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Today’s Real Estate News 7-15-2011

15 Jul

As a follow-up to yesterday’s discussion question, here is an email response I received from a COMMERCIAL agent:
“Mostly I see excessive deferred maintenance, properties generally show very poorly: Broken glass, non-functioning elevators,frozen or inoperable fire sprinkler systems, leaking roofs which quickly renders the improvements demolition material.  As a point of interest, I’m traveling the SE coast and am witnessing many,many vacant and eroding comm’l/ind. bldgs.”

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

9 Reasons to Buy Investment Property Now
Asset Preservation, Inc. | June, 2011
J. Paul Getty famously said, “Buy when everyone else is selling and hold when everyone else is buying.” Many commercial brokers believe that present market conditions provide an unprecedented buying opportunity to lock in significant real estate investment returns. Despite the opinion of some real estate professionals, however, many investors remain on the fence.

CFPB to take over 1,500 RESPA violation cases next week
HousingWire | July 14, 2011
The Department of Housing and Urban Development settled with two mortgage companies this week suspected of violating the Real Estate Settlement Procedures Act, but next week, reams of pending cases will transfer to the Consumer Financial Protection Bureau.

Short Sale Fraud Plagues the Housing Market
CNN Money | July 14, 2011
In this latest twist on short sale fraud, scammers have found a way to rip off mortgage lenders by tens of thousands of dollars — sometimes in a matter of hours.

Sales of Small Firms Are Up
The Wall Street Journal | July 15, 2011
More small-business owners sold their companies in the second quarter, but there’s gloom surrounding the transactions

Plan B Emerges on Debt
The Wall Street Journal | July 15, 2011
A backup plan to cut the deficit and keep the U.S. from default gained momentum on Capitol Hill as Obama and congressional leaders took a break in negotiations to see if they can reach a deal.

Distress Claims $181 Billion in Commercial Real Estate Sector
DSNews | July 14, 2011
Distressed commercial real estate in the United States stood at $181.1 billion in June, according to the analysts at Delta Associates. That tally includes properties in default, in foreclosure, and lender REO.

Freddie Mac Authorizes HUD Unemployment Program
HousingWire | July 15, 2011
Freddie Mac directed its servicers to fully participate in the Emergency Homeowner Loan Program, which provides mortgage assistance for the unemployed.

US Homeownership Rate Could Fall Further
HousingWire | July 15, 2011
The U.S. homeownership rate could fall another one to two percentage points if credit conditions and the economy remain in the same crisis mode exhibited in 2009, the Mortgage Banker’s Association said Thursday.

Foreclosure Time Decreases in Three West-Coast States in June
DSNews | July 14, 2011
Despite a recent trend in increasing foreclosure times, the average time it took to foreclose properties in California, Arizona, and Nevada decreased in June 2011, according to ForeclosureRadar.

From the National Association of Realtors®:

1 Million Foreclosures Delayed Until 2012
Foreclosure processing delays are causing a huge backlog, which likely will mean an estimated 1 million repossessions will be pushed back until next year. What does this mean for the housing recovery?

What Does the Future Hold for Jumbo Loans?
Conforming loan limits on government-backed mortgages are set to expire in October, which has many worried about the higher costs this could mean for buyers.

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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