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Today’s Real Estate News 11-30-2010

30 Nov

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.

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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