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Real Estate News Today 1-6-2012

06 Jan

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

Steve Francks from the Washington Association of Realtors spoke at the SAR Officer Installation lunch yesterday and reminded us of three major threats to the housing industry in 2012, all very valid: The possible elimination of the Mortgage Interest Tax Deduction, the possible introduction of the Qualified Residential Mortgage requirements by the CFPB (minimum 20% down payment?!?), and the possible fate of the GSEs Fannie Mae and Freddie Mac.  All things to watch for.  Thanks Steve!  Congrats to all of the officers installed, you’ll each do a great job serving our industry. ~Anthony 

Five Issues for Housing in 2012
The Wall Street Journal | January 5, 2012
Trying to figure out where the housing market is headed in 2012 offers a strong sense of déjà vu: The market feels just as it did at the beginning of 2011, when many pundits optimistically predicted that housing would finally hit bottom.

America the mortgage: All your info, one click away
HousingWire | January 5, 2012
Ben Bernanke’s letter on housing, which suggests an REO-to-rental program, garnered plenty attention focused on that idea alone.  But there is something equally notable: the Federal Reserve chairman and his teams of researchers also want an online database on every single mortgage lien in America.

U.S. Payrolls Gain More-Than-Expected 200,000; Jobless Rate Falls to 8.5%
Bloomberg | January 6, 2012
U.S. employers added more workers to payrolls than forecast in December and the jobless rate declined to an almost three-year low, showing that the labor market gained momentum heading into 2012.

Mortgage Refinancing Plan Would Harm Banks: Dick Bove
CNBC | January 6, 2012
Speculation that a new mortgage refinancing plan may be introduced drove bank stocks higher Thursday, but noted banking analyst Dick Bove believes investors actually got it wrong. He told Larry Kudlow that a program like that would actually “harm” banks.

Obama’s Consumer Watchdog Targets Mortgage Firms
Bloomberg | January 6, 2012
Richard Cordray’s appointment as director of the U.S. Consumer Financial Protection Bureau moves the new agency nearer to fulfilling its intended role as a one- stop shop for borrower safeguards.

Freddie Cuts Some Refi Credit Score Requirements
HousingWire | January 5, 2012
Freddie Mac eliminated the minimum credit score requirement for borrowers seeking a mortgage refinance from their existing servicer, as long as they have at least 20% equity in their home, according to guidance released Thursday.

Rush Limbaugh, Mortgage Analyst?
The Wall Street Journal | January 5, 2012
The conservative talk show host cannon balled into housing and mortgage market politics on Thursday, picking up on a longstanding rumor that the Obama administration would engineer a massive refinancing program.

From the National Association of Realtors®:

3 Predictions for Distressed Properties in 2012
There are certain trends regarding distressed properties that can be predicted with some level of assurance. Here are a few important ones for the coming year.

Low Vacancies, Higher Rents Keep Rental Market Booming
The apartment vacancy rate is at its lowest level since late 2001 as the rental market continues to soar.

Home Owners Rent Out Driveways for Extra Cash
Home owners looking for extra money are turning to their largest asset: their house. And they’re realizing their driveway or garage may be a money-maker.

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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