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.
Anthony V. Carollo / President
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