Real Estate News Today 5-2-2012

02 May

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

Mortgage Purchase Applications Rose Last Week
CNBC | May 2, 2012
The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity, which includes both refinancing and home purchase demand, rose 0.1 percent in the week ended April 27. (Perhaps more importatly, 30 year fixed rates declined to 3.69% which is a decline from  3.72% the previous week.  See Thirty-Year Fixed Rate Mortgage Hits 3.69%: Zillow  from The ~Anthony)

Ability-to-Repay Rule for Mortgages Nears CFPB Approval
Bloomberg | May 1, 2012
The director of the Consumer Financial Protection Bureau is aiming to discourage lenders from making home loans with risky features and outlining steps they must take to verify borrowers’ finances, as part of the “qualified mortgage” or QM regulation.

Wells Fargo Doubles Down on Housing
HousingWire | May 1, 2012
Wells Fargo has thrown caution to the wind and is aggressively writing new business in both residential and commercial real estate loans.

Renters Really Prefer Owning, Builder Survey Says
The Wall Street Journal | May 1, 2012
A survey from PulteGroup — one of the nation’s largest home builders — has found a surprising result: Many renters want to buy homes.

Bad Models Mistook Housing Bust for Dot-Com Bubble
Bloomberg | May 1, 2012
In a speech last month about the financial crisis, Federal Reserve Chairman Ben S. Bernanke trenchantly noted that the initial losses from the dot-com bust were about the same size as those from the housing meltdown — yet the two episodes had very different economic consequences.

Foreclosures Held Steady in March
Los Angeles Times | May 1, 2012
The number of U.S. homes struggling through foreclosure held steady in March but fell from a year earlier, new data show, indicating that the huge wave of foreclosures that some housing experts keep predicting isn’t even a whitecap yet.

Jobs Growth Seen Rebounding in April
Reuters | May 1, 2012
Hiring by U.S. employers likely rebounded in April, which could ease worries the economy has stumbled into a soft patch.

What Smart Buyers Should Know About Time Shares
USA Today | May 1, 2012
Timeshares may sound like an inexpensive way to live a little large once a year, but they will cost you for years to come unless you find someone to buy it.

Attacks Against Real Estate Professionals Surge
RealtorMag | May 1, 2012
The number of assaults against real estate professionals is on the rise, with the nature of attacks becoming more violent and sometimes deadly.  (There are some eye-popping numbers in here that should make us all a little more cautious.  One item of note is that the category includes landlords, appraisers, etc. It didn’t say anything about title/escrow people.  ~Anthony)

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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


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