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Real Estate News Today 5-18-2012

18 May

May 18, 1980, where were you?  I was at our school picnic in Comstock Park (Spokane) when we could see what looked like a nasty storm cloud coming and we were told to head home because Mt St. Helens had erupted that morning and they expected ash to start falling from the sky.  That event changed the way we look at many things from a geologic perspective.  Here’s a great article on Wikipedia.

Tell us your Mt. St Helens Story on our Facebook page, you’ll see the question and article link there.  Facebook

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

Fitch Predicts Housing Bottom in 2013
HousingWire | May 17, 2012
U.S. home prices could drop another 7.8% before reaching bottom next year, Fitch Ratings said in a report released Thursday.

Congress Extends Federal Flood Insurance Program for 30 More Days
The Times-Picayune | May 17, 2012
The federal flood insurance program got another 30-day extension from the House on Thursday, while some lawmakers continue to work for the long-term extension they say is needed to ensure its stability.

Principal Reductions Won’t Solve U.S. Mortgage Mess
Bloomberg | May 17, 2012
Edward DeMarco, the temporary director of the Federal Housing Finance Agency, continues to endure blistering criticism for refusing to allow Fannie Mae and Freddie Mac to pay for large-scale principal reductions for underwater borrowers (those who owe more than their homes are worth) or to facilitate refinancings for those stuck with high interest rate mortgages.

Private Properties
The Wall Street Journal | May 17, 2012
Celine Dion lists a private Canadian island for $29.3 million; Ryan Seacrest is in escrow to buy Ellen DeGeneres’s home for $37 million; a midtown Manhattan duplex lists for $12 million.

Luxury Homes Spur Bidding Wars in L.A. as Market Rebounds
Reuters | May 17, 2012
A week after Christine Lynch listed her house in the Brentwood neighborhood of Los Angeles for $3.625 million, she had seven offers. Within 10 days, a deal was reached for the five-bedroom, six-bathroom home — and for $225,000 more than she asked.

De Facto Property Management Creates Agent Risks
RealtorMag | May 17, 2012
When clients must move before their house is sold and they ask you to take care of their property in their absence, it’s tempting to say yes. After all, you want to remain on good terms with them and get the future sale. But saying yes to such a request comes with a slew of pitfalls. (Worth a read! ~Anthony)

Thousands of REALTORS(R) Rally to Support Home Ownership
RealtorMag | May 17, 2012
More than 13,000 REALTORS® attended the Rally to Protect the American Dream this morning in the shadow of the Washington Monument on the National Mall in Washington, D.C. (Were you there or did you watch it?  What did you think? ~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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