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Real Estate News Today 7-30-2012


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Designing your own mortgage
Chicago Tribune | July 27, 2012
Here’s an appealing idea: What if you could design your home loan so the house is paid off exactly when your kids go off to college or when you retire? Or if you could refinance for 10, 12 or 17 years, instead of the standard 15- or 30-year terms on most fixed-rate mortgages?  (I’m curious if any of the loan officers or bankers reading this offer this kind of option.  Are borrowers showing interest?  If you are a borrower, is this something you would be interested in doing? ~Anthony)

The Economy’s Impact on Housing
The KCM Blog | July 30, 2012
With the economic recovery sluggish at best, many ask what impact this has on housing. Over the last several years, most economists believed that housing would not recover until the overall economy recovered. However, it now seems that the housing sector may be a driving influence in the recovery. Here are four reports released in the last 30 days affirming this point.

Housing Isn’t a Horror Show Anymore
The Wall Street Journal | July 27, 2012
Housing is finally contributing to economic growth in a sustained way.

Why Do Investors Pay Higher Mortgage Interest Rates?
The Wall Street Journal | July 27, 2012
Investors pose added risks to lenders—and they pay the price.

Chicago Considers Eminent Domain to Seize Underwater Mortgages
HousingWire | July 27, 2012
The idea first came under consideration in San Bernardino County, Calif. Venture capital firm Mortgage Resolution Partners is pitching the idea to several cities across the country.

Where Homes Are Selling the Fastest
Realtor Mag | July 27, 2012
The average number of days homes are spending on the market has dropped by nearly 10 percent nationwide in the last year, according to June housing data from Realtor.com.

Home Owners Torn on Strategic Default: Right or Wrong?
RealtorMag | July 27, 2012
Forty-five percent of Nevada home owners recently surveyed say “there is nothing wrong” with walking away on your mortgage obligations, according to a new report, “Face of Foreclosure,” released by the Nevada Association of REALTORS®. On the other hand, an equal number of home owners say home owners have a “legal and ethical obligation to pay their mortgage if they can.” 

Warren Buffet Wants Your Mortgage Payments: Street Whispers
The Street | July 30, 2012
Few Americans are aware of it, but Berkshire Hathaway has been quietly positioning itself to take over an important role played by Bank of America in the mortgage market.

Another Top-10 List: Largest Asking Price Increase
Jones on Real Estate Blog | July 25, 2012
The big story in housing is actually two stories (which are related): 1. Rising Listing Prices 2. Shrinking Inventory  (A fine analysis from Dr. Ted Jones on why listing prices are going up. ~Anthony)

Anthony Carollo 2007 EMAIL  

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Anthony V. Carollo / President
Stewart Title of Spokane
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Spokane, WA 99201
Telephone: 509.328.7171
Direct Line: 509.321.3939
Direct Fax: 866.652.8834
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Real Estate News Today 7-26-2012


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

Land Problem Weighs on New Home Sales
The Wall Street Journal | July 25, 2012
There are signs that the spring selling season seems to have cooled off for new homes.

10 Big Bargain Housing Markets
Realtor Mag | July 25, 2012
Home prices are inching up in many areas, but in several metros housing bargains can still be found.

Refinance Applications Reach Highest Level Since 2009
TheMReport | July 25, 2012
More applications ticked up as record-low mortgage rates spurred refinance applications to their highest level since April 2009.

New Home Sales Fell in June to 350,000
The Washington Post | July 25, 2012
Fewer new homes were sold in June after sales surged in May, a sobering break from the recent positive housing market news.

Evasive second-lien holders thwarting short sales
HousingWire | July 25, 2012
Second-lien holders possess a quiet power to thwart the short-sale process, and their willingness to do so has prompted realtors and first-lien holders to bring the issue to the attention of policymakers.

Real Estate Agent: The Job can be a Killer
Fox Business | July 25, 2012
To those not in the industry, real estate agents may appear to have easy jobs. They ride around showing fabulous houses, work a flexible schedule and sometimes land big commission checks.

Mortgage rates drop to historic lows
HousingWire | July 25, 2012
Market concern over the strength of the economic recovery took Treasury yields to new depths, causing both 30- and 15-year fixed-rate mortgages to continue tumbling to historic lows.

Housing turnaround becomes tailwind for weak economy
HousingWire | July 25, 2012
The housing market is converting into a tailwind for the broader economy as construction activity gains momentum at a double-digit pace and home prices finally rise.

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

 

Real Estate News Today 7-25-2012


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RealtyTrac: Houses Purchased for Investment Rise 65%
HousingWire | July 24, 2012
Homes purchased for investment purposes rose 65% in 2011 as investors looking for a place to park their cash sought out bank-owned properties, according to the latest Foreclosure News Report for RealtyTrac.

Massachusetts email constitutes binding real estate agreements
HousingWire | July 24, 2012
Massachusetts real estate agents and lawyers should now be careful about what they put in emails: They could come back to bite you. Or, at least, contractually bind you to something you didn’t want to be contractually bound to.  (While this a Massachusetts court decision it seems to open the door to the possibility of similar decisions around the country. The lesson? The more clearly you communicate the better. ~Anthony)

Home Equity Protection Insurance Yanked Off the Market
Inman News | July 24, 2012
Known as “Home Value Protection,” the plan was featured on CNBC, FOX Business and publicized in news articles across the country. 
(Hindsight is 20/20 isn’t it? Could they really not see this coming? ~Anthony)

Positive Housing News Keeps Rolling In
The Wall Street Journal | July 24, 2012
The gradual recovery in the housing market continues amid more upbeat news this morning.

Health, Housing Get Greatest Federal Subsidies
Associated Press | July 25, 2012
A study of federal subsidies of various sectors of the economy says that health care and housing combined to reap almost $1 trillion in support in the most recent year for which data was available.

TARP Funds for Housing Relief 90 Percent Unspent, Auditor Says
Bloomberg | July 25, 2012
Distressed homeowners have received only 10 percent of nearly $46 billion in federal aid since the money was allocated in 2009 under the Troubled Asset Relief Program, a U.S. auditor’s report said today.

4 Home Showing Tips in the Hot Weather
RealtorMag | July 24, 2012
Sizzling 100 degree temperatures have been blanketing the country in recent weeks, but some potential buyers may be more reluctant to go house shopping in the heat. How can you still draw the buyers out?

Buying a Foreclosure: Is the Stigma Gone?
RealtorMag | July 24, 2012
“Once considered damaged goods, fit for only the bravest investors, foreclosures have not only lost their stigma, they’ve become hot properties,” according to a recent article in The Christian Science Monitor.

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 7-24-2012


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Judge Rules: Agent Not Liable for Buyer’s Injuries
RealtorMag | July 23, 2012
A home buyer sued his real estate agent after he broke his ankle, wrist and elbow while previewing a home for sale. However, a judge last week ruled that the real estate agent was not liable for home buyer Michael Davies’ injuries.

Home Values Post First Year-Over-Year Increase Since 2007
Bloomberg | July 24, 2012
Home values posted their first year- over-year increase since 2007 in the second quarter as the U.S. property market began to lift off a bottom, Zillow Inc. said.

Geithner Says Extending Tax Cut for Wealthy Irresponsible
Bloomberg | July 24, 2012
U.S. Treasury Secretary Timothy F. Geithner said President Barack Obama is “absolutely committed” to letting tax cuts for the wealthiest Americans expire as scheduled at the end of this year.

Moody’s: National Eminent Domain Program Would Push Jumbo RMBS Losses
HousingWire | July 23, 2012
Should proposals being considered in some California areas to seize underwater mortgages be adopted nationwide, mortgage bond investors could see defaults rise by more than 30%, according to new Moody’s Investors Service analysis, leading to losses.

Fannie Mae Cuts 2012 GDP Growth Forecast
The Wall Street Journal | July 23, 2012
Fannie Mae has cut its U.S. gross domestic product growth projection for the year, citing an uncertain job market and weak consumer spending.

Avoid These 6 Recipes For Business Disaster
The Wall Street Journal | July 23, 2012
Why would anyone want to know the formula for failure? Because you may be blind to the fact you are already following it, says guest columnist Mike Michalowicz.

Commercial Continues to Lead Rebound
RealtorMag | July 23, 2012
Two recent reports highlight the strength of the commercial market.

Opposing world views battle for housing future
HousingWire | July 23, 2012
The national debate about the future of the American home is already shaping up to be an epic battle between two different ideologies.

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 7-20-2012


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Fore Sale: The Golf Housing Bust
The Wall Street Journal | July 19, 2012
Prices at luxury private golf communities are crashing, done in by rampant overdevelopment, the economic downturn and waning national interest in the sport. Golf courses are being shrunk and some home lots are being sold for $1.

U.S. Banks Haunted by Mortgage Demons That Won’t Go Away
Reuters | July 19, 2012
Lenders like Bank of America Corp and Wells Fargo & Co say they are facing mounting pressure to buy back bad mortgages they sold to investors, signaling that banks’ home-loan headaches could continue for years.

Behind the Numbers: Home Sales Fall, Led By Cheapest Homes
The Wall Street Journal | July 19, 2012
Most of the housing news lately has been positive, so Thursday’s news of a 5.4% drop in June’s existing home sales was a bit of a surprise.

Zuckerberg is Not the Only One Who Can Get Super Low Mortgage Rates
CNBC | July 19, 2012
After seeing Mark Zuckerberg has scored a 1.05 percent mortgage rate on his $6 million California home, we have just two questions: Why does he need a mortgage? And where can I get one like that? (I would LOVE to hear a mortgage loan officer’s thoughts on this one. ~Anthony)

Are the Real Estate Bellwethers Finally Ringing? Check out the Numbers
Forbes | July 19, 2012
In case you’re still a nonbeliever that housing has finally crawled its way into recovery mode, ask yourself: What are the bellwether indicators of the early stages of a rebound? You can probably rattle them off.

U.S. Housing Poised to Boost Economy
Reuters | July 20, 2012
The U.S. housing sector is poised to boost economic growth. While existing home sales fell 5.4 percent in June from May, other indicators suggest a recovery is under way. A flip to a positive impact after dragging on GDP for five years will give lawmakers a chance to change distorting housing market policies.

Personal Information, Password Theft on the Rise
RealtorMag | July 19, 2012
Hacked personal information online, including stolen passwords, has soared 300 percent during the first four months of 2012, according to a study by Experian CreditExpert and Opinion Matters. 

Short sales more rewarding than REO: RealtyTrac
HousingWire | July 20 2012
The market is trending towards short sales as lenders lean more heavily on disposition methods that aid distressed homeowners while making it easier for lenders to resell homes that have spent less time in a state of distress, RealtyTrac vice president Daren Blomquist told HousingWire 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 7-19-2012


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Washington to unveil voter registration on Facebook
KHQ | July 17, 2012
Facebook users in Washington state will have something else to brag about to their online friends: that they registered to vote on Facebook. (I doubt that this will increase voter fraud as it is not much different that the current online voter-registration that Washington has.  However, when a business advertises on Facebook, they can do incredibly targeted advertising,  Look for Facebook to begin allowing the option of targeting your ad campaign to “registered voters”.  Political advertising is very lucrative and if they are given the opportunity to gain a share of that market, they will make a run at it. ~Anthony)

Brett-led groups buy buildings on Havermale Block
Journal of Business | July 19, 2012
A pair of real estate investment groups headed by Spokane sports team owner Bobby Brett recently bought two three-story buildings, a one-story former garage structure, and 27,600 square feet of parking in the historic Havermale block downtown, says Chris Batten, a commercial real estate broker involved in the transactions.

U.S. Bank Passes on Overheated Commercial Property Markets
HousingWire | July 17, 2012
Top-ten mortgage originator U.S Bank is passing on commercial real estate opportunities in certain markets at risk of overheating because of new construction.

Bernanke Warns Against ‘Fiscal Cliff’
The Washington Post | July 18, 2012
Fed chairman reasserts his bleak assessment of economic growth.

Job Gains Need to Be Wind Under Housing’s Wings
The Wall Street Journal | July 18, 2012
Housing–long the intensive-care patient of the U.S. economic recovery–is finally showing life just as other sectors look winded. But the progress might be short-lived if the labor markets don’t pick up steam.

Is Housing Back From the Dead?
BusinessWeek | July 18, 2012
Could it be? A housing bottom? Have we finally worked through the worst aftershocks of the biggest asset bubble in recent memory? After a four-year slump, the U.S. housing sector finally appears to be recovering. For real this time.

When Foreclosure Affects Children
DSNews.com | July 17, 2012
Parents going through foreclosure may see it as a nightmare, a broken promise of the American Dream. Many might try to hide the stress and the effects of foreclosure from their children to keep them from worrying. However, researchers from the Children’s Hospital of Philadelphia (CHOP) are saying that children may actually suffer because of foreclosure more than anyone.
(If you know me well, you know that I love kids and I hate child abuse. That said, the researchers in this study have essentially pinned an increase on child abuse on the real estate industry by suggesting that foreclosures are tied directly to child abuse.  It seems to suggest that if foreclosures go up and child abuse goes up, then the one must be the cause of the other.  I believe that other socioeconomic factors are probably associated with child abuse, which in turn exacerbates the situation. One doesn’t necessarily lead to the other. Read the article yourself and tell me your thoughts. ~Anthony)

Is Instagram Real Estate’s Next Frontier?
RealtorMag | July 18, 2012
The Instagram app makes it easy for amateur photographers with smartphones to create works of art.  Some real estate firms are taking advantage of the app’s popularity and using it to accentuate their listings. 

 

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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