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Real Estate News Today 11-21-2011

21 Nov

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

Existing-Home Sales Rise Unexpectedly in October
DSNews.com | November 21, 2011
Sales of previously owned homes got an unexpected boost last month while the number of homes on the market continued to decline, according to data released Monday by the National Association of Realtors (NAR).

Country Grammar: The Value of a Poshly Named Street
The Wall Street Journal | November 20, 2011
Two University of Georgia professors, Velma Zahirovic-Herbert and Swarn Chatterjee, recently set out to quantify the effect of street-naming and subdivision-naming on housing values.

Freddie Clamps Down on Short Sale Fraud
HousingWire | November 19, 2011
Freddie Mac will force parties involved in a short sale to sign affidavits making them liable for their negligent or intentional misrepresentations in the deal, an effort to be sure it’s an arms-length transaction, according to guidance released Friday.

Is the Housing Crash Fueling Suburbanization?
The Wall Street Journal | November 20, 2011
The suburbanization of America is not new, but a report from the real-estate website Trulia suggests that dramatic drops in home prices could be opening the way for buyers to find homes on their favorite cul-de-sac.

30% of FHA Mortgage Modifications Redefault Within a Year
HousingWire | November 19, 2011
More than 30% of the nearly 282,000 modifications completed on Federal Housing Administration mortgages in 2010 redefaulted within a year, according to an independent study sent to Congress this week.

$1B Homeowner Program Mainly Benefited 3 States
USA Today | November 20, 2011
A $1 billion federal program to help distressed homeowners in much of the country mainly helped people in just three states and very few in some others, government data show.

Fitch Expects Commercial Properties to Fare Better in 2012
HousingWire | November 19, 2011
Fitch Ratings expects commercial property performance to stabilize slowly and ultimately improve slightly from 2010 and going into next year.

The government can’t fix Fannie and Freddie
HousingWire | November 18, 2011
The recent clash between the Federal Housing Finance Agency, Fannie Mae and Freddie Mac and the House Financial Services Committee highlighted precisely why the government can’t fix the government-sponsored enterprises.

Past Due Mortgages=6,298,000
DSNews | November 18, 2011
There were 6,298,000 mortgages going unpaid in the United States as of the end of October, according to Lender Processing Services (LPS).  It’s a daunting number, but the data show that it’s actually been on a fairly steady decline for nearly two years now. 
(I spoke with a friend of mine this weekend who told me that they “are so far behind on their mortgage it’s not even funny”.  I think it’s important to stress to folks that we talk with that are behind on payments to call their lender (as with any creditor) when they get behind.  Make an effort to communicate with them.  Generally they don’t want to take the house back, they would much prefer to hear that an effort is being made to make some form of payment.  This effort will can slow or stop the foreclosure.~Anthony)

From the National Association of Realtors®:

Congress Restores FHA Loan Limits to NAR-Backed Levels
In a bipartisan effort, the U.S. House and Senate agreed to reinstate the FHA loan limit formula and maximum cap to the level they were at before they were allowed to expire at the end of September.

Recovery Taking Hold in New-Home Market?
Housing production and permits have been gradually rising since spring, and economists are predicting a solid recovery for the new-home market to finally take hold in 2012.

8 Most Affordable College Towns
Find out where you can get the best housing deals among the nation’s college towns.

 

I want each of you to know how thankful I am that I can call you a friend this holiday season.  I’m also so very thankful and humbled by the opportunity we have to help buyers find a home where they can live, raise a family, and to love one another.  I leave you today with my favorite quote from my favorite real estate industry movie, “It’s a Wonderful LIfe” ~Anthony V. Carollo

Pa Bailey: “You know, George, I feel that in a small way we are doing something important. Satisfying a fundamental urge. It’s deep in the race for a man to want his own roof and walls and fireplace, and we’re helping him get those things in our shabby little office.”

 

from The Internet Movie Database

 

 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
acarollo@stewart.com

Please remember to choose Stewart Title of Spokane on your next transaction!

www.StewartSpokane.com

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