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Real Estate News Today 1-31-2012

31 Jan

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

You may have seen the article I included yesterday about Freddie Mac betting against homeowners.  The first article up to bat today is a counter viewpoint on the same subject from Forbes.

Freddie Mac Bets Against Refinancing?  Or Just Higher Rates?
Forbes | January 30, 2012
It’s an eyecatching, holy-vampire-squid headline: Freddie Mac Bets Against American Homeowners! And the story details how our national mortgage company has invested heavily in securities that would lose value if homeowners refinanced their mortgages. This time, instead of Goldman Sachs, it’s a federal agency thrusting its blood funnel into the pockets of American homeowners!

Home Prices to Fall 1% in 2012, Rebound in 2013: Fiserv Case-Shiller
HousingWire | January 30, 2012
The double-dip in home prices that began two years ago continued through the third quarter of 2011, according to the Fiserv Case-Shiller Indexes released Monday. However, there are signs of a recovery for 2013.

Housing Will Soon Help the Economy, but Not by Much: Report
DSNews | January 30, 2012
The analysts at Capital Economics are holding fast to their forecast that the downturn in the housing market is drawing to a close.

Washington State Considers Borrower Short Sale Protections
HousingWire | January 30, 2012
Banks could soon be barred from pursuing deficiency judgments against Washington state borrowers after a short sale. (Good for the market, or bad for the market?  What about the effect on the bank vs the consumer?  One observation from the article states that “the bill if passed, does not require the lender to accept a short sale offer.”  It seems like this would cause the lender to be LESS motivated to cooperate. ~Anthony)

Tower Rises, And So Does Its Price Tag
The Wall Street Journal | January 30, 2012
The price tag for One World Trade Center, the signature skyscraper under construction at Ground Zero in New York, has risen to more than $3.8 billion, making it by far the world’s most expensive new office tower, according to people familiar with the matter.

Homeowner Satisfaction Rate at 72%, Highest for Short Sale Purchasers
DSNews | January 30, 2012
Seventy-two percent of homeowners say they are satisfied with homeownership, according to a recent survey of more than 1,400 homeowners conducted by HomeGain.

Obama’s Housing Plan Draws Fire, Impact Seen Small
Reuters | January 30, 2012
President Barack Obama’s latest plan to help homeowners struggling to pay their mortgages drew fire on Monday as an election year ploy, and even supporters said it was likely to help only at the margins.

Foreclosures Draw Private Equity as U.S. Sells Homes: Mortgages
BusinessWeek | January 31, 2012
Private equity firms are jumping into distressed housing as the U.S. government plans to market 200,000 foreclosed homes as rentals to speed up the economic recovery.

New Home Sales in 2012 Reach All-Time Low Since 1963
Stewart Blog – Ted C. Jones | January 31, 2012
The number of new home sales in the U.S. hit an all time low since data collection commenced in 1963.   This now tallies to six consecutive years of declines in new home sales. 

It may be a good time to buy, but not to sell
MarketWatch | January 30, 2012
Many Americans say now is a good time to buy a home, thanks to record-low mortgage interest rates and bargain home prices that are boosting affordability. But is it a good time to sell a house? That’s a different story.

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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