Today’s Real Estate News 2-8-2011

08 Feb

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

Cash Buyers Lift Housing
The Wall Street Journal | February 8, 2011
Buyers in markets around the U.S. are snapping up homes in all-cash deals, betting that prices are at or near bottom and breathing life into some of the nation’s most battered housing markets.

Reduction in Fannie, Freddie Loan Limits Favored
The Wall Street Journal | February 7, 2011
A consensus about the future of government-controlled mortgage companies Fannie Mae and Freddie Mac could easily elude Congress this year.

New-Home Recovery Seen as Post-Super Bowl Selling Season Starts
Bloomberg | February 8, 2011
Homebuilder executives and economists predict a post Super Bowl bounce in demand for residential construction as Americans turn their attention from football to another national pastime: house hunting.
(Anthony’s Note: Certainly we see activity increase in the spring, but I’ve never heard of a “post Super Bowl bounce” before, but this article seems to suggest it’s an annual jump.)

U.S. Should Step Back from Mortgage Business, Industry Leaders Say
The Washington Post | February 7, 2011
A group of Wall Street professionals meeting here Monday posed a central question facing the Obama administration: How do taxpayers get off the hook for supporting new home loans without doing damage to the struggling housing market?

Fitch: Subpar Loan Mod Results Making U.S. Foreclosures a Reality
DSNews | February 7, 2011
With loan modifications on a steady decline, the analysts at Fitch Ratings say the common thread running through the industry has become when will the servicer foreclose as opposed to how can a distressed borrower stay in their home.

Fannie Mae Multifamily Funding Drops 14% in 2010
HousingWire | February 7, 2011
Fannie Mae financing for multifamily properties in 2010 dropped 14% compared to 2009, with substantial decreases in funding to manufactured housing communities and senior housing.

Home Builder Follows a Different Blueprint
The Wall Street Journal | February 8, 2011
Standard Pacific CEO Ken Campbell’s strategy appears to be the opposite of what most builders are doing: He’s focusing on bigger homes, and buying up land.  (Anthony’s Note: Certainly this guy is bucking the national trends. Do you think he’s nuts or absolutely brilliant?  Share your thoughts on my blog .) 

Banks Reach Out to Small Firms
The Wall Street Journal | February 8, 2011
Banks are hoping to ignite a rebound in small-business lending, which is lagging behind recent increases in loans to other types of companies and consumers.

FDIC Shifts Burden for Assessments to Bigger Banks
BusinessWeek | February 7, 2011
The Federal Deposit Insurance Corp. voted to base assessments for its insurance fund on a lender’s assets rather than its deposits, shifting the burden for protecting customers against bank failures toward larger and riskier institutions.

The Man Who Made Millions Foreclosing on Houses Could End Up in the Biggest House of All
Los Angeles Times | February 7, 2011
When homeowners fell behind on their mortgages, the banks flocked to “foreclosure mills” like Stern’s to push foreclosures through the courts on their behalf. To his megabank clients – Bank of America, Goldman Sachs, GMAC, Citibank and Wells Fargo – Stern was the ultimate Repo Man.

From the National Association of Realtors®:

Fed Says Commercial Market Less Risky
While more losses are expected from the commercial market, the real estate sector’s outlook is getting brighter.

Foreclosures Soar Among Military Families
Military families have been particularly hit hard by the housing crisis, new data shows.

More Seniors Have Reverse Mortgage Regret
A growing number of seniors who took out equity in their homes with a reverse mortgage are now facing foreclosure.  (Anthony’s Note: Over the years, I’ve heard both sides of discussion on reverse mortgages. There are those that are for them, and those that are against them.  I would love to see your thoughts posted on my blog.)

BofA Launches New Foreclosure Unit
Bank of America is splitting its mortgage business into two units, with one unit devoted specifically to handling foreclosures and discontinued loan products.

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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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