Today’s Real Estate News 5-5-2011

05 May

The Las Vegas article is interesting and worth the read.  The median price of their cash-sale purchases was $88,450!  Do you believe the distressed properties (residential AND commercial) in your market are on the increase or in decline?  Comment below or on our Facebook page.

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

3 Reasons Every Homeowner Needs Title Insurance | April 28, 2011
Title insurance is one of the more expensive elements of a home purchase or mortgage refinance, and everyone hates paying for it. Some folks even argue that in today’s age of computer-stored records, title insurance isn’t really necessary. Unlike car insurance or home insurance, very few people know even a single person who has collected on a title insurance policy. However, the robo-signing scandal and the explosion of mortgage fraud make it clear that–given the reliance on computer data–title insurance is more necessary than ever.

Mortgage Fraud: Will Wall Street Finally have to Pay for Its Misdeeds?
Time | May 4, 2011
Wall Street may soon have to finally pay for its folly. Earlier this week, the US Attorneys office of the Department of Justice sued Deutsche Bank for allegedly tricking a government insurance program into backing mortgage loans that were much riskier than they were portrayed.

Clear Capital: Home Prices Double-dip Into ‘Uncharted Territory’
HousingWire | May 4, 2011
Home prices double-dipped in April, dropping 0.7% below the previous low in March 2009, according the analytics firm Clear Capital.

Freddie Mac Turns a Profit in First Quarter
HousingWire | May 4, 2011
Freddie Mac reported net income of $676 million in the first quarter, one year removed from a $6.6 billion loss.

Fed Ready to Fight Inflation, But Not Yet Time
Reuters | May 4, 2011
Inflation remains well under control, despite the spike in oil prices, but the Federal Reserve stands ready to raise interest rates if price pressures appear to be getting out of hand, top Fed officials said on Wednesday.

L.A. Blames Bank for Foreclosure Blight
The Wall Street Journal | May 5, 2011
The city attorney of Los Angeles filed a civil complaint Wednesday against Deutsche Bank AG, alleging it allowed hundreds of foreclosed residential properties to fall into such disrepair as to become public nuisances.

Mortgage Applications Grow on Refinancing Activity
HousingWire | May 4, 2011
Mortgage applications rose 4% this past week as home refinancing activity grew and interest rates dropped.

Las Vegas Home Sales Hit five-year High in March
HousingWire | May 4th, 2011
Las Vegas area home sales rose in March from a year earlier, when the homebuyer tax credit was in place, to a five-year high.  Almost 5,000 homes sold in the Las Vegas metro area during the month, the highest volume since March 2006, according to DataQuick. Sales were up a staggering 27.3% compared to the month prior and up 1.6% compared to a year earlier.

From the National Association of Realtors®:

Big Jump Expected in New U.S. Households
Millions of young adults are starting to leave their parents’ homes and create new households at the fastest rate since 2007.

Landlords Say They’ll Rent to the Foreclosed
More than three-quarters of independent landlords say they would rent to someone who had lost a home in foreclosure, according to a new survey.

At Stewart Title of Spokane, we’re doing a Social Media class on May 19thWe’d love to have you join

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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