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Real Estate News Today 12-2-2011

02 Dec

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

Cost of Constructing a New Single-Family Home in 2011
NAHB | November 10, 2011
NAHB recently published the latest construction cost survey.  This survey data shows that while the average price of a single family home has dropped over the last two years, the share of that price which goes to construction cost and finished lot cost has not changed significantly.  (This is an interesting analysis.  The cost per sq. ft. has stayed the same, so why the drop? I’ll make you read the article to find out. I’ll bet the builders in the room can guess, and some of the agents as well. ~ Anthony)

Unemployment Rate Falls to 8.6 Percent, Lowest in 2 1/2 Years, as Hiring Improves
The Washington Post | December 2, 2011
The nation’s unemployment rate fell to 8.6 percent in November, with employers adding 120,000 jobs, according to a Labor Department report released Friday morning.

Congress Worries FHA Could Be ‘Fannie, Freddie, the Sequel’
The Wall Street Journal | December 1, 2011
The Obama administration’s top housing official is finding himself in hot water on Capitol Hill amid mounting concerns that the Federal Housing Administration is on the verge of a taxpayer bailout.

Average Time to Foreclose Sets New Record of 631 Days
HousingWire | December 1, 2011
Mortgage delinquencies continued their decline in October and are nearly 30% off their January 2010 peak, but foreclosure inventories and the foreclosure process reached all-time highs during the month, according to Lender Processing Services.

HUD Considers FHA Mortgage Premium Increase
HousingWire | December 1, 2011
The Department of Housing and Urban Development is considering increasing premiums on Federal Housing Administration-insured mortgage loans.

Small Originators Filling Footprint of Rivals: Report
The MReport.com | December 1, 2011
Smaller mortgage originators are stepping up to the plate to make loans as larger lenders, encumbered by mounting litigation and repurchase claims, pull back from the servicing sector, according to a report released Thursday.  (Here is a situation I would not have anticipated.  I would have thought that with bank consolidation and efforts to drive costs down, we would see bigger lenders increase market share.  Not so? ~ Anthony)

Fannie, Freddie CEOs to watch conference budgets next time
HousingWire | December 1, 2011
The CEOs of Fannie Mae and Freddie Macadmitted to Congress that much of the $640,000 spent at the Mortgage Bankers Association expo in October was a mistake and would be corrected in the future.  (Wow, $640,000!!  It gets better- if you read the article, check out their “meals and social activities” spending. ~Anthony)

From the National Association of Realtors®: 

How Much Do Real Estate Pros Drive Each Year?
You might be surprised at the number of miles real estate professionals rack up in a given year.

 

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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