Today’s Real Estate News 12-23-2010

23 Dec

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

Please remember to choose Stewart Title of Spokane on your next transaction!



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