Today’s news that may be of interest to you:
Banks Push Home Buyers to Put Down More Cash
The Wall Street Journal | February 16, 2011
The down payments demanded by banks to buy homes have ballooned since the housing bust, forcing many people to rethink what they can afford and potentially shrinking the pool of eligible buyers.
Geithner: Cut Corporate Tax Rate
Reuters | February 16, 2011
Treasury Secretary Timothy Geithner declared that the U.S. needs to cut the corporate tax rate substantially, with a goal in the high 20 percent range, down from the current 35 percent.
Farmland Boom Provides Bright Spot for U.S. Midwest Real Estate
Bloomberg | February 16, 2011
Farmland values in the central U.S. increased the most in at least two years in the fourth quarter, the Federal Reserve Bank of Kansas City said yesterday. The gains are a bright spot in a region where manufacturing job losses have driven down prices of homes and commercial property.
West Coast Foreclosure Sales Climb to Pre-Robo-Signing Levels
DSNews | February 15, 2011
Foreclosure auction sales in states along the West Coast have bounced back to levels not seen since robo-signing moratoriums went into effect last fall, the California-based tracking firm ForeclosureRadar reported Tuesday.
CoreLogic Blasts NAR for Overstating Home Sales
United Press International | February 15, 2011
The “most popular measure” of existing home sales, the National Association of Realtors’ Existing Home Sales, has increasingly overstated home sales for ten years as measured by five other sources, and reached a level in 2010 that is 15 to 20 percent higher than actual sales, according to CoreLogic, which made the charges in its US Housing and Market Trends Report.
Majority of Freddie Mac Borrowers Refinanced to Fixed-Rate Loans in 4Q
HousingWire | February 15, 2011
Fixed-rate mortgages accounted for the overwhelming majority of fourth-quarter refinancing on Freddie Mac loans.
Mortgage Applications Drop as Rates Hover Above 5%
HousingWire | February 16, 2011
The volume of mortgage applications filed in the past week continued to fall as rates hovered above 5% and mortgage refinancings declined, the Mortgage Bankers Association said in its Weekly Mortgage Applications Survey Wednesday morning.
From the National Association of Realtors®:
MID Under Attack Again in Budget Proposal
The mortgage interest deduction for home owners is being targeted again in budget cuts, and special interest groups have already kicked in the resistance to save it.
Will Rising Rates Jeopardize Housing Recovery?
The 30-year mortgage, a popular choice among borrowers, inched above 5 percent last week for the first time in a year. How will this affect the housing recovery?
Anthony V. Carollo / President
Stewart Title of Spokane
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