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Today’s Real Estate News 6-17-2011

17 Jun

Next week we’re hosting three lunch and learn classes on Social Media in our office downtown.  We’d love to see you there!  Check out the Social Media classes flyer.

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

Wells Fargo Ends Reverse Mortgages
HousingWire | June 16, 2011
Wells Fargo (WFC: 26.80 0.00%) will no longer originate reverse mortgages because of unpredictable home values and restrictions on those loans.

Home Builders to Settle Las Vegas Land Dispute
The Wall Street Journal | June 17, 2011
A group of home builders, including KB Home, Beazer Homes USA Inc. and Toll Brothers Inc., has agreed to pay lenders as much as $340 million to settle legal actions related to Inspirada, a failed land deal outside Las Vegas.

CitiMortgage Paying Borrowers $12,000 After a Short Sale
HousingWire | June 16, 2011
CitiMortgage, the mortgage servicing arm of Citigroup is paying borrowers an average $12,000 after completing a short sale this year alone.

Consumer Financial Protection Bureau Can Open Without Chief
Politico | June 17, 2011
The new Consumer Financial Protection Bureau won’t necessarily be handicapped by President Barack Obama’s delay in naming a director. If the bureau launches on July 21 without a director, Wall Street analysts and attorneys for the financial services industry are bracing for a slew of enforcement actions against major banks.

NAR: May Home Prices Drop as Sellers Fear a Double Dip
HousingWire | June 16, 2011
The median home sale price in May dipped 1.6% compared to April, down to $188,900, according to one real estate listing website.

Modest Improvement in 2 of Economy’s Weakest Areas Offers Hope That Spring Slump is Ending
The Washington Post | June 17, 2011
Fewer Americans applied for unemployment benefits last week and builders broke ground on more homes in May. The latest data offered some hope that the economy may be improving after hitting a slump in late spring.

Inventory Overhang Means 6.5M New Households Needed
DSNews | June 16, 2011
Experts blame the massive inventory of existing homes on the market for hindering the U.S. housing sector’s recovery. The overhang has been inflated by large volumes of foreclosures, and it’s expected to grow with millions more coming down the pipeline.

Builders Probably Started More U.S. Houses After Weather-Related Plunge
Bloomberg | June 16, 2011
A gain in housing starts in May probably failed to make up for ground lost the prior month as U.S. homebuilders remained reluctant to ramp up projects, economists said before a report today.

Foreclosures Plunge as Process Delays Mask Rising Bank Inventory
The Washington Post | June 16, 2011
Foreclosure filings in the U.S. tumbled last month to the lowest in almost four years as banks weighed down by an increasing inventory of seized homes delayed processing defaults, according to RealtyTrac Inc.

From the National Association of Realtors®:

Signs of a Real Estate Recovery?
Foreclosure notices, filings, and repossessions are all declining. Is this a sign of recovery for the real estate market? Also, find out where foreclosures are the highest.

Lease Option Gives a Lift to Solar Panels
Solar-panel companies are introducing a lease option to allow home owners to add these features to their homes to curb electricity bills without any upfront costs.

 

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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