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Real Estate News Today 12-9-2011

09 Dec

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

National ‘Occupy Our Homes’ Day Kicks Off New Occupy Initiative
DSNews | December 8, 2011
Last month the Occupy Oakland movement announced its intention to occupy vacant properties. On Tuesday, Occupy Oakland was one of 25 local Occupy groups to observe a national ‘Occupy Our Homes’ day.

Should Fannie, Freddie Help Pay for Tax Relief?
The Wall Street Journal | December 8, 2011
Congress is considering tapping troubled mortgage giants Fannie Mae and Freddie Mac for cash – and that has the real-estate industry upset.  (The proposal suggests raising fees that Fannie Mae and Freddie Mac charge banks, and then pass that revenue back to the US Gov’t to pay for the tax cut.  What do you think, does that make sense?  Let me know your thoughts! ~Anthony)

How Speculators Poured Fuel on the Housing Fire
The Wall Street Journal | December 8, 2011
Why did housing prices increase so quickly in 2004, 2005, and 2006 before turning south so sharply in 2007? New research shows how real-estate speculators played key roles.  (Really?  What a shocker! ~Anthony)

Industry Approaches 1M Loan Modifications This Year
DSNews | December 8, 2011
About 885,000 borrowers have received permanent loan modifications this year, according to October data from HOPE NOW.

Loans for Multifamily Homes
The New York Times | December 8, 2011
Borrowers should be prepared to fill out a lot more paperwork, and the interest rate and down payment will most likely be higher.

Third Quarter Mortgage Banker Production Profits Improved with Higher Origination Volumes and Favorable Secondary Gains
MBA | December 8, 2011
Independent mortgage banks and subsidiaries made an average profit of $1,263 on each loan they originated in the third quarter of 2011, up from $575 per loan in the second quarter of 2011, according to the Mortgage Bankers Association‘s (MBA) Third Quarter 2011 Mortgage Bankers Performance Report.

Is the Housing Bust About to Slam City Budgets?
The Wall Street Journal | December 8, 2011
City budget crises could be getting worse in the coming years as the housing bust shakes out by shrinking property tax revenues, according to a report from the Federal Reserve Bank of Cleveland(In Washington State or at least in Spokane County, the county gov’t determines the budget for the year, and THEN pushes those numbers to the Treasurer to tax property.  So even if all of the properties in the county drop by 10% in value, the tax rate for year simply goes UP to raise the same amount of tax.  Make sense?  If I confused you, call me and I’ll try to clarify.  I know I’ve oversimplified it for the purpose of brevity and the economy certainly does affect our local budget.  ~Anthony)

Capital One Spent $330,000 Lobbying in 3rd Qtr
BusinessWeek | December 8, 2011
Capital One Financial Corp. spent $330,000 in the third quarter to lobby the federal government on the development of the Consumer Financial Protection Bureau and other aspects of financial regulatory reform, according to a disclosure report.

From the National Association of Realtors®:

Prudential Sells Real Estate Business

Prudential is getting out of the real estate business, selling off its real estate brokerage and relocation services business to Brookfield Residential Property Services this week.

 

Anthony Carollo 2007 EMAIL  

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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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