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Real Estate News Today 2-27-2012

27 Feb

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

Despite Falling Prices, Housing Burden Still High for Middle Class
The Wall Street Journal | February 24, 2012
Though home prices have fallen dramatically as a result of the housing bust, paying the monthly cost of owning or renting a home hasn’t become any easier for many middle-income Americans families, a new study finds.

Are Real Estate Agents Dinosaurs?
The Wall Street Journal | February 24, 2012
I got a surprising e-mail from a real estate broker this week. The topic: How real estate agents have become “dinosaurs,” done in by technology and a growing do-it-yourself ethos. It isn’t often that I hear from a stranger heralding her own profession as obsolete, so I called her.

Where Are All the Home Sellers?
The Wall Street Journal | February 24, 2012
Inventories of homes listed for sale in January dropped by 6.6% from December to 1.77 million, the eighth straight month that listings have declined. For-sale listings are 23.2% below year-earlier levels and at the lowest point since the housing bust accelerated five years ago, according to data from Realtor.com.

Economists: 2012 is Looking Up
Washington Post | February 26, 2012
Economists are increasingly confident that some pillars of the economy will improve this year, but they still remain cautious in their expectations on the overall pace of economic growth.

Wells Fargo to Expand GSE-Free Mortgage Lending
HousingWire | February 24, 2012
Wells Fargo finalized a new division built to originate mortgages outside of Fannie Mae and Freddie Mac guidelines.

Buffett Says Banks Victimized by Excesses of Evicted Homeowners
Bloomberg | February 27, 2012
Warren Buffett, who controls the biggest shareholding of the No. 1 U.S. mortgage lender, said banks were victimized by some homeowners who refinanced their loans before getting evicted.

Nearly 1 in 4 Households Use Over 1/2 of Income for Housing Costs
DSNews | February 24, 2012
Even with falling home prices, a study from the Center for Housing Policy found that affordability is still becoming increasingly out of reach for homeowners and renters.

Bank of America Scales Back Its Involvement in Mortgage Market
The Washington Post | February 26, 2012
Bank of America’s decision to stop selling new mortgages to Fannie Mae seemed a surprising move in a government-backed market in which few other options exist. But even before Thursday’s announcement, the bank had been scaling back its share in the mortgage market dramatically in the past year.

Beware: Mortgage Fees Are Rising
The Wall Street Journal | February 26, 2012
Increased fees are sneaking into the overall cost of most mortgages. But given the ultralow interest rates these days, it’s likely few borrowers will notice.

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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