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Monthly Archives: March 2012

Real Estate News Today 3-30-2012


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

Investors, Vacation Dwellers Stimulate Home Buying Activity
HousingWire | March 29, 2012
The combined share of investment and vacation home sales last year reached its highest level since 2005, according to the National Association of Realtors. (These are the same folks that are buying in ever-greater numbers with cash. ~Anthony)

Forget the Mortgage, Consumers Pay Car Loan First
MarketWatch | March 29, 2012
According to the latest analysis of open loans by TransUnion, the credit-ratings agency, nearly 40% of some 4 million consumers tracked last year fell behind on their mortgage payments, while keeping both their auto loans and credit-card balances in check. (I understand the dilemma- do you pay the loan on the place you live, or do you pay the loan on your ride to/from work?  My vote?  Pay the loan on the house first, sell the ride and take public transportation.  As a side note, if you can’t make ends meet and you’re going to pay something short, CALL YOUR CREDITORS!  Let them know what is going on and try to work something out.  Pay them SOMETHING, even if it’s small, to show them you are trying. Am I wrong?  Let em know at acarollo@stewart.com ~Anthony)

Cordray: Adding Leeway to LO Comp Rule ‘Sounds Sensible’
HousingWire | March 29, 2012
Consumer Financial Protection Bureau officials will consider allowing mortgage loan officers to lower their compensation in order to close a home purchase.


House Approves $3.5 Trillion Budget Plan Proposed by Paul Ryan
The Washington Post | March 29, 2012
Plan faces all but certain rejection in the Senate but will frame the parties’ election-year debate.

If You’re Happy and You Know It … Let the Government Know
The Washington Post | March 29, 2012
Americans’ right to the “pursuit of happiness” is older than the United State itself – it’s in the Declaration of Independence – but the emotion has never been measured. Amid a wave of research on the subject, the federal government is seeking ways to quantify it.

Avoiding the Equity Crowd-Funding
The Wall Street Journal | March 29, 2012
Under a bill expected soon to be passed into law, start-ups can raise up to $1 million a year by pitching to thousands of small-dollar investors online with little disclosure. Some companies are thrilled. But others, including some so-called angel investors, aren’t.

U.S. Consumer Cop Says not Bullying Banks
Reuters | March 29, 2012
The head of the new U.S. financial protection agency is fending off criticism that the presence of enforcement staff during routine inspection visits to banks is an intimidation technique.

10 Biggest Buyers of 2011
MultiFamily Executive | March 29, 2012
It’s hard to ignore the gap that exists between the No. 1 multifamily buyer and the rest of the 2011 top buyers list.

Mentorship is one thing that is sorely lacking in the real estate and real estate services industry. Our industry seems to reward those folks that help themselves more than others, yet for our kids’ future we should be mentoring the “up-and-coming”.  My challenge to you? Find someone to mentor today.  If your my age (44) and struggling with social media, mentor that 22 year old kid in the cubicle next to you and I’ll bet he/she can teach you a thing or two about Facebook or e-marketing.  There are PLENTY of “experienced” real estate folks out there that have a lot to teach a younger worker.  If you are one of the younger workers, find a mentor for yourself and also take the time to mentor a kid.

I am who am I am in large part because of two or three individuals who took the time to mentor me in different stages of my career, and for those guys am forever grateful.  (One of them is my dad, thanks Pop!)

Management Tip of the Day: Find mentors who help you learn
Reuters | March 29, 2012
Choosing the right type of mentor is important as a way to speed up your learning and help compete for jobs that were previously held by those with decades of experience, says Harvard Business Review.

 

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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Real Estate News Today 3-29-2012


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

Breaking news from HousingWire: Freddie Mac mortgage rates back below 4%

Realtor Referrals Supply One-Third of Business for Lenders: Survey
The MReport | March 28, 2012
Referrals from real estate agents guide about one-third of mortgage-financing decisions for today’s homebuyers, according to a recent survey.  (Read on to find out the biggest reason why buyers DIDN’T use their agents recommended lender. ~Anthony)

Cordray to Chamber: I Come In Peace
The Hill | March 29, 2012
Consumer Financial Protection Bureau (CFPB) Director Richard Cordray offered an olive branch Wednesday to one of his agency’s more fiery critics, the U.S. Chamber of Commerce.

Banking Regulator Calls for End of ‘Too Big to Fail’
The New York Times | March 29, 2012
An official at the Federal Reserve Bank of Dallas said that despite the financial crisis of 2008, a cartel of megabanks still hinders economic recovery.

Bernanke Says Too Early for Victory on U.S. Recovery
Bloomberg | March 28, 2012
Federal Reserve Chairman Ben S. Bernanke said unemployment remains too high, the recovery in the U.S. economy isn’t assured and policy makers don’t rule out any further options to boost growth.

Forecast Upbeat on Housing Recovery
The Wall Street Journal | March 28, 2012
The housing market may finally be on the path to a sustainable recovery, according to a new report, but it’s not the cork-popping celebration many under-water homeowners may have hoped for.

Trump Makes Return to Risk
The Wall Street Journal | March 28, 2012
Donald Trump’s appetite for real-estate risk has returned. He is doubling-down his bet on the Trump International Hotel and Tower Chicago, the second-tallest building in the city.

Combat Deal-Killing Low Appraisals
Realtor Magazine | March 28, 2012
About one in three real estate contracts were canceled in January, up from 9 percent the previous year. Lowball appraisals are mostly to blame, agents say.

Poll: Renters Want to Buy
Realtor Magazine | March 28, 2012
Fannie Mae’s quarterly national housing survey shows that renters want to purchase a home, but one thing has them spooked. (I was actually surprised at the “one thing” that’s keeping renters from moving toward a purchase. ~Anthony)

 

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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Real Estate News Today 3-28-2012


We have a new clock hour class coming up at our Spokane office!  Check out “The Dark Side of Escrow” on our Facebook page.

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

This week Stewart lands itself on a Forbes list!
America’s Most Trustworthy Companies
Forbes | March 20, 2012
Over the last few years, corporate scandals, bailouts, and bankruptcies have greatly damaged investors’ trust in some of the country’s largest public companies. However, even today, many corporations are models of openness and integrity.

Rising Rates: Some Business Owners Face Increase
The Wall Street Journal | March 28, 2012
Business owners say they’ll face hundreds or thousands of dollars in higher yearly costs. (We all knew it was coming, right? ~Anthony)

Tweaks to Wall Street Overhaul Law Starting to Move
CNBC | March 27, 2012
Support is growing in Congress for tweaks to the 2010 Dodd-Frank financial oversight law, a possibility that until recently seemed remote given partisan acrimony over the law, as well as between Republicans and Democrats.

Housing Experts Optimistic, Despite Dismal Data
The Washington Post | March 27, 2012
There’s no shortage of depressing numbers about the state of the nation’s housing market. Home prices continue to fall, a key index showed Tuesday. Sales of new and existing homes recently declined.

Improving Your Financial Literacy is a Good Investment
The Washington Post | March 27, 2012
Survey after survey continues to conclude that consumers don’t have a good grasp of personal finance issues. There are good intentions behind these surveys. Their purpose is to find out how to create financial literacy programs to help people understand the importance of saving and investing, the devastating results of taking on too much debt, and how to avoid becoming a victim of fraud.

Supreme Court to Consider Medicaid Expansion
The Washington Post | March 28,2012
Justices will also consider whether the entire health-care law must fall if the individual mandate is found unconstitutional.

Q&A: The Prospects for Commercial Real-Estate Lending
The Wall Street Journal | March 28, 2012
Prudential Mortgage Capital is looking to grow its loan volume up to as much as $11.6 billion this year. An executive talks about where he sees commercial real-estate opportunities in the market.

Homeless Being Trained as Squatters?
Realtor Magazine | March 27, 2012
“The best properties are city-owned properties or bank-owned properties,” a board member to a New York City advocacy group reportedly told a homeless group in teaching them about “homesteading.” 

Freddie’s Haldeman: Would have been happy with $1 in exec pay
HousingWire | March 26, 2012
The outgoing CEO of Freddie Mac , Charles ‘Ed’ Haldeman, is in a state of reflection. He predicts he will leave by mid-year and is deeply dismayed at some of the things that happened in the short time he held the reins at Freddie Mac. (I had this article in yesterday’s issue, and last night I was thinking more about it.  I don’t often comment about an individual but today I’m saying “Hogwash!”  He says he would have taken $1 instead of his $900,000 annual salary, but I don’t buy the reason he gives for his change of heart. Not that I begrudge him the money, I don’t care what he makes.  There’s my two cents worth.  ~Anthony)

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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Real Estate News Today 3-27-2012


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

FHA Bailout Risk Looming Larger After Guarantee Binge: Mortgages
Bloomberg | March 27 2012
The Federal Housing Administration won?t be able to earn its way to financial health this year, increasing the chance it will need a taxpayer bailout, based on an updated forecast from Moody’s Analytics, which provides the agency’s housing-market analysis.

Low Interest Rates Put Cash in Americans’ Pockets
USA Today | March 26, 2012
A historic drop in interest rates is helping save U.S. households more than $3,000 a year on average, allowing consumers to spend more even as their earnings fall.  (While the low interest rates DO help folks to spend more, here is another viewpoint that shows how those same rates hurt retirees. ~Anthony  How the Fed Hurts Retirees )

FHA to Deny Mortgage Backing for Credit Disputes Above $1,000
HousingWire | March 27, 2012
Beginning April 1, potential borrowers with ongoing credit disputes totaling more than $1,000 will not be able to get a mortgage insured by the Federal Housing Administration.

Lawsuit Against Fannie Mae, Freddie Mac May Give State Millions
Detroit Free Press | March 26, 2012
Michigan’s school aid fund could get a windfall of up to $100 million, and 82 of Michigan’s 83 counties could collectively claim millions more under a judge’s ruling last week that mortgage giants Fannie Mae and Freddie Mac illegally withheld payments of transfer taxes in property sales.

Fed Will Keep Interest Rates Low, Bernanke Signals
The Los Angeles Times | March 26, 2012
Though the labor market and the economy have improved in recent months, he stresses that labor-market conditions are “far from normal.”

White House, Democrats at Odds Over Obama-Backed Pro-Business Bill
The Washington Post | March 26, 2012
Obama allies are in uproar over pro-business legislation embraced by the president, exposing a new rift in his relations with Democratic lawmakers and supporters amid efforts to mend those ties.

Freddie’s Haldeman: Would have been happy with $1 in exec pay
HousingWire | March 26, 2012
The outgoing CEO of Freddie Mac, Charles ‘Ed’ Haldeman, is in a state of reflection. He predicts he will leave by mid-year and is deeply dismayed at some of the things that happened in the short time he held the reins at Freddie Mac. (While I don’t know much about the guy, Haldeman’s interview points about the focus of the two Congressional hearings is revealing. ~Anthony)

Market Has ‘Tall Order to Fill’ as $362B in CRE Loans Matures in 2012
DSNews.com | March 26, 2012
The commercial real estate (CRE) sector faces $362 billion in maturing debt this year, according to the latest estimates from Trepp LLC, a New York-based provider of commercial mortgage information and analytics.

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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Real Estate News Today 3-22-2012


Look at that, most of Today’s News is good news!  Hot dog!

Hot Start-Up Industry: Construction?
The Wall Street Journal | March 21, 2012
It turns out that the hottest growth area for new businesses isn’t something sexy such as software or biotechnology. It’s construction.

Existing U.S. Home Sales Hold Near Two-Year High
Bloomberg | March 21, 2012
Sales of previously owned U.S. houses held in February near an almost two-year high, adding to evidence the market that triggered the recession is firming.

Supreme Court Allows Idaho Couple to Challenge EPA on Wetlands Ruling
The Washington Post | March 21, 2012
The Supreme Court on Wednesday unanimously ruled for an Idaho couple who have been in a four-year battle with the Environmental Protection Agency over the government’s claim that the land on which they plan to build a home contains sensitive wetlands.

Smaller Homes, Urban Lifestyles Attractive to New Homebuyers: ULI
HousingWire | March 21, 2012
Smaller homes closer to urban areas may be the next wave of new construction, as post-bubble buyers seek smaller mortgage payments and shortened commutes.

Economic Uplift May Be Drag on Housing
The Wall Street Journal | March 21, 2012
A firmer economy doesn’t immediately translate into a more robust housing market. It could actually prove an impediment.

Home Builder Stocks at Highest Point in 2 Years After 6-Month Rise
The New York Times | March 21, 2012
The Standard & Poor’s index of 11 home builder stocks has risen 80 percent since October, the most recent low for the industry.

Zillow Survey: Prices Projected to Fall 0.7%, but Rise Next 4 Years
DSNews | March 21, 2012
Home prices are projected to fall 0.7 percent this year, a more negative expectation than the 0.2 percent decline economists previously anticipated, according to the March 2012 Zillow Home Price Expectations Survey.

New Realtor.com Tools Get HyperSocial 
RealtorMag | March 20, 2012
Realtor.com’s recently launched HyperSocial tools aim to improve real estate pros’ relationships online and allow clients’ recommendations to show up on their Facebook and Twitter pages.

Big Spending at Fannie, Freddie Should End, Watchdog Says
Bloomberg | March 21, 2012
The days of big spending on conferences and charity are over at Fannie Mae and Freddie Mac and the companies’ regulator should make sure it stays that way, the auditor of the Federal Housing Finance Agency said in two reports released today.

 

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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Posted by on March 22, 2012 in Real Estate news

 

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Real Estate News Today 3-21-2012


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

The Wall Street Gold Rush in Foreclosed Homes
Reuters | March 20, 2012
A growing list of big and small investors are renting out foreclosed homes. But the heated competition for these homes is reminiscent of the frothy expectations that seem to accompany each new Wall Street investing craze.

Manufactured Housing Under Renovation
The Wall Street Journal | March 20, 2012
The industry – and Wall Street – is betting that consumer attitudes toward housing have been updated, that buyers are soured on the bigger-is-better mantra of the boom years and looking for affordable alternatives.

FHFA Blames State Laws for Excessive Foreclosure Timelines
DSNews | March 20, 2012
State and local governments across the nation responded to the foreclosure crisis by introducing a wave of new laws aimed at protecting homeowners.

Rising Mortgage Rates May Not Hurt Housing
CNBC | March 20, 2012
As the economy improves, the job market improves, and that is a key driver for housing. But on the flip side, as the economy improves, investors finally crawl out of the Treasury bunkers, driving yields higher, and mortgage rates generally follow the 10-year Treasury.

Builders Betting on Brighter US Housing Market
BusinessWeek | March 20, 2012
U.S. builders are betting that the housing market is finally on the path back to health. They requested 5 percent more permits in February to build single-family homes and apartments in the coming months.

Ex-Taylor Bean Finance Chief Admits $3 Billion Fraud Role
Bloomberg | March 20, 2012
Taylor, Bean & Whitaker Mortgage Corp.’s former finance chief admitted to helping his boss, Lee Farkas, commit what prosecutors say was one of the largest bank frauds in U.S. history.

Buying cheaper than renting in nearly 100 major U.S. markets: Trulia
HousingWire | March 21, 2012
Buying is more affordable than renting in 98 out of the nation’s 100 largest metropolitan areas — even in New York, Los Angeles and Boston, according to real estate company Trulia‘s rent vs. buy index.

Large Banks Cut Thier Bad Loans
The Wall Street Journal | March 21, 2012
Large U.S. banks have been making headway in dealing with their troubled commercial real-estate debt, selling off and reworking bad loans at a faster rate than smaller banks. 
 

 

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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Posted by on March 21, 2012 in Real Estate news

 

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Real Estate News Today 3-20-2012


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

U.S. Builders Began Work on Fewer Homes in February, but Permits for New Homes Jumped 5 Percent
The Washington Post | March 20, 2012
U.S. builders started work on slightly fewer homes in February, but they began preparing for what could be the healthiest spring buying season since the housing bubble burst.

Fannie Economist: Mortgage Deleveraging Yet to End
HousingWire | March 19, 2012
Households shed mortgage debt each month for more than one year now, but the deleveraging has yet to end, according to Fannie Mae Chief Economist Doug Duncan.

Home Builder Sentiment Holds Steady at Highest Level in Nearly 5 Years
The Wall Street Journal | March 19, 2012
U.S. home builders’ confidence in the housing market held steady in March after five consecutive monthly gains, keeping sentiment at the highest level in nearly five years as the industry slowly regains its footing after a devastating bust. 

The One Number to Watch for a Housing Recovery
CNN Money | March 20, 2012
If you’re waiting for home prices to go up, then you’re missing signs the troubled housing market has finally turned around.  (This author is right on the money! Though I won’t tell you what the “One Number” is, I have heard several anecdotes lately of multiple offers and even escalating clauses in offers. ~Anthony)

Did Warm Winter Steal Spring Housing?
CNBC | March 19, 2012
As if we really needed a reminder that today’s housing market is still very fragile, the first installment in a slew of housing data to be released this week came in below expectations.

A Troubling Housing Misstep By Boomers
Forbes | March 20, 2012
Who’s falling for reverse mortgages these days? Leading edge baby boomers, aged 62 to 64. They represent more than one out of five (21%) applicants, compared to only about 6% in that age group back in 1999, according to a new report by the MetLife Mature Market Institute. Almost half of applicants were under 70, double the percentage in that age group in 1999.

Home remodeling rises to 2006 mark
HousingWire | March 19, 2012
Residential remodeling rose 11% in January from a year earlier in a seasonally adjusted measure, according to BuildFax. Projects grew to roughly 3 million on an annual basis, up 13% from 2.65 million in December.

Cordray tells credit unions to sound alarm on bad actors
HousingWire | March 19, 2012
Consumer Financial Protection Bureau
chief Richard Cordray told credit unions Monday they do not share in the blame for the excessive practices that caused the housing meltdown. In fact, he praised credit unions that have put mortgage schools together to aid borrowers.  (I am certainly not a banking regulations expert, so I’ve no idea – educate me.  I cannot imagine that CUs get a pass versus banks, but I’m open to the possibility that I’m wrong. I’ve said before and I’ll say it again: the economic crisis we’re in was due to all of America living beyond our collective means
 – which we’re still doing by the way, we’re just doing it differently now via the government instead of home mortgages. ~Anthony)

 

 

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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Posted by on March 20, 2012 in Real Estate news

 

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