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Real Estate News Today 12-7-2011

07 Dec

Today is Pearl Harbor day.  If you have an opportunity to visit with a veteran, take the time to honor someone who gave so much to our country. ~Anthony
Pearl Harbor veteran recalls bewilderment of attack
Reuters | December 6, 2011
Seventy years ago this week, Navy veteran Lou Gore was startled by the muffled thuds of explosions and a burst of commotion while cleaning up from breakfast below deck on the USS Phoenix, a cruiser docked at Pearl Harbor.

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

Recycle Homes to Fix America’s Housing Crisis
The Washington Post | December 6, 2011
It’s no secret that the United States is in the midst of a housing crisis. Foreclosure notices were filed against a record-setting 2.9 million properties last year and 1.2 million in the first half of this year. Yet the price of many foreclosed homes remains unaffordable for a majority of Americans.

Fed Disputes Report of Secret Help
The Washington Post | December 6, 2011
The central bank says it kept no lending secret from Congress or the public.

Mortgage Applications Jumped Last Week: MBA
Reuters | December 7, 2011
Applications for home mortgages jumped last week, recouping last week’s steep decline as interest rates continued to fall, an industry group said on Wednesday.

Wage Hikes Force Tough Choices
The Wall Street Journal | December 6, 2011
Small businesses, already on a tight budget, are looking for new ways to cut costs as they brace for minimum wage increases in several U.S. states next month.

HARP Mortgage Refinancing up 20% in September
HousingWire | December 6, 2011
Lenders and servicers refinanced nearly 35,000 Fannie Mae and Freddie Mac mortgages through the Home Affordable Refinance Program in September, a 20% monthly increase just before major guideline changes were announced.

Are There Really Two Housing Markets?
CNBC | December 6, 2011
As we head toward the end of the year, for some reason the drumbeat to claim that housing has bottomed is growing louder.

Market Analysis Must Be Granular to be Relevant
DSNews.com | December 6, 2011
Home price predictions have traditionally been fairly straightforward, relying heavily on employment and income levels, according to Michael Sklarz, president of Collateral Analytics. However, the last cycle has posed challenges for analysts, Sklarz said during a panel at the Five Star MPact Mortgage Conference and Expo in Dallas, Texas Tuesday.  (Dr. Ted Jones, Stewart’s economist, frequently says “there is no such thing as a national housing market”.  This article supports that thought. ~Anthony)

Fannie Mae says consumer more positive about home prices
HousingWire | December 7, 2011
Consumer sentiment over the trajectory of home prices rose in November as improved economic data pushed home price expectations into positive territory for the first time in six months, Fannie Mae said in its November National Housing Survey.

From the National Association of Realtors®:

Where the Work is Heading: 6 Top Job States
One factor reportedly holding many Americans back from purchasing a home is job stability. But in these states, the job picture is improving and projected to have the biggest growth in the next five years.

Prices Mostly Stabilize: Why Aren’t More Talking About It?
“Prices for non-distressed home sales have stabilized for almost a year. This is the most important trend in the housing industry right now, and we are amazed at how little attention it has been getting,” says one housing analyst.

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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