Today’s Real Estate News 5-27-2011

27 May

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

HAMP disappoints most homeowners, housing counselors say
HousingWire | May 26, 2011
More than three-fourths of housing counselors responding to a survey conducted by the Government Accountability Office said borrowers hold a “negative” or “very negative” experience with the Home Affordable Modification Program.

Fannie Expands ‘Imminent Default’ Test, Issues Short Sale Value Rules
DSNews | May 26, 2011
Fannie Mae has issued a notice to servicers detailing changes to how they should apply “imminent default” evaluations and determine the market value of properties for pre-foreclosure sales.  The GSE is requiring servicers to apply the evaluation methods now used only for the Home Affordable Modification Program (HAMP) in determining whether a borrower faces imminent default to all non-HAMP modifications secured by owner-occupied properties.

Survey: Next two years is prime time for real estate investors
Inman News | May 26, 2011
Real estate investors are likely to be three times more active than other types of homebuyers in their local markets within the next two years, according to a nationwide survey from operator Move Inc.

Wages Poised to Rise in U.S. as Paychecks for Temps Get Bigger
Bloomberg | May 25, 2011
Staffing agencies are charging companies more for temporary workers, a possible harbinger of a bump up in salaries for permanent employees later this year.  The bill rate at Calabasas, California-based On Assignment Inc. (ASGN), which places temporary staff primarily in the information technology and health-care fields, climbed 6.3 percent in the quarter ended March 31 from the same time last year, the largest 12-month gain since 2008.

Prices Post Biggest Drop in Two Years as Foreclosures Depress Market
DSNews | May 26, 2011
Home prices in the U.S. continue to tumble. In recent months, that path of descent has become more precipitous as foreclosures claim a larger share of the market.  Residential home prices slipped 2.5 percent during the first quarter of this year when compared to the previous quarter, according to a national index from the Federal Housing Finance Agency (FHFA), which is calculated using sales price information from mortgages acquired by Fannie Mae and Freddie Mac.

From the National Association of Realtors®:

Big Discounts on Foreclosures in These States
In some states, average discounts on foreclosed homes in the first quarter were more than 35 percent below the average prices of non-distressed homes. Find out where discounts are the highest.

Affordability Reaches Highest Level in 20 Years
“With interest rates remaining at historically low levels … home ownership is within reach of more households than it has been for more than two decades,” says the chairman of the National Association of Home Builders.

In 7 States, Foreclosures Make Up 32% or More of Sales
Where are foreclosures making up the largest percentage of sales? In one state topping this list of seven, foreclosures are making up 53 percent of its overall home sales.

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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

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