Today’s Real Estate News 7-21-2011

21 Jul

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)


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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!



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