RSS

Monthly Archives: June 2012

Today’s Real Estate News 6-20-2012


Check out and LIKE us on Facebook to follow other industry news!  Facebook

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

Multifamily Property Values Rise 25%: Freddie Mac
HousingWire | June 19, 2012
After reaching their trough in the first quarter of 2010, multifamily property values rose 25% over the course of the past two years, Freddie Mac said Tuesday.

The Myth of the National Housing Market
The Wall Street Journal | June 19, 2012
The housing boom and bust gave rise to the myth of a “national” housing market. After all, prices rose in almost every part of the country until 2006, when they began dropping from coast to coast.

Builder Buys Big Southern California Development Site
The Wall Street Journal | June 19, 2012
Luxury builder Toll Bros. Tuesday closed on a massive swath of land in Orange County, Calif., a market that appears to be rebounding from the housing crash.

Fed Expected to do More Stimulus
The Washington Post | June 19, 2012
Central bank is expected to extend “Operation Twist” program that would lower long-term interest rates.

Violent crime reduction equals billions in home value gains
HousingWire | June 19, 2012
A 10% reduction in violent crimes could result in billions of dollars in home price appreciation for several major cities, according to a study from the Center for American Progress. (Is it the reduction in crime that increases home values, or is it the increase in home-ownership that accomplishes both a reduction in crime and an increase in value? ~Anthony)

Watch for more on the ongoing appraisal discussion tomorrow!

IAnthony Carollo 2007 EMAIL  

Join My List

Find me on:     LinkedIn     Twitter     Facebook

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

 
Leave a comment

Posted by on June 20, 2012 in Real Estate news

 

Tags: , , , , , , ,

Real Estate News Today 6-19-2012


Check out and LIKE us on Facebook to follow other industry news!  Facebook

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  

Join My List

Find me on:     LinkedIn     Twitter     Facebook

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

 

Real Estate News Today 6-18-2012


Check out and LIKE us on Facebook to follow other industry news!  Facebook

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

Breaking News today: FHA rescinds $1,000 credit dispute rule from HousingWire 
The Federal Housing Administration rescinded a rule that would have forced potential homebuyers to settle ongoing credit disputes of more than $1,000 before getting financing, according to an alert sent to lenders Friday.

What Home Builders Need: Locations, Locations, Locations
The Wall Street Journal | June 17, 2012
The recent rise in home building could be thwarted by an unlikely factor, a shortage of land in desirable locations.

Homeowner Aid Boosts Big Banks
The Wall Street Journal | June 17, 2012
A government program that helps struggling homeowners take advantage of low interest rates to cut monthly mortgage payments is providing an unexpected revenue boost to large banks such as Wells Fargo Co. and J.P. Morgan Chase Co.

Study: 10 Places Facing Steepest ‘Fiscal Cliff’
The Wall Street Journal | June 14, 2012
A new study and interactive website attempt to measure the impact of the tax increases that will occur at the end of the year, absent congressional action.

Lawmakers Working to Streamline Mortgage Refinancing for Homeowners
The Hill | June 17, 2012
Momentum is building in the Senate behind a bill that would streamline refinancing for homeowners as lawmakers work toward an agreement that could lead to passage by the August recess.

Banks Layer Up on Security to Protect Customers
The Washington Post | June 15, 2012
What are the odds that the head of a company that tracks financial fraud would have his own bank account breached? James Van Dyke, president of Javelin Strategy & Research, certainly found it ironic when Wells Fargo alerted him to a fraudulent transaction six months ago.

Mortgage Basics: The Good Faith Estimate
Newsday | June 15, 2012
Your lender is required by the Federal Real Estate Settlement Procedures Act to provide you with a good faith estimate of the fees due at closing. This document, called the good-faith estimate, or GFE, is supposed to be provided to you within three days of applying for a loan.

Sellers to Buyers: Stop With the Lowball Offers!
RealtorMag | June 15, 2012
Home buyers who are looking for big discounts on housing nowadays are finding that their lowball offers are no longer sticking with sellers, and that their offers are getting a flat-out “no” when they’re way below the asking price.

Aging Population Forces Housing to Mature
The MReport | June 15, 2012
The nation’s housing developments need to grow up. In a commentary released Friday, Fannie Mae SVP and chief economist Doug Duncan said the country must prepare itself to address the housing needs of the aging Baby Boomer population.I posted on Thursday about inventory/activity and got a response that I highlighted on Friday that essentially said appraisers are using comps old enough that deals are falling apart because prices are trying to bump up a little.  In what has become an ongoing conversation, I got this response on Friday:

I’d have to disagree. while there are some appraisers out there who are being extremely conservative, adjusting values for a time factor influenced by a rising trend line is a pretty basic calculation for any appraiser.”

Agree or disagree?  Let me know.

Anthony Carollo 2007 EMAIL  

Join My List

Find me on:     LinkedIn     Twitter     Facebook

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

 

Real Estate News Today 6-15-2012


Check out and LIKE us on Facebook to follow other industry news!  Facebook

A Happy Father’s Day to all of you amazing Dads out there!  Keep investing time and energy into your kids and grandkids.

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

Sheila Bair tackles the European debt crisis, Jamie Dimon and regulators – Fast Forward
Reuters | June 14, 2012
Sheila Bair, the former FDIC chairwoman who heads the newly formed Systemic Risk Council, explores whether U.S. banks can handle the European banking crisis and whether the attention on JPMorgan‘s trading loss is distracting regulators from a looming crisis. (This is a video worth watching, though I must admit to being distracted by the employee that keeps checking her cell phone for text messages in the background.  ~Anthony)

Market Hinges on Sustained Increase in Employment: Harvard Study
DS News | June 14, 2012
Sales are down, then they’re up. Home prices are up, then they’ve fallen. Clearly, it has been an unstable journey for the housing market, with hopeful reports dashed by disappointing data a month later.

Foreclosure Spike Is Positive Sign For Housing
CNBC | June 14, 2012
Foreclosure starts, the first phase of the process, rose 9 percent in May month-to-month, the first increase in over two years, according to a new report from RealtyTrac. Bad news, right? Only if you are the one losing your home.

Housing Market Shows Hints of Recovery, but Economic Troubles Remain
The Washington Post | June 14, 2012
A growing body of data in recent months has suggested that better days are on the horizon for the nation’s battered housing market, though it remains clear that a turnaround won’t come quickly.

Foreign Buyers Rush to Prop Up U.S. Housing Market: NAR
The MReport.com | June 14, 2012
The combination of low housing prices and the comparative weakness of the dollar continues to push foreign buyers to the United States, raising international home sales to $82.4 billion up from $66.4 billion last year, according to the National Association of Realtors (NAR) 2012 Profile of International Home Buying Activity.

Multifamily Attracting Foreign Investors
RealtorMag | June 14, 2012
Though it’s a good time to buy a house considering the rock-bottom prices and interest rates, strict lending guidelines are driving more would-be home owners to go the rental route. Enter overseas investors, who are well aware of the rising need for rental units and the low number of vacancies nationwide. These properties are drawing attention from investors across the globe, industry insiders say.

Meet Agent X: The man who rappelled down a cliff to sell a house
HousingWire | June 15, 2012
The Agent X awards ceremony at REO Expo provided a $100,000 marketing package from HousingWire. And, believe me, our winner’s unique story truly deserved it.

Regarding my “inventory/activity” question from yesterday, I got this response: “The market activity has picked up which means sellers are asking a little more for their homes  and maybe even getting offers that reflect higher prices—-BUT the appraisers are using comparables of 3-6 months ago when the prices were still distressed and deals are falling apart all over the place because sellers feel they can wait to sell and get their price.” 

Agree or disagree?  Let me know. ~Anthony


Anthony Carollo 2007 EMAIL  

Join My List

Find me on:     LinkedIn     Twitter     Facebook

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

 

Tags: , , , , , , ,

Real Estate News Today 6-14-2012


Check out and LIKE us on Facebook to follow other industry news!  Facebook

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

Foreclosures Up for First Time in 27 Months
Reuters | June 14, 2012
Foreclosure starts rose year-over-year in May for the first time in more than two years – though they fell on a month-to-month basis – as banks resumed dealing with distressed properties after a mortgage abuse settlement earlier this year, data firm RealtyTrac said on Thursday.

Short-sale Fraud a Problem for Investors, Mortgage Servicer Says
HousingWire | June 13, 2012
More effort should be made to prevent short-sale fraud so that investor returns are maximized, said Gagan Sharma, chief executive of Titusville, Pa.-based servicer BSI Financial.

Housing Shows Glimmers of Hope
Chicago Tribune | June 14, 2012
Though some might consider it one of those “when pigs fly” moments, homebuilders have begun raising their prices.

Housing Recovery Seen; Will Credit Be The Spoiler?
NPR | June 13, 2012
Amid all the economic uncertainty over the credit crisis in Europe and slow job growth in the U.S., one sector may be looking up. The U.S. housing market is finally showing more signs of recovery, according to a report being released Thursday by Harvard University.

Americans See Biggest Home Equity Jump in 60 Years: Mortgages
Bloomberg | June 14, 2012
Home equity in the first quarter rose to the highest level since 2008 as homeowners taking advantage of record-low borrowing costs to refinance their loans brought cash to the table to pay down principal.

Housing Prices May Soon Start to Increase
The Boston Globe | June 13, 2012
Harvard center forecasts uptick across country.

U.S, economic outlook darkens ahead of vote
Reuters | June 13, 2012
The U.S. elections in November will be contested against the backdrop of an economy growing more slowly and creating fewer jobs than thought only a month ago, a Reuters poll of economists suggests.

Can Eminent Domain be Used to Take Over Mortgages
RealtorMag | June 13, 2012
In a controversial move, a mortgage firm on the West Coast is pushing lawmakers in California and other states to use eminent domain to take over underwater mortgages. Eminent domain is a power that can be used by government to get a court order to seize property — not loans — for the public’s interest, like to extend a highway or construct a school. (One can only imagine the repercussions if this were to be allowed. ~Anthony)

Inventory of For-Sale Homes Falls 20% From Year Ago
RealtorMag | June 13, 2012
The number of homes on the market continues to become a shrinking pool. Inventory of for-sale single-family homes, condos, townhomes, and co-ops dropped 20 percent in May compared to year-ago levels, according to data from REALTOR.com of 146 markets.

Realtors: Where’s the data?  Is our local inventory up or down?  Listing prices?  Closed sales prices?  What is YOUR market doing?

 Anthony Carollo 2007 EMAIL  


Join My List 

Find me on:     LinkedIn     Twitter     Facebook

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

 
2 Comments

Posted by on June 14, 2012 in Real Estate news

 

Tags: , , , , , , ,

Real Estate News Today 6-13-2012


Check out and LIKE us on Facebook to follow other industry news!  Facebook

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

New Mortgages 20% More Likely to Default than Those from the ’90s
DSNews.com | June 12, 2012
Investors and lenders should expect loans currently originated to have a 20 percent higher chance of default than those originated in the ’90s due to current economic conditions, according to the University Financial Associates (UFA). (Keeping in mind that this is only one firm’s position, it does seem to me that the US homebuyer’s mindset has turned a corner. It used to be that foreclosure normally only happened to those folks that couldn’t afford their house payment.  ‘Strategic default’ is a now socially acceptable option if things get tight. This adds a whole new segment of consumers who will be foreclosed upon in the future.  ~Anthony)

Shortage of homes for sale creates fierce competition
Los Angeles Times | June 10, 2012
The newest problem for the slowly improving housing market isn’t a shortage of serious buyers, it’s a shortage of good homes.

Landlords Cash in on Higher Demand
RealtorMag | June 12, 2012
Taking advantage of an increase in home owners-turned-tenants, apartment landlords are raising their rents and expect to continue to do so.

Rental Market Still Tightening: Moody’s
DSNews.com | June 12, 2012
With vacancies declining and rental prices rising, the climate in the housing industry is clearly warming up to rental properties.

Wells Fargo to limit FHA Streamline participation
HousingWire | June 12, 2012
Wells Fargo will only accept new streamlined refinancing on Federal Housing Administration mortgages serviced in-house beginning June 19, according to an alert sent to lenders Tuesday.

US GDP – Not As Pretty As Otherwise Indicated
Ted C. Jones Blog | June 11, 2012
If you looked at the basic U.S. Gross Domestic Product (GDP) numbers, you would conclude that the U.S. is gaining economic ground. 

Trade Group to Call for CFPB Official to Resign After Remarks
DSNews.com | June 12, 2012
Sparking indignation in the mortgage broker community, Raj Date, deputy director of the Consumer Financial Protection Bureau laid the bulk of the blame for the housing crisis on brokers during a speaking engagement Monday. His statements have led at least one industry trade group to call for his resignation. (I know lots of really good and honest mortgage brokers who helped many, many of consumers. Like many industries, there was a segment that took advantage of some consumers and gave the others a bad name. ~Anthony)

Endless QE? $6 Trillion and Counting
Reuters | June 13, 2012
Many more years of money printing from the world’s big four central banks now looks destined to add to the $6 trillion already created since 2008 and may transform the relationship between the once fiercely-independent banks and governments.
 

Anthony Carollo 2007 EMAIL  

Join My List

Find me on:     LinkedIn     Twitter     Facebook

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

 
Leave a comment

Posted by on June 13, 2012 in Real Estate news

 

Tags: , , , , , , ,

Real Estate News 6-12-2012


Check out and LIKE us on Facebook to follow other industry news!  Facebook

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

Court Unlikely to Favor Homeowner in Florida Foreclosure Case: Moody’s
DS News | June 11, 2012
If a lender produces a fraudulent document when attempting to foreclose on a borrower, should lenders be able to voluntarily dismiss the foreclosure then re-file the case after fixing the error?

FHFA Plans Extensive Monitoring of First REO-to-rental Transaction
HousingWire | June 11, 2012
The Federal Housing Finance Agency will methodically analyze several pieces of the first REO-to-rental transaction, including how much it should monitor investor compliance to certain rules.

Home Refinancing Boosts Florida, Nevada: Economy
Bloomberg | June 11, 2012
Harold Fuller said he’s planning a cruise with his wife to Bermuda, their first vacation in two years, after cutting his mortgage payments by $400 a month after refinancing their $212,000 home in Apopka, Florida.

Positives of Negative Equity on Home Prices: CoreLogic
DS News | June 11, 2012
Declines in the share of REO properties and in the months’ supply of unsold inventory are all leading to a revival in home prices, and these drops are being driven, in part, by negative equity, CoreLogic concluded in a report. (Interesting dynamic at work here. ~Anthony)

Real Estate: FHA streamline refinance gets cheaper for homeowners
San Jose Mercury News | May 25, 2012
The government is about to make refinancing FHA mortgages more affordable — and potentially easier — for hundreds of thousands of homeowners. (FHA fees went down effective yesterday for cetain folks. Talk with your local FHA lender to see if you qualify to refinance. ~Anthony) 

FHA Hopes Bulk Sales Will Curb Foreclosures
RealtorMag | June 11, 2012
The Federal Housing Administration announced it will begin selling off distressed mortgages in bulk, which may help prevent foreclosures for thousands of home owners. Beginning in September, FHA says it hopes to sell 5,000 mortgages each quarter. 

And in the “Just for Fun” category today, we offer you:

What not to say when pulled over by a cop
MarketWatch | September 10, 2012
In what he calls an “educational video” that’s widely circulated on YouTube, comedian Chris Rock offers advice on what to do when you get pulled over for a traffic violation. (Watch the 20MPH zones in the City of Spokane as city pools open on June 18th. ~Anthony)

Anthony Carollo 2007 EMAIL

Join My List

Find me on:     LinkedIn     Twitter     Facebook

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

 
Leave a comment

Posted by on June 12, 2012 in Real Estate news

 

Tags: , , , , , , ,

 
%d bloggers like this: