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Today’s Real Estate News 3-4-2011

04 Mar

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

Thanks To David K. for passing along this first article on the rate of distressed property transactions on a national scale.  Good information isn’t always good news. 

HousingPulse Dist ressed Property Index Hits 49.6% in January While First-Time Homebuyers Scale Back Their Purchase Activity
HousingPulse | February 22, 2011
In an ominous sign for the still fragile U.S. housing market, the percentage of distressed properties in home purchase transactions climbed to the highest level in nearly a year in January. Meanwhile, first-time homebuyer activity fell sharply last month – the result of more expensive financing options and tightened mortgage underwriting standards.

Unemployment Rate drops Below 9%
DSNews | March 4, 2011
The national unemployment rate fell to 8.9 percent in February, as employers added 192,000 jobs to their payrolls, according to figures released Friday by the U.S. Department of Labor. The rate is down from 9.0 percent in January and 9.4 percent as recently as December.

Why the Dollar’s Reign Is Near an End
The Wall Street Journal | March 3, 2011
The single most astonishing fact about foreign exchange is not the high volume of transactions, as incredible as that growth has been. Nor is it the volatility of currency rates, as wild as the markets are these days.

Without Loan Giants, 30-Year Mortgage May Fade Away
The New York Times | March 4, 2011
If Fannie Mae and Freddie Mac shut down, interest rates would rise for most borrowers, but urban and rural residents could see sharper increases than customers in the suburbs.

House Votes to Repeal 1099 Provision
The Wall Street Journal | March 3, 2011
The U.S. House of Representatives voted to repeal an unpopular tax-reporting requirement affecting small business owners, in what would be the first substantial change to the sweeping health-care package signed into law last year.

Regulators Craft Mortgage-lending Rules
The Washington Post | March 3, 2011
Federal regulators are considering two options that would require lenders making certain types of mortgages to retain a stake in those loans, an effort designed to avert a repeat of the mortgage market meltdown and encourage prudent lending.

House Committee Votes to End FHA Short Refi Program
HousingWire | March 3, 2011
The House Financial Services Committee voted Thursday to end two new programs that would provide assistance to troubled homeowners.

FHA Commissioner Says Short Refi Program Necessary for Recovery
DSNews | March 3, 2011
As the House prepares to debate on the future of the Federal Housing Administration’s Short Refinance option, FHA Commissioner David Stevens implored House subcommittee members to give the program a chance.

Home Loans Now Less of a Toxic Threat than Commercial Real Estate
DSNews | March 3, 2011
While the housing crisis is what triggered the economic downturn and pushed so many lenders under early on in the recession, it seems the biggest threat has now shifted from residential mortgages to souring commercial real estate (CRE) loans.

In Price of Farmland, Echoes of Another Boom
The New York Times | March 4, 2011
As prices for agricultural land surge across America’s grain belt, regulators are warning that a new real estate bubble may be forming – echoing the frothy boom in home prices that saw values in Miami and Las Vegas skyrocket and then plummet.

Buy a Foreclosed Home And Save Big!
Good Morning America | March 4, 2011
How would you like to knock tens of thousands of dollars off the price when you buy a home? You can do just that if you buy a foreclosed property. Good Morning America provides several tips when buying a foreclosed property Among them are purchasing a quality owner’s title insurance policy in case somebody comes along later and claims the house is theirs.

Obama Officials, Attorneys General Closer to Possible Deal with Banks in Foreclosure Mess
The Washington Post | March 3, 2011
Senior Obama administration officials, newly joined by state attorneys general, were on the brink Thursday of finalizing major elements of a possible settlement with large U.S. banks accused of flawed and fraudulent foreclosure practices, sources familiar with the discussions said.

From the National Association of Realtors®:

5 Markets With the Largest Price Drops
ZipRealty released a study showing where sellers are cutting their asking price by the most.

Tablet Craze Continues With iPad 2
Real estate pros are finding benefits for their business in the new crop of tablets. Apple’s iPad, which first set off the tablet craze, unveiled its second generation of iPad with more features.  (Anthony’s Note: The iPad has been the best business tool I’ve used since my first Blackberry.  I highly recommend getting one if you have a need to present web-based products or services to clients.)

Right-click here to download pictures. To help protect your privacy, Outlook prevented automatic download of this picture from the Internet. Anthony Carollo 2007 EMAIL  

Right-click here to download pictures. To help protect your privacy, Outlook prevented automatic download of this picture from the Internet. Join My List

Find me on:   Right-click here to download pictures. To help protect your privacy, Outlook prevented automatic download of this picture from the Internet. LinkedIn   Right-click here to download pictures. To help protect your privacy, Outlook prevented automatic download of this picture from the Internet. http://cl.exct.net/?ju=fe1f167276670d7a7c1d74&ls=fdf510737362047f73117671&m=fefc1073726500&l=fe601670756006747d12&s=fe3d10757465047f711471&jb=ffcf14&t=  Right-click here to download pictures. To help protect your privacy, Outlook prevented automatic download of this picture from the Internet. Facebook

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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