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Real Estate News Today 7-31-2012


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The Difference Between Excellent and Perfect
The KCM Blog | July 31, 2012
Why does a buyer or seller look for a real estate professional in today’s new market reality? There’s plenty of information readily available for them to look at and analyze as they’re going through the process.

MBA: Multifamily/commercial mortgage originations swell 25% in 2Q
HousingWire | July 31, 2012
Multifamily mortgage originations helped commercial/multifamily origination volumes grow 25% in the second quarter from the year-ago period, according to the Mortgage Bankers Association’s quarterly survey.

Subprime Auto ABS Grows As Lenders Chase Margins: Credit Markets
Bloomberg | July 30, 2012
Sales of bonds tied to payments on subprime car loans are accelerating at the fastest pace in five years as investors seek high yields amid speculation the Federal Reserve will keep interest rates at record lows until mid-2015.

U.S. Housing Recovery Tested as Economy Tempers Optimism
Bloomberg | July 30, 2012
While orders for new homes are rising at the fastest rate in two years and housing may be a net contributor to the economy’s expansion for the first time since 2005, slowing job growth, tight inventories and a backlog of foreclosures threaten to put the brakes on a comeback.

How Forgiveness Fits in Housing-Fix Toolkit
The Wall Street Journal | July 30, 2012
Policy makers are wrestling with a dilemma about the overhang of mortgage debt from the housing bust: to forgive or not to forgive?

Some at Fed Are Urging Pre-Emptive Stimulus
The New York Times | July 30, 2012
On the eve of the Fed’s policy-making committee meeting, members who favor more stimulus argued that the likely path of the economy was enough reason for action.

Congressional Leaders Near Budget Deal to Keep Government Running
The Washington Post | July 30, 2012
Temporary spending agreement would keep it running for the first half of the next fiscal year.

Is Housing Recovery Real? Not Everyone Is Convinced
NPR | July 31, 2012
Housing, the sector that led us into the recession, now looks to be one of the brighter spots in the economy. Homebuilding is at its highest level in nearly four years. More homes are selling, and at higher prices.

Yesterday we had an article about a company that is customizing the term of their homes loan to fit the clients desires.  We had two responses that I wanted to share from loan officers:

From CL: I do this all the time….I give them an excel sheet that lets the customer design their own.  They can change the principal monthly amount and see how much sooner than can pay off their mortgage based on their own timeline and needs.  VERY effective and also shows them sometimes the cost is not worth the expense of a refi unless they want rate bragging rights!!

From DB: It is currently is available!!!
1.       Borrowers on home loans do not have prepayment penalties today on the vast majority of loans.
2.       Borrowers can make additional Principal payments any time therefore,  reducing the loan balance, therefore retiring the loan at any point in time they desire. 
You just made you designer loan.
3.       We currently offer, 10, 15 20, 25, 30 and 40 year loans, with no prepayment penalties, the ability to pay extra every month, every other month, once a year,  etc….
4.       We offer the borrowers various amortization schedules so they can set the payoff date—VERY few ever follow through, they drop back to the easiest payment so they can do whatever with the “extra” cash.

 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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Real Estate News Today 7-2-2012


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

It pays to be proactive in a short sale
Chicago Tribune | June 22, 2012
Under new guidelines set down by Fannie Mae and Freddie Mac, underwater borrowers who are seeking to sell their homes for less than what they owe must now receive decisions from their lenders within 60 business days. But if they are not careful, floundering borrowers can cause delays beyond the two-month deadline. (This article has some good tips for agents and sellers alike on short sale pitfalls to watch out for. ~Anthony)

How health insurance mandate will work
CNNMoney | June 29, 2012
Now that the Supreme Court has upheld the health insurance mandate, most Americans must be insured starting in 2014 or pay a penalty. The penalty will be assessed on your tax return and administered by the IRS. But exactly how is a big question.

Congress Votes for 5-year Extension of Federal Flood Insurance Program
The Washington Post | June 29, 2012
Failure to renew the program would have been a blow to the fragile housing market because potential homeowners in flood-susceptible areas would be unable to close on mortgages or refinance loans.

FHA Rescinds Tough New Credit Restrictions on Loan Applicants
Los Angeles Times | July 1, 2012
The withdrawn policy change, which had been scheduled to take effect Sunday, would have affected borrowers with collections or disputed-bill accounts in their credit files.

Pay for Health Insurance or Pay the Penalty?
Houston Chronicle | June 29, 2012
Now that the Supreme Court upheld it last week, some small companies could opt to go a route that will save them thousands of dollars each year.

A Sober New Reality in Credit Downgrades for Banks
The New York Times | July 1, 2012
When a consumer’s credit score drops, it is hard to recover financially. Wall Street firms could face the same fate.

Timing the Market: 5 Signs It’s the Right Time to Buy or Sell
Trulia | June27, 2012
I’ve long marveled at how the prospect of buying or selling a home can transform the most patient poetry professor or the sweetest Sunday school teacher into a fast-talking, number-crunching, negotiator extraordinaire. Or, rather, it can make these sorts of people *think* they need to talk and act like wheeler-dealers! In my experience, this mostly involves ranting about “leaving money on the table” while they secretly quiver with the fear of making a mistake! 

(An excellent article and worth reading.  This has some great points worth passing along to clients that ask about timing the real estate market. ~Anthony)

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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Real Estate News 6-29-2012


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

Supreme Court Upholds Obamacare: What It Means, What Happens Next
Forbes | June 28, 2012
The  Supreme Court’s decision today leaves in place a highly complex law, many of whose most expensive provisions kick in in 2014. Here’s what to expect

After Foreclosure, ‘Octomom’ Still Believes in Homeownership
The Wall Street Journal | June 28, 2012
Nadya Suleman, the mother famously known as “Octomom,” is working to raise funds for a new house.

Nunziata: It’s a Great Time to Refinance Your Mortgage
CNBC | June 28, 2012
According to eMarketer, an estimated 92.5 million adult Internet users will use online coupons in 2012 to save hundreds of dollars per year. Yet nearly four million Fannie Mae and Freddie Mac borrowers could stand to save hundreds of dollars per month refinancing their home mortgages under new programs that were not available until just a few short years ago. 

Most Borrowers Still Wary of Reverse Mortgages
The New York Times | June 28, 2012
The bureau, in a report released Thursday, said that the number of reverse mortgages had fallen since a peak before the financial crisis, but that the agency was seeing renewed interest.

Fed’s Fisher Says Housing Market Has `Bottomed Out’
Bloomberg | June 28, 2012
Federal Reserve Bank of Dallas President Richard Fisher said he believes low mortgage rates have helped bring an end to the slump in U.S. housing.

‘Dead’ Listings Get a New Life
RealtorMag | June 28, 2012
The big drop in inventories of homes for-sale is helping once-expired listings finally get sold. Sellers are finding relisting their properties may offer them more luck now than a few months ago, real estate professionals report. 

Are Appraisers ‘Scared’ to Report Rising Prices
RealtorMag | June 28, 2012
Real estate professionals and mortgage loan officers say that appraisers seem to be reluctant to report price appreciation occurring in numerous spots across the nation, and it’s complicating sales transactions, The Real Deal reports. 

Rental Market Attracting Residents Despite Price Increases: Survey
DSNews.com | June 28, 2012
The rental market appears to be doing more than just sustaining its health. After surveying property managers, TransUnion found that increasing prices aren’t keeping tenants away.

Anthony Carollo 2007 EMAIL  

Join My List

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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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Real Estate News Today 6-28-2012


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

Supreme Court upholds Obamacare individual mandate as a tax
Yahoo! News | June 28, 2012
In a victory for President Barack Obama, the Supreme Court decided to uphold his signature health care law’s individual insurance mandate in a 5-4 decision, upending speculation after hostile-seeming oral arguments in March that the justices would overturn the law. The mandate has been upheld as a tax, with Chief Justice John Roberts joining the liberal wing of the court.  (Love it or hate it?  Most folks seem to feel strongly one way or the other. ~Anthony)

Mortgage Seizures Create ‘Very Serious Concerns,’ Sifma Says
The Wall Street Journal | June 27, 2012
Wall Street’s largest lobbying group is objecting to the use of eminent domain by municipalities to seize mortgages packaged into bonds so the loans can be shrunk to aid homeowners who owe more than their properties’ values.

After Years of False Hopes, Signs of a Turn in Housing
The New York Times | June 27, 2012
Announcements of a housing recovery have become a wrongheaded rite of summer, but after several years of false hopes, evidence is accumulating that the optimists may finally be right.

Government-Backed Loans Went to 6,300 Delinquent Taxpayer
The Wall Street Journal | June 28, 2012
More than 6,300 homeowners who owed millions of dollars in federal taxes received government-backed mortgages in violation of a federal policy, according to a report by a federal watchdog.

Provo, Raleigh Ranked as Best U.S. Business Cities
Reuters | June 27, 2012
Provo, Utah, the home of Brigham Young University, displaced Raleigh, North Carolina, as the best U.S. city for business in a new ranking released on Wednesday.

House to Add Student Loans, Flood Insurance in Highway Bill
San Francisco Chronicle | June 27, 2012
U.S. House and Senate negotiators are finalizing agreements to combine a multiyear highway bill with a one-year freeze on government subsidized student loan interest rates and a reauthorization of flood insurance programs.

Are Banks ‘Hoarding Foreclosures’?
RealtorMag | June 27, 2012
Recent housing surveys are showing an uptick in home prices, particularly in cities in warm-weather “sand states” that had been hard-hit during the housing slump, such as in Phoenix, Las Vegas, Miami, and Tampa. But some housing experts worry that the lift in prices may be temporary due to banks “hoarding foreclosures.”

The Biggest Growth Spots in the Next 20 Years
RealtorMag | June 27, 2012
Small to mid-sized cities will likely be the “biggest winners in the housing market two decades from now,” predicts Stan Humphries, Zillow’s chief economist. Some of these cities will be near large metro areas while some may be more distant and include small to mid-sized cities in college towns too, Humphries adds. (Guess who makes the list?  Whoop whoop! I love this town. ~Anthony)

Educational moment
I’ve seen several articles lately (including the one directly above) that use the term “exurb”.  It’s a new one to me, so I looked it up.  Here’s the definition: “a region or settlement that lies outside a city and usually beyond its suburbs and that often is inhabited chiefly by well-to-do families”
(from http://www.merriam-webster.com/dictionary/exurb)

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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Real Estate News Today 6-11-2012


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

Fitch Throws Warning Shot On U.S. Debt
The Wall Street Journal | June 7, 2012
While investors are closely following every whiff that comes out of Bernanke’s mouth, Fitch Ratings just offered a stern warning to U.S. policy makers: Get your acts together, or else.

Realogy parent company plans $1 billion IPO
HousingWire | June 8, 2012
Realogy Corp.’s parent company, Domus Holdings, which operates Century 21 and Coldwell Banker, filed to raise as much as $1 billion in an initial public offering in order to shed its heavy debt.

U.S. Government to Offer Troubled Mortgages for Sale
Reuters | June 9, 2012
The U.S. Federal Housing Administration on Friday announced plans to sell off thousands of severely delinquent loans in an effort to protect its dwindling capital and improve the chances more troubled borrowers avoid foreclosure.

IRR: Down Payment Biggest Obstacle to Homeownership
DS News | June 8, 2012
Feelings about homeownership remain positive in the face of a diminished market, but an uncertain economy and increasing down payments are keeping Americans from making purchases, a report from Integra Realty Resources (IRR) said.

Shortage of Homes for Sale Creates Fierce Competition
Los Angeles Times | June 10, 2012
With housing inventory at a low, would-be buyers are scrambling to bid on homes before they’re even listed, and real estate agents are vying to represent the few sellers that do exist.

Unfamiliar Feeling for Housing: Optimism
The Seattle Times | June 8, 2012
The growing number of prospective buyers showing up at open houses and calling to inquire about listings has translated into sales.

This Family’s Nightmare Shows Why Foreclosure Auctions Are Such A Gamble
Business Insider | June 8, 2012
A mistaken bid on an online foreclosure auction site could cost not one but two families their homes.

U.S. Household Net Worth Grows as Debt Shrinks: Fed
DSNews.com | June 8, 2012
Household net worth increased in the first quarter of 2012 due to gains in the stock market, while household debt declined, according to the 2012 first quarter “Flow of Funds” report released by the Federal Reserve Thursday.

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

 

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Real Estate News Today 5-29-2012


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

Top Cities for Recent College Graduates
Ted C. Jones blog | May 29, 2012
What do you get when you cross information and statistics from www.careerbuilder.com (the largest online job site in the U.S.) and www.apartments.com  (a premier national online apartment guide and relocation resource) and then throw into the mix recent college graduates?   You get the fifth annual list of the best 15 cities for recent college graduates that combines data from job availability (and incomes) and rent costs. 

Housing Prices Show Signs of Stability
The Wall Street Journal | May 28, 2012
Good news for real-estate agents: In a recent Gallup poll of trustworthiness, they ranked higher than lawyers, a turnaround from a 2008 survey. And they continue to leave telemarketers, members of Congress and stockbrokers in the dust.

New-housing Numbers Indicate Market Goes Beyond Investors
Star-Telegram | May 28, 2012
For the latest sign of a U.S. housing rebound, Toll Brothers Chief Executive Douglas Yearley points to Hoboken, N.J.: A couple torn between two condos last month at the sales office for its Hudson Tea complex decided to think about it over lunch. When they returned an hour later, both units were gone.

After Housing Crash, Some Banks Become Landlords
St. Louis Post-Dispatch | May 28, 2012
Is the faucet leaking, or do you need to mail in a late rent check? You might just end up placing a call to your local bank.

Greece could decide fate of U.S. economy
The Philadelphia Inquirer | May 27, 2012
Will Greece exit the eurozone? Hard to believe, but the answer to this question could determine the fate of the U.S. economy this year. (This article -written by Moody’s chief economist Mark Zandi– brings the whole Greek question down to a level that my small mind can understand. ~Anthony)

Market Stabilizing? Home Inventories Fall by Nearly 20%
RealtorMag | May 25, 2012
Home inventories of for-sale listings continue to fall, which may help raise overall housing prices as demand picks up.  (Curious which northwest city lands at # 4 for falling inventory? ~Anthony) 

Commercial Real Estate Improves, Multifamily Strong
RealtorMag | May 25, 2012
Shaking off a prolonged impact from the recession, fundamentals are gradually improving in all of the major commercial real estate sectors, according to the National Association of REALTORS® quarterly commercial real estate forecast(Another northwest city makes the top 3 in the multifamily sector!  Nice! ~Anthony)

Golf Coach Dave Pelz’s Big Backyard
Wall Street Journal
Short-game golf coach Dave Pelz has created a 2½-acre home wonderland for practicing pitching, chipping and putting.  (Wow, this guy has more extra time and extra money than I can imagine.  ~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

 

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