Today’s Real Estate News 7-18-2011

18 Jul

If you could send just one message to the US Congress, what would it be?  Let me know what you think!

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

Cordray Drafted for Head of Consumer Agency
The Washington Post | July 18, 2011
President Obama will nominate former Ohio attorney general Richard Cordray to lead the new Consumer Financial Protection Bureau, sidestepping Harvard professor Elizabeth Warren, who envisioned the agency and spent the past year setting it up, the White House said Sunday.

Big Mortgages Are Back
The Wall Street Journal | July 16, 2011
Low interest rates are driving high-end home buyers to supersized mortgages at a pace not seen since the housing boom. But the deals may have a limited shelf life.

Congress Tees Up Crucial Votes on Debt Limit
The Washington Post | July 18, 2011
A bipartisan effort in the Senate to allow President Obama to raise the federal debt ceiling in exchange for about $1.5 trillion in spending cuts over 10 years gained momentum Sunday, as leaders agreed they would have to act in the next two weeks to avert a potential default by the U.S. government.

Prime Mortgage Requirements: Then vs. Now
DSNews | July 15, 2011
Last year, banks seized more than one million properties. RealtyTrac says over the same 12-month period, the number of foreclosure filings – including default notices, auctions, and repossessions – was a record 3.8 million, even though major servicers halted foreclosures during the last few months of 2010.

One in Four Private Citi Modifications Redefaulted as of 2Q
HousingWire | July 17, 2011
Roughly 25% of the mortgage modifications Citigroup completed through its own private programs redefaulted over the past two years, the bank’s Chief Financial Officer John Gerspach said Friday.

Home Sellers Over Inflating Home Prices | July 15, 2011
Current home sellers may be over inflating the price on their home, and may be in the dark about what their home is really worth these days, according to recent Zillow analysis.

Moody’s Mark Zandi Calls For Government Support Of Housing
DSNews | July 15, 2011
Five years into the housing slump, and home sales remain weak with prices falling again in many parts of the country as foreclosures and short sales are ramping up.

From the National Association of Realtors®:

Short Sale Fraud Rampant, Investigators Say
Last year, short sale fraud comprised half of all fraud investigations among mortgage companies and is expected to cost lenders more than $375 million in losses this year alone.

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

Please remember to choose Stewart Title of Spokane on your next transaction!



2 responses to “Today’s Real Estate News 7-18-2011

  1. Michelle Nichols

    July 18, 2011 at 10:30 am

    We are all playing for the same team and need to work together!


    July 18, 2011 at 3:09 pm



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