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Today’s Real Estate News 4-5-2011

05 Apr

Office Market in U.S. Begins Recovery, Vacancy Rate Declines

Read the foreclosure flipping article below and then answer this question today.  Are foreclosure flippers doing a service to the market and to the community and do they fill a need?  You can email me your thoughts at acarollo@stewart.com or post them on my blog below.

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

House Committee to Vote on Republican Bills for GSE Wind Down
HousingWire | April 5, 2011
The House Financial Services Committee is set to vote on eight bills Tuesday proposed by Republicans in an effort to wind down the government-sponsored enterprises Fannie Mae and Freddie Mac.

Office Market in U.S. Begins Recovery as Vacancy Rate Declines
Bloomberg | April 5, 2011
Office vacancies in the U.S. dropped for the first time in more than three years in the most recent quarter and rents climbed, signaling the market is beginning a recovery as the economy improves.

Bernanke Says Fed Must Monitor Inflation ‘Extremely Closely’
Bloomberg | April 5, 2011
Federal Reserve Chairman Ben S. Bernanke said policy makers must watch inflation “extremely closely” for evidence that rising commodity costs are having more than a temporary impact on consumer prices.

Geithner Warns Lawmakers of Need to Raise Debt Limit
The Washington Post | April 5, 2011
Treasury Secretary Timothy F. Geithner said that even if he uses “extraordinary measures” to prevent the United States from defaulting on its obligations, lawmakers will need to raise the legal limit on government borrowing by July 8.

Fed Help Kept Banks Afloat, Until It Didn’t
The New York Times | April 5, 2011
During the frenetic months of the financial crisis, the Federal Reserve stretched the limits of its legal authority by lending money to more than 100 banks that subsequently failed.

Lenders Near Pacts With Regulators in Foreclosure Probe
The Wall Street Journal | April 4, 2011
Fourteen U.S. lenders are on the verge of agreements with federal bank regulators to overhaul their handling of foreclosures and treatment of delinquent borrowers in response to allegations of abuses that emerged last fall.

Completed Foreclosures Down by Nearly 50% Among Largest Servicers
DSNews | April 4, 2011
The nation’s largest mortgage servicers foreclosed on 95,067 homes during the fourth quarter of 2010, a 49 percent drop from the number of completed foreclosures during the previous quarter, according to a new report from two regulatory agencies.

Housing Bubble Continues to Haunt Fed
The Wall Street Journal | April 5, 2011
Shelter costs account for 32% of the overall consumer-price index and about 40% of core CPI, which excludes volatile food and energy. The tightening rental market, as fewer Americans opt to buy homes, is a key reason why core inflation stopped declining last year and is moving higher.

From the National Association of Realtors®:

Urban Areas See Jump in Young Buyers
In more than two-thirds of the country’s largest cities, the young, college-educated population in the past decade has grown twice as fast within three miles of the urban center as in the rest of the city’s metro area.

Flipping Foreclosures Becomes New Game
In the midst of the housing downturn, a new generation of property flippers has emerged.

5 States Get Foreclosure Aid for Unemployed
Unemployed home owners in five states will be able to get some help from the government to avoid foreclosure. A similar program is being launched soon in 27 other states.

Builder Takes Different Approach, Starts Renting
Beazer Homes is looking to increase its cash flow in the sluggish housing market by starting to rent out homes it purchases via short sale or foreclosure.

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Anthony V. Carollo / President
Stewart Title of Spokane
606 W. 3rd Ave.
Spokane, WA  99201
Telephone: 509.328.7171
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One response to “Today’s Real Estate News 4-5-2011

  1. Michael Mullin

    April 5, 2011 at 9:57 am

    Foreclosure flippers are definitely doing a good thing – keep in mind the original home owner has already lost the home to the bank.

    The banks are not equipped or staffed to handle the number of foreclosures they have so many neighborhoods would be blighted for years if someone didn’t come in and fix and flip those homes.

     

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