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Monthly Archives: March 2011

Today’s Real Estate News 3-22-2011


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

Moody’s Expects Temporary GSE Exemption from Mortgage Risk Rules
HousingWire | March 21, 2011
Analysts at Moody’s Investors Service said Monday regulators may exempt Fannie Mae and Freddie Mac from upcoming mortgage risk retention rules – at least temporarily.

Analysis: Back-in-Vogue Rentals to Aid Housing Market
Reuters | March 21, 2011
A nascent boom in the demand for rental apartments is luring U.S. property developers from the shadows, and their efforts to meet that demand are softening the blow for a still sliding housing market.

US Home Sales Fall More Than Expected
Financial Times | March 21, 2011
Sales of homes in the US fell more sharply than expected in February, following three straight months of gains, and prices dropped sharply as the combination of tight credit and growing inventory weighed on the market.

Statewide Shadow Inventory Rocked by Foreclosure Snafu
HousingWire | March 21, 2011
Foreclosure time lines and an abundance of distressed home sales are causing wide fluctuations in shadow inventory across the country.

Fed to Name Banks That Took Out Emergency Loans
The Washington Post | March 22, 2011
The Federal Reserve will release details of the banks it lent money to during the financial crisis after losing a court battle to keep the information private.

Discounts Expected in Spring Housing Market
The Wall Street Journal | March 21, 2011
Sales of previously owned homes fell sharply in February, setting the stage for steep discounting in the spring market.

Defining Subprime: Easier Said Than Done
The Wall Street Journal | March 21, 2011
The Securities and Exchange Commission’s probe into Fannie Mae and Freddie Mac appears to be hinging on a simple question: What’s the definition of a subprime mortgage?

ARMs Suit Some, but What About You?
Fox Business | March 21, 2011
At a time when 30-year fixed-rate mortgages are hovering just above historic lows, does it make sense to get an adjustable-rate mortgage? A growing number of people seem to think so. An estimated 10% of borrowers, up from 3% in 2009, will opt for an ARM this year, according to a recent Freddie Mac survey of 112 lenders nationwide.

Citing Importance of Housing, Lawmakers Work to Ease Credit Woes
Nation’s Building News | March 21, 2011
Appearing at the National Housing Center on March 16 at the start of the annual NAHB Legislative Conference, Reps. Brad Miller (D-N.C.) and Patrick Tiberi (R-Ohio) pledged to work with home builders to help restore credit for housing production and get the industry back on track.
From the National Association of Realtors®:

Existing-Home Sales Dip in February
The decline in existing-home sales is a product of an “uneven recovery,” NAR Chief Economist Lawrence Yun says.

Don’t Cut Home Insurance, Experts Say
More home owners are considering reducing their homeowners insurance coverage because of falling property values. But experts warn that’s not a good idea.

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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Today’s Real Estate News 3-21-2011


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

Treasury’s Expanded New Power
The Washington Post | March 21, 2011
Timothy F. Geithner soon will announce a decision that underscores just how much power last year’s far-reaching financial overhaul legislation ceded to the Treasury secretary.

Frank Wants Tax on Banks, Hedge Funds to Subsidize Housing Programs
DSNews | March 18, 2011
House Republicans may have succeeded in passing legislation to end federal housing programs that provide assistance to unemployed homeowners and fund efforts to clean up vacant foreclosed homes, but their Democratic counterparts aren’t going to take it lying down.

Home Prices Dip 3.8% in 2010 RadarLogic Index
HousingWire | March 21, 2011
Home prices in 25 metro markets tracked by analytics firm RadarLogic in its RPX Composite index declined by 3.8% in 2010, the firm reported.

Republicans Seek to Sell Off Disposable Federal Real Estate to Help Pay Debt
FOX News | March 20,2011
Three Republican lawmakers are seeking to force Uncle Sam to sell about 3.3 million acres of land he no longer needs to help pay down the national debt.

Buying a First Home
The Wall Street Journal | March 20. 2011
With housing prices stagnant and still falling in many parts of the country, and interest rates still relatively low, younger first-time buyers are finding that they can afford more house than they would have a few years ago.

From the National Association of Realtors®:

The 6 Most Vacant U.S. Cities
Where did all the home owners go? Forbes reveals the emptiest U.S. cities by home and apartment vacancy rates.

Japan Crisis Causes Drop in U.S. Mortgage Rates
The devastation in Japan affected the U.S. mortgage markets this week, with 15-year mortgages hitting its lowest rate in more than a year.

Congressman Introduces Bill to Scale Back GSEs
A top House Republican introduced a bill on Thursday to ease the U.S. government’s involvement in the housing mortgage market.

FDIC Sues 3 Former Bank Execs for Risky Lending
The Federal Deposit Insurance Corp. filed its first high-profile lawsuit this week against three former top executives of Washington Mutual, the largest U.S. bank ever to fail.

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 3-18-2011


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

House Republicans Introduce Bill to Reform Fannie, Freddie
HousingWire | March 17, 2011
Rep. Jeb Hensarling (R-Texas) re-introduced legislation late Thursday that would end the bailouts of Fannie Mae and Freddie Mac and end their conservatorship in two years.

Economic Fears Spike as Gas, Food Prices Rise: Survey
CNBC | March 18, 2011
Deep pessimism about future economic growth is weighing on Americans as they hunker down from the effects of higher gas and food prices and fear that those prices could remain elevated for years, a poll from CNBC has found.

More Borrowers Are Opting for Adjustable-Rate Mortgages
The New York Times | March 18, 2011
In the years since the financial crisis, adjustable-rate mortgages, or ARMs, with their low initial interest rates that changed over time, have been considered riskier than fixed-rate loans and shunned by most buyers. But these days more people are being persuaded to give the loans a try.

Frank Wants Wall St. to Pay for Housing Relief
The Hill | March 18, 2011
Rep. Barney Frank (D-Mass.) wants hedge funds and major financial institutions to foot the bill for housing relief programs, under a new bill he introduced Thursday.

Jobless Claims Drop
The Washington Post | March 17, 2011
Fewer Americans filed first-time claims for unemployment insurance payments for a third week in the last four, indicating progress in the labor market.

Executive Bonuses Bounce Back
The Wall Street Journal | March 18, 2011
CEO bonuses at 50 major corporations jumped 30.5%, the biggest gain in at least three years, according to a study by Hay Group for The Wall Street Journal.

From the National Association of Realtors®:

Gen X Buyers to Lead Housing Recovery
Generation X, adults ages 31 to 45, are expected to be the dominant buyers in the housing recovery, but they’re approaching home purchases with different expectations.

Laptops vs. Tablets: Businesses Make a Switch
More companies are favoring tablets over laptops for their smaller size and increased mobility, a new study shows.

Renting May Soon Get Pricier
Double-digit rent hikes may be on the horizon, thanks to rising demand.

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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 3-17-2011


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

The Federal Reserve System’s Outlook Live webinar on Loan Originator Compensation will take place, Thursday, March 17, 2011 @ 11:00 AM Pacific time (2:00 PM Eastern).
This webinar is conducted entirely online. You will NOT receive a dial-in number for this event. Simply click on the event URL– http://www.visualwebcaster.com/event.asp?id=77385 -up to 15 minutes before the webcast begins to join this streaming audio and slide presentation. (Thanks to Bryan B. for letting us know about this today!)

Tax Plan Aims for 25% Cap
The Wall Street Journal | March 17, 2011
The chairman of the House Ways and Means Committee wants to cut the top U.S. tax rate to 25% for individuals and corporations, and cut or eliminate many popular deductions.

Regulators Look to Exclude GSEs From Mortgage Risk-Retention Rule
HousingWire | March 16, 2011
Fannie Mae and Freddie Mac should be exempt from upcoming risk-retention rules while in conservatorship, a source familiar with the matter said Wednesday.

House Votes to Rescind $1B in Neighborhood Stabilization Grants
DSNews | March 16, 2011
The U.S. House of Representatives voted Wednesday to pull the plug on HUD’s Neighborhood Stabilization Program (NSP) and rescind $1 billion in grant money.

US Mortgage Applications Fell Last Week on Fewer Purchases
Bloomberg | March 16, 2011
Mortgage applications in the U.S. fell last week as a decline in borrowing costs failed to spur home buying.

Level of U.S. Home Construction Drops Sharply
The Wall Street Journal | March 17, 2011
Builders broke ground on fewer homes in February than a month earlier, and the trend is not likely to improve anytime soon, according to federal data released Wednesday.

From the National Association of Realtors®:

Disaster in Japan: How to Help
NAR urges members to donate to disaster-relief services, recommending four highly-rated funds.

Weighing an Offer: 3 Seller Tips
Lowball offers from buyers are common in the current real estate market climate. So how can sellers decide when to accept an offer and when to decline? Here are some questions to consider.

Midwest MLS Offers Service to Speed Up Short Sales
Midwest Real Estate Data will offer a new service designed to shorten the time brokers and real estate agents have to wait for approval from Fannie Mae on short sale transactions.

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 3-16-2011


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

Crisis Adds New Risk to Global Recovery
The Wall Street Journal | March 16, 2011
Mounting worries about Japan’s ability to contain and recover quickly from a nuclear disaster jolted the world’s financial markets and economy Tuesday, underscoring a sharp shift in recent weeks in the risks facing the global recovery.

Probe into Robo-Signing Scandal Finds ‘No Wrongful Foreclosures
DSNews | March 15, 2011
After the robo-signing scandal that rocked the mortgage servicing world late last year, servicers maintained that even if they had not followed proper procedure when foreclosing on homes, all of the foreclosed properties had mortgages that were seriously delinquent.

Top Housing Official to Take Lobbying Job
The Wall Street Journal | March 16, 2011
David H. Stevens, who last week said he would step down as commissioner of the Federal Housing Administration, will be named the next chief executive of the Mortgage Bankers Association.

Fed Sees Gains, Keeps Eye on Inflation
The Wall Street Journal | March 16, 2011
The Fed kept its easy-money policies intact as markets reeled from a series of global shocks, but it also offered reassuring words about the economic outlook and signaled vigilance on inflation.

Fewer CMBS Loans Make Scheduled Balloon Payments in February
HousingWire | March 15, 2011
Trepp, a provider of commercial mortgage-backed securities data, said 38.4% of CMBS loans made their scheduled balloon payments in February, compared to 38.7% a month earlier. Furthermore, delinquencies in the space are also rising.

Fed Sees Signs of Economic Recovery but Weakness in Housing
DSNews | March 15, 2011
The nation’s economic recovery is on “firmer footing” with conditions in the labor market “improving gradually,” the Federal Reserve said in a statement issued Tuesday following its regular monetary policy meeting.

Hidden Workforce Challenges Domestic Economic Recovery
The Washington Post | March 15, 2011
Overshadowing the nation’s economic recovery is not only the number of Americans who have lost their jobs, but also those who have stopped looking for new ones.

From the National Association of Realtors®:

More Banks Pay to Fix Up Foreclosures for Resale
Banks are no longer just putting up a for-sale sign on foreclosed homes. Some banks are spending thousands of dollars to spruce up the properties to help spur sales.

Nevada Posts Record Number of Vacant Homes
One in every seven houses in Nevada stands vacant, according to newly released U.S. Census data.

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 3-15-2011


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

Issa Seeks Data on Whether GSEs Still Buy ‘Risky’ Mortgages
Bloomberg | March 14, 2011
U.S. Representative Darrell Issa, chairman of the House Committee on Oversight and Government Reform, asked the agency overseeing Fannie Mae and Freddie Mac for documents to determine whether they’ve resumed buying “risky, low-quality mortgages.”

Fed to Hold Steady Despite Oil Price and Ravaged Japan
Reuters | March 15, 2011
The Federal Reserve looks set to hold monetary policy on a steady course Tuesday, even as lofty oil prices and increased uncertainty following a devastating earthquake in Japan raise doubts about the economy’s path.

FHA Short Refi Program Applications Rise as Major Lenders Come Aboard
HousingWire | March 14, 2011
Five of the largest lenders in the U.S. are signed up for the Federal Housing Administration’s Short Refi program, spurring applications upward even as Republican lawmakers try to terminate the initiative.

Poll: Deep Divisions on Budget
The Washington Post | March 15, 2011
The early battles in Washington this year have cemented the public’s disapproval of the political system and the country’s leadership, with confidence in congressional Republicans sagging and majorities disapproving of how President Obama is handling top domestic issues, according to a new Washington Post-ABC News poll.

GOP Set to Begin Chipping Away at Mortgage Giants
The Wall Street Journal | March 14, 2011
Republican lawmakers are preparing this week to introduce a series of legislative proposals to gradually reduce the role of Fannie Mae and Freddie Mac.

FDIC Slow to Try to Recover Money
The Washington Post | March 15, 2011
To date, the FDIC has sued officers and directors at only five of the 345 banks that have collapsed since 2008, or about 2 percent of the total.

From the National Association of Realtors®:

6 Most Promising Real Estate Markets for 2011
Inman News released a list of its top picks for real estate markets to watch in 2011. See if your state made the list.

Survey: Buyers, Sellers Optimistic About Housing
Nearly 70 percent of buyers and sellers say they believe a real estate recovery is on the horizon and that real estate is a good investment, according to a new survey.

Banks Launch Programs to Aid Military Families
Following investigations into lending abuses by banks to military borrowers, two banks have stepped up to offer programs to help more military families who are struggling to make their mortgage.

 

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.  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

 

 

Today’s Real Estate News 3-14-2011


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

FHFA Extends HARP for One Year
HousingWire | March 11, 2011
The Federal Housing Finance Agency said Friday it extended its Home Affordable Refinance Program for one year.

Fannie, Freddie Probe Focuses on Disclosure
The Wall Street Journal | March 14, 2011
The investigation by the Securities and Exchange Commission into Fannie Mae and Freddie Mac is homing in on the extent to which the mortgage-finance giants adequately disclosed their exposure to subprime loans.

Jobless Rate at 2012 Presidential Vote Forecast at 7.7%
The Wall Street Journal | March 13, 2011
The U.S. jobless rate will be 7.7% in November 2012, the highest level for a presidential election month since Jimmy Carter defeated Gerald Ford in 1976, according to the average forecast of economists in the latest Wall Street Journal survey.

It’s the Economy (and the deficit, and the gas prices), Stupid
The Washington Post | March 13, 2011
A Gallup poll shows that the number of Americans citing economic issues as the country’s most important problem has reached a 12-month high, with the percentages of Americans concerned about the federal deficit and gas prices also spiking.

Major Changes Ahead for Mortgage System
The Washington Post | March 11, 2011
Fundamental changes are probably ahead for the American mortgage system as the federal government pushes to unwind its unprecedented involvement in the housing market.

From the National Association of Realtors®:

30-Year Mortgage Rates Hold Steady This Week
Mortgage rates continue to hold below 5 percent this week, contributing to record home affordability, Freddie Mac reports.

More Votes to End Mortgage Aid Programs
House Republicans continue drive to end four housing aid programs, despite veto threats from the White House. The Obama administration’s flagship foreclosure program, the Home Affordable Modification Program, is among those on the chopping block.

A Call for National Flood Insurance Reform
NAR testified before a House Financial Services Subcommitte today, advocating for a long term extension of the National Flood Insurance Program to ensure access and affordability for homes owners and businesses.

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.  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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