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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

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Real Estate News Today 7-17-2012


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Is There a 3.8% House Seller Tax in the Health Care Bill?
The KCM Blog July 17, 2012
The political rhetoric surrounding the presidential election has renewed the debate about the Administration’s Health Care Bill. We are again getting many questions about a possible 3.8% tax on home sales that some claim is in the bill. To answer these questions, we have decided to re-run a blog we posted earlier this year. – The KCM Crew

Residential Home Prices, Rents and Inflation
Ted C. Jones Blog | July 17, 2012
Housing should not be viewed from a short-term perspective given transaction costs. Nor should home values be analyzed in a vacuum since you must live someplace. And since housing is truly a long-term asset, inflation comes into play.

Foreclosure review program befuddles borrowers
Reuters | July 16, 2012
So far, fewer than 5 percent of the potential beneficiaries – 214,000 – have requested a review of their cases, a number critics say confirms their suspicion that the process was designed to protect banks, not help consumers.

White House Skeptical of Plan to Seize Mortgages by Eminent Domain
The Wall Street Journal | July 16, 2012
The Obama administration has concerns with a proposal—backed by a one-time major fundraiser to President Barack Obama—that would use eminent domain to seize and restructure mortgages.

With Low Supply, Asking Prices Rise for Fifth Straight Month
The Wall Street Journal | July 17, 2012
Home sellers are staying on the sidelines this summer, which is helping to firm up prices in more U.S. housing markets.

Phoenix Sets Pace in National Real Estate Recovery
CBS MoneyWatch | July 16, 2012
The Phoenix metro housing market is seeing a rise in home prices and a decline in the number of houses on the market, putting the area ahead of most other U.S. cities on the road to recovery, according to real estate experts.

Fitch: Surging Housing Stats Good News for U.S. Homebuilders
Reuters | July 17, 2012
Builder and investor enthusiasm are both surging, though U.S. housing metrics have not entirely kept pace so far, according to Fitch Ratings in its latest ‘Chalk Line’ report.

Five Mortgage and Housing Trends in Summer 2012
Fox Business | July 16, 2012
After an encouraging spring homebuying season, it’s time to cross your fingers and hope the momentum carries through the summer. Home prices have stabilized in many cities, but certain areas could still see a decline in values — especially those in judicial foreclosure states.

Many More Homeowners Using Obama Refinance Plan: Regulator
CNBC | July 16, 2012
The number of underwater homeowners refinancing through an Obama administration anti-foreclosure program has picked up sharply since its expansion late last year, according to figures a housing regulator released on Monday.

A comment that came in yesterday which I found amusing:   “Why on earth does Billionaire Zuckerberg NEED a $6 million home mortgage?  Pay the thing off and save $60,000!  Is he just trying to improve his credit score?  He can do that with a Macy’s card.  Apparently, having money and knowing how to manage it are two separate concepts.”  (Comment based on an article in my blog yesterday about Mark Zuckerberg’s 1% home loan. ~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 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 4-20-2012


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

Voters in Spokane County appear to have passed Measure 1 to expand the Convention Center and the Spokane Arena seating.  Check out the Measure 1 website to see what the Convention Center will look like when done.

Multifamily Building to Beef Up 30% in 2012
HousingWire | April 19, 2012
Fannie expects multifamily housing starts to jump 30% from 178,000 in 2011 to 231,000 in 2012. And then to 278,000 the following year.

Mortgage-Tax Break Curbed by Housing Slump
Bloomberg | April 19, 2012
The cost of one of the country’s most expensive individual tax breaks is shrinking as the number of Americans who own homes declines and mortgage rates hover near historic lows.

Bank of America Leads Banks in Short Sales of U.S. Homes
Bloomberg | April 19, 2012
The Charlotte, North Carolina-based bank approved 5,276 short sales in January, topping JPMorgan Chase & Co., with 2,976, and Wells Fargo & Co., the biggest home-loan originator, with 2,788, according to a report today by RealtyTrac Inc. (I’m not harping on BofA since they in fact did the most, but these numbers they give us for short sales still seem incredibly low.  I would have thought the number of short sales approved in a month would be 10x as high. ~Anthony)

Fears Rise That Economic Recovery May Falter in Spring
The New York Times | April 19, 2012
Global finance leaders are meeting in Washington to discuss oil prices, unemployment and other issues putting a cloud over the global economic picture.

Cities With Least Realistic Home Prices
The Wall Street Journal | April 19, 2012
Home sales are down, Thursday’s data shows. Oddly, sellers seem to be raising their asking prices. (This is interesting in that they determined the most realistic asking prices based soley on the gap between the median list prices and the median sales prices for the market.  Is that the right measure? I suppose it’s as good as any? ~Anthony) 

Chicago Loosens Vacant Property Restrictions on Banks
HousingWire | April 19, 2012
City officials in Chicago, with an ear to mortgage lenders and servicers, decided that maybe its pre-foreclosure requirements for vacant buildings were a bit too strict.

New Figures Stoke the Home Inequity Debate
The New York Times | April 19, 2012
A little more light is being shed on a type of loan that has been stinking up bank balance sheets.

Big Banks: Now Even Too Bigger to Fail
BusinessWeek | April 19, 2012
Two years after President Barack Obama vowed to eliminate the danger of financial institutions that are too big to fail, the nation’s largest banks are bigger than they were before the financial meltdown.

Short Sales Start to Outpace Foreclosures
Realtor Magazine | April 19, 2012
Banks are agreeing to more short sales, and for the first time,  short sale transactions are exceeding foreclosure deals, according to the most recent housing data from Lender Processing Services (LPS) Inc. (Check out this quote from the article:  “Banks are realizing that short sale transactions usually sell for higher prices than foreclosures.”  No kidding?  Who knew? ~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 Today 4-16-2012


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

US Home-buying Season Finally Signaling a Recovery
The Associated Press | April 15, 2012
Five years after the U.S. housing bust sent sales and prices plunging, the spring home-buying season is pointing to a long-awaited recovery.

Wells, Chase Positioning for Mortgage Rebound
HousingWire | April 13, 2012
The nation’s largest mortgage lenders Wells Fargo and JPMorgan Chase originated more mortgages in the first quarter as each inch toward a cleaner portfolio.

Last-Minute Tax Tips for Those Waiting Until April 17 Deadline
Fox News | April 15, 2012
Getting an extra two days to file taxes beyond the usual April 15 tax filing deadline isn’t likely to cure a nation of procrastinators this year.

As Congress Returns, Republicans Turn Focus to Gas Prices, Domestic Energy
The Washington Post | April 15, 2012
Speaker Boehner, hoping to hit Obama hard, wants to use session to push domestic energy issue.

Obama Bid to End Too-Big-to Fail Undercut as Banks Grow
Bloomberg | April 16, 2012
Two years after President Barack Obama vowed to eliminate the danger of financial institutions becoming “too big to fail,” the nation’s largest banks are bigger than they were before the credit crisis.

Mitt Romney Says He May Ditch HUD
Forbes | April 14, 2012
In a closed-door Florida fundraiser for donors tonight, Mitt Romney offered a rare glimpse into his policy plans if elected President. And, as NBC reports, he got quite trigger-happy.  (Wishful thinking on Mitt’s part?  That’s an awfully large and complex bureaucracy to dismantle. ~Anthony)

The Bailout Could Turn a Profit, but That’s not Entirely a Good Thing
The Washington Post | April 14, 2012
At a press briefing on Friday, senior Treasury officials had some good news to trumpet: The government’s bailout of the financial system during the crisis has cost less than expected.

Investors Eye REOs as a ‘Gold Rush’
Realtor Magazine |
A modern day “Gold Rush” is on for investors who are pouncing on bargain prices for foreclosures.   

Rehabilitation vital to REO-to-rental success
HousingWire | April 13, 2012
Any long-term REO-to-rental strategy will need to adopt extensive refurbishment plans in order to resell the assets.  Further, much of the foreclosed property that financial institutions would look to bulk-sell is currently in need of repair.  (This reporter makes good case and in fact this should spur a great deal of activity not only on the contractor/builder/remodeler side of the economy, but also the retail home improvement business, construction suppliers, and so forth. If you are a contractor, you should be networking with investors. ~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 Today 4-4-2012


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

We topped 300 likes to our Stewart Title Spokane Facebook page this week, check it out!  Facebook

Tips for First-Time Home Sellers
FOX Business | April 3, 2012
Selling a home is one of the biggest financial transactions most people ever do in their lives. And the current real estate market, still plagued with a record number of foreclosures and short sales, can be a challenge for anyone.  (Some GREAT advice here.  It’s certainly worth the read if you’re considering selling your home. Choose to use a real estate agent, and choose Stewart Title!  ~Anthony)

Fed Sees Improving Economy Reducing Need for Stimulus
Bloomberg | April 4, 2012
Federal Reserve policy makers see the improving economy reducing the need for new stimulus even as they stick to a plan to hold the benchmark interest rate near zero at least through late 2014.

Foreclosure ‘Starts’ Fall in February
The Wall Street Journal | April 3, 2012
Housing pundits have warned that banks were likely to jumpstart the foreclosure process after finalizing their $25 billion settlement with the federal government and 49 state attorneys general. But so far, there’s little indication of a lift in foreclosures.

Time to Sell Penthouse. The Russians Have Cash
The New York Times | April 3, 2012
The high-end real estate market is enjoying a remarkable rise, fueled largely by wealthy Russians.

U.S. Home Market Pulls in More Chinese Buyers
USA Today | April 3, 2012
China’s great wall of cash is pouring into the struggling U.S. property market, from multi-million-dollar mansions on the West Coast to venerable hotels on the East Coast.

IRS Already Gearing Up for Health-Care Crackdown
FOX Business | April 1, 2012
The rest of the country may be waiting for the U.S. Supreme Court to decide the fate of President Barack Obama’s health-care law, but the Internal Revenue Service is wasting no time.

Lenders’ Risk Managers Expect Mortgage Delinquencies to Drop
DSNews | April 3, 2012
FICO’s quarterly survey of bank risk professionals found a reversal in the sentiment of U.S. lenders, with expectations for loan repayments more upbeat in the first quarter of 2012 than they had been during the previous quarter. 

Will Housing Prices Soar By 2014?
Realtor Magazine | April 3, 2012
Find out what real estate economists and analysts predict for the housing market over the next two years.  (Soar?  That may be a bit of an exageration, I’d be thrilled if the market were simply up.  Maybe I’ll put this article in my calendar for two years from now and see if I’m right or they are. (:-) ~Anthony)

Canada’s housing bubble exists, and it’s stretched thin
HousingWire | April 3, 2012
The hot housing market in Canada seems all too familiar. More mortgages without down payments, rising home costs without matching rises in income, and an extremely high ratio of house prices to rents. It all spells a bubble waiting to burst. 
 

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 3-7-2012


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

Refinancing Fees Are Reduced for Some FHA Borrowers
The New York Times | March 6, 2012
In what it described as part of an initiative to lift the housing market, the Obama administration said Tuesday that it would make refinancing less expensive for certain borrowers with mortgages backed by the Federal Housing Administration.

Fannie Mae Seeks $4.6 Billion in Aid After Q4 Loss
Bloomberg | March 6, 2012
Fannie Mae, the biggest source of money for U.S. home loans, said on Wednesday it would seek $4.6 billion in additional federal aid after reporting a fourth-quarter loss.

Are More New Foreclosures a Good Thing?
The Wall Street Journal | March 6, 2012
The freeze on new foreclosures is starting to crack, a report out today says.  Foreclosure starts – or when a lender files paperwork to begin the foreclosure process – jumped 28% in January compared with December, although starts were down 11.5% from the same month in 2011, according to data firm Lender Processing Services.

Senate Democrats Push Plan to Rehabilitate Vacant Houses, Buildings
The Hill | March 6, 2012
A group of Senate Democrats introduced a plan Tuesday that would expand a housing program aimed at rehabilitating residential and business properties. 

Obama Unveils Housing Initiatives for Military, FHA Families
Washington Post | March 6, 2012
President Obama on Tuesday unveiled two housing initiatives intended to assist members of the military and Americans with government-insured loans.

CFPB Readies New Mortgage Servicing Rules This Year
HousingWire | March 6, 2012
The Consumer Financial Protection Bureau plans to issue new rules for mortgage servicers this year with the state attorneys general ready to enforce them.

Housing Dependent on Young, Struggling Americans
HousingWire | March 6, 2012
The Echo Boomers, better known as children of Baby Boomers and Gen X, are the future of the housing market. Unfortunately, they continue to struggle financially creating uncertainty in the real estate market, the Bipartisan Policy Center said.   

Private sector added 216,000 jobs in February
HousingWire | March 7, 2012
The private sector added 216,000 jobs in February, according to the latest national employment report from Automatic Data Processing.

NAR affordability index breaks new threshold
HousingWire | March 6, 2012
The National Association of Realtors‘ affordability index broke the 200 mark for the first time ever, rising to 206.1 in January.

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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