

The Road to “Normalcy”
Lawrence Yun, NAR Chief Economist
Prior to the recent mid-term elections consumers expressed their troubling unhappiness about their situations. The index measuring confidence about consumers’ present situation, which is based primarily on questions related to the economy, job and personal finances, was 23.9 in October. That is much lower than the neutral 100 mark and essentially at near historic lows – even matching the levels at the depth of the recessions in the early 1980s and early 1990s.Commercial Investment Rise in Third Quarter
George Ratiu, NAR Research Economist
Amid signs of uncertainty, economic activity continued its moderate growth trend in the third quarter of this year. After posting growth rates of 3.7 percent and 1.7 percent in the first and second quarters, respectively, gross domestic product (GDP) rose 2.0 percent in the third quarter. (Note: this is the first estimate of third quarter 2010 GDP growth; two revisions are expected later this year.) This growth was spurred along by double-digit increases in business spending, along with rising consumer expenditures.

  

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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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