Today’s Real Estate News 12-1-2010

01 Dec

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

Mortgage Tax Break in Crosshairs
The Wall Street Journal | December 1, 2010

The co-chairmen of the White House’s bipartisan deficit-reduction commission said Tuesday they would propose a significant paring of popular middle-class tax breaks, including the mortgage-interest deduction, and push for an increase in the Social Security retirement age.

S&P Case-Shiller Index Records Broad-Based Declines in Home Prices
DSNews | December 1, 2010
Home prices in the United States fell 2.0 percent in the third quarter of 2010, breaking what had been a trend of fairly steady gains since early last year, Standard & Poor’s reported Tuesday.

NAR Finds Foreclosure Inventory Peaked in the Beginning of 2010
HousingWire | December 1, 2010
The amount of mortgages in the U.S. foreclosure inventory may have peaked at just over 2 million, according to a presentation from the National Association of Realtors.

Senate Panel’s Focus: Foreclosures Resulting from Mortgage Servicers’ Advice
The Washington Post | December 1, 2010
Mortgage industry executives have argued for weeks that they are foreclosing only on borrowers who deserve it for missing their monthly payments.

Private Sector November Job Rise Highest in 3 Years
Reuters | November 30, 2010
U.S. private employers added a better-than-forecast 93,000 jobs in November, the biggest rise since November 2007, after an upwardly revised gain of 82,000 the month before, a report by a payrolls processor showed on Wednesday.

BofA’s ‘Sloppy’ Prime Mortgages Add to Pressure for Buybacks
Bloomberg | December 1, 2010
Bank of America Corp., battling demands for almost $13 billion of refunds from mortgage investors, reported that the fastest-growing group of claims involves loans to people with the best credit scores.

What’s at Stake for the Lame Ducks in Congress
The Washington Post | December 1, 2010
On Capitol Hill, this is the beginning of a strange season. Congress has returned to work for a “lame duck” session, held in the shadow of last month’s Republican rout in the midterm elections. For the next month, Capitol Hill will be divided between a party that has power but no mandate – and another that has a mandate but no power. Which will be awkward. But this ill-matched Congress can’t simply go home. In December, legislators will tackle a number of problems they couldn’t agree on before the elections.

One-third of Fannie, Freddie Mortgage Repurchase Requests 120 Days or Older
HousingWire | December 1, 2010
Fannie Mae and Freddie Mac have made $13.3 billion in mortgage repurchase requests to major U.S. banks as of Sept. 30.

Relocation Survey Shows America’s Growing Preference for Smaller Homes
HousingWire | December 1, 2010
Apparently that 2,500-square-foot, $350,000 home in the suburbs doesn’t look as attractive to potential homebuyers as it once did.

From the National Association of Realtors®:

Foreclosure Crisis Slowing Sales
Data from ForeclosureRadar shows that sales of distressed properties are declining, in part due to investors walking away from deals.

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
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Direct Fax: 866.652.8834

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