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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)

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Stewart Title of Spokane
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Spokane, WA 99201
Telephone: 509.328.7171
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Direct Fax: 866.652.8834
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Real Estate News Today 1-23-2012


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

Housing Values Down Steeply in 2012 Battleground States
HousingWire | January 20, 2012
As Republican presidential candidates remain mostly silent on what they would do to fix housing, a think tank notes that homes values dropped an average of 16% since the financial crisis in 15 of 16 battleground states.

Mortgage Principal Cuts Don’t Help Homeowners, Says Credit Suisse
Bloomberg | January 20, 2012
Reducing mortgage balances is a risky idea that hasn’t been shown to keep borrowers who owe more than their property’s worth in their homes, according to Credit Suisse Group AG.

Rise in Home Sales Signifies Strengthening Market: Economists
DSNews | January 20, 2012
The long-awaited housing recovery is beginning to blossom, according to industry experts taking a look at recent existing-home sales.

Navigating a Tight Rental Market
The Washington Post | January 22, 2012
Demand and rents are up as the housing crisis and tighter lending standards have left many people unable to or wary of purchasing a home. So finding a deal requires compromise and negotiation.

Fed Begins an Effort to Remove All Doubt on What It’s Doing
The New York Times | January 21, 2012
Communications changes that the Fed plans to introduce this week include sharing officials’ predictions about the level at which they intend to set short-term rates over the next three years.

For Small Business, Loan Well is still Dry
The Star Tribune | January 21, 2012
One by one, three banks put the kibosh on Michael Kelner’s plans to expand Hardcoat Inc., a decades-old St. Louis Park company that puts protective finishes on aluminum. One of them had him see two loan officers, he said, before packing him off to Chicago to see a third.

U.S. Housing more Affordable than Other English Countries
The Chicago Tribune | January 22, 2012
Would-be American home-buyers can take heart: U.S. housing is more affordable than in other English-speaking countries, according to a study of metropolitan areas around the world.

Investors buying with cash pressure home prices
HousingWire | January 23, 2012
Investors are gobbling up residential real estate with cash, pushing national home prices lower, according to the latest Campbell/Inside Mortgage Finance HousingPulse Tracking Survey. (Though I don’t have the statistics to back up my opinion, I would guess that the same story could be told of commercial properties right now.  It seems to me we are seeing more cash buyers in every market segment which will put pressure on prices across the board.  Am I right or wrong? ~Anthony)

Shopping for the Best Rates
The New York Times | January 12, 2012
The lowest interest rates in decades sound enticing enough, but they are often out of borrowers’ reach. Mortgage lenders adjust their rates based on perceptions of risk, so unless you can show you’re a low-risk borrower, you are unlikely to qualify for a rate that matches those seen in all the advertisements or headlines. (This is a good overview on some of the factors that impact the interest rate you qualify for. ~Anthony)

From the National Association of Realtors®:

 

Appraisers: Don’t Blame Us
Appraisers have been under fire in recent months, blamed for low home valuations that are prolonging a real estate recovery. But appraisers have a message for the real estate industry: “Don’t shoot the messenger.”

Rising Rents Make Home Buying a Better Choice
Rental prices are soaring, while home prices have fallen. Thus, buying has become a better option than renting in many areas in the country, a new report from a rental listing service acknowledges.

‘Vanilla Ice’ Serves Up Home Makeover Advice
“Even during an uncertain economy, it’s about inspiring people to get out there and get to work and make their houses a real home,” says Robert Van Winkle, better known as 1990s rapper “Vanilla Ice.”

 

 

 

Anthony Carollo 2007 EMAIL  

 

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Find me on:   LinkedIn     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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