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Today’s news that may be of interest to you:
‘Destroying Detroit’: City to Demolish 10,000 Homes
ABC News | June 14, 2011
“Detroit has sort of been in the middle of an unfortunate perfect storm,” said Howie Kahn, who wrote the GQ article “Destroying Detroit (in Order to Save It).” “Everything that basically could have gone wrong in Detroit over the last 50-60 years has.”
Bernanke: Don’t Tie Debt Limit to Spending Cuts
Politico | June 15, 2011
Federal Reserve Chairman Ben Bernanke on Tuesday again urged congressional Republicans to support an increase in the debt ceiling ahead of the early August deadline set by Treasury Sec. Tim Geithner, saying that they are using the “wrong tool” to cut spending by linking it with the debt limit.
The 10 Most Affordable U.S. Home Markets
MarketWatch | June 15, 2011
Niagara Falls, N.Y. is well known for its beautiful views and its popularity among tourists. But here’s something you might not have known: It also has the most affordable housing market in the country.
Mortgage Applications See Biggest Gain in 3 Months: MBA
Reuters | June 15, 2011
Applications for home mortgages saw their biggest jump in three months last week, fueled by demand for refinancing as interest rates continued to fall, an industry group said on Wednesday.
Obama to Consider Extending Payroll-Tax Holiday
The Wall Street Journal | June 14, 2011
President Barack Obama wants to consider extending a payroll tax holiday for employees and initiating a payroll tax cut for employers to accelerate the economic recovery, the White House said Tuesday.
A Slowdown for Small Businesses
The New York Times | June 15, 2011
In the latest sign that the economic recovery may have lost whatever modest oomph it had, more small businesses say that they are planning to shrink their payrolls than say they want to expand them.
Investors Reselling Foreclosures Quicker Than Banks in Wake of Robo-signing Fiasco
HousingWire | June 15, 2011
The foreclosure slowdown after the robo-signing scandal surfaced late in 2010 gave investors an advantage over banks when reselling these properties.
RealtyTrac’s Sharga Sees No Housing Recovery Before 2015
HousingWire | June 15, 2011
It will take at least another year to work through the glut of REO inventory in the market and yet to come to market, according to Rick Sharga, senior vice president of RealtyTrac.
Mass. Analyst Says Palin May Have Deed Problem
The Boston Globe | June 10, 2011
A Massachusetts register of deeds and local mortgage fraud examiner say prospective Republican presidential contender Sarah Palin may be an unwitting victim of mortgage fraud after purchasing a home in Arizona with apparent flaws in its title chain.
California to Suffer Housing Shift, UCLA Forecasters Say
Los Angeles Times | June 15, 2011
Demand will grow for urban rental units by the coast and shrink for single-family homes inland, resulting in fewer construction jobs and no boom for some areas hit hard by the housing bust.
BofA completes more short sales than REO for last 18 months
HousingWire | June 14, 2011
Bank of America completed more short sales than it unloaded previously foreclosed homes every month for the last year and a half.
From the National Association of Realtors®:
Banks Giving Agents Short Sale Leads?
This is “a completely new phenomenon,” an expert tells attendees at an REO conference about a new approach to short sales that has banks contacting real estate professionals to provide them with leads of borrowers who want to do a short sale.
Top 8 Best Mid-Size Markets for Investors
You undoubtedly hear a lot about major markets being ranked for best investment opportunities, but how about the mid-size markets? Which of these smaller towns offer some of the best investment potential? (You might also check out the related article “Investors to Dominate Market for Next 2 Years” ~Anthony)
Anthony V. Carollo / President
Stewart Title of Spokane
606 W. 3rd Ave.
Spokane, WA 99201
Direct Line: 509.321.3939
Direct Fax: 866.652.8834
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