Today’s Real Estate News 5-9-2011

09 May

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

Republicans Threaten to Block Consumer Protection Nominee
The Detroit News | May 9, 2011
Republican senators told President Barack Obama they have enough votes to block any nominee for the Consumer Financial Protection Bureau unless Democrats agree to change the agency’s structure and funding.

Fannie Mae 1Q Loss $8.7 Billion
HousingWire | May 6, 2011
Fannie Mae reported net loss of $8.7 billion in the first quarter, including a $2.2 billion dividend payment to the Treasury Department. The loss narrowed from $13 billion one year ago.

Freddie Mac Sells Record Number of REO in 1Q
HousingWire | May 6, 2011
Freddie Mac sold roughly 31,000 previously foreclosed and repossessed homes in the first quarter, a new record for the company as both government-sponsored enterprises shed inventory from the end of last year.

Come in, We’re Open
The Wall Street Journal | May 7, 2011
Keen on a private peek into the Chicago Police Headquarters, Melbourne’s historic Treasury Reserve or Barcelona’s posh equestrian club, Circulo Ecuestre? Get in line?and more importantly, make sure you’ve got the right weekend.

HAMP’s Re-Default Rate Below Industry Benchmarks at 16%: Treasury
DSNews | May 6, 2011
Sixteen percent of homeowners receiving permanent assistance through the government?s Home Affordable Modification Program (HAMP) have been disqualified from the program for missing three consecutive payments, according to Treasury.

Banks Can Fix Crisis by Easing U.S. Homeowner Debt, Ranieri Says
Bloomberg | May 6, 2011
U.S. lenders can assist millions of owners who are underwater or in default by offering short-term leases on their homes, said Lewis Ranieri, the pioneer of mortgage securitization.

From the National Association of Realtors®:

REO Inventory Reaches All-Time High
The national inventory of REO properties rose in March to a record high of 2.2 million. Despite the flood of REO properties, the market is showing signs of a turnaround.

Gallup Poll: Americans Say Buy Now
With affordability in real estate at a 35-year high, nearly 70 percent of Americans say now is a good time to buy a home, according to a recent Gallup poll.

5 Markets Ripe for Appreciation offers up a list of “turnaround towns” where property values have stabilized and prices soon will likely rise.

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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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