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Today’s Real Estate News 2-24-2011

24 Feb

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

U.S. Pushes Mortgage Deal
The Wall Street Journal | February 24, 2011
The Obama administration is trying to push through a settlement over mortgage-servicing breakdowns that could force America’s largest banks to pay for reductions in loan principal worth billions of dollars.

MERS Can Foreclose in California, State Appeals Court Rules
Bloomberg | February 23, 2011
Merscorp Inc., operator of the electronic-registration system that contains about half of all U.S. home mortgages, has the right to foreclose on defaulted borrowers in California, a state appeals court ruled.

Fed Economist Pushes Homebuyer Down Payment Subsidy
HousingWire | February 23, 2011
A Federal Reserve Bank of Cleveland research economist asserted Wednesday that the government may increase long-term housing sustainability by putting forward a homebuyer down payment assistance as opposed to interest rate subsidies.

Details Emerge on New Fannie Mae Grading System for Servicers
HousingWire | February 23, 2011
Fannie Mae released more details of its new mortgage servicer evaluation program Wednesday afternoon, ultimately laying out plans to align the grades with compensation.

Short Sales to Ramp Up With HAFA Changes
HousingWire | February 23, 2011
Servicers are moving toward a proactive approach in pursuing short sales as an alternative to foreclosure, servicers on a Mortgage Bankers Association panel said Wednesday.

Foreclosure Sales Made Up 26% of 2010 Home Sales
HousingWire | February 24, 2011
Foreclosure sales continued to account for more than 20% of all U.S. home sales in the fourth quarter and fiscal year 2010, foreclosure data firm RealtyTrac said Thursday.

Cash Deals Raise January Sales of Existing Homes, Report says
The Washington Post | February 23, 2011
Sales of previously owned homes increased nationwide in January, driven by all-cash purchases that suggest investors are chasing after foreclosures and other bargains in an ailing housing market, an industry group reported Wednesday.

Government Settlement with Financial Industry Over Foreclosure Practices Draws Near
The Washington Post | February 24, 2011
State and federal officials, who have been negotiating with financial firms over how to address widespread abuses in foreclosure practices, are moving closer to a settlement that could force banks to reduce the principal on mortgages for some borrowers who owe more than their homes are worth.

Fed’s Hoenig: Easy Money And Too-Big-To-Fail Must End
The Wall Street Journal | February 23, 2011
Federal Reserve Bank of Kansas City President Thomas Hoenig on Wednesday said the U.S. central bank was risking a new financial crisis with its easy-money policies and urged regulators to break up the biggest banks.

Geithner Butt of Jokes No More as Money Man Now on Top
Bloomberg | February 24, 2011
Treasury Secretary Timothy Geithner says the U.S. economy is in a “much stronger position” than it was two years ago. The same could be said of him.

Mortgage-Backed Securities Will ‘Reemerge’
CNBC | February 23, 2011
The residential mortgage-backed security market will reemerge beyond Fannie Mae and Freddie Mac, Lewis Ranieri, the “father” of the trillion-dollar mortgage market, told CNBC on Wednesday

From the National Association of Realtors®:

Existing-Home Sales Up Again in January
For the third straight month, sales rose and are now above levels from a year ago, NAR says.

Rental Survey Reveals Top Reasons for Moves
A recent survey by Apartments.com finds a double-digit percentage increase in renters moving because of job opportunities, as well as more current home owners entering the rental market.

Investors Flock to Foreclosures, But Hit Snags
Investors are finding it increasingly difficult to buy distressed properties, faced with constant postponements or cancellations of auctions, and disagreements over a fair price.

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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