Today’s Real Estate News 8-8-2011

08 Aug

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

Should Housing Be the Next White House Summit?
The Wall Street Journal | August 7, 2011
The head of a major U.S. real-estate company is calling on the White House told hold a “housing summit” to address some of the major hurdles holding back the housing market.

Fannie Mae Seeks More Aid as it Sees Further Loss
Business Day | August 8, 2011
Fannie Mae, the mortgage-finance company under government conservatorship, has reported a $2,9bn second-quarter loss and says it will seek $5,1bn in US Treasury department aid to balance its books.

Economy Adds 117,000 Jobs, Unemployment Edges Down
HousingWire | August 5, 2011
The U.S. economy got a break Friday morning with the nation adding 117,000 jobs in July and the unemployment rate slipping to 9.1% from 9.2% in June, the government said.

With a Jittery Stock Market, Is Now a Good Time to Buy?
The Wall Street Journal | August 5, 2011
That depends. Do you need a place to live? Is your job secure? Do you plan to stay in the area for several years? Do you have sterling credit, and enough money for a 20% down payment?

From the National Association of Realtors®:

Mortgage Rates Reach Record Lows
Spread the word to potential buyers: They’re purchasing power may have just gotten better. Mortgage rates dropped sharply this week with 30-year rates reaching its lowest average for the year and 15-year rates and 5-year ARMS reaching new overall record lows.

S&P: Trouble Ahead for PMI Mortgage Insurance
Standard & Poor’s lowered its credit rating for PMI Mortgage Insurance, following big losses from the company during the second quarter of 2011. PMI warns it may even have to stop writing insurance policies in several states.

Survey: Borrowers Unhappy With Servicers
Home owners who originated their mortgage during the peak of the housing boom are increasingly frustrated with mortgage servicers because they’ve been unable to refinance and take advantage of low interest rates, according to a new survey.

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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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