Today’s Real Estate News 3-28-2011

28 Mar

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

The Incredible Shrinking City: Detroit Is Becoming a Ghost Town (Includes an article and a video)
Yahoo! Finance | March 25, 2011
The Motor City’s engine is dying. Detroit’s population shrank by more than 25% in the last decade, according to Census statistics reported in the New York Times. The city’s population fell to 713,777 in 2010, a drop of almost 240,000 residents. That’s 100,000 more than Katrina-ravaged New Orleans lost.

13% of All U.S. Homes are Vacant
CNN Money | March 28, 2011
High residential vacancies are killing many housing markets, as foreclosed homes sit on the market and depress sale prices and property values.

New Loans Could Raise The Price Of Homeownership
NPR | March 28, 2011
Since the housing bubble collapsed, it’s been harder for many Americans to qualify for a home loan. But soon, it might get even more difficult.

FHA Slow to Flag Problem Lenders, Stop Them
USA Today | March 28, 2011
When the Federal Housing Administration stopped a New York mortgage company from making FHA loans in June, the move came nearly three years after agency records flagged the company’s lending practices as potentially fraudulent.

FHA Loans Get Pricier
The Wall Street Journal | March 28, 2011
The Federal Housing Administration is raising the annual insurance premium on new loans it insures starting April 18.

HUD ‘Guidance’ Irking Industry
The Philadelphia Inquirer | March 27, 2011
Philip J. Sutcliffe is a consultant who helps builders, lenders, lawyers, and homeowners associations work through the Federal Housing Administration and Fannie Mae approval processes for condo projects. Navigating the choppy waters of government bureaucracy has never been particularly easy, but Sutcliffe is finding the going slower and tougher.

Wells Fargo Study Finds New Kind of Homebuyer on the Way: Millennials
HousingWire | March 25, 2011
The still struggling housing industry might actually be scraping the surface of the largest home-buying opportunity in generations: the Millennials.

Mortgage Servicers Resist but Cut Debts
The Wall Street Journal | March 28, 2011
U.S. banks are resisting efforts by state attorneys general to force them to cut the amounts owed by some borrowers facing foreclosure. Yet mortgage companies already have reduced home-loan balances for more than 100,000 borrowers.

For Habitat, Foreclosures Small Issue
The Wall Street Journal | March 28, 2011
At a time when most lenders are overwhelmed by crushing caseloads of delinquent home loans and foreclosures, Habitat for Humanity International is telling a different story.

From the National Association of Realtors®:

Real Estate Web Site Traffic Jumps 27%
More Web visitors were eyeing real estate Web sites last year. Find out the most popular keyword searches when it comes to real estate.

Proposal Would Pay Defaulters to Leave Homes
The nation’s five largest mortgage service providers were asked by regulators this week to consider an industry-wide “cash-for-keys” program, in which banks would pay delinquent borrowers up to $21,000 each to leave their home.

Questions Raised Over Good Faith Estimates
The lack of clarity in the revamped disclosure reforms for home buyers and borrowers can lead to delayed closings or the loss of a locked-in interest rate, says a spokeswoman for the Mortgage Bankers Association.

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

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



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