Today’s news that may be of interest to you:
The answer to yesterday’s trivia- Fannie Mae is a name for FNMA which stands for Federal National Mortgage Association, and Freddie Mae is a name for FHLMC which comes from Federal Home Loan Mortgage Corporation. 75% of the folks that replied to me got it right. (:-)
As an aside, there also exists Farmer Mac, which is Federal Agricultural Mortgage Corporation and Sallie Mae whose name came from Student Loan Marketing Association. All more than you cared to know I’m sure.
Dip in Home Values, Robo-Signing Push More Borrowers Underwater
DSNews | February 10, 2011
Home values in the United States fell 2.6 percent during the last three months of 2010, posting their largest quarterly decline since the first quarter of 2009, according to a fourth-quarter market report issued by Zillow this week.
Higher Pay Gains Seen for 2011
The Wall Street Journal | February 11, 2011
U.S. workers have reason to hope for slightly better pay raises this year, a shift that could add momentum to the economic recovery.
Rise in Rates Is Headwind for Housing
The Wall Street Journal | February 10, 2011
U.S. 30-year mortgage rates have jumped above 5% for the first time since last spring, in a rapid rise that could present a challenge to the still-troubled housing market.
Dimon Calls Fannie, Freddie ‘Biggest Disasters of All Time’
Bloomberg | February 11, 2011
JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon said government-sponsored mortgage companies Fannie Mae and Freddie Mac were “the biggest disasters of all time” and a leading cause of the U.S. financial crisis.
From the National Association of Realtors®:
Most Metro Areas See Home Prices Stabilizing
During the fourth quarter of 2010, 78 markets saw year-over-year home price gains and 49 states saw existing-home sales increase, which is helping to absorb inventories.
6 Real Estate Markets Poised for Recovery
These six metro areas are expected to record some of the largest price gains in real estate by 2012.
(Anthony’s Note: Tacoma, WA makes #1 on the list and Seattle ends the list at #6.)
Scam Uses Foreclosed Homes as Rentals
A scheme involving fake rental agreements that uses foreclosed homes is coming to light after a family of seven in Florida was recently duped by a man posing as a landlord of a property he did not own.
Foreclosure Notices Reach 3-Year Lows
Fewer homes entered the foreclosure process in January than in any month in the last three years. Is this a sign of recovery?
Anthony V. Carollo / President
Stewart Title of Spokane
606 W. 3rd Ave.
Spokane, WA 99201
Direct Line: 509.321.3939
Direct Fax: 866.652.8834
Please remember to choose Stewart Title of Spokane on your next transaction!