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Monthly Archives: July 2011

Today’s Real Estate News 7-29-2011


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

Major Lenders Offering Perks on Short Sales
DSNews | July 28, 2011
The nation’s leading mortgage lenders are extending extras for short sale transactions employed as an alternative to foreclosure – both in the form of monetary incentives for borrowers and streamlined procedures for real estate agents.

Increase in Pending Sales May Not Indicate Market Upswing
DSNews | July 28, 2011
The National Association of Realtors released its Pending Home Sales Index Thursday, revealing an increase in pending home sales for the month of June, marking the third of the last four months that the index has increased.

Paying for Title Insurance
The New York Times | July 28, 2011
Title insurance is a way to assure that no one but you has a claim on your home –  that there are no outstanding liens, misfiled deeds or mysterious former owners.

House Leaders Postpone Vote on Debt Plan
The Washington Post | July 29, 2011
House Republican leaders delayed until at least Friday a white-knuckle vote on legislation designed to ease the nation’s debt crisis, after hours of scrambling in vain to lock down the last votes needed for passage.

Foreclosure Filings Down Across the Country
The Wall Street Journal | July 28, 2011
Foreclosure activity has fallen throughout the country, slowed by paperwork problems rather than an improvement in the market.

Banking Executives Urge Obama, Congress to Reach Deal on Debt Ceiling
HousingWire | July 28, 2011
Chief executives from the nation’s largest banks sent President Obama and Congress a letter urging them to reach an agreement on the debt ceiling.

BofA to Move High-Risk Countrywide Mortgages to Subservicers
HousingWire | July 28, 2011
Bank of America will likely move select high-risk mortgages originated by Countrywide Financial Corp. to a handful of smaller servicing specialists, according to the pending settlement with securities

Debt-Ceiling Crisis Could Wallop the Housing Sector
The Atlantic | July 28, 2011
The real-estate market is slowly getting better, but if Congress doesn’t act in time, mortgage rates could soar.

Survey Shows Sellers’ Sentiments on the Rise
TheMReport.com | July 28, 2011
Is it really a buyers’ market? Not according to recent survey results from J.D. Power and Associates, which demonstrated that sellers are more content than buyers in the current real estate market.

From the National Association of Realtors®:

Foreclosures Fall, But 10 Areas Still Hard-Hit
During the first half of the year, foreclosures have dropped in more than 84 percent of U.S. metro areas, RealtyTrac reports. But the drop may signal false hope. Find out why and where foreclosures continue to run the highest.

Is the Cure for Foreclosure Glut a Bulldozer?
Bank of America is clearing away some of the high inventory of foreclosed homes it owns by demolishing them. Other banks are taking similar steps.

Rural Areas Lose Residents in Record Numbers
While the overall U.S. population is expected to dramatically increase by mid-century, demographers say residents won’t be opting to live in rural areas, as small-town America continues to see its population shrink.

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

 

Today’s Real Estate News 7-28-2011


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

Higher Mortgage Limits Should Expire On Schedule, Donovan Says
Bloomberg | July 28, 2011
Limits on the size of mortgage loans backed by the U.S. government can return to pre-crisis levels without hurting the still-fragile housing market, Housing and Urban Development Secretary Shaun Donovan said.

Consumer Bureau Plans Enforcement Based on FTC’s ‘Stable’ Model
Bloomberg | July 28, 2011
The U.S. Consumer Financial Protection Bureau plans to follow enforcement procedures “based largely on the existing, stable model” used by the Federal Trade Commission, according to a document on the bureau’s website.

Metro Foreclosure Rates Decline Due to Processing Delays: RealtyTrac
DSNews | July 28, 2011
Eighty-four percent of the country’s metro areas experienced declines in foreclosure activity in the first half of the year, according to RealtyTrac’s Midyear 2011 Metropolitan Foreclosure Market Report released Thursday.

MERS Bows Out of Foreclosure and Bankruptcy Proceedings
DSNews | July 27, 2011
The organization has issued a policy update to its members stating that no foreclosure proceeding may be initiated in the name of MERS and no legal proceedings in a bankruptcy may be filed in the name of MERS.

Foreclosure Defense Attorney Infiltrates Ally Mortgage Unit
HousingWire | July 27, 2010
Ally Financial said it discovered a foreclosure defense attorney was working for its mortgage unit and pilfering confidential information on the company’s foreclosure operations.

Reports Confirm Decelerating Economy
The Washington Post | July 27, 2011
The latest evidence on the economy suggests that the tense standoff between Congress and the Obama administration over raising the debt ceiling is coming at a terrible time – not in a period of robust or even passable growth, but at a time the U.S. economy is barely eking out any expansion at all.

Consumer Agency Pick Cordray Lost Some, Won Some
The Washington Post | July 28, 2011
A soft-spoken man who pads around in socks and admires the writings of Supreme Court justice Louis Brandeis, Richard Cordray has run for office in his native Ohio nine times in the past 20 years, losing nearly as many races as he’s won.

Republican Debt Plan Faces Close Vote in Congress
Reuters | July 28, 2011
A bill to cut the deficit faces a nail-bitingly close vote in Congress as the top Republican lawmaker sought to quell an internal revolt and push his plan to avoid a ruinous default.

From the National Association of Realtors®:

Brokers Expect REOs to Trigger More Legal Disputes
Nearly 60 percent of real estate professionals say they believe REO-related disputes will increase over the next two years, according to a new NAR legal survey.

Nondistressed Prices Bouncing Back to 2009 Levels?
A dwindling shadow inventory and a drop in new foreclosure auction notices is putting less pressure on nondistressed home prices, according to a new report by CoreLogic.

Bank: ‘We’ll Reduce Your Loan, You Share Future Appreciation’
Through a new loan modification program rolling out in 33 states, Ocwen Financial Corp. will reduce the principal on the mortgage of delinquent borrowers and restore their equity, but home owners have to agree to let loan investors share in future appreciation when the market recovers.

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

 

 

Today’s Real Estate News 7-27-2011


Some real mixed news today, things are up, things are down.  The first article makes you think:  Is the state of California being wise in making an effort to make sure they pay their bills, or are they being foolish by borrowing more money?  Let us know what you think by commenting on my blog!

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

California takes out $5.4B bridge loan ahead of federal debt crisis
Sacramento Business Journal | July 26, 2011
The state of California secured a $5.4 billion bridge loan today to help the state cope should the federal government fail to raise the debt ceiling by next Tuesday.

CoreLogic: Nondistressed Home Prices Stabilizing
HousingWire | July 26, 2011
Stabilizing nondistressed home prices, a declining shadow inventory and stronger foreclosure auctions should lead to lower distressed sales and less downward pressure on prices, according to CoreLogic.

U.S. Home Price Rise Fails to Lift Housing Gloom
Reuters | July 26, 2011
Prices for new U.S. single family homes rose to a five-month high in June even as sales slipped, but recovery for the broader housing market continues to be frustrated by an oversupply of properties.

U.S. June New-Home Sales Fall More Than Estimated to 312,000 Annual Pace
Bloomberg | July 27, 2011
Sales of new U.S. homes unexpectedly fell for a second month and a gauge of property values also dropped, showing the industry that sparked the recession is stagnating.

BofA Donates Then Demolishes Houses to Cut Glut
Bloomberg | July 26, 2011
Bank of America Corp., faced with a glut of foreclosed and abandoned houses it can’t sell, has a new tool to get rid of the most decrepit ones: a bulldozer.

Housing Market Remains Weak, Data Show
The Washington Post | July 26, 2011
The housing market remains weak, according to new data released Tuesday, indicating that home sales and prices are struggling to recover this year.

Case-Shiller Levels Hopes for Price Rebound
The MReport.com | July 26, 2011
A Standard & Poor’s/Case-Shiller Home Price Index released Tuesday revealed slight bumps in home prices across composites collected for some 20 cities, with the nation’s Capitol leading the way with an upward arc, even as existing-home sales flat-lined in June and single-family starts showed nominal signs of life.

From the National Association of Realtors®:

New-Home Market Shows Signs of Stabilizing
New-home sales dropped in June, but a sharp increase in prices and declining inventories may be signs the sluggish new-home market is finally showing signs of rebounding, the Commerce Department reports.

New Grant for Military First-Time Home Buyers
Spread the word to your customers: You can help active-duty military personnel or vets get financial aid to help purchase their first home through a new national program.
 

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

 

Today’s Real Estate News 7-26-2011


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

Sales of New U.S. Homes Probably Stagnated in June as Industry Languished
Bloomberg | July 26, 2011
Purchases of new U.S. homes probably stagnated in June, indicating housing is still languishing two years into the economic recovery, economists said before a report today.

The Help-Wanted Sign Comes With a Frustrating Asterisk
The New York Times | July 25, 2011
The unemployed need not apply. That is the message being broadcast by many of the nation’s employers, making it even more difficult for 14 million jobless Americans to get back to work.

Moody’s: Commercial Real Estate Outlook Improving
Forbes | July 25, 2011
The commercial real estate market is showing increased signs of stability, led by burgeoning demand for apartments, according to a report issued Monday by Moody’s.

President Obama, House Speaker Boehner Present Dueling Debt-Limit Plans to Nation
The Washington Post | July 26, 2011
President Obama and House Speaker John A. Boehner escalated their battle over the national debt on Monday, pressing their arguments in a pair of prime-time television addresses as Congress remained at a loss over how to keep the United States from defaulting next week for the first time.

Banks’ Second-Quarter Earnings Show Some Loan Growth
HousingWire | July 25, 2011
Second-quarter earnings from the nation’s big banks show the firms experiencing modest loan growth and higher pre-provision earnings during the period, FBR Capital Markets said in a new report.

Seasonal gains help S&P/Case-Shiller rise in May from month earlier
HousingWire | July 26, 2011
The average price of a single-family home rose again in May after the first gain in eight months in April, according to the Standard & Poor’s/Case-Shiller index.

Hotel Sales Volume Rising as Liquidity Creeps Back into Commercial Real Estate
StewartBlog by Dr. Ted Joes | July 25, 2011
CoStar reports a resurgence in hotel transactions.  The first-half of 2011 saw sales volumes reach $11.36 billion—up 134 percent from the same period in 2010 and up by more than 700 percent versus the first six months of 2009.

The 10 Most Walkable U.S. Cities
MarketWatch | July 20, 2011
New York is the most walkable city in the U.S., with many of its residents able to forgo owning a car or able to leave their cars behind when accessing neighborhood amenities from grocery stores to coffee shops, according to a report released Wednesday.

From the National Association of Realtors®:

Bargains Abound in Second-Home Market: 4 Hot Buys
If your buyers have extra money, real estate experts say they can find plenty of bargains on vacation properties as areas that were once out of reach for many buyers now become more affordable.

More Buyers Turn to Investors for Hard-Money Loans
Home buyers who can’t get a bank to approve them for a loan are increasingly turning to investors for help.

Flood-Prone Land Likely to Increase by 45%
Flood insurance rates may spike substantially over the next few decades, leading consumers away from flood-prone areas.


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

 

 

 

 

Today’s Real Estate News 7-25-2011


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

TV Home Shows Turn to Foreclosures
The Wall Street Journal | July 25, 2011
Where are the hundreds of thousands of foreclosed homes in the U.S. ending up? On reality television. This summer and fall, several TV networks are unveiling reality shows about buying foreclosed houses as a way to reinvent the popular “house flipping” formula, which proliferated in cable programming alongside the real-estate boom.

Is Housing-Market Squeeze Tightening?
The Wall Street Journal| July 25, 2011
At the start of the year, home builders were cautiously optimistic about their prospects for 2011. Home prices were picking up, prompting some builders to buy additional land and start to plan new communities.

Fannie Mae Sees Light at the End of Housing Tunnel
HousingWire | July 22, 2011
Home sales in the second quarter of 2011 were bad, according to Fannie Mae. Home prices also remain volatile, moving with gains and losses, over the past two years.

Administration Considering New Housing Policies
DSNews | July 22, 2011
Treasury is currently reviewing a proposal to aid distressed homeowners by allowing a short sale of mortgage notes from mortgage-backed securities (MBS) trusts to new investors.

Debunking Popular Real Estate Myths
Los Angeles Times | July 25, 2011
Misconceptions include notions of a ‘perfect’ house; that length of time on the market means easier negotiating; that lowball bids are OK in a buyer’s market; that distressed property sales are easy and cheap options; and that prices will continue to fall in down markets.  (This is a great article to pass along, a good read for buyers in particular. ~Anthony)

Homebuyers Chase Jumbo Loans As Limits Near Expiration
The MReport.com | July 22, 2011
Recent news reports show homebuyers flocking to high-end properties to close rates for jumbo loan mortgages, even as Congress wavers on a proposed bill that would fix higher thresholds for federally insured mortgages – a prospect that makes some wonder whether banks are capable of filling in for withdrawing government entities Fannie Mae, Freddie Mac, and the Federal Housing Administration (FHA).

Only 49% of Homeowners Believe They Are Not Underwater
DSNews.com | July 22, 2011
Less than half of homeowners – 49 percent – currently believe their home is worth more than the amount they still owe on their mortgage.

From the National Association of Home Builders:

Townhouse Construction Trending Higher as Share of Market
An interesting entry in NAHB’s Eye on Housing blog this week notes the impact of the Great Recession on the long-term growth trend in townhouse construction as a share of all single-family homes built.

From the National Association of Realtors®:

Gov’t in Talks to Rent Out Foreclosures
In trying to clear the glut of unsold foreclosed homes, the Obama administration is considering a plan that would take foreclosed homes off the market and rent them out, “The Wall Street Journal” reports.

Property Tax Woes Hurting Local Government Budgets
Many local governments have been unable — or even unwilling — to raise property taxes at a time when many home owners are seeing a drop in home values. But now local governments are starting to feel the pinch.
 

 

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

 

 

Today’s Real Estate News 7-22-2011


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

Commercial Property Prices Rise as Distressed Values Increase
DSNews | July 21, 2011
Sales prices of commercial real estate properties rose 6.3 percent in May, according to Moody’s Investors Service. 

Obama, Boehner Push for Ambitious Debt Plan
The Washington Post | July 22, 2011
Savings of $3 trillion over the next decade would come from spending cuts and changes to entitlement programs, but no immediate tax increases.

Investors Who Do a Few Mortgages on the Side
The Wall Street Journal | July 22, 2011
Across the nation, a number of mom-and-pop investors are pulling money out of their retirement accounts and safe, but low-yielding, savings to take on the risk of becoming “hard-money” mortgage lenders, who charge high interest rates to borrowers who have been rejected by traditional banks.

FHFA Records Second Straight Monthly Increase in Home Prices
DSNews | July 21, 2011
Home prices in the U.S. rose in May, marking the second consecutive monthly increase, the Federal Housing Finance Agency (FHFA) reported Thursday.

Sorting Through Lending Costs
The New York Times | July 21, 2011
Plenty of people have ideas about what you should be told when you’re shopping for a mortgage, but for now, that may not be much help.

New Lows in Home Prices ‘Almost Assured’: Radar Logic
HousingWire | July 21, 2011
Home prices in May dropped 5.9% from the year before but gained 1.2% from the previous month, according to the RPX Composite Price index from analytics firm Radar Logic.

Tallest U.S. Tower Proposed as Part of Chicago Development
Bloomberg | July 21, 2011
International Property Developers announced plans to build a $3.5 billion office, residential, hotel and retail project in downtown Chicago, including a 120- story tower that would be the tallest in the U.S.

Seattle’s Apartment Market Heats Up
MultiFamily Executive | July 21, 2011
The Seattle multifamily market has reclaimed its position as one of the nation’s hottest, with a flurry of investment and development activity now targeting the Emerald City.

From the National Association of Realtors®:

Buyers Rejected for Loans Can Now Find Out Why
Did your buyers get turned down for a loan or not qualify for the best interest rate from a lender? Now they can get more insight into why.

More Home Owners Turn to ‘Homesharing’
More baby boomers are taking in roommates to rent out empty rooms in their homes to help offset costs and save money.


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

 

 

Today’s Real Estate News 7-21-2011


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

Wall Street Reform: A Year Down a Bumpy Road
CNN Money | July 21, 2011
A year after Congress enacted the most sweeping changes in financial regulation since the 1930s, Wall Street is still waiting for the full impact.

Existing Home Sales Slip, Prices Stabilize
The Washington Post | July 20, 2011
Sales of existing homes took a slight dip in June while prices stabilized, painting a picture of a shaky but stabilizing market.

Distressed Properties Comprise Smaller Share of Declining Home Resales
DSNews | July 20, 2011
Foreclosures and short sales made up 30 percent of all existing-home sales in June, according to data released Wednesday by the National Association of Realtors (NAR).

Mortgage Delinquency Rate Climbs, Foreclosure Numbers Head Higher
DSNews | July 20, 2011
Lender Processing Services (LPS) says data it’s collected through the end of June show an abrupt increase in the industry’s mortgage delinquency rate and a smaller uptick in the national foreclosure inventory.

More Americans to Exit Homeownership
HousingWire | July 20, 2011
Political deadlock mixed with terrible housing market conditions will eventually turn America into a society of renters, according to the latest Housing Market Insights report from Morgan Stanley.

Geithner Says U.S. Financial System ‘Much Stronger’ Today
San Francisco Chronicle | July 20, 2011
U.S. Treasury Secretary Timothy F. Geithner said that the U.S. financial system “is in much stronger shape, not just relative to the depth of the crisis but also relative to conditions that prevailed before it hit.”

5 Social-Media Tools for Small Business
The Wall Street Journal | July 20, 2011
For business owners who want to hop on the social-media bandwagon – but lack the necessary skills and time – several tools and services can assist. Here’s a look at five (though there are many others) and what they cost:

Big first day of trading for Zillow
HousingWire | July 20, 2011
Nevermind that housing is in the doldrums and has been since 2007.  Seattle-based Zillow (Z: 37.09 +3.69%), a real estate website with listings and sales data on more than 100 million U.S. homes, soared Wednesday in its first day of public trading on the NASDAQ, closing at $35.77, up  nearly 79% from its initial offering price of $20 a share.

From the National Association of Realtors®:

Gen Y to Lead ‘Massive Increase in Housing Demand’
Watch out for Generation Y: This large, diverse, well-educated generation will drive the housing market recovery over the next 10 years, according to the University of Southern California Lusk Center for Real Estate.

Many Home Owners in Denial About Price
Home owners who purchased their home after 2007 are even more in denial over their home’s current value than those who bought pre-housing bubble, and they’re overpricing their homes when it comes time to sell by as much as 14 percent, a new study finds.

Where Closing Costs Are the Highest, Lowest
Mortgage closing costs, on average, have increased 8.8 percent from one year ago. Find out where closing costs are the priciest and the cheapest.  (Every aspect of the real estate industry has seen an increase in governmental regulation, and we were saying over a year ago that the cost of buying a home will go up.  I’m sorry but not surprised to see that we were right. ~Anthony)

 

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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