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Real Estate News Today 7-12-2012

12 Jul

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It’s a hot mess
The Washington Post | July 12, 2012
Investigative reporter Jeff Rossen and his team set up hidden cameras during a heat wave. They rented a house in New Jersey and had three certified A/C experts inspect they system. It was in excellent condition. Then an A/C expert set up a common, easy-to-fix problem: a simple broken wire that shuts the unit down. He said he would charge less than $200 to fix it. (Would any of my agent or contractor friends like to take a shot at this one?  To avoid getting scammed, what would you suggest different than what this reporter says? ~Anthony)

Housing Passes a Milestone
The Wall Street Journal | July 11, 2012
The housing market has turned—at last. The U.S. finally has moved beyond attention-grabbing predictions from housing “experts” that housing is bottoming. The numbers are now convincing.

Home Price Gains at Risk in Distressed Markets
Inman News | July 11, 2012
Asking prices for for-sale homes nationwide have risen in the last four out of five months, but the biggest market gainers also have foreclosure backlogs putting those increases at risk, according to a monthly report from real estate search and marketing site Trulia.

Chase Analysts Expect Home Prices to Rise 12% by 2016
HousingWire | July 11, 2012
JPMorgan Chase analysts expect national home prices to rebound 12% over the next four years.

How Much Money Do You Need To Invest In Real Estate?
San Francisco Chronicle | July 11, 2012
Thanks to the continued mess in the housing market, prices on all types of real estate are getting lower and lower. Those low prices have made it easier for average people to add these assets to their investments.

California Homeowner Bill of Rights Signed Into Law
DSNews | July 11, 2012
The Homeowner Bill of Rights so far consists of a series of related bills containing provisions that prohibit certain practices by lenders that have been attributed to the state’s foreclosure crisis.

Has Housing Hit Bottom on Your Street?
The Wall Street Journal | July 11, 2012
There’s a growing consensus that the U.S. housing market, as measured by broad national indicators such as home sales, home construction and prices, has hit bottom. It may not get much better soon, but it probably won’t get much worse, either.

So How Much Money Do You Need to Retire?
Ted C. Jones Blog | July 10, 2012
When completing my Master’s degree at Texas A&M, we had an outstanding professor whose favorite axiom was “When you make more money you are simply broke at a higher level.” There was a lot of truth in that statement, but unfortunately, most Americans will not get any raises when they retire as they have not saved enough. So how much do you need to save to retire at the same standard of living?

Regarding the short sale risks discussion we’ve had going on, another response came in yesterday that I hadn’t considered: ”
Other risks to Buyers is in waiting for the (short sale) approval process and if that approval never comes, buyers may miss out on taking advantage of the current climate (low low interest rates).  If while waiting, rates go up even ¼ % and lender never approves the (short) sale, any perceived savings in a short sale transaction will be completely gone with higher interest rates for buyers property they ultimately purchase.”

This is Anthony talking again.  Please understand I’m not saying short sales should be avoided. I’m simply suggesting buyer/seller/agent awareness of the risk potential.  There are still GREAT values out there in short sale situations.  Just think and plan ahead and overcommunicate. 

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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Posted by on July 12, 2012 in Real Estate news

 

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