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Today’s Real Estate News 5-11-2011

11 May

In working short sales, what is the most common hurdle you encounter?  Is it seller or lender cooperation?  Second mortgage lenders?  Property condition?  Paperwork?

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

Report: REOs and Shorts Accounted for 39% of Q1 Existing-Home Sales
DSNews May 10, 2011
Data released by the National Association of Realtors (NAR) Tuesday show that distressed properties – including bank-owned homes and pre-foreclosure short sales – made up 39 percent of the first quarter’s existing-home sales. That’s up from 36 percent a year earlier.

Reports of Mortgage Fraud Reach Record Level
The Wall Street Journal | May 10, 2011
Reports of mortgage fraud, which have been increasing since the housing boom, rose to their highest level on record in 2010, Treasury Department figures showed.

CoreLogic, IAS Indices Show Home Prices Down Again
HousingWire | May 10, 2011
Downward trends are pushing more borrowers underwater on their mortgage and draining more losses from mortgage giants Fannie Mae and Freddie Mac.

AGs Propose Second Settlement in Foreclosure Investigation: Reports
HousingWire | May 10, 2011
The 50 state attorneys general proposed a second settlement offer to major mortgage servicers under investigation for faulty foreclosure practices, according to several reports Tuesday.

Bankrupt Bay Area homeowners shed second mortgages
San Jose Mercury News | May 9, 2011
Stung by the crash of the housing market, some struggling homeowners are using a little known but increasingly popular provision of the bankruptcy code to eliminate second mortgages and avoid foreclosure.

From the National Association of Realtors®:

Existing-Home Sales Rise in Most States
First-quarter sales data from NAR shows that total volume increased 8.3 percent from the fourth quarter, but sales were down slightly from the same time last year.

Foreclosed Homes Give Shelter to Tornado Victims
Home owners displaced from deadly tornadoes that tore through Alabama in late April may find some temporary relief.

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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