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Real Estate News Today 6-19-2012

19 Jun

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

Another Top 10 City List – The Most Expensive Cities in the World
Jones on Real Estate | June 19, 2012
Mercer, a global leader in human resource consulting and related services (owned by Marsh & McLennan Companies, NYSE-MMC), completes an annual survey of the relative cost of living allowing companies with global operations to assure that expatriates working abroad are appropriately compensated in their housing and living costs.  The survey results are also a great source of information in dealing with foreign customers relocating either temporarily or permanently to the U.S. (Two countries dominate the list.  There are at least two on here that really surprised me. ~Anthony)

Is your listing a pinball?
The Miami Herald | June 16, 2012
In the real estate brokerage field they’re known as “setups” or “pinball” homes, and this spring’s improving conditions in some markets could be stimulating more of them. (We’ve all seen these listings, though I had no idea there was a name for them.  Did you? ~Anthony)

How to Beat Big Investors to Good Properties
Fox Business | June 18, 2012
How do the early birds get in, tour the property and make offers so quickly? Chances are, they didn’t go see the property. That’s right.

Household Net Worth Shrinks 35% from 2005
HousingWire | June 18, 2012
The housing bust cut the median household net worth to $66,740 as of 2010 from $102,844 in 2005, according to Census Bureau data released Monday.

K&L Gates: Basel III Could Limit Banks to Plain Vanilla Mortgages
HousingWire | June 18, 2012
Three Dodd-Frank rules that will govern how banks shield themselves from capital risks in the future may cause lenders to back-pedal on plans to offer various loan-product types, new research from law firm K&L Gates said.

What Will the Fed Do?
The Washington Post | June 18, 2012
The Federal Reserve is meeting this week at a time of high alert — over the slumping U.S. economy, the aftermath of the Greek elections and the shaky financial markets.

Microsoft Unveils Surface Tablet to Rival iPad
The Wall Street Journal | June 18, 2012
The new device is a sign of the new tactics the software giant has been forced to embrace as it tries to make up lost ground in the mobile market.

The appraisal discussion continues today with this dispatch from a Spokane agent: 
“I have had four transactions in a row delayed by either appraisal or underwriting. Many of those in either position seemed to be afraid of their own shadows. How about in a conventional loan 20 per cent down, yet flaking paint siding is called as a “health and safety ” issue by the underwriter on a 1993 built home. In another transaction, the appraiser used only foreclosures and REO properties as comps.”

Any thoughts or current issues about appraisals you’d like to share?  Let me know.

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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