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Real Estate News Today 7-23-2012


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Property Investments Get Pricier
The Wall Street Journal | July 21, 2012
Real-estate investment trusts have soared in recent months—but there are still pockets of opportunity.

Real Estate Funds Lead the Pack, Can It Last?
USA Today | July 22, 2012
The housing market may finally be coming back, with home prices rising again and mortgage rates at record lows.

Millions of Older Americans at Risk of Foreclosure
CNN Money | July 20, 2012
A growing number of older Americans are falling into serious mortgage debt, with more than three million borrowers over the age of 50 at risk of losing their homes to foreclosure, according to a recent report from the AARP.

Wanted: A 15-Year Home Loan
The Wall Street Journal | July 22, 2012
Average rates on 15-year fixed-rate mortgages have been below 3% since May, leading more borrowers to consider swapping their current home loan for one with a 15-year term.

Safeguard, Freedom Alliance to give away homes to military families
HousingWire | July 20, 2012
Safeguard Properties
and Freedom Alliance are working with banks and lending institutions to provide homes for military families without the burden of a mortgage.

Apartment Rents: No Place But Up, Setting the Foundation for Rising Home Values
Ted C. Jones Blog | July 23, 2012
The U.S. Census Bureau estimates that the U.S. is adding 2.8 million people each year (and that is predicated on an assumed low net-in migration scenario). New residential building permits have averaged less than 600,000 per year for the past 48 months. Admittedly, there was residual excess inventory from the housing bubble, but that has been absorbed. As a result, rental rates are going up. How much rents are increasing is a function of the local market and comparative supply and demand.

Election Year Puts Housing on Hold
Fox Business | July 23, 2012
Here are some of the issues still on the table as we enter into the second half of 2012.

Geithner Set to Defend Actions on Libor, Wall Street Reform Before Congress
The Hill | July 22, 2012
Treasury Secretary Timothy Geithner will be mounting a defense of the financial reform law and his own stint running the Federal Reserve Bank of New York as ongoing scandals cast renewed clouds over Wall Street.

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 7-11-2012


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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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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  

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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 6-25-2012


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

Low Appraisals That Don’t Reflect Rising Markets are Ruining Deals
Los Angeles Times | June 24, 2012
Real estate professionals say appraisals sometimes come in thousands of dollars below the price that home buyers and sellers have agreed upon. (A timely article considering the appraisal discussion we’ve been having. ~Anthony)

Senate Set to Approve Flood Insurance Bill
The Hill | June 23, 2012
After years of delay, the problems plaguing a bill to reauthorize the National Flood Insurance Program are receding.

Housing Experts Offer Ideas on the New Normal in Wake of Downturn
Los Angeles Times | June 22, 2012
What’s considered normal in light of the housing downturn? Home price appreciation of 3% to 5%, 1.6 million household formations a year, and a 65% homeownership rate, according to three economists who offered their housing outlooks Friday at the annual National Assn. of Real Estate Editors conference.

Insight: Wells Fargo’s Mushrooming Mortgage Risk
Reuters | June 22, 2012
The new center of U.S. mortgage lending is a nondescript office building in the American heartland, far from the California subprime lenders and the New York investment banks that drove the housing market into a bust.

Can the Economy Get Healthy Without a Housing Recovery?
Time | June 25, 2012
This spring has been filled with disappointing economic news, but one bright spot has been the possible bottoming out of the housing market.

Tax Rules for Renting Out Your Vacation Home
The Wall Street Journal | June 23, 2012
The tax treatment of summer-home rental income is more complicated than you might expect. Here’s what you need to know. 

More Agents Encounter the Unexpected in Showings
RealtorMag | June 22, 2012
More real estate professionals say they are getting an unexpected surprise when they arrive at foreclosed homes: The homes aren’t really vacant. Squatters are living there and it’s led to some awkward — and even dangerous — encounters, they say. 

Small REO-to-rental investors need financing
HousingWire
In developing strategies for neighborhood stabilization, two issues predominate: the growing need for affordable rental housing and returning vacant foreclosed properties to productive use. At the confluence of these discussions are policy ideas such as REO-to-rental strategies that would convert the inventory of foreclosed properties into affordable rental housing.

How to Use a Self-Directed IRA to Buy Real Estate
Fox Business | May 8, 2012
Difficult economic times have spurred non-traditional methods to save for retirement, and many people are using a self-directed IRA to purchase non-traded assets like real estate. (If you have buyers who would like to buy investment property using their IRA but are not sure how to put it together, this article is a good start. ~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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