Today’s Real Estate News 7-25-2011

25 Jul

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 | 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 | 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.


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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
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