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Today’s Real Estate News 2-17-2011

17 Feb

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

Home sales measurements have shown to differ at times as reported by NAR and some outside organizations. Here are the facts and background you need to know.   Q: How are NAR home sales computed? A: NAR collects sales data from numerous MLSs, with a reporting sample of about 40 percent. (If you saw my “Today’s News” yesterday, there was an interesting article based on a CoreLogic report that came out debating NAR’s sales figures for the past 10 years. This is an interesting rebuttal from NAR. I also included the original article, “CoreLogic Blasts NAR for Overstating Home Sales.” (see below) – Anthony)
 
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.

Bernanke Says Dodd-Frank Law Is ‘Major Step Forward’
Bloomberg | February 16, 2011
Federal Reserve Chairman Ben S. Bernanke said the central bank is working “expeditiously” to enact the overhaul of U.S. financial regulation signed into law last year.

Fed Upgrades Economic Outlook
The Washington Post | February 16, 2011
Federal Reserve policymakers expect the U.S. economy to grow as much as 3.9 percent this year, slightly higher than earlier projections, according to minutes of the central bank’s latest policy meeting.

Interest is the Monster
The Washington Post | February 16, 2011
Interest payments on the national debt will quadruple in the next decade and every man, woman and child in the United States will be paying more than $2,500 a year to cover for the nation’s past profligacy, according to figures in President Obama’s new budget plan.

Improvement in Mortgage Delinquencies Slows: TransUnion
DSNews | February 16, 2011
TransUnion has released its findings and analysis on mortgage delinquency for the fourth quarter of 2010, which found that the national mortgage loan delinquency rate dropped to 6.41 percent.

New Subpoena Seeks Records on Sweetheart Loans
The Washington Post | February 16, 2011
A House committee chairman renewed efforts Wednesday to obtain names of current and former federal, state and local policymakers – including congressional colleagues – who received sweetheart mortgage deals from the former Countrywide Financial Corp.

From the National Association of Realtors®:

Banks Want Higher Down Payments From Buyers
More mortgage lenders are telling buyers they need to come with more cash for down payments to close on a home.

Small Houses Squeeze Out McMansions
The McMansion was considered a ‘trophy’ home just a few years ago, but now home owners are deciding they want less space.

Take Some Tax Breaks for Moving
The IRS offers several tax deductions for writing off some of those hefty moving expenses from work-related relocations.

Using Electronic Signatures Smartly
Find out about the advantages and potential pitfalls of electronic signatures in real estate transactions.
 

 

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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!

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