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Monthly Archives: July 2011

Today’s Real Estate News 7-15-2011


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

 

 

Today’s Real Estate News 7-14-2011


As you show REO properties, what are some of the most glaring or alarming property damage issues you encounter?  Check out the question on our Facebook page , or if you happen to be on LaunchPad, see the LaunchPad discussion.

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

As number of foreclosed homes grows, so does mold
NPR | July 13, 2011
As huge numbers of foreclosed homes continue to work their way through the real estate pipeline, another problem is blossoming — mold.  In most homes, as residents go in and out and the seasons change, natural ventilation sucks moisture up to the attic and out through the roof. It’s called the “stack effect.” And in many parts of the country, it’s driven by air conditioning in the summer and heat in the winter.

Moody’s potential downgrade of US would impact GSEs
HousingWire | July 13, 2011
Moody’s Investors Service placed the triple-A bond rating of the U.S. government on review for possible downgrade.  The credit ratings agency also placed on review for possible downgrade the triple-A ratings of financial institutions directly linked to the U.S. government, namely the government-sponsored enterprises Fannie Mae and Freddie Mac. The bonds the GSEs issue, however, will not be impacted by any downgrade as Moody’s does not rate those securities.

Bernanke: Fed ‘Prepared to Respond’
The Washington Post | July 14, 2011
The Federal Reserve is prepared to take new action if the recovery falters, Chairman Ben S. Bernanke said Wednesday, raising the possibility of resuming un­or­tho­dox methods of trying to pump money into the economy.

Two Big Banks Look Local to Sell Foreclosures
HousingWire | July 14, 2011
Bank of America and JPMorgan Chase made a change to how they resell their inventory of foreclosed homes late last year, which could bring more business to minority-owned real estate firms.

CFPB to Consult Small Businesses Before Finalizing TILA-RESPA Mortgage Disclosures
HousingWire | July 14, 201
The Consumer Financial Protection Bureau says it will spend the next few months accelerating its work on regulations associated with the agency’s proposed mortgage disclosure forms, while also reviewing several mortgage-related rules proposed under the Truth-in-Lending Act that have yet to go into effect.

Ranching, Wetlands Collide in North Coast
The Wall Street Journal | July 14, 2011
The construction of a long-sought highway bypass around this small town in Mendocino County has spurred a unusual dispute over whether ranchers should be allowed grazing rights in an area set aside as wetlands.

Moody’s Downgrade Warning Pressures U.S. on Debt Deal
Bloomberg | July 14, 2011
Moody’s Investors Service raised the pressure on U.S. lawmakers to increase the government’s $14.3 trillion debt limit by placing the nation’s credit rating under review for a downgrade.

From the National Association of Realtors®:

Top 5 Markets for Investment Potential
Rents are climbing and rentals are in high demand, which has prompted more investors to take advantage of low home prices and jump into the rental business. Find out which markets housing experts say will likely offer the best returns.

Single Women: A Growing Force in the Housing Market
Unmarried women continue to make up a growing segment of home buyers and are buying homes in record numbers.

Study: Larger Loans Spend Longer in Default
The time it takes for a home owner to be foreclosed on may be directly tied to the size of the potential loss that the bank might face.

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 7-13-2011


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

Zillow ‘Zestimate’ Shifts, Prompting Howls
Wall Street Journal | July 6, 2011
On June 14th, Bill Trumbo, a 68-year-old retired financial analyst in Phoenix, Ariz., logged onto his bank’s online personal financial management account and found that his house in Phoenix had lost nearly $100,000 in value overnight. 

CFPB to Unleash Bank Examiners on Dodd-Frank Anniversary
HousingWire | July 13, 2011
More than 100 Consumer Financial Protection Bureau staff members are ready to contact the nation’s large banks when the agency’s regulatory authority kicks in next week.

Effort to Refinance Underwater GSE Mortgages Gains Steam
HousingWire | July 12, 2011
A bill from Sen. Barbara Boxer (D-Calif.), which would allow borrowers who are current but underwater on their Fannie Mae or Freddie Mac mortgage to refinance into a lower-rate loan, gained more industry support but also stirred more concern from investors.

Ohio Representative Calls for Temporary Foreclosure Moratorium
DSNews | July 12, 2011
Rep. Marcy Kaptur, D-Ohio, submitted a resolution (H.Res. 344) calling for a temporary foreclosure moratorium to the House Financial Services Committee Friday.

Why the Housing Tax Credit Failed
The Wall Street Journal | July 12, 2011
Today’s Journal takes a look at how the Obama administration is going back to the drawing board on housing.

REITs Prove Profitable in First Half of 2011
TheMReport.com | July 12, 2011
Real estate investment trusts (REITs) are proving profitable, outperforming the larger equity markets for the first half of the year, according to data from the National Association of Real Estate Investment Trusts.

12 Mortage Fraud Cases, Over $12M in Losses
TheMReport.com | July 12, 2011
Twelve defendants appeared in court around the country this week to answer for charges related to mortgage fraud, conspiracy to commit mortgage fraud, and making false information to financial institutions, among others. The estimated combined losses for lenders and families: some $12.4 million.  (There are some great lessons here.  Do you think if the debt doesn’t show on title or on the credit report, then the borrower doesn’t need to disclose it on the loan application?  Think again.  If the loan officer has knowledge, the loan officer can be held responsible! ~Anthony)

Home prices, inventory levels trend up: Altos Research
HousingWire | July 12, 2011
Home prices and inventory levels are trending upward in many U.S. cities tracked by Altos Research, according to the firm’s latest Housing Market Update.

From the National Association of Realtors®:

6 Best Places for Business, Careers
Forbes releases its 13th annual Best Places for Business list, revealing which cities offer the most jobs and lowest costs of doing business. See which cities topped the list.

Gov’t Program Aims to Revive 6 Struggling Cities
The Obama administration and HUD announced a pilot program that will bring federal officials together with local officials to trigger economic growth in some of the nation’s hardest hit cities.

 

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 7-12-2011


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

Stewart Lender Services Announces Major Acquisition
DSNews | July 11, 2011
Stewart Lender Services announced Monday the acquisition of a majority ownership of of PMH Financial, a full-service REO outsource and subservicing company with an active inventory of $2.5 billion in real estate assets.  

The Top Markets for Rental-Home Investors
The Wall Street Journal | June 11, 2011
Housing markets that have seen the biggest plunges on home values have topped a new ranking of the best markets for rental-property investors.

Slim Summer Home Price Gains Expected to Reverse
HousingWire | July 11, 2011
JPMorgan Chase analysts stuck to their estimate of further declines in home prices ahead and warned against buying too much into the recent upticks in the busier summer months.

Foreclosure Sales Dip for Second Straight Month
HousingWire | July 10, 2011
Mortgage servicers completed 68,000 foreclosure sales on the courthouse steps in May, down 7% from the previous month and the second straight month of declines, according to the Hope Now alliance of insurers, counselors and lenders.

Servicers Expand to Assist Distressed Homeowners
DSNews | July 11, 2011
With delinquent mortgages at unprecedented levels, sheer market conditions command a staff the size of a small army dedicated to working with distressed borrowers.

Small, Medium Companies Turn Sour on Economy
Reuters | July 11, 2011
Small and medium-sized companies are increasingly glum about the chances of a pickup in growth in the U.S. economy over the next year, a survey published on Tuesday showed.

From the National Association of Realtors®:

10 Best-Performing Major Housing Markets
Find out which large real estate markets fared best during the first half of 2011, and which ones may have modest gains in the second half.

Which U.S. City Is the Most Expensive?
The cost of living is getting cheaper in the U.S. compared to its global counterparts, as the priciest city in the U.S. falls to No. 41 on a list of global metros.

 

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 7-11-2011


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

Credit Unions Growing Commercial Lending Business
USA Today | July 10, 2011
Credit unions are expanding to fill a void in business lending left by banks since the financial crisis. As banks have been slow to start lending again, credit unions have gotten a head start.

Finding Good Homes for Lighthouses
The Washington Post | July 11, 2011
For sale: Historic waterfront property with a spectacular, 50-foot-high view of Lake Michigan. Featuring solid, century-old cast-iron construction, painted distinctive red. Comes with its own Fresnel lens for signaling ships.

Joining the Real Estate Search Party Online
The New York Times | July 9, 2011
Until recently, real estate brokers in New York City rarely shared information about one another’s listings. As a result, buyers had no way of knowing whether their agent was showing them every property available, and sellers wondered whether their homes were getting the exposure necessary to secure the best deal.

Banks Gearing Up to Fill Looming Gap in Jumbo Loans
Los Angeles Times | July 210, 2011
Fannie Mae, Freddie Mac and the FHA are facing an upcoming cutback in mortgage limits, but banks say they’re planning to expand their jumbo loan business in high-cost housing markets.

From the National Association of Realtors®:

Where Is Foreclosure Inventory the Highest?
Miami, Los Angeles, and Phoenix have traditionally boasted the nation’s largest inventory of foreclosures since the housing crisis began–until now. The city that has overtaken the top spot has surprised some.

Mortgage Rates on the Rise
After staying mostly flat the past month, long and short-term mortgage rates inched up this week.

Second Chance for Owners Who Lost Homes
About 2 million home owners who were foreclosed upon in 2009 or 2010 can now demand a review of their case.

 

Anthony Carollo 2007 EMAIL  

 

Join My List

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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 7-8-2011


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

Real Estate Forecast: Home Prices Limp into 2012
Bloomberg | July 7, 2011
In the second half of 2011, U.S. home prices will continue decreasing in general, with certain markets experiencing growth. Do you live in a likely gainer?

District Effort to Help Distressed Homeowners Could Halt Foreclosure Sales
The Washington Post | July 8, 2011
A District effort to help distressed homeowners threatens to bring a halt to the sale of foreclosed properties in the city, depress home prices and cast new uncertainty on the local housing market.

White House Tries Again to Help Jobless Homeowners
Reuters | July 7, 2011
The Obama administration on Thursday unveiled plans to give unemployed borrowers and their bankers more time to delay home foreclosures, the latest effort to help struggling Americans stay in their homes.

Small Businesses Decry Regulation
The Wall Street Journal | July 8, 2011
Federal regulations are designed to protect workers, the public and the environment from unsafe or unfair business practices. But they can sometimes have the unintended consequence of stifling growth.

Fannie Mae Expects Full Participation in HUD Unemployment Program
HousingWire | July 7, 2011
Fannie Mae directed its mortgage servicers to fully participate in a Department of Housing and Urban Development program to provide assistance to unemployed borrowers, and revealed how these applications will be considered.

Fannie Mae Launches National Housing Survey
Phoenix Business Journal | July 7, 2011
D.C.-based Fannie Mae rolled out a new monthly consumer survey Thursday meant to represent current national attitudes about the housing market.

Mortgage Bankers Question Proposed Loan Disclosure Forms
Inman News | July 7, 2011
MBA: handling of closing costs inconsistent with RESPA

From the National Association of Realtors®:

Won’t Sell? Builders Bulldoze New Homes
Demolishing new construction traditionally isn’t common. But has overbuilding in many areas of the country left some builders no choice?

HUD to Lenders: Don’t Deny Pregnant Women Loans
Pregnancy is not a basis to deny or delay a loan for purchasing a home, says a HUD official, following an investigation that found some mortgage lenders didn’t count disability payments to mothers on maternity leave as income.

Agent Fakes Loan Docs to Get Buyers Better Loans
A Fort Worth, Texas, real estate professional faces up to five years in prison after pleading guilty to faking paycheck stubs and work history on the loan documents of some of her home buyer clients so that they could qualify for HUD loans.

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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Posted by on July 8, 2011 in Real Estate news

 

Today’s Real Estate News 7-7-2011


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

‘Not Enough’ Done for Homeowners
The Washington Post | July 7, 2011
President Obama made a rare admission of a policy misstep Wednesday, acknowledging that his administration failed to provide enough support to struggling homeowners and recognize the scope of the nation’s housing crisis.  (According to the Stewart Title Spokane poll from about a month ago on Facebook, there were 51 votes in favor of allowing the market to self-correct, and 5 votes calling for more government assistance.  It’s been the most popular poll we’ve done to date. ~ Anthony)

Sales of HUD Homes in New England States to Resume This Month
DSNews | July 6, 2011
Sales of government-owned REOs have been delayed in some New England states, but HUD says it’s working to expedite a fix.  Closings in Connecticut, Rhode Island, Maine, and Vermont are expected to begin later this month. In Massachusetts and New Hampshire, REO closings have already resumed.

U.S. Consumer Bureau Plans to Write Rules for Mortgage Servicers
Bloomberg | July 6, 2011
The Consumer Financial Protection Bureau is preparing to impose rules on U.S. mortgage servicing firms, said Raj Date, the bureau’s associate director.

The Cost Of Owning 150,000 Foreclosed Homes
NPR | July 7, 2011
When you are the nation’s largest owner of foreclosed homes, even little things can get expensive fast. Such is the case for mortgage giant Fannie Mae, which as of March 31 had a mind-boggling 153,000 foreclosed homes on its books.

Treasury to Reward Servicers for Quicker Mortgage Modifications
HousingWire | July 6, 2011
The Treasury Department will pay mortgage servicers more for modifying loans in an earlier stage of delinquency and less the longer the process takes, according to guidance released Wednesday.

Initial Unemployment Claims in U.S. Decreased 14,000 Last Week to 418,000
Bloomberg | July 7, 2011
U.S. initial jobless claims fell for the first time in three weeks, a sign the labor market is making little headway.

Multifamily Mortgage Debt Unchanged at $2.4 Trillion in 1Q
HousingWire | July 7, 2011
Outstanding commercial multifamily mortgage debt remained mostly unchanged at $2.4 trillion in the first quarter, falling a slight 0.1% from the final three months of 2010, the Mortgage Bankers Association said in its quarterly Commercial Real Estate/Multifamily Finance report.

In Debt Talks, Obama Offers Social Security Cuts
The Washington Post | July 7, 2011
President Obama is pressing congressional leaders to consider a far-reaching debt-reduction plan that would force Democrats to accept major changes to Social Security and Medicare in exchange for Republican support for fresh tax revenue.

Men Getting Jobs Faster Than Women
The Washington Post | July 6, 2011
Female-held positions have decreased since the recession, a study finds.

Housing Prices: No Rebound in Sight
CNN Money | July 7, 2011
Housing prices are likely to keep falling the rest of this year, and probably won’t show much improvement next year either, according to a survey of economists.
From the National Association of Realtors®:

7 of 10 Renters Say Owning a Home Is a Top Priority
More renters aspire to own a home this year than in 2010, a new report from NAR shows.

Study: Real Estate Is at a ‘Historic Turning Point’
More than half of the economists and housing experts recently polled say they expect national home prices to reach bottom this year and remain stable through 2015.

 

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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 7-6-2011


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

DOJ claims MGIC refused to insure mortgage for woman on maternity leave
HousingWire | July 6, 2011
The Department of Justice filed a lawsuit against Mortgage Guaranty Insurance Corp. alleging the mortgage insurer violated the Fair Housing Act by requiring a woman on paid maternity leave to return to work before insuring her mortgage.

Sellers Brace for New Mortgage Caps
The Wall Street Journal | July 6, 2011
The federal government is readying its first retreat from the mortgage market, with the size of loans eligible for government backing set to decline in October.

Bill Calls for Fannie, Freddie Merger
The Wall Street Journal  | July 6, 2011
A California Republican is set to introduce a bill as soon as Wednesday to merge Fannie Mae and Freddie Mac and restructure the company into a government-held corporation.

Housing Recovery Stymied as Government Works at Cross-Purposes
Bloomberg | July 6, 2011
While a record share of Americans want to buy homes, U.S. policies, often working at cross-purposes, are making it more difficult.

Foreign Buyers Lifting U.S. Home Sales
USA Today | July 6, 2011
Foreign buyers are helping to stoke home sales in U.S. vacation hot spots decimated by the real estate crash, especially in southern Florida.

Renters See Prices Skyrocket
The Washington Post | July 6, 2011
Sorry renters, but the days of low rents and lenient landlords are over – at least for now.

HUD Wants Public Housing Investors
Politico | July 6, 2011
The Obama administration wants the private sector to help rescue public housing.

Obama Calls Lawmakers to White House in Effort to Break Debt Stalemate
The Washington Post | July 6, 2011
President Obama on Tuesday rejected calls for a short-term increase in the legal limit on government borrowing and summoned congressional leaders to the White House to restart negotiations over a long-term plan to restrain the deepening national debt.

Employers Are Occupying More Space, but at a Slower Pace
The Wall Street Journal | July 5, 2011
In a sign the economic recovery’s recent stumbles may be spilling over into the real-estate market, employers took on less office space during the second quarter than earlier in the year.

From the National Association of Realtors®:

Down Payment Plan May Price Buyers Out of Market
If a 10 percent or 20 percent down payment rule is approved, buyers working in such jobs as a public school teacher would have to wait 14 years to save enough cash for a down payment to buy a $173,000 median-priced home. Find out what you can do.

Foreclosure Sales Drop, But Inventories Swell
By the end of May, the number of mortgages that were 90 or more days delinquent, combined with the foreclosure inventory, outpaced foreclosure sales by 50:1, Lender Processing Services Inc. reports.

Georgia Real Estate Agent Attacked at Gunpoint
A real estate sales associate was attacked and robbed while working at a leasing office in a new subdivision in Cobb County, Ga.

 

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 7-5-2011


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

HUD to Give Away $1 billion to Struggling Homeowners
The Washington Post | July 5
The newly launched $1 billion Emergency Homeowners’ Loan Program, or EHLP, is targeting homeowners who are among the most difficult to help: those who fell behind on their payments because of job loss or unexpected medical bills. But not everyone sees the wisdom of devoting taxpayer funds to foreclosure prevention.

GSE Market Share Increases in 1Q
HousingWire | July 1, 2011
The government-sponsored enterprises’ market share of mortgage-backed securities rose in the first quarter although Ginnie Mae’s market presence fell, the Federal Housing Finance Agency said Friday.

Fearful Borrowers Take Banks to Court After Loan Modification Mishaps
The Washington Post | July 5, 2011
It seemed Maria Campusano’s financial problems were behind her when the mortgage on her Victorian home in a Massachusetts mill town was chopped by hundreds of dollars a month. She soon learned that her troubles had just begun.

HUD’s Donovan Acknowledges Home Ownership Dream Fading, Says Opportunities Must be Broadened
The Washington Post | July 3, 2011
Housing Secretary Shaun Donovan says he thinks it’s unlikely that home prices will continue to drop and calls it a good time to buy a home.

Can a Retiree Get a Mortgage?
The Wall Street Journal | July 5, 2011
As long as you pass a lender’s scrutiny in terms of income, debt-to-income, credit and all the other factors any loan applicant must meet, a retiree should be able to get a mortgage.

Investors Plead Guilty to Bid-Rigging at California Foreclosure Auctions
DSNews | July 1, 2011
Eight California real estate investors have agreed to plead guilty for conspiring to rig bids at public foreclosure auctions in Northern California.

Servicers Write Down Principal on Nearly 5,000 HAMP Modifications
HousingWire | July 1, 2011
Mortgage servicers included a principal writedown on 4,911 active workouts through the Home Affordable Modification Program since the fall of last year, the Treasury Department said Friday.

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 News 7-1-2011


I really value your input on my “Today’s News”.  I’d love to hear what your feedback on how we can improve the newsletter.  Do you like the daily question or do you hate it?  Would you prefer it be shorter or longer?  Email me, post your thoughts on my blog, or put them on Facebook for me!  Also, always know that you can unsubscribe with an email to me or by the link below, or your friend can subscribe by using the button below.

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

Fannie Mae Single-Family Delinquency Rate Falls in May
HousingWire | June 30, 2011
Fannie Mae’s conventional serious single-family mortgage delinquency rate fell five basis points to 4.14% in May, down from 4.19% a month earlier and from 5.15% a year ago, according to the government-sponsored enterprise’s monthly summary.

Pimco’s Simon: There Was Never a Housing Recovery
The Wall Street Journal | June 30, 2011
Bearish outlooks on housing aren’t hard to find these days, but one stands out even for this market.

CoreLogic May Home Price Index Rose 0.8%
HousingWire | June 30, 2011
National home prices inched up for the second-straight month in May yet remained 7.4% lower than a year earlier, according to the CoreLogic home price index.

US House Republicans Want Bond Fund to Bar Fannie, Freddie
Reuters | June 30, 2011
A group of six U.S. House Republicans told the Obama administration they are concerned Fannie Mae (FNMA.OB) and Freddie Mac

From the National Association of Realtors®:

Poll: 9 in 10 Americans Value Home Ownership
Americans still rate highly the value of home ownership, according to a new poll by The New York Times and CBS News. But see who they blame for the housing market crash and what they want the government to do to help home owners.

Where Is Mortgage Fraud Most Common?
A government agency reported this week a 31 percent jump in mortgage fraud cases for the first quarter of this year. Learn which states have the highest incidences of suspected mortgage fraud.

Will Rural States Lead a Housing Recovery?
A recovery in the housing market is already taking hold in several rural states. Find out where.

Have a safe and Happy 4th of July!

4th_July

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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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