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Real Estate News Today 11-18-2011


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

Lawmakers to Restore Higher FHA Loan Limits
The Washington Post | November 17, 2011
U.S. lawmakers moved Thursday to increase the maximum size of loans that can be guaranteed by the Federal Housing Administration, even as a top Obama administration official expressed doubt about the need for the change.  (Do we need the higher loan limits?  Yes? No?  Your thoughts on my blog?)

Nevada AG Files Criminal Charges for Robo-Signing
DSNews | November 17, 2011
Nevada Attorney General Catherine Cortez Masto filed criminal charges against two title officers Wednesday for alleged robo-signing.

Foreclosures in U.S. Rise for First Time in a Year as Lender Backlogs Ease
Bloomberg | November 17, 2011
U.S. lenders started foreclosures on more properties in the third quarter, the first increase in a year, as a backlog stemming from claims of faulty home seizures began to ease.

Housing Starts in the U.S. Rose 5.1% in October
Los Angeles Times | November 18, 2011
The West, with a 16.5% drop, was the only region without an increase in construction of single-family homes. One analyst says the overall gain is a sign that numbers will be good the rest of the year.

Fewer Mortgages Going Bad but Foreclosures Expected to Increase
Los Angeles Times | November 17, 2011
The Mortgage Bankers Assn. says it could take three or four years to return to a normal pattern of delinquencies and foreclosures.

House Approves Bill Averting Government Shutdown
San Francisco Chronicle | November 17, 2011
A weekend government shutdown that neither party wants would be averted under a compromise spending bill the House approved Thursday despite complaints from lawmakers left and right about provisions ranging from school lunch standards to the size of federally backed loans. 

Europe Debt Crisis Keeps Mortgage Rates At Record Lows
The MReport.com | November 17, 2011
Mortgage rates ran a tepid streak started three weeks ago by hovering at around 4 percent this week, according to Freddie Mac, largely because investors continue to flee European sovereign bonds for the safe haven of U.S. Treasury debt.

From the National Association of Realtors®:

Housing Picture Expected to Brighten in 2012
Better times are ahead for the real estate market in the new year, according to several forecasts and a recent survey.  (Can I hear you say Wahhoooooo!?!  OK, no cheering yet, but it’s good to hear there is some sense of hope out there. ~Anthony)

Gov’t Announces More Refinancing Program Details
Spread the word to your clients: The HARP program is opening its doors to more home owners who want to refinance their mortgage and take advantage of ultra-low mortgage rates.

Students Swap Dorms for McMansions?
An answer to one city’s foreclosure crisis? Move in more college students.
 

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 11-7-2011


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

Occupied Oakland Promotes Occupying Vacant Properties
DSNews.com | November 4, 2011
The Occupy Oakland group is starting a new wave of occupations. They intend to occupy vacant properties.  The Occupy Oakland group announced on Twitter earlier this week that its general assembly “just passed a proposal to encourage the occupation of bank-owned/foreclosed and abandoned properties across #Oakland.”  (While I withhold comment on the whole “Occupy” movement, I will say that this strategy will NOT help the real estate and housing economy to recover; and would in fact hurt the chances of reselling those properties and getting those asset dollars back into the working economy.  ~Anthony)

Lobbying Titans Square Off Over Loan Limits
The Wall Street Journal | November 4, 2011
Influential housing and banking industry lobbying groups are clashing on Capitol Hill over whether to restore higher limits on the size of government-backed mortgage loans.

Home Price Growth Has Dissipated With the Summer Heat: Clear Capital
DSNews | November 4, 2011
Temperatures are falling, and so are home prices in most local markets. Clear Capital says it’s expecting another long winter as the housing industry tries to cope with the downward forces of weak demand, record-low consumer confidence, and distressed inventory.

First-Time Defaults in Private-Label MBS Edge Up in October
HousingWire | November 4, 2011
First-time defaults on private mortgages edged up to a rate of 0.89% in October, a slight increase from this segment’s default rate of 0.86% in September, a new report from Amherst Securities Group said Friday.

More Problems are Found With Home Buyer Tax Credits
The Los Angeles Times | November 6, 2011
An audit shows the IRS has been sending notices to taxpayers that either inform them they owe no repayments on their credits when they actually do, or demand repayments from recipients who legally owe nothing.

USDA Mortgages an Affordable Option
NASDAQ | November 5, 2011
If you’re looking for an affordable and obtainable mortgage, don’t overlook a USDA Rural Development Loan.

Lower Mortgage-loan Limit has Yet to Kill Off Market
The Seattle Times | November 7, 2011
Potential homebuyers are now looking for financing from generally higher-cost, private sources with stricter lending guidelines if they need to borrow more than $506,000.

Finding More Flaws in HUD’s Accounting of HOME Program
The Washington Post | November 6, 2011
The calls started in mid-May, two weeks before a looming congressional hearing. Staff members across the vast U.S. Department of Housing and Urban Development were racing to check in with hundreds of local agencies to determine the status of housing construction projects for the poor.

From the National Association of Realtors®:

More Adult Children Move Back in With Parents
The “doubling-up” trend of adult children moving back to their parents’ home cuts into the formation of new households and is being felt in the housing market, says the chief economist for Moody’s Analytics.

Android Users: Beware of QR Codes, Expert Says
The scannable bar codes have become a popular marketing tool but one security expert is telling Android smartphone users to watch out before they scan.

Maximize Your Business Potential on LinkedIn
LinkedIn is filled with business potential for real estate professionals. Start by creating a strong profile to make a great first impression. From there, utilize LinkedIn’s resources to connect with potential clients. Here are some tips from RealtyBizNews.  (Once you’ve done all that, then connect with me at http://www.linkedin.com/in/anthonycarollo ~Anthony)


 

Anthony Carollo

 

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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 11-4-2011


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

Why housing deserves a home in your portfolio
MarketWatch | November 4, 2011
Now may be a great time to buy a house, given that years of falling home prices and low mortgage rates have made buying a place to live more affordable than it has been in decades. And that’s not just a pitch from the National Association of Realtors.

Mortgage Rates Plunge Amid Euro Zone Trouble
The MReport.com | November 3, 2011
After inching forward in the last few weeks, mortgage rates again plummeted on fresh concerns about the euro zone crisis, with rates dropping to 4.00 percent, the second-lowest reading for Freddie Mac.

U.S. Payrolls Rose in October; Jobless Rate 9%
Bloomberg | November 4, 2011
U.S. employment climbed in October at the slowest pace in four months, illustrating the “frustratingly slow” progress cited by Federal Reserve Chairman Ben S. Bernanke this week.

HAMP Mods Spike at Mortgage Servicers Despite Tighter Rules
HousingWire | November 3, 2011
Mortgage servicers started 40,151 permanent modifications through the government’s program in September, the highest monthly amount since May 2010.

Freddie Could Take More Than a Decade to Unload REO Inventory
HousingWire | November 3, 2011
Freddie Mac vendors sold fewer REO properties in the third quarter than they did earlier in the year as nonperforming loans continue to climb.

Freddie Mac Has Wider Loss, Seeks $6 Billion From Treasury
BusinessWeek | November 3, 2011
Freddie Mac, one of two mortgage- finance companies under U.S. conservatorship, reported a $4.4 billion loss for the third quarter and said it will seek $6 billion from the U.S. Treasury Department.

U.S. Commercial-Property Lending Rises to Highest Since 2007
Bloomberg | November 3, 2011
U.S. commercial-property loan originations rose to the highest since 2007 in the third quarter as banks, insurers and government-backed finance companies increased lending, the Mortgage Bankers Association said today.

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 11-3-2011


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

That New Renter? Probably a Single Mom.
The Wall Street Journal | November 2, 2011
Among renters, single moms saw the biggest growth among household types between 2000 and 2010, according to Census data analyzed by Property and Portfolio Research.

Consumer Bureau Defends 100 First Days to GOP Critics
The Hill | November 2, 2011
A top official from the Consumer Financial Protection Bureau (CFPB) yet again had to defend the new agency from Republican critiques Wednesday.

Home-Ownership Rate Climbs: Blip or Early Trend?
The Wall Street Journal | November 2, 2011
The nation’s homeownership rate ticked up in the third quarter compared with the second quarter, suggesting that the three-year decline in home ownership may be starting to bottom out.

NAR Adds Foreign Market to Online Listings
HousingWire | November 3, 2011
National Association of Realtors and Move Inc.launched an international website Thursday that features residential real estate listings from Brazil, Bulgaria, Croatia, France, Italy, Portugal, Romania, Serbia, Slovakia and Spain.  (OK this is awesome!  Now I can window shop in my ancestral home of Italy! I know I could do that before, but I think this brings those foreign properties closer to the flat screens of Americans~Anthony)

Housing Could Be Key to Stronger U.S. Rebound
Reuters | November 2, 2011
A fresh emphasis on healing the housing sector by officials at the Federal Reserve, in the Obama administration and in state capitals reflects the view that a healthier real estate market would go a long way in strengthening the economy.  (I put this in here more for the irony than for the news factor.  Is this a no-brainer or what?  Housing and jobs, it seems so simple doesn’t it? ~Anthony)

Seattle home sales shoot up as prices hit 7-year lows
HousingWire | November 2, 2011
September home sales in Seattle increased 26.2% when compared to the same month last year, DataQuick said Wednesday.  Sales in the area were spurred in part by reduced home prices across the market, the real estate data firm concluded.

From the National Association of Realtors®:

Falling Rental Vacancies
The total number of rental households has increased to 38 million in the second quarter of this year, an increase of 1.4 million renters in the past 12 months.  Because there has not been an overproduction in multifamily units in the past decade, higher demand for rental units has directly resulted in falling vacancy rates.  (Good short article from Lawrence Yun, Chief Economist at NAR ~Anthony)

First-time Home Buyers Haven’t Vanished
First-time home buyers aren’t being scared off from the housing market. The data shows a different story.

Before Buying a Foreclosure: 3 Things to Consider
If you have buyers considering a purchase of a distressed property, help them navigate the process more smoothly by following these three tips before jumping in.  (These three tips are a good start, but I can think of others.  I’d like to hear what you would advise a buyer who is considering buying either a foreclsoure or a distressed property like a short sale.  Please jump into the copnversation on my blog.)

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 11-2-2011


I see some “things that make you go hmmm” today.  I’ll point them out to you without further commentary.  (:-)

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

U.S. to Review 4 Million Foreclosures
The Washington Post | November 1, 2011
If a review finds errors or abuses by financial firms, consultants will determine what recompense homeowners deserve.  (Hmmm)

LPS: Foreclosures Delinquent an Average of 624 Days
HousingWire | November 1, 2011
Foreclosure starts dropped 11.2% in September from the prior month, but loans in foreclosure have been delinquent an average of 624 days, which is the highest level yet and up about two weeks from the level reported in August.  (Hmmm)

Blueprint for a New American Home
The Wall Street Journal | November 2, 2011
Tough recent years are leaving their mark on home design, just as the housing-boom years sent square footage soaring and stamped a distinctive “McMansion” style on neighborhoods across the country

Home Building Spurs 2nd Straight Monthly Increase
The Washington Post | November 2, 2011
U.S. builders spent slightly more in September on home construction, partially offsetting losses in public schools, roads and government offices.

CFPB Now Employs 700 Staffers
HousingWire | November 1, 2011
The Consumer Financial Protection Bureau employs a staff of 700 after conducting a three-month hiring spree, the new regulator’s special adviser Raj Date said Tuesday.

Mortgage Bond Prices Show Refinancing Limits
Bloomberg | November 1, 2011
The mortgage-bond market is signaling changes to refinancing rules will aid fewer homeowners who owe more than their properties’ value than was initially anticipated.

Private Sector Adds 110,000 Jobs in October
Reuters | November 2, 2011
U.S. private-sector employers added 110,000 jobs in October, beating economists’ expectations, a report by a payrolls processor showed on Wednesday.

U.S. Consumer Bureau to Streamline Rules From Other Agencies
Bloomberg | November 1, 2011
The U.S. Consumer Financial Protection Bureau will begin a “targeted review” of regulations it inherited from other agencies to eliminate unnecessary rules, according to prepared congressional testimony from Raj Date, the de facto head of the agency.

From the National Association of Realtors®:

7 Cities With Fewest Underwater Home Owners
Dropping home values haven’t put home owners in the red everywhere. In some cities, home prices have not dropped or are rising. Find out which cities have the fewest number of underwater home owners.

Could Lenders Start Factoring in Energy Costs?
A newly introduced bill in the Senate calls for mortgage lenders to start taking into account the energy costs when determining if a buyer can afford a home.  (Last one…Hmmm)

Domestic Migration Hits Lows Last Seen in the 1940s
Worried they won’t find jobs or be able to sell their homes, U.S. residents are staying put, causing domestic migration to hit its lowest point since the 1940s. Those who are moving aren’t flocking to the Sun Belt. Find out which states are gaining young professionals.

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 11-1-2011


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

Fed, With Few Bullets Left, Unlikely to Act on Housing
MSNBC | November 1, 2011
When Fed Chairman Ben Bernanke opens a two-day meeting of central bank policymakers Tuesday, the moribund housing market will be front and center.

Economist: ARMs Not as Risky as Some Think
DSNews | October 31, 2011
Long-term, fixed-rate mortgages are often seen as a safe loan product, but one Federal Reserve economist says adjustable-rate mortgages (ARMs) are not as risky as some perceive them to be and did not play a major role in the recent housing crisis.

Freddie Mac Calls for $100 Billion in Annual Multifamily Investment
HousingWire | October 31, 2011
The head of Freddie Mac’s multifamily division projects that the asset class needs $1 trillion in capital over the next decade.

Top Housing Regulator Says He Lacks Authority for Foreclosure Relief
The Hill | October 31, 2011
The country’s leading housing regulator said he lacks the authority to provide “broad relief” to struggling homeowners trying to avoid foreclosure.

Dr. Ted Jones wrote an excellent blog on the potential effects of the modified Home Affordable Refinance Program (dubbed HARP 2.0).

From the National Association of Realtors®:

12 Most-Searched Housing Markets
Which cities are home buyers targeting the most? Here are the 12 most-searched metros at Realtor.com during September.

Multifamily Market Expected to See Big Growth
A new study by Morgan Stanley predicts that the flood of foreclosed home owners who are now forced to become renters will bring in $72 billion in rent annually.

Realtor.com to Add Apartment Listings
“It’s an opportunity to connect millions of people interested in what the convenience apartment communities offer,” says a spokesman for the company.  (Is this good, bad, or will it make a difference in your world? I’d love to hear form you.  ~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

 

 

Real Estate News Today 10-31-2011


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

NAR Adds Multifamily to Online Listings
HousingWire | October 29, 2011
A leading real estate website is capitalizing on the rebirth of rental housing by adding apartment communities to its online listings.

U.S. Economy Revives as Consumers Still Spend
Bloomberg | October 30, 2011
While household-sentiment measures are at levels typically observed during a recession, an increase in spending during the third quarter boosted growth to the highest level of the year, Commerce Department figures showed Oct. 27.

Credit Unions Pounce After Banks Raise Fees
The Washington Post | October 30, 2011
At Lafayette Federal Credit Union in Kensington, officials wasted no time in taking aim at Bank of America’s decision to levy fees on debit cards. Within two weeks of the megabank’s Sept. 29 decree, the credit union placed ads in area newspapers telling consumers:

In Real Estate, Simple Wins
The Wall Street Journal | October 29, 2011
In the cycle of investment life – boom, bust and aftermath – the lessons only become clear after it’s too late.

The Most (and Least) Expensive Cities
The Wall Street Journal | October 28, 2011
The Council for Community and Economic Research (C2ER) released its third-quarter cost of living index today, outlining the most and least expensive cities in the country.

Wall Street Reform Law Bogged Down
October 30, 2011 | Politico
President Barack Obama signed the Dodd-Frank financial reform bill into law 15 months ago, saying he was anxious to put new rules of the road in place for Wall Street.

From the National Association of Realtors®:

Survey Reveals 5 Home Buying Myths
While buyers tend to be overall knowledgeable about the home purchasing process, a new survey finds the areas where they’re still confused.  (This list really stunned me.  I would not have guessed any of these issues that home buyers are confused about.  It causes me to rethink how we communicate to home buyers. ~Anthony)

Is the New-Home Market Finally Leveling Off?
The nation’s largest home builders are starting to see a gradual turnaround in sales, which may signal the worst is finally behind them, according to a new article at The Wall Street Journal.

Supersized Homes: States With the Largest Houses
Where is square footage the biggest? Find out five states that boast the largest homes.  (This top 5 list also surprised me!  None of the states that I thought would be on this list are there. ~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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