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Real Estate News Today 6-21-2012

21 Jun

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

5 Biggets Mistakes Home Buyers Make
RealtorMag | June 20, 2012
Some home buyers fall for common pitfalls when purchasing a home. How can you help make sure your clients don’t fall for one?

Building the Great Outdoors Room
RealtorMag | June 20, 2012
Home owners seeking to maximize living space are turning to the outdoors, treating it like another room in the house.

CFPB to Combine RESPA/TILA Mortgage Disclosures After QM
HousingWire | June 20, 2012
The consolidation of federal mortgage disclosure forms mandated by the Dodd-Frank Act won’t occur until the qualified mortgage rule is finalized, meaning finalization of the new forms won’t arrive until 2013.

Home Prices in the West Are Rebounding as Inventory Shrinks
The New York Times | June 20, 2012
The overall value of homes in 20 metropolitan regions tracked by Standard & Poor’s Case-Shiller index remained unchanged, and prices are still sitting at their lowest point.

Court Rules Against MBA in Loan Officer Compensation Case
HousingWire | June 20, 2012
A United States District Court has ruled against the Mortgage Bankers Association in a case that will determine how loan officers are classified when it comes to standards of pay and overtime compensation.

Many Americans Escape Poverty By Sharing Homes With Families or Friends
The Washington Post | June 20, 2012
Millions of economically pressed Americans cushioned themselves against the recession by doubling up in houses and apartments, according to a Census Bureau report released Wednesday. Michael A. Fletcher JUN 20 Census Bureau says number of adults living with others jumped 11.4 percent between ‘07 and ‘10.

Fed Extends Program to Lower Rates
The Washington Post | June 20, 2012
The Fed said it would extend “Operation Twist,” a program that seeks to reduce long-term interest rates, through the end of the year. The decision highlights how the central bank, the Obama administration and Congress are struggling to make a major dent in unemployment, three years after the economy officially started growing again.

Housing Starts May Be Up But Don’t Expect A Construction Recovery Just Yet
Forbes | June 20, 2012
Builders are beginning to amp up plans for new homes. The number of building permits jumped to the highest level in nearly four years, according to figures released this week by the U.S. Department of Commerce. 

The appraisal discussion continues.  Excerpts from responses I received:

An agents response:
Mortgage underwriters seemed to have been handed all the blame from the sub-prime lending days.  The result today is that many seem to go out of their way to avoid blame that may occur from a default down the road.  As for appraisers using foreclosures and REO properties as comps, that would seem natural as these two types of sales have been setting the “basis” for home values as we listed the homes, so why not consider them as comps to sell them? 

A loan officer response: 
Yes we are afraid of our own shadow. We as lenders are NOT confident in what our investors will require post-closing and further we are trying to avoid push backs from the agencies FNMA/FreddieMac.  No question, it’s a difficult time for ALL of us, we do not want to underwrite in this manner.  Trust me,we do not enjoy the level of post-closing re-underwriting (second guessing) that’s occurring today.  We cannot afford to buy back too many loans. (go to your Board and ask for a million or two at 3-4% for 30 years—They will NOT be happy) My underwriter, Operations Supervisor and myself each have 30 years of experience, and yet we simply don’t know what to expect.  Several lenders I know are simply withdrawing from the business because of excusive regulations, costs and fear.

Another loan officer response:
In the last three years I have had NO appraisal issues in WA or CA, until this week.  We’re probably 50/50 on our Conventional v FHA loans so no problems on either. I’m betting you are only hearing from the people with “problems,” and that it’s not that widespread. At least my experience in two states would indicate the problem isn’t that big.

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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