Real Estate News Today 5-3-2012

03 May

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

The Perfect Loan File
Forbes | March 9, 2012
The media has it all wrong – securing mortgage approval and satisfying credit underwriting guidelines are not the difficulties plaguing mortgage consumers.  (One of my Linkedin connections shared this yesterday, great article about the mindset of the borrower and how we can help them prepare. ~Anthony)

Wells Fargo’s Market Share of U.S. Mortgages Tops 33%
Bloomberg | May 2, 2012
Wells Fargo & Co. (WFC), already the largest U.S. home lender, widened its lead in the first quarter by originating a third of all residential mortgages in the nation as some of its biggest rivals retreated. (Is this a problem or concern or not at all?  Like anything else, I guess it depends on your perspective.  That’s a greater market share than Countrywide ever had, I think CW was at 20% at their peak, correct me if I’m wrong.  ~Anthony)

Retirement, Slipping Farther and Farther Away
The New York Times | May 2, 2012
Over the last decade and a half, Americans’ expected retirement age has slowly risen to 67 from 60, according to a new Gallup survey.

Getting Away—but Not Too Far
The Wall Street Journal | May 2, 2012
Sales of vacation homes are picking up as low prices pull buyers off the fence. But with travel costs rising and consumers still uncertain about the economy, many buyers are snapping up properties closer to home.

Another Big Name Exits Reverse-Mortgage Lending
The New York Times | May 2, 2012
MetLife said recently that it would stop making reverse mortgages, as part of a general exit of the banking industry.

Instability of Shadow Banking Still Plagues Investors
Forbes | May 2, 2012
There are still major vulnerabilities in the US financial system, especially in areas of “shadow banking”, which are inadequately regulated– and in the overhaul of the mortgage finance infrastructure. Too big to fail institutions that are of global systemic importance could still fail and have negative consequences for the entire financial system.

Beazer Books Surge in Home Sales
The Wall Street Journal | May 2, 2012
Beazer Homes reported a narrower fiscal-second-quarter loss Wednesday as the builder recorded a surge in home closings and sounded a hopeful note for the months ahead.

I’ve already had a call from our IT Dept. this morning because we have a server down.  In honor of you wonderful IT people everywhere I offer this great memo from The New Yorker.  I love it!
Please Read: Important Procedure Change For Contacting I.T. Department
The New Yorker | May 2, 2012
When contacting the I.T. department, it is essential that the user states the priority level of the request. Make sure to specify one of the following levels.

And last but not least, another new low:
Mortgage Rates hit all-time low
HousingWire | May 3, 2012
Fixed mortgage rates hit new all-time lows this week as anemic economic growth and inflation took rates to unheard depths.
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

Please remember to choose Stewart Title of Spokane on your next transaction!


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