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Today’s Real Estate News 1-25-2011

25 Jan

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

If you don’t mind giving the US Federal Gov’t a little access to your phone (is Big Brother watching you?), this is a story about the new IRS app that you can download and follow your refund.  Wow, my dreams have finally come true.  (:-)

Mortgage Fees on the Rise Again
MarketWatch | January 25, 2011
Rising mortgage fees announced by Fannie Mae are beginning to affect costs for borrowers – even those with good credit scores.

Home Prices in U.S. Probably Dropped, Consumer Confidence Rose
Bloomberg | January 25, 2011
Residential real estate prices probably dropped in November by the most in a year, signaling housing has yet to join the U.S. rebound, economists said before a report today.

Commercial Property Prices Rise for Third Straight Month: Moody’s
DSNews | January 24, 2011
Word on the street is that recovery is taking hold in the commercial real estate sector. Vacancy rates are starting to decline; delinquencies, although still elevated, are beginning to moderate; and property values are steadily increasing.

Index of Distressed Property Sales Surges in December: Report
DSNews | January 24, 2011
Sales of distressed properties surged in December as many banks resumed foreclosures following the suspensions prompted by robo-signing issues last fall, according to an industry study conducted by Campbell Surveys.

Churches Find End Is Nigh
The Wall Street Journal | January 25, 2011
Residential and commercial real-estate owners aren’t the only ones losing their properties to foreclosure. The past few years have seen a rapid acceleration in the number of churches losing their sanctuaries because they can’t pay the mortgage.

Reverse Mortgage Defaults Prompt Changes to Counseling Services
Reuters | January 24, 2011
Federal regulators and lenders are moving to address a growing problem with defaults on reverse mortgages.

Ten Indicted in California Mortgage Fraud Scheme
HousingWire | January 24, 2011
A newly unsealed 56-count indictment charges 10 people in California in a $20 million mortgage fraud scheme in Bakersfield, Calif., said U.S. Attorney Benjamin Wagner.

From the National Association of Realtors®:

Cities Where It’s Cheaper to Buy Than Rent
A new survey reveals that buying a home makes more financial sense in 72 percent of the largest U.S. cities than renting. Find out where buying vs. renting really pays off.

Speed Up Foreclosures to Stabilize Housing?
Some real estate experts say the shadow inventory from the foreclosure crisis is threatening the recovery of the housing market and scaring buyers off.
(Anthony’s Note: There are certainly two sides to this discussion!  The other side is looking at those cases of mistaken foreclosure, or where the borrower is attempting to do a workout and they lose the home anyway.  I’m not sure that speeding things up is the answer, but stopping them altogether can’t be the answer either.)

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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