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Real Estate News Today 7-11-2012

11 Jul

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

Zillow appeals to MLSs for direct listings feeds
Inman News | July 9, 2012
Real estate portal Zillow has appealed to multiple listing services to provide Internet Data Exchange (IDX) listings data directly to the site, originally claiming that it can “sometimes be days” before syndicators like ListHub provide new or revised listings to the site. (Industry folks seem to have strong feelings about Zillow on one extreme or the other.  How do you feel about this latest request from them? ~Anthony)

Consumer Rights Group: Outdated Laws Are Causing Second Crisis
DSNews | July 10, 2012
According to a report from the National Consumer Law Center, laws in many states allow local governments to sell property through a tax lien foreclosure process if the owner falls behind on property taxes. (I’m not sure I buy the story that tax lien foreclosure laws are outdated.  Much of our local and state budgets are funded by real estate taxes, and the only way to force payment is through foreclosure.  That said, many communities and states allow exemptions for the elderly and/or disabled.  Agree or disagree?  ~Anthony)

California Mortgage Seizures Could Affect $7 Billion in Bonds, Fitch Says
The Wall Street Journal | July 10, 2012
The contemplated seizure of residential loans by three California municipalities puts returns on roughly $7 billion in mortgage-backed securities at risk if a proposal is adopted, according to a Fitch Ratings report on Monday.

When Foreclosure Supplies Fall, the Bottom Falls Out of Housing
CNBC | July 10, 2012
Growing activity in the spring housing market brought new growth in home prices, but those gains are growing ever more precarious because they are dependent on low-priced, distressed properties.

BofA Give-Away Has Few Takers Among Homeowners: Mortgages
Bloomberg | July 11, 2012
When Bank of America Corp. sent letters to 60,000 struggling homeowners offering to slice an average $150,000 off their loans, the lender got an unusual response from most of them: silence.

Four Tips for Better Phone Camera Shots
The New York Times | July 2, 2012
To be fair, it isn’t all the phone camera’s fault.

Homebuilders concerned about lack of skilled labor
HousingWire | July 10, 2012
Forty percent of single-family homebuilders are planning on hiring or contracting skilled laborers during the next year, but 62% worry they won’t be able to find them, said a study released Tuesday by the National Association of Home Builders.

Can You Get Me the Best Price Available?
The KCM Blog | July 11, 2012
Whenever a person sells anything, they hope to get the highest price possible for the item. This obviously applies when a homeowner sells their house. In many cases their home is the largest investment they have ever made and hope to get the highest possible return on that investment. For that reason, they will want to see that you can give them the right advice in order for them to get them ‘the best price possible’.

Here are two other risks of doing a short sale as suggested to me by a local lender.  I’m assuming both situations have occurred to clients he was working with:  

Lender guideline changes between pre-qualification and actual closing. Example- Fannie is implementing many changes in October that could put someone who qualifies on a short sale today, out of the game.

Buyer credit profile change- buyer accidentally goes late on a payment while waiting for short sale process and now doesn’t qualify.

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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