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Real Estate News Today 7-18-2012


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A borrowers guide to the mortgage application
MSN | July 2012
A mortgage application’s purpose is to help the lender decide whether to lend money to the borrower. But the industry-standard Uniform Residential Loan Application, also known as Fannie Mae Form No. 1003, is more complicated than that straightforward intent might suggest.  (This author provides a good overview of the 1003 loan application.  The comments below the article are pretty good too, some good thoughts and a few chucklers. ~Anthony)

U.S. Economic Fears Shift Back Home
The Washington Post | July 17, 2012
For much of the year, economists worried about the impact of the European slowdown on the U.S. Now, analysts say the fast-approaching “fiscal cliff” poses the biggest threat.

The Economy Stinks, But Housing Keeps Picking Up
The Wall Street Journal | July 17, 2012
As the broad economy continues to struggle, the housing market — one of the most beleaguered pockets of the economy for years — continues to exhibit signs that the worst is in the past.

How to Hunt for Talent on Social Media
The Washington Post | July 16, 2012
Many employers now use the sites to vet applicants. But they can also be used to actively seek out promising candidates.

Treasuries Rise Before Bernanke on Slower Growth Bets
Bloomberg | July 18, 2012
Treasuries rose, pushing 10-year yields toward a record low, before Federal Reserve Chairman Ben S. Bernanke starts his second day of testimony to Congress amid speculation the U.S. economic recovery is faltering.

Fighting back against lowball home appraisals
MSN | July 2012
Record-low interest rates are a boon for homebuyers and homeowners seeking to refinance. But low appraisals are making it difficult or even impossible for some borrowers to take advantage.  (The author provides what seems like some good information but I wonder: Is it realistic? ~Anthony)

Ten Apps Every Homebuyer Should Have
Fox Business | July 18, 2012
When it comes to staying organize and efficient during the home-buying process your best tool might already be in your pocket: your smartphone. Whether you are buying a house, getting a mortgage or doing some remodeling, here are 10 must-have real estate apps.

Homeownership: The American Dream
The KCM Blog | July 18, 2012
As a real estate professional, it’s important to understand, and remind yourself, that homeownership really is the American Dream and your job is be the guardian and guide to make that dream a reality. This is especially important in a market where some people may be misinformed about the benefits and possibilities of buying a home.  (I’ll say it again, the folks at KCM write a wonderful blog.  If you’re in the real estate industry, this one is worth reading. ~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 5-2-2012


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

Mortgage Purchase Applications Rose Last Week
CNBC | May 2, 2012
The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity, which includes both refinancing and home purchase demand, rose 0.1 percent in the week ended April 27. (Perhaps more importatly, 30 year fixed rates declined to 3.69% which is a decline from  3.72% the previous week.  See Thirty-Year Fixed Rate Mortgage Hits 3.69%: Zillow  from The MReport.com ~Anthony)

Ability-to-Repay Rule for Mortgages Nears CFPB Approval
Bloomberg | May 1, 2012
The director of the Consumer Financial Protection Bureau is aiming to discourage lenders from making home loans with risky features and outlining steps they must take to verify borrowers’ finances, as part of the “qualified mortgage” or QM regulation.

Wells Fargo Doubles Down on Housing
HousingWire | May 1, 2012
Wells Fargo has thrown caution to the wind and is aggressively writing new business in both residential and commercial real estate loans.

Renters Really Prefer Owning, Builder Survey Says
The Wall Street Journal | May 1, 2012
A survey from PulteGroup — one of the nation’s largest home builders — has found a surprising result: Many renters want to buy homes.

Bad Models Mistook Housing Bust for Dot-Com Bubble
Bloomberg | May 1, 2012
In a speech last month about the financial crisis, Federal Reserve Chairman Ben S. Bernanke trenchantly noted that the initial losses from the dot-com bust were about the same size as those from the housing meltdown — yet the two episodes had very different economic consequences.

Foreclosures Held Steady in March
Los Angeles Times | May 1, 2012
The number of U.S. homes struggling through foreclosure held steady in March but fell from a year earlier, new data show, indicating that the huge wave of foreclosures that some housing experts keep predicting isn’t even a whitecap yet.

Jobs Growth Seen Rebounding in April
Reuters | May 1, 2012
Hiring by U.S. employers likely rebounded in April, which could ease worries the economy has stumbled into a soft patch.

What Smart Buyers Should Know About Time Shares
USA Today | May 1, 2012
Timeshares may sound like an inexpensive way to live a little large once a year, but they will cost you for years to come unless you find someone to buy it.

Attacks Against Real Estate Professionals Surge
RealtorMag | May 1, 2012
The number of assaults against real estate professionals is on the rise, with the nature of attacks becoming more violent and sometimes deadly.  (There are some eye-popping numbers in here that should make us all a little more cautious.  One item of note is that the category includes landlords, appraisers, etc. It didn’t say anything about title/escrow people.  ~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!

 

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Real Estate News Today 4-26-2012


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

How the Web Is Ruining Real Estate
RealtorMag | April 2012
Experts in real estate technology argue that online media is causing real problems for practitioners and consumers and how they connect with each other. What are these issues, and what can you do about them? (Agree or disagree?  Let me know at acarollo@stewart.com Many thanks to the Spokane Association of Realtors for passing along this gem! ~Anthony)

Stunned Home Buyers Find the Bidding Wars Are Back
The Wall Street Journal | April 26, 2012
A new development is catching home buyers off guard as the spring sales season gets under way: Bidding wars are back. From California to Florida, many buyers are increasingly competing for the same house. Unlike the bidding wars that typified the go-go years and largely reflected surging sales, today’s are a result of supply shortages.

Donovan: No Fannie, Freddie Reform ‘Any Time Soon’
HousingWire | April 26, 2012
Department of Housing and Urban Development Secretary Shaun Donovan said the Obama administration doesn’t plan to introduce Fannie Mae or Freddie Mac reform “any time soon.”

Fed Cuts U.S. Growth Forecast for 2013 and 2014
The New York Times | April 26, 2012
The Federal Reserve chairman, Ben S. Bernanke, on Wednesday dismissed proposals to escalate the Fed’s economic stimulus campaign as “reckless,” arguing that the costs would be high and the benefits uncertain.

Facing Scrutiny, Builder Horton Changes Course on Mineral Rights
The Wall Street Journal | April 26, 2012
Home-builder D.R. Horton has ended a policy of keeping mineral rights in North Carolina. As we’ve written, the company, the nation’s largest builder, has been keeping the right to drill for natural resources under homes it sells nationwide for years.

Costco: Want a mortgage with your 60 rolls of toilet paper?
HousingWire | April 26, 2012
Costco the one-stop-bulk-shop haven, offers everything you need in a home: Furniture, flooring, groceries and 60-roll toilet paper packs. Now Costco is going to help you finance your home, too. (Be assured I’m not a fan of doing business this way. But if Costco is hopping into the mortgage business, that’s certainly newsworthy. My favorite line? “And while grocery store banking is certainly convenient (car loan with your granola bar, anyone?) there are definitely some drawbacks. Namely, the complete lack of personal service.” ~Anthony)

Mortgage Rates Hover Near Record Lows…Still
The MReport | April 26, 2012
Debt crises in Europe once more left interest rates for mortgage loans near record lows.

Private Island Homes
Yahoo! Real Estate | April 25, 2012
Taking up residence in the middle of an ocean, lake or river isn’t for everybody. But for anyone who yearns for a property line that laps to shore, options abound. Architecturally expressive abodes for the aesthetically inclined, secluded dwellings for the nature-loving set, spacious compounds for the party minded, and unforgettable retreats for families are just the beginning. (This contribution comes to you courtesy of my 15 year old daughter Emily.  She’s a peach.  (:-)  I love you Emily! ~Dad)

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 4-10-2012


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

The man cave, that great getaway, has become commercialized
The Seattle Times | April 6, 2012
The time has come to leave the man cave — to bulldoze the bro bunker, to kick the kegerator to the curb. The safe house for the Y chromosome is no longer safe; the perimeter has been breached. The man cave is no longer a tenable refuge from the real world.

U.S. to Propose New Mortgage Lending Rules
The Washington Post | April 10, 2012
The federal government plans to propose new rules on Tuesday that will give homeowners more ways to avoid foreclosure and get an accurate accounting of their monthly mor
tgage payments.

Proposed California Bill Imposes Real Estate Fee for Affordable Housing Fund
HousingWire | April 9, 2012
California Senate Bill 1220, or the Housing Opportunity Trust Fund Act of 2012, proposes the creation of a fund that would raise revenue by imposing a $75 fee on all real estate instruments recorded at the county level.

Baby Boomer Market Bust?
Los Angeles Times | April 9, 2012
As 70 million people born between 1946 and 1964 begin retiring, the big question is: Will they bail out of stocks and other assets to pay for their golden years?

Why Small Businesses Fail to Grow
The Washington Post | April 10, 2012
It takes more than passion. Here is a list of 10 crucial factors.

Bernanke Says Banks Need Bigger Capital Buffer
Reuters | April 9, 2012
Federal Reserve Chairman Ben Bernanke said on Monday banks need to have more capital at hand in order to ensure the financial system is stable.

BofA Makes Changes to Trim Short Sale Timeline
DSNews | April 9, 2012
Starting Saturday, April 14, real estate professionals working with BofA will be required to submit five documents for short sales initiated with an offer.

Expectations Rising for Housing Market’s Spring Season
USA Today | April 10, 2012
The spring season typically runs March through June but may have started early this year because of unseasonably warm weather.

5 Reasons the US Hiring Slowdown in March might Signal a Weakening Job Market
The Washington Post | April 9, 2012
Economists mostly shrugged off news that U.S. hiring slowed in March as a one-month aberration warped by warm weather. But what if they’re wrong? What if the sharp drop in job creation signaled something more ominous?

Berkshire Hathaway unit buys Seattle residential brokerage
The Seattle Times | April 5, 2012
A real-estate subsidiary of Warren Buffett’s Berkshire Hathaway has acquired a Seattle residential real-estate brokerage.

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 3-29-2012


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

Breaking news from HousingWire: Freddie Mac mortgage rates back below 4%

Realtor Referrals Supply One-Third of Business for Lenders: Survey
The MReport | March 28, 2012
Referrals from real estate agents guide about one-third of mortgage-financing decisions for today’s homebuyers, according to a recent survey.  (Read on to find out the biggest reason why buyers DIDN’T use their agents recommended lender. ~Anthony)

Cordray to Chamber: I Come In Peace
The Hill | March 29, 2012
Consumer Financial Protection Bureau (CFPB) Director Richard Cordray offered an olive branch Wednesday to one of his agency’s more fiery critics, the U.S. Chamber of Commerce.

Banking Regulator Calls for End of ‘Too Big to Fail’
The New York Times | March 29, 2012
An official at the Federal Reserve Bank of Dallas said that despite the financial crisis of 2008, a cartel of megabanks still hinders economic recovery.

Bernanke Says Too Early for Victory on U.S. Recovery
Bloomberg | March 28, 2012
Federal Reserve Chairman Ben S. Bernanke said unemployment remains too high, the recovery in the U.S. economy isn’t assured and policy makers don’t rule out any further options to boost growth.

Forecast Upbeat on Housing Recovery
The Wall Street Journal | March 28, 2012
The housing market may finally be on the path to a sustainable recovery, according to a new report, but it’s not the cork-popping celebration many under-water homeowners may have hoped for.

Trump Makes Return to Risk
The Wall Street Journal | March 28, 2012
Donald Trump’s appetite for real-estate risk has returned. He is doubling-down his bet on the Trump International Hotel and Tower Chicago, the second-tallest building in the city.

Combat Deal-Killing Low Appraisals
Realtor Magazine | March 28, 2012
About one in three real estate contracts were canceled in January, up from 9 percent the previous year. Lowball appraisals are mostly to blame, agents say.

Poll: Renters Want to Buy
Realtor Magazine | March 28, 2012
Fannie Mae’s quarterly national housing survey shows that renters want to purchase a home, but one thing has them spooked. (I was actually surprised at the “one thing” that’s keeping renters from moving toward a purchase. ~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 3-14-2012


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

15 of 19 Major U.S. Banks Pass Fed’s Stress Tests
The Washington Post | March 13, 2012
Federal Reserve says 15 of the 19 largest U.S. banks would remain healthy in a severe crisis, demonstrating the scope of the recovery of the nation’s financial system since it nearly collapsed in 2008.

And this next headline is for the “Glass-is-half-empty” crowd  J 

Four of 19 bank holding cos. Fail portion of stress tests
HousingWire | March 13, 2012

Four of 19 banks failed to meet at least one of the minimum capital ratios in the Federal Reserve‘s stress tests.

Bernanke says community banks strengthening
Yahoo! News | March 14, 2012

U.S. community banks are gaining strength even though the economy is improving only moderately, Federal Reserve Chairman Ben Bernanke said Wednesday.  (Bankers: Take a look at the very last line that quotes Mr. Bernanke regarding new regs. ~Anthony)

Mortgage Purchase Demand Rose Last Week: MBA
Reuters | March 14, 2012
Demand for home purchases picked up for the third week in a row last week, though applications for refinancing sagged, an industry group said on Wednesday.

New Rules Easing HARP Refinances
NASDAQ | March 13, 2012
There’s a big change coming in the HARP 2.0 program that will make it easier and faster for homeowners to refinance their underwater mortgages, and possibly save them several hundred dollars as well.

Nasdaq Finishes Above 3,000, Its Best Since Dot-Com Bubble
The New York Times | March 13, 2012
Stocks climbed to new heights in part on rosy retail sales data, pushing the broad market to levels last seen in June 2008 and the Nasdaq composite index past the 3,000 milestone for the first time since 2000.

Report: Investors Buying Foreclosures on West Coast
DSNews.com | March 13, 2012

For West coast states, the foreclosure wave is reported to be dying down as third parties, who are typically investors, snatch up foreclosed homes, according to the February 2012 ForeclosureRadar report, which only includes Arizona, California, Nevada, Oregon, and Washington.

Apartment Loans by Agencies Creating Bubble, Chandan Says
Bloomberg | March 14, 2012

Low-cost financing backed by the U.S. government is inflating the values of apartment buildings and threatening threatening to create a bubble, according to a report by Sam Chandan, a real estate economist.

Seniors, Young Adults Will Influence Housing
Realtor Magazine | March 13, 2012
Aging Baby Boomers and their “Echo Boomer” children will significantly impact trends in the nation’s housing market over the next 20 years, according to a new report released by the Bipartisan Policy Center.

A ‘Mega Force’ Emerging in Housing?
Realtor Magazine | March 13, 2012
This growing segment of home buyers continue to flood the market and are expected to “have an exponential impact on housing sales,” according to a new housing report.

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 2-13-2012


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

New Commercial Real Estate Statistics from CoStar
Ted C. Jones Blog | February 9, 2012
CoStar, a premier provider of real estate information, now has the best series for commercial real estate sales volumes, as unlike others, it is not restricted to minimum price levels nor to specific types of ownership. 

Community Banks and Credit Unions Brace for End of Fannie, Freddie
The Washington Post | February 12, 2012
As the Obama administration forges ahead this spring with plans to wind down mortgage giants Fannie Mae and Freddie Mac, community banks and credit unions are bracing for the impact.

Bernanke: No ‘Silver Bullet’ for Housing Woes
The Wall Street Journal | February 11, 2012
What more can the Federal Reserve do to help the home-building industry? That was the question in the air when Fed Chairman Ben Bernanke took the podium Friday at the National Association of Home Builders’ International Builders Show for a keynote speech.

Mortgage problems? Turn Your House Into a Billboard
Reuters | February 13, 2012
When they saw the house on El Dorado Drive in this Los Angeles suburb being painted a startling orange and green and giant billboards hung on the outside, Scott and Beth Hostetler’s neighbors were initially angry and confused. Some even considered calling the police.

Gallup Poll Shows Economy Still Top Worry for Most Americans
HousingWire | February 11, 2012
Most Americans are dissatisfied with the economy and with policymakers in Washington, but a certain amount of mild optimism started to emerge late last year, a new Gallup survey said.

In Today’s Topsy-turvy Housing Market, Cash Rules
Star Tribune | February 11, 2012
When Chris and Diane Finney decided to buy a bank-owned condo in St. Paul, they knew there would be competition. Their strategy? Offer less — but offer cash. While others said they would pay more, they needed to finance the deal. The bank took less and took the cash.

White House Steps Up Pressure for Fannie, Freddie Mortgage Write-downs
The Hill | February 12, 2012
The Obama administration signaled that it is stepping up pressure on Fannie Mae and Freddie Mac to provide mortgage-principal reductions for holders of government-backed loans, a move strongly supported by congressional Democrats. 

From the National Association of Realtors®:

Income, Job Gap Between Young and Old Widens
Young Americans have it rough. In fact, nearly 70 percent of the public says it’s more difficult for young adults today than their parents’ generation in finding a job, buying a home, and saving for the future.

Squatters Busted With Surprising Finds in Miami Home
When a home falls into foreclosure and is left abandoned, you can never be too sure what you may come across. Authorities certainly weren’t expecting this.

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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