Today’s news that may be of interest to you:
Firms Launch $450M Program to Convert REOs Into Rentals
DSNews | January 18, 2012
Government officials are in the process of reviewing 4,000-plus recommendations for turning repossessed homes into rental properties in order to trim the REO inventory held by federal housing agencies. The Federal Housing Finance Agency has said it is pursuing potential ideas for REO-to-rental pilot programs “with a sense of urgency,” but two California firms don’t plan to wait on the government’s involvement to get a large-scale REO rental venture off the ground.
CRL: Strict QRM standards will alienate creditworthy borrowers
HousingWire | January 19, 2012
A Supreme Court decision that will set a legal precedent for financial firms trying to meet the new requirements set forth in the Fair Housing Act is approaching. And new research suggests that policymakers should not impose requirements beyond certain qualified residential mortgage thresholds.
Housing May Turn the Corner in 2012: CoreLogic
DSNews | January 18, 2012
CoreLogic’s chief economist Mark Fleming says 2012 may be the year the housing market begins to turn the corner.
Ahead of the Bell: Housing Starts
CBS News | January 19, 2012
Builders likely ended 2011 with a third straight year of dismal home building and the worst on record for single-family home construction. (However, also check out “Homebuilder Confidence Climbs for Fourth Straight Month: NAHB” from The MReport ~Anthony)
The ‘New American Home’ Continues Shrinking
The Wall Street Journal | January 18, 2012
Every year at its convention, the National Association of Home Builders highlights the New American Home, a high-end model designed and built to capture emerging trends in residential building and the shifting lifestyles of Americans.
U.S. Jobless Claims Drop More Than Expected
Bloomberg | January 19, 2012
Fewer Americans than forecast filed applications for unemployment benefits last week, easing concern that post-holiday firings were on the rise.
Volcker Rule Regulators Resist Lawmakers Calls to Scrap Proposal
Bloomberg | January 18, 2012
U.S. regulators, responding to criticism of their Volcker rule proposal, told lawmakers they will refine plans for the ban on banks’ proprietary trading while resisting calls to scrap the measure and start over.
Stocks at Highest Since July After Word of Stronger Housing Market and Heftier Bailout Fund
The Washington Post | January 18, 2012
A surprisingly strong report on the housing market and the prospect of more cash for the International Monetary Fund to fight off a financial crisis powered stocks Wednesday to their highest close since last summer.
From the National Association of Realtors®:
Mortgage Applications Surge 23%
Low mortgage rates sent mortgage applications soaring last week, with requests for home purchase loans jumping 10 percent alone.
Home Inspector Sues Agent for Calling Him ‘Total Idiot’
A Lincoln, Neb., home inspector has filed a defamation lawsuit against a real estate agent and her company, alleging that the agent referred to him as a “total idiot” in an e-mail sent to about 400 other agents. (Rule #1: Treat others as you’d want to be treated. Rule #2: If you don’t follow Rule #1, don’t put it in writing! ~Anthony)
Anthony V. Carollo / President
Stewart Title of Spokane
606 W. 3rd Ave.
Spokane, WA 99201
Direct Line: 509.321.3939
Direct Fax: 866.652.8834
Please remember to choose Stewart Title of Spokane on your next transaction!