Real Estate News Today 11-14-2011

14 Nov

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

How Many Homes Are in Trouble?
The Wall Street Journal | November 11, 2011
Call it what you will—the “shadow inventory,” the “distressed inventory,” the “foreclosure pipeline”—but if you ask five researchers how many houses or mortgages we should worry about, you’ll probably get at least five completely different answers. (We’ve all seen the wide variety of opinions regarding “shadow inventory”.  This is a great illustration of how dramatically the opinions vary. ~Anthony)

Gen X Takes The Housing Hit; Boomers Only Grazed
NPR | November 14, 2011
At this time five years ago, the white-hot U.S. housing market was starting to cool. Before long, it would slip into a deep freeze.  The thaw still hasn’t come. The latest statistics show residential real estate prices are continuing to drop — a trend that could have a long-lasting impact on the net wealth of younger homeowners who bought property during the housing bubble.

Housing to Gradually Improve in 2012, NAR Economist Says
HousingWire | November 11, 2011
Gradual improvement in the housing market is expected next year, with existing-home sales edging up 4% to 5% and new home sales getting an even bigger boost off this year’s record lows, the chief economist of the nation’s largest real estate group said Friday.

Condo Associations Struggle to Meet Stricter FHA Guidelines
HousingWire | November 12, 2011
Time is up for many condo associations to benefit from borrowers using mortgages insured by the Federal Housing Administration. Fewer than 10% of the nation’s condominiums received recertification nearly two years after a change in requirements.  (This is worth the read.  I can’t tell you how much the new FHA rules have affected the condo market, but anecdotally I can tell you we’ve had plenty of cases here in Spokane where the condo sale didn’t go through for one of the reasons listed in the article.  It’s definitley a problem. ~Anthony)

Need to Bank? Phone It In
The Wall Street Journal | November 14, 2011
Small-business owners are starting to do their banking on the go.  A growing number of entrepreneurs are tapping into smartphone apps from lenders that let them do a range of jobs, from checking their balances and paying bills to depositing checks.

Mortgage Scams in a Weak Housing Market
The Wall Street Journal | November 14, 2011
Fraudsters will always finds ways to scam lenders and homeowners. And in recent years, they’ve shifted their tactics to profit from the market’s downturn.  Today, there’s less identity fraud and misrepresentation of income or employment to obtain a mortgage, mainly because of stricter validation criteria, says David Johnson, vice president of fraud and consortium solutions for CoreLogic, a provider of financial, property and consumer information.

From the National Association of Realtors®:

Foreclosures Reach 7-Month High
“The October foreclosure numbers continue to show strong signs that foreclosure activity is coming out of the rain delay we’ve been in for the past year,” says a RealtyTrac spokesperson.

NAHB to Appraisers: Stop Using Distressed Sales in Comps
The National Association of Home Builders is speaking out against the use of foreclosures, short sales, and other distressed properties used as comparables to new-home in appraisals.  (I can see and have debated both sides of this issue, but I’m curious to hear your thoughts.  On the one hand, those properties are certainly a large portion of what is selling right now.  On the other hand, you cn debate that a brand-new home is different than a distressed property.  Thoughts? ~Anthony)

Tips for Selling a Home in the Winter
It can be a challenge to sell a home in the winter but certainly not impossible. Here are a few tips to make sure the home shows in the best light, no matter the season.  (If you are a home seller right now, this is a must-read! ~Anthony)

Anthony Carollo 2007 EMAIL  

Join My List

Find me on:     LinkedIn     Twitter     Facebook

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!


Tags: , , , , , , ,

One response to “Real Estate News Today 11-14-2011

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s

%d bloggers like this: