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Monthly Archives: February 2011

Today’s Real Estate News 2-11-2011


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 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

 

Today’s Real Estate News 2-10-2011


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

The very first article is from the NAR (I usually put those down below) but it’s a good lead-in to the Fannie/Freddie discussion that is happening in Congress right now and the other F&F articles I have today.

Trivia question: I’m curious how many of you know (without Googling it!) what are the real or original entity names of Fannie Mae and Freddie Mac?  Feel free to email me a response to show me how smart you are!  (acarollo@stewart.com)

What Should Happen to Fannie and Freddie?
The great debate begins today (now yesterday) over the role the government should play in housing finance as a House subcommittee begins determining the GSEs fate.  (Anthony’s Note: Here is an interesting statistical quote from the article: “Fannie and Freddie securitize about 90 percent of all new mortgages.”  90% is incredible.)

Fighting for Fannie, Freddie
The Wall Street Journal | February 9, 2011
Bipartisan support for scrapping the government’s mortgage giants draws criticism from some influential interest groups.

Fannie, Freddie Agreement May Come By End of Year, Frank Says
BusinessWeek | February 10, 2011
Congress may agree on how to overhaul government-owned mortgage companies Fannie Mae and Freddie Mac by year’s end, U.S. Representative Barney Frank said.

Freddie Mac’s Chief Operating Officer Resigns
The Wall Street Journal | February 9, 2011
Freddie Mac said that its chief operating officer, Bruce Witherell, resigned from the company on Wednesday.

U.S. Foreclosure Filings Decline for Fourth Consecutive Month
Bloomberg | February 10, 2011
Foreclosure filings in the U.S. fell 17 percent in January from a year earlier, the fourth straight month of declines, as legal scrutiny of lender practices slowed actions against delinquent homeowners, RealtyTrac Inc. said. (Anthony’s Note: This is great news.  If we continue to see foreclosures drop, that’s a very good sign for the housing market and for the economy.)

Size of FHA-backed Mortgages Should Shrink, Report Says
The Washington Post | February 9, 2011
The size of mortgages backed by the Federal Housing Administration should shrink dramatically so the agency can protect itself against unnecessary financial risk, according to a report to be released this week by George Washington University.

Obama Housing Plan Due Friday; Bernanke Weighs In
Reuters | February 9, 2011
The U.S. government should only back home loans as a last resort in times of economic stress and should explicitly charge for that support, Federal Reserve Board Chairman Ben Bernanke said on Wednesday.

Homebuilders Undermined by Cost of Construction Boom’s Flaws
Bloomberg | February 10, 2011
The rush to meet demand fueled by low interest rates and liberal lending resulted in a doubling of defects per unit from 2000 through 2005 compared with the previous six-year period, according to International Association of Certified Home Inspectors Inc. estimates.

Study Finds 62% Drop in Home Mortgages to Minorities
The Denver Post | February 10, 2011
Since the housing market collapsed, mortgage lending to African-Americans and Latinos has plunged by more than 60 percent, according to a new study of loan information that banks submit to the federal

Do Regulations Kill Jobs? House Report Draws on Businesses’ Answers.
The Washington Post | February 9, 2011
The Republican staff of a key House oversight committee has expressed a degree of sympathy for industry arguments that federal regulations are killing jobs.

From the National Association of Realtors®:

Real Estate Is ‘as Affordable as it Gets’
“Based on incomes, this is as affordable as it gets,” says the chief economist at Moody’s Analytics about purchasing a home in today’s market.

Landing Mortgage More Stressful Than Finding a Job?
Buyers say that navigating the mortgage process was more difficult and stressful than negotiating the sale price on a home or, in some cases, even waiting to hear if they got a job, according to a survey by MortgageMatch.com.

FSBO Site Sells for $1 Million
BuyOwner.com, once considered the nation’s largest for-sale-by-owner operation, was recently sold. The company has faced a sharp decrease in revenue since 2008.

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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

 

Today’s Real Estate News 2-9-2011


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

Scott L. Morris Appointed to Seattle Branch Federal Reserve Board
(Anthony’s Note: I’ve been meaning to say a hearty congratulations to Spokane’s Scott Morris, CEO of Avista Corp., who was appointed to the San Francisco Federal Reserve Seattle branch board effective Jan1, 2011 for a three year term.  The above headline takes you to the Fed’s official press release.)

Fannie, Freddie Could Be Phased Out Under Treasury Housing Plan
Bloomberg | February 9, 2011
U.S. Treasury Secretary Timothy F. Geithner will present Congress with three options for reducing the government’s role in the nation’s decades-old housing finance system and shrinking the footprint of mortgage companies Fannie Mae and Freddie Mac, according to two people familiar with the plan.

Legislation Introduced To Phase Out NFIP
PropertyCasualty360 | February 9, 2011
Legislation has been introduced in Congress that would phase out the National Flood Insurance Program by the end of 2013. The legislation, H.R. 435, was introduced by Rep. Candice Miller, R-Mich.

Moody’s Zandi: Replace Fannie, Freddie With Public-Private Hybrid
The Wall Street Journal | February 8, 2011
Mortgage rates could be one percentage point higher and house prices 10% lower if the U.S. mortgage market were fully privatized, according to a paper to be released Tuesday by Mark Zandi, chief economist at Moody’s Analytics.

Home Affordability Returns to Pre-Bubble Levels
The Wall Street Journal | February 9, 2011
Home affordability returned to pre-bubble levels in a growing number of U.S. markets over the past year as price declines laid the groundwork for a housing recovery.

30% of Mortgages are Underwater
CNNMoney | February 9, 2011
Home prices dropped 2.6% nationwide during the last three months of 2010, pushing more borrowers underwater, according to a quarterly real estate market survey from Zillow.com.

Easing of Lending Standards May Encourage Market Growth
DSNews | February 8, 2011
The January 2011 Senior Loan Officer Opinion Survey released by the Federal Reserve shows a more positive outlook for certain sectors of the lending industry, but says little improvement is expected in the residential real estate market this year.

Wall Street Boosts Borrowers as Real Estate Bond Market Returns
Bloomberg | February 8, 2011
Banks and other firms that bundle mortgages into bonds are lending more money as demand for the securities increases from investors seeking higher yields

LPS: Mortgage Delinquency Rate Dropped 18% in 2010
DSNews | February 8, 2011
According to a new market report released by Lender Processing Services (LPS) Tuesday, delinquency rates are down across all first-lien home loan products, with an 18 percent overall decline since the start of 2010.

Two Fed Skeptics of QE Say Inflation Underscores Risks
Bloomberg | February 9, 2011
Two Federal Reserve Bank presidents skeptical about the Fed’s $600 billion bond-buying program said the prospect of accelerating inflation underscores the risk from a record increase in the central bank’s balance sheet.

From the National Association of Realtors®:

Home Builders are Predicting a Sales Comeback
New home sales could climb as much as 20 percent, to 385,000 units this year, according to the National Association of Home Builders.

Farmland Becomes Hot Commodity
Prices for agricultural land have risen by 20 percent, or even 50 percent in some cases, in the past eight months alone. Is farmland heading to become real estate’s next bubble?

Remapping of Floodplains Surprises Some Owners
The Federal Emergency Management Agency has been remapping America’s floodplains, and some property owners are surprised that their homes now are being considered to be in a designated flood zone.

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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

 

Today’s Real Estate News 2-8-2011


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
acarollo@stewart.com

Please remember to choose Stewart Title of Spokane on your next transaction!

www.StewartSpokane.com

 

Today’s Real Estate News 2-7-2011


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

REITs Seek to Lure U.S. Pension-Fund Money from Private Equity
Blomberg | February 6, 2011
U.S. real estate investment trusts are seeking a bigger piece of the more than $500 billion of property investments from pensions, aiming to attract money from the private-equity funds traditionally favored by managers.

BofA Exits Reverse Mortgage Lending
HousingWire | February 5, 2011
Bank of America said Friday it will no longer originate reverse mortgages as it continues to shake up its core business.

GOP Eyes Rules That Firms Say Hurt Jobs
The Washington Post | February 7, 2011
House Republicans are scrutinizing a wide array of existing and proposed Obama administration regulations in areas as diverse as the environment and Wall Street, and they are taking guidance from industry groups that say the rules threaten jobs.

Rush is On For Custom Domain Name Suffixes
The Washington Post | February 7, 2011
The pillar of the basic Web address – the trusty .com domain – is about to face vast new competition that will dramatically transform the Web as we know it.

Bank of America Establishes New Unit to Handle Defaulted Loans
DSNews | February 4, 2011
Bank of America announced Friday that it has set up a new operational division to deal with problem loans and resolve investors’ mortgage repurchase claims.

Commercial Real Estate Coming Back, but Unevenly
The Wall Street Journal | February 7, 2011
Commercial property took less of a drubbing than residential real estate in the recession but still faces a long and painful recovery.

From the National Association of Realtors®:

5 Unexpected Foreclosure Hotspots
Las Vegas always takes the foreclosure crown, but some surprising places have the fastest-growing rates of foreclosures in the country.

Top 8 Most Miserable Cities
Could it really be that bad? See which cities have the most miserable residents.

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

 

 

Today’s Real Estate News 2-4-2011


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

The Consumer Financial Protection Bureau now has a website.  Check it out.

Home Buyers May Get Less U.S. Backing
The Washington Post | February 4, 2011
The Obama administration is likely to recommend reducing the size of mortgages eligible for government backing, according to current and former officials, a move that could make getting a home loan in high-priced areas such as the Washington region more expensive.

Employment Seen Gaining Speed
Reuters | February 4, 2011
Employment probably shifted into a higher gear in January to post a fourth straight month of gains, offering more evidence of a broadening economic recovery, though the jobless rate likely rose.

Freddie Mac Multifamily Funding Surged in Second Half of 2010
HousingWire | February 3, 2011
Last year was a slow year in the multifamily space for Freddie Mac. But it would’ve been slower if not for a strong surge in the second half of 2010.

Home Equity Lending Is Back
The Wall Street Journal | February 3, 2011
Homeowners with good credit can once again borrow against their homes as regional banks ramp up offerings of HELOCs and home equity loans. But should they?

Mortgage Rates Hold Steady: Freddie Mac
MarketWatch | February 3, 2011
Mortgage rates held stable this week, due to news that the economy improved and inflation remained in check at the end of last year, Freddie Mac’s chief economist said on Thursday.

U.S. Commercial Property Recovery Spares Economy Another Blow
Bloomberg | February 4, 2011
From Manhattan office towers to apartments in Florida to retail properties in Washington, commercial real estate values are rising, defying predictions of a collapse that would drag the U.S. economy back into recession.

Yahoo! and Zillow Go Live With Largest Online Real Estate Network
HousingWire | February 3, 2011
The partnership between real estate websites Zillow and Yahoo! Real Estate is now a reality, if a little late.

From the National Association of Realtors®:

The Most Common Tax Mistakes
Small business owners often repeat tax mistakes and omissions they made in the previous year. Make sure you don’t repeat your past mistakes this tax season and miss out on deductions.

 

S&P: 4 More Years to Clear Shadow Inventory
The high shadow inventory of distressed homes in the country will take four years to fully clear, according to a recent report by Standard & Poor. Here are the cities where shadow inventories are expected to loom even longer than the national average.

 

 

 

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

 

Today’s Real Estate News 2-3-2011


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

Singular Path to Loan Fraud Cases
The Wall Street Journal | February 2, 2011
In the aftermath of the housing boom, Bay Area law-enforcement authorities investigating mortgage fraud have successfully prosecuted about two dozen cases with the help of one man, a document forger named Dick “Rocky” Garza.
(Anthony’s Note: It amazes me at how pervasive the fraud was and maybe still is.  This article illustrates well that the Great Recession wasn’t all a result of behavior from banks {which is what the media seems to suggest}.  Though the banking industry certainly made their share of mistakes, some of the greed came from everyday people that saw an opportunity to make money however dishonestly.  Greed is greed, and human nature is what it is.  Whether you agree with me or disagree with me, I’d love to have you post your comments to my blog.  Scroll down to the bottom, and enter your comments or hit the link that says “leave a comment”.)

Foreclosed Homeowners Go to Court on Their Own
The New York Times | February 2, 2011
With legal aid groups overwhelmed, courts are seeing a sharp rise in defendants representing themselves.

Republicans To Discuss End of Fannie, Freddie Control
Dow Jones | February 2, 2011
House Republicans plan to start discussing how to end the government’s control of mortgage giants Fannie Mae (FNMA) and Freddie Mac ( FMCC).

Shadow Inventory to Push Foreclosures to New Heights
HousingWire | February 2, 2011
Two reports from separate credit rating agencies are drawing the same conclusion: Foreclosures will reach new heights this year, even after setting records in 2010.

Clear Capital: Home Prices Showing Life in 2011
HousingWire | February 2, 2011
Home prices stopped declining in early January and even increased for the first time since August, according to the Clear Capital home price index.

Why the Housing Bottom Might Be Here
U.S.News & World Report | February 2, 2011
Predictions can be risky, and downright foolish if you’re trying to guess the direction of the wayward housing market. Yet thousands of potential home buyers are making bets every day on whether the housing bust is over, or only at an intermission.

Credit Loosens for Small Companies – Study
The Wall Street Journal | February 2, 2011
Though fewer small-business owners sought credit last year – either because they didn’t need it or had given up trying – a slightly larger percentage of those that did were successful compared with 2009, according to a report released Wednesday by the National Federation of Independent Business.

Man Who Never Missed a Mortgage Payment but Lost Home Gets a Trial
Baltimore Sun | February 2, 2011
For more than four years since he lost his Columbia home to foreclosure – despite never missing a mortgage payment – Kwaku Atta Poku has fought a legal battle for financial stability and personal vindication.

There Are Two Kinds of C.E.O.
The New York Times | February 2, 2011
It is about the amount of risk each type assumes and the consequences if things don’t work out.

Servicers Completed 1.24 Million Non-HAMP Loan Mods in 2010
DSNews | February 2, 2011
Though servicers seem to be having minimal success with the Home Affordable Modification Program (HAMP), final 2010 data released by HOPE NOW shows that its members completed about 1.24 million proprietary loan modifications last year. 

From the National Association of Realtors®:

Dems Want Bankruptcy Mediation for Home Owners
Senate Democrats are asking Congress to have bankruptcy judges oversee negotiations and settlements between troubled borrowers and banks.

Addicts Snatch Drugs From Homes for Sale
Warn your sellers to lock up anything in their medicine cabinet. Addicts are posing as home buyers and “drug shopping” at homes on the market–it’s more common than you think, police say.

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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  

 
 

Today’s Real Estate News 2-2-2011


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

Bill Introduced for Bankruptcy Court-Ordered Foreclosure Mediation
DSNews | February 1, 2011
Sen. Sheldon Whitehouse (D-Rhode Island) is pushing legislation that would allow bankruptcy court judges to order foreclosure mediation between homeowners and lenders.

Fiserv: After Years of Record Declines, Home Prices Begin To Stabilize
DSNews | February 1, 2011
The ups and downs seen in home price data over the past few years indicate a slow recovery in home prices with many false starts, especially in markets riddled with foreclosed properties, according to Fiserv, Inc. But the company’s analysts say that while the ebb and flow is not over, they expect 75 percent of U.S. metro areas to see stable prices by the end of 2011.

Aceves Ruling: Foreclosed Homeowner has Cause to Sue Bank for Fraud
HousingWire | February 1, 2011
A California appeals court ruled that a former homeowner’s lawsuit against U.S. Bank (USB: 27.66 0.00%) for fraud may continue after the bank allegedly reneged on a promise to negotiate a mortgage modification, opening the door for claims from potentially thousands of similarly situated troubled borrowers in the Golden State.

Fed Leaves 3 Mortgage Disclosure Rules Pending for the CFPB
HousingWire | February 1, 2011
The Federal Reserve said Tuesday it would not finalize three disclosure rules under Regulation Z before transferring rulemaking authority to the Consumer Financial Protection Bureau this summer.

Low Rates Prompting More ‘Cash-in’ Refinances
The Washington Post | February 2, 2011
A record number of homeowners are kicking in cash when they refinance their mortgages, in most cases to qualify for interest rates that are now near historic lows, mortgage financier Freddie Mac reported this week.

Banks Boost Home-Loan Relief
The Wall Street Journal | February 1, 2011
As the federal government’s flagship mortgage-modification program comes under scrutiny for failing to meet its goal of helping three to four million troubled homeowners, state-level efforts to boost modifications appear to be picking up momentum.

Four Analyst Predictions for 2011
Multifamily Executive | January 26, 2011
The quarterly parade of REIT conference calls begins this week as REITs report their fourth quarter and 2010 earnings. For analysts, though, that’s old news. They’re more worried about what lies ahead than what happened last year.

From the National Association of Realtors®:

5 States With Biggest Gain in New Home Closings
These five states registered more closed deals for new homes in 2010 than they did in 2009, and housing experts say they’re surprised at which states topped the list.

New Gov’t Financial Agency Outlines its Authority
The new Consumer Financial Protection Bureau will debut this summer and it’s released a list of who it will be watching. Should you be concerned?

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

 

Today’s Real Estate News 2-1-2011


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

Record Breaking 46% of Refinanced Homeowners Paid Down Debt in Q-4
Real Estate Channel | February 1, 2011
According to Freddie Mac (OTC: FMCC), there was a record number of refinance homeowners who used that cash to paid down their mortgage balance in Q-4, 2010.  Freddie Mac’s chief economist Frank Nothaft said, “Early in the fourth quarter mortgage rates on 30-year fixed-rate conforming loans were at very low levels, the likes of which haven’t been seen in more than 50 years. This encouraged borrowers who could do so to refinance, and many looked at their other investment options and chose to pay down a bit of their mortgage at the same time.”

Regulators Launch National Mortgage Registry for Loan Originators
HousingWire | January 31, 2011
Residential mortgage loan originators working for banks, thrifts, credit unions or Farm Credit System institutions must register with a Nationwide Mortgage Licensing System and Registry beginning this week.

One in Five Mortgages Default Again After Modification
The Washington Post | January 31, 2011
One in five U.S. homeowners whose loans were modified under a federal government program to help reduce foreclosures were at least 60 days late in their payments a year after their mortgages were reworked.

California’s New Foreclosures Fall to Lowest Level in Over Three Years
DSNews | January 31, 2011
The number of California homes going into foreclosure dropped during the fourth quarter of 2010 to its lowest level in more than three years.

Fannie Mae Revs Up Multifamily Mortgage Securitizations
HousingWire | January 31, 2011
Fannie Mae expanded its multifamily mortgage-backed structured finance product availability Monday.

Fed Says Banks ‘More Upbeat’ on Delinquencies in 2011
The Washington Post | January 31, 2011
Most banks in the U.S. expect loan delinquencies and charge-off rates to improve in 2011, a Federal Reserve survey showed, as standards eased and demand increased for business lending.

Housing Woes Fuel Apartment Surge
The Wall Street Journal | January 31, 2011
Falling home prices and lethargic sales have been bad news for homeowners, but a boost for one group of real-estate investors: apartment-building landlords.

From the National Association of Realtors®:

GOP Bill Attempts to End Foreclosure Program
The Home Affordable Modification Program isn’t working, Republicans say, and they’ve introduced a bill in the U.S. House of Representatives to immediately end it.

DOJ Investigates Lending Violations to Military
The Department of Justice says it has “several ongoing investigations” into lenders who imposed high interest rates and foreclosures on active-duty military members.

More Nevada Owners ‘Strategically Default’
Nearly one in four Nevada home owners in foreclosure walked away from their mortgage even though they were able to pay.

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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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