Real Estate News Today 10-19-2011

19 Oct

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

Next Generation of Homeowners Are Freaked Out
The Wall Street Journal | October 18, 2011
A new paper by Federal Reserve Bank of Boston economists used consumer sentiment data collected in the Michigan Survey of Consumers over the summer to try to find out how the housing market’s terrible state of affairs was affecting the willingness to buy a new home.

Big Bank Mortgage Originations Drop 24% from Year Earlier
HousingWire | October 18, 2011
The big four banks combined to write $175.4 billion in new mortgages during the three months ended Sept. 30. That is 24% lower than what these lenders wrote a year earlier.

Fannie, Freddie to Phase Out Foreclosure Attorney Networks
HousingWire | October 18, 2011
The Federal Housing Finance Agency directed Fannie Mae and Freddie Mac to phase out their current foreclosure attorney networks and to develop new criteria, allowing mortgage servicers to choose their own lawyers in the future.

Housing Starts in U.S. Increased More Than Forecast in September
Bloomberg | October 19, 2011
Builders began work on more U.S. homes than forecast in September on rising demand for apartments and condominiums as more Americans become renters.

BofA, JPMorgan Say Refund Demands Mount for Post-Bubble Loans
Bloomberg | October 18, 2011
Bank of America Corp. (BAC) and JPMorgan Chase & Co. (JPM) reported more demands from investors to repurchase faulty mortgages made after 2008, when the banks said they upgraded their standards to curb defaults.

Bernanke Says Fed Should Keep a Sharper Eye on Financial Bubbles
The Wall Street Journal | October 18, 2011
Federal Reserve chairman suggests he is more open to using the Fed’s interest rate policies to battle financial bubbles.

Multifamily Sector Shows Positive Movement | October 18, 2011
While the homeownership rate falls, rental demand rises bringing rental rates up and apartment vacancies down – all of which has led Freddie Mac’s chief economist to label the multifamily sector “a positive signal for the U.S. housing industry.”

DataQuick: California foreclosures ‘a logistical nightmare’
HousingWire | October 18, 2011
California notices of default resurged in the third quarter, and analytics firm DataQuick said the foreclosure process has become a mess in the state.

From the National Association of Realtors®:

When Will REO Sales Finally Reach the Peak?
Foreclosures continue to batter overall home prices in many markets. So when will the foreclosure crisis fall behind us?

Media Mogul’s Latest Buy Makes Him Largest U.S. Landowner
John Malone now holds the crown as largest individual landowner in the country, owning 2,200,000 acres.


Anthony Carollo


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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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