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Monthly Archives: December 2010

Today’s Real Estate News 12-30-2010


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

Foreclosures Jump 31% in Third Quarter: OCC
HousingWire | December 30, 2010
Large banks and thrifts foreclosed on 382,000 homes in the third quarter, a 31.2% spike from the previous quarter, according to the Office of the Comptroller of the Currency.

Jobless Claims in U.S. Decreased More Than Estimated to 388,000 Last Week
Bloomberg | December 30, 2010
Initial U.S. jobless claims fell last week to the lowest level since July 2008, a sign that the labor market is improving heading into 2011.

Housing Price Declines Increase Strategic Default Risk
HousingWire | December 29, 2010
Home prices are expected to drop another 20% before hitting bottom, according to economists at A. Gary Shilling & Co., raising the risk that 40% of borrowers will walk away from their home in a strategic default.

John Hancock Tower Sells for $930 Million
The New York Times | December 30, 2010
The John Hancock Tower, a 62-story glass skyscraper in Boston’s Back Bay, was one of the first real estate trophies to run into trouble when the speculative property boom abruptly ended two years ago.

House Appraisals Under Fire
The Wall Street Journal | December 30, 2010
Home appraisals, which were blamed for being too generous during the housing boom, are now being criticized by some homeowners for being too stingy, preventing them from refinancing or borrowing against their houses.

Texas Bills Limit HOAs Power to Foreclose for Late Dues
HousingWire | December 30, 2010
Homeowners associations could see their power to foreclose on families for failure to pay dues limited under several bills filed in the upcoming session of the Texas Legislature.

From the National Association of Realtors®:

Officials Search for Fannie-Freddie Road Map
Top Obama administration officials are debating the future role of Fannie Mae and Freddie Mac, and whether the government should provide a guarantee for new mortgages when the market stabilizes.

Smarter Marketing Means More Money in 2011
Inman columnist Bernice Ross offers several suggestions for trimming money-wasters from your business and being more effective with your time.

Housing Starts Predicted to Hit 3-Year High
Job growth, an increasing U.S. population, and low interest rates could drive the construction of more homes in 2011, industry experts say.

HGTV Looking for Makeover Candidates
Starting this summer, a new HGTV show will be traveling across America in an 18-wheeler to fulfill ultimate home makeovers. Interested in taking part?

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Find me on:   Right-click here to download pictures. To help protect your privacy, Outlook prevented automatic download of this picture from the Internet. LinkedIn   Right-click here to download pictures. To help protect your privacy, Outlook prevented automatic download of this picture from the Internet.

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 12-29-2010


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

In the Rearview, a Year That Fizzled
The New York Times | December 29, 2010
It was the year that the economy started to recover and then slid back into a slump – only to offer reason for renewed hope in the final weeks.

GOP Shifts on Fannie, Freddie Overhaul
The Wall Street Journal | December 29, 2010
Earlier this year, leading House Republicans proposed to privatize mortgage giants Fannie Mae and Freddie Mac or place them in receivership starting in two years. Now, as Republicans prepare to assume control of the House next week, they aren’t in as big a rush, cautioning that withdrawing government support in the housing market should be gradual.

Faces of the Home-Foreclosure Crisis
The Wall Street Journal | December 29, 2010
The foreclosure crisis that erupted four years ago has claimed more than five million American homes-about 10% of all homes with a mortgage. It began in lower-income neighborhoods and has spread to some of the most exclusive addresses in the U.S.

2010 Worst Year for Bank Failures Since 1992
The Washington Post | December 29, 2010
More banks failed in the United States this year than in any year since 1992, during the savings-and-loan crisis, according to the Federal Deposit Insurance Corp.

Can the Stock Market Have a ‘Home-Less’ Recovery?
CNBC | December 29, 2010
The stock market rallied amid zero or negative job growth in 1991, 2002 and during the current bull market. A so-called jobless recovery has become part of Wall Street vernacular. However, the stock market never had to keep rallying during a period where the prices of homes, where most of Americans’ wealth lies, keep going down. That could be put to the test next year.

Housing Recovery Stalls
The Wall Street Journal | December 28, 2010
A new bout of declining home prices is threatening to hamper the U.S. recovery, just as consumers and the overall economy have been showing signs of healing.

From the National Association of Realtors®:

Predictions for Housing in 2011
Will housing rebound in the year ahead? Fortune.com highlights both sides of the coin, from affordability driving buyers to high inventories pushing prices lower.

Foreclosure Inventory Rises, Rate Drops
See which states have the most delinquent home loans and which have the fewest, according to Lender Processing Services.

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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 12-28-2010


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

Housing Starts Seen Rising to 3-Year High with Boost for Jobs
Bloomberg | December 28, 2010
Federal Reserve Chairman Ben S. Bernanke may be about to get help in his attempt to boost the economy, from an industry at rock-bottom: housing.

Out of Lehman’s Ashes Wall Street Gets Most of What It Wants
The Washington Post | December 28, 2010
Wall Street’s biggest banks, whose missteps caused a global financial crisis and economic slowdown two years ago, were more agile when it came to countering the political and regulatory response.

Ally Subsidiaries Reach $462M Settlement with Fannie on Repurchases
HousingWire | December 27, 2010
Ally Financial’s mortgage unit, Residential Capital, and certain ResCap subsidiaries reached a $462 million settlement with Fannie Mae on potential mortgage repurchases.

‘Deadbeat’ TARP Banks on Rise
The Washington Post | December 28, 2010
The Obama administration has begun monitoring the high-level board meetings of nearly 20 banks that received emergency taxpayer assistance but repeatedly failed to pay the required dividends, according to Treasury Department officials and documents. And it may soon install new directors on some of their boards.

Federal Reserve Board approves interim rule to amend Regulation Z
HousingWire | December 27, 2010
The Federal Reserve Board approved an interim rule late last week that will require lenders to show borrowers examples how of a loan’s interest rate or monthly payments can change in accordance with a five-year, adjustable-rate mortgage.

LPS: Nearly 2.2 Million Mortgages are More than 90 Days Delinquent
HousingWire | December 27, 2010
The volume of loans moving to REO continued to drop in November as moratoria further delayed foreclosure sales, according to the latest Mortgage Monitor report from Lender Processing Services.

Prediction: Mortgage Delinquencies Will Decline in 2011
DSNews | December 27, 2010
The annual consumer credit forecast from U.S. credit bureau TransUnion predicts a 20 percent drop in national mortgage loan delinquencies by the end of 2011.

U.S. Housing Prices Likely to Fall 5% to 7% More, Zillow’s Humphries Says
Bloomberg | December 27, 2010
U.S. home prices will fall 5 percent to 7 percent more before a reaching a bottom in late 2011, said Stan Humphries, chief economist of Zillow Inc., a provider of housing data.

Officials Search for Fannie-Freddie Road Map
The Wall Street Journal | December 24, 2010
Obama administration officials are struggling to reach consensus on a future path for mortgage giants Fannie Mae and Freddie Mac, unable to agree on whether the government should provide a guarantee for new mortgages when the market stabilizes, according to people familiar with the discussions.

Startups Key to Job Growth
The Wall Street Journal | December 27, 2010
New businesses are the most important source of new jobs, researchers say. And that’s just counting people who are on the payrolls of firms that get counted in official job statistics.

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 12-27-2010


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

(Anthony’s Note: I know that many times the news we read seems to be contradictory.  The economy is up, the economy is down; you don’t know what to believe.  That seems to be symptomatic of this crazy recovery.  Today’s news is no different, there are actually several articles that seem to contradict one another.  C’est la vie’!)

Home Prices Probably Fell, Baring Weak Link in Accelerating U.S. Recovery
Bloomberg | December 26, 2010
Home prices probably dropped in October, a sign housing will remain a weak link as the U.S. recovery accelerates into the new year, economists said before reports this week. (The economy is down!) 

New Voters May Sway Fed Actions
The New York Times | December 26, 2010
As the Federal Reserve debates whether to scale back, continue or expand its $600 billion effort to nurse the economic recovery, four men will have a newly prominent role in influencing the central bank’s path.

Moody’s Predicts Another Rocky Year for Servicers in 2011
DSNews | December 23, 2010
The 2011 Mortgage Servicers Outlook published mid-December by Moody’s predicts more troubles ahead for servicers regarding irregularities in foreclosure practices and documentation. (The economy is down!) 

Tough Times Breed Financial Cons
The Wall Street Journal | December 27, 2010
Hard times are generating a growing number of financial scams in which victims are tempted to invest money on the false promise of big returns, often from supposed caches of overseas money.

Bull vs. Bear: Will Housing Rebound?
CNN Money | December 27, 2010
It’s a question many Americans want answered: Will the value of my home rise or fall next year? Smart minds fall in both camps – here are both sides of the coin on real estate.  (The economy is up and the economy is down!  This article discusses both sides.)

Modest Pay Increases Expected in Year Ahead
The Wall Street Journal | December 27, 2010
Raises in 2011 are set to be better than last year, but not by much. Companies plan to raise their salary budgets a median of 2.8% in 2011 after giving median 2.4% raises in 2010, according to a survey by management consulting firm Hay Group. (The economy is up!) 

Job Offers Rising as Economy Warms Up
The Wall Street Journal | December 25, 2010
As the economy gradually recovers, some big U.S. companies are cranking up their recruiting and advertising thousands of job openings, ranging from retail clerks and nurses to bank tellers and experts in cloud computing. (The economy is up!) 

Prediction: Mortgage Delinquencies Will Decline in 2011
DSNews | December 23, 2010
The annual consumer credit forecast from U.S. credit bureau TransUnion predicts a 20 percent drop in national mortgage loan delinquencies by the end of 2011. (The economy is up!) 

Tax Package Opens Small Window for Business Sellers
Reuters | December 26, 2010
Small business owners thinking about selling or ceding control of their companies to relatives should be getting their ducks in a row before 2012, cautioned experts, before the extension expires and tax rates likely become less favorable.

From the National Association of Realtors®:

2011’s Strongest and Weakest Markets
Research firm Veros Real Estate Solutions predicts that home prices will go up in 40 percent of U.S. metro areas next year. But many markets, particularly in Florida and Nevada, may not see a rise in values.  (The Tri-Cities, WA area made the up list but then Boise/Nampa and Reno/Sparks made the down list.)

Economists Predict Flat Home Prices
A group of economists say home prices will be held back by lingering unemployment next year. (The economy is down!) 

Economic Growth Exceeds Forecast
Increases in consumer spending and a drop in layoffs suggest that 2011 may be better than expected. (The economy is up!) 

Founder of Foreclosure.com Defaults
A co-founder of the Web site Foreclosure.com has “strategically defaulted” on her California home.

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 12-23-2010


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

Consumer, Business Spending Probably Rose as U.S. Economy Grew
Bloomberg | December 23, 2010
Spending by U.S. consumers and businesses probably accelerated in November, a signal the world’s largest economy is speeding up at the end of the year, economists said before today’s reports.

HAMP Stats Increase in November with Permanent Mods Topping 500K
DSNews | December 22, 2010
The federal government’s principal foreclosure prevention program has put 504,648 distressed homeowners into permanently modified loans since it was launched in March 2009.

Sales of Existing Homes Gain Ground in November
DSNews | December 22, 2010
Existing-home sales got back on an upward path in November, resuming a growth trend since bottoming in July, the National Association of Realtors (NAR) reported Wednesday.

Residential Housing Construction Continues Modest Recovery: McGraw-Hill
HousingWire | December 22, 2010
Residential building grew modestly in November as the housing sector continued to recover from the drop-off of activity in late spring spurred by the expiration of the homebuyer tax credit.
(Anthony’s Note: The headline says Residential” but the McGraw-Hill report has great some information on the commercial market recovery as well as noted in this article on their website.  It’s a great website by the way, it’s going into my “favorites” list.)

Obama Housing Scorecard: Robo-signing Takes Hold of Market in November
HousingWire | December 22, 2010
The housing market felt the effects of the robo-signing scandal in November as foreclosure starts and completions fell significantly, according to the Obama administration’s November 2010 housing scorecard.

Rush to Foreclose by Fannie, Freddie Helped Feed Problems with Legal Paperwork
The Washington Post | December 22, 2010
As the housing market came crashing down in 2008, the giant mortgage company Fannie Mae took an unprecedented step to help tackle the rising tide of foreclosures. It named an exclusive group of law firms that would help rapidly carry out the unsavory task of filing legal paperwork to remove homeowners from their homes.

Role of Auditors in Crisis Gets Look
The Wall Street Journal | December 23, 2010
Until this week when civil-fraud charges were brought against Ernst & Young LLP for its role in the collapse of Lehman Brothers Holdings Inc., auditors had largely side-stepped blame for the financial crisis.

From the National Association of Realtors®:

NAR: Existing-Home Sales Rise 5.6%
Home prices are stable as sales increased in November for the third time in the past four months.

Mortgage Defaults Rose in December
The increase of 3.05 percent in the first-mortgage default rate was the first uptick since December 2009, as the overall rate was down nearly 39 percent for the year, according to S&P/Experian.

Tax Deal Has Home Owner Benefits
Mortgage insurance deductions and home improvement credits were included in the tax compromise President Obama signed last week.

We’re closed tomorrow (12/24) but back and open on Monday morning to serve you.

Have a wonderful and blessed Christmas! 

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 12-22-2010


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

Sales of U.S. Previously Owned Homes Probably Rose in November
Bloomberg | December 22, 2010
Sales of existing homes probably rose in November as the industry that triggered the worst recession in seven decades struggled to recover, economists said before a report today.

Home Loan Demand Drops, Lowest in Nearly 1 Year
Reuters | December 22, 2010
Mortgage applications tumbled to their lowest level in nearly a year as a six-week-long rise in interest rates took a significant toll on demand, an industry group said on Wednesday.

Commercial Property Prices Up 3.2% from Last Year: Moody’s
DSNews | December 21, 2010
Moody’s Investors Service says its gauge of commercial property prices rose 1.3 percent from September to October, marking the second consecutive monthly increase recorded by the New York-based research firm.

Open Letter to Regulators: Develop National Mortgage Servicing Standards
HousingWire | December 21, 2010
Mortgage finance industry executives are asking regulators to adopt national standards for the securitization of home loans as soon as possible, starting with the disclosure and risk retention rules outlined in Dodd-Frank.

Fannie Mae, Freddie Mac Foreclosures Double Modifications in 3Q
HousingWire | December 21, 2010
Servicers started 339,000 foreclosures on Fannie Mae and Freddie Mac mortgages in the third quarter, more than double the 146,507 modifications completed, according to data from the Federal Housing Finance Agency.

Wells Fargo Making Mortgage Changes in California
The Wall Street Journal | December 21, 2010
Wells Fargo & Co. agreed to make an estimated $2.4 billion in mortgage modifications for California homeowners with “pick-a-payment” adjustable-rate loans, as part of an agreement with the state’s attorney general.

Elizabeth Warren
Newsweek | December 21, 2010
Obama tapped her to set up the new Consumer Financial Protection Bureau. Can she create a more honest market?

In a Sign of Foreclosure Flaws, Suits Claim Break-Ins by Banks
The New York Times | December 22, 2010
When Mimi Ash arrived at her mountain chalet here for a weekend ski trip, she discovered that someone had broken into the home and changed the locks. 
 

From the National Association of Realtors®:

Research Firm Forecasts Fall in Home Prices
Altos Research predicts the housing market will not recover until unemployment stabilizes, which may not begin before 2012.

Counselors Help Troubled Borrowers
A study by the Urban Institute reveals that home owners who worked with a housing counselor were less likely to re-default.

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Carollo Family cutting the tree  

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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 12-21-2010


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

Riding the Unlikely Commercial Real Estate Rebound
CNNMoney.com/FortuneFinance | December 20, 2010
For years commercial real estate has been billed as the next big train wreck. So why are some investors shouting all aboard?

CoreLogic Sees Mortgage Fraud Rate on the Rise as Origination Volume Drops
HousingWire | December 20, 2010
The probable rate of mortgage fraud on loans written in 2010 increased 20% as the amount of loans originated continues to fall, according to data analytics firm CoreLogic.

New Jersey Orders Court Appearance for 6 Mortgage Lenders
The Washington Post | December 21, 2010
Bank executives who were hoping for a quiet end to this fall’s controversy over irregularities in the foreclosure process are facing a new threat: state judges.

Recession Forces Rise in Low-Wage Families, Report Says
The Washington Post | December 21, 2010
The Great Recession, responsible for boosting unemployment to its highest levels in a generation, has sharply increased the percentage of working people who earn wages so paltry that they are struggling to survive, according to a new report.

Survey: Rising Rates, First-Time Homebuyers Drive Market in November
DSNews | December 20, 2010
Rising mortgage rates helped push first-time homebuyers to buy properties in November, while investors lost some of their enthusiasm for distressed properties last month.

How the Mortgage Industry Polices HAMP
Reuters | December 20, 2010
American Banker’s Kate Berry uncovers a stunning factoid today: the nonprofit Homeownership Preservation Foundation, the official body charged with resolving disputes over HAMP modifications, was founded by ResCap and to this day is run by GMAC and other finance officials from within the mortgage industry.

U.S. Mulls New Push to Shape Bank Pay
The Wall Street Journal | December 20, 2010
U.S. regulators are considering whether to require large financial firms to hold onto a chunk of executive pay to discourage the excessive risk-taking that contributed to the financial crisis, according to people familiar with the situation.

Mortgage Rates Jump. Will Home Prices Fall?
The Wall Street Journal | December 21, 2010
Borrowing money to buy a house just got more expensive. The average rate on a 30-year mortgage rose to 4.83%, Freddie Mac said Thursday. That’s an increase of about two-thirds of a percentage point in five weeks.

From the National Association of Realtors®:

Growing Economy Big Factor for Buyers
The improving economy is a large motivator for home buyers, more so, even, than fear of rising interest rates, say economists.

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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