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Today’s Real Estate News 6-1-2011

01 Jun

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

Home Prices Hit Lowest Level Since April ’09 in Double Dip
The Washington Post | June 1, 2011
The prices of single-family homes have dropped to their lowest level since 2009, creating a “double dip” as values fell below where they were when the housing market collapsed, according to a closely watched price index released Tuesday.

Realtors, Builders Say Housing Bust Must Run Its Course
The Hill | May 31, 2011
Major players in the housing industry said Washington policymakers need to stop tinkering with the real estate market after a grim report Tuesday found prices have “double-dipped” to the lowest level since 2009. 

Mortgage Originations Down 35% in First Quarter
HousingWire | May 31, 2011
Mortgage originations in the first quarter fell 35% to $325 billion, breaking three consecutive periods of growth and threatening to plunge the market back to 2000 levels, according to a report from Inside Mortgage Finance.

Economists Predict No Immediate End to Government Debt Purchases
HousingWire | May 31, 2011
The latest incarnation of quantitative easing is ending at the end of June. However, economists say the Federal Reserve’s $600 billion Treasury debt buying program, called QE2, may not be the last federal liquidity injection into the nation’s monetary supply.

Bottom May be Near for Slide in Housing
The New York Times | June 1, 2011
For real estate, some economists say, an end to the seemingly endless decline in housing values might be in sight.

From the National Association of Realtors®:

Agents Say Appraisals Continue to Hamper Deals
Low appraisals that come in below the purchase price are delaying closings or killing some sales contracts, some real estate professionals report in a new survey.

How Much Home Insurance Is Enough?
Following recent twisters that have torn through the Midwest and South, experts are encouraging home owners to check their insurance coverage to determine how well they’re covered in times of disaster.

 

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Stewart Title of Spokane
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One response to “Today’s Real Estate News 6-1-2011

  1. Ron Sayler

    June 2, 2011 at 10:04 am

    Re: Government intervention? Speaking as a seller’s advocate, I believe that banks need intervention when it comes to their repo homes. At least part of the reason for the dead market is the flood of bank owned homes that compete unreasonably with the “normal” home seller. Banks should be required to “estimate” the price they’d take once the home is put on the market, then be required to offer that price as the new mortgage amount to the distressed home owner – even adjust the interest rate to perhaps 1% above the going rate. I believe many homeowners would jump at that but if the home owner still defaults, then the bank should be required to put the home on the market for that price and be limited to the amount it can reduce the price. There should be conditions that go with a home owner accepting terms like this though …….. if they sold the home at a later date, any amount up to what was forgiven goes to the bank. Amounts over what the original balance was goes to the seller. Credit should be noted but not as severely as a foreclosure.
    Currently, banks are “dumping” their homes on the market which is further devaluing local markets. The average home owner cannot compete. Spokane area buyers (and probably many other areas) have typically depended upon being able to sell their existing home and generate enough proceeds to purchase the next home. That is rarely the case these days. Banks have years of shadow inventory and the real estate markets won’t recover until that is gone if at all.

     

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