Tag Archives: Chicago

Real Estate News Today 12-13-2011

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

Mortgage Default Risk Edging Toward ‘Normalcy’
DSNews | December 12, 2011
Lenders and investors should expect defaults on mortgage loans currently being originated to be 31 percent higher than the average of loans originated in the 1990s, according to a new report from University Financial Associates (UFA).

FHFA Sues City of Chicago over Vacant Property Ordinance
DSNews | December 12, 2011
The Federal Housing Finance Agency (FHFA) filed a lawsuit in federal court Monday against the city of Chicago contesting a local ordinance that makes lenders liable for the upkeep of vacant homes before they take possession of the title.

Getting Escrow Funds Released No Easy Deed
New Jersey Business | December 12, 2011
A homeowner recently sold his home but the buyer’s attorney is holding funds in escrow. Why? Because a previous mortgage was never paid off. Read on find out how the homeowner was protected because he had title insurance.

Surging Student Loan Debt Threatens Homeownership
HousingWire | December 12, 2011
College graduates may not be able get onto the property ladder as soon as they’d like due to the costs associated with funding higher education.

Congress Edges Toward a Compromise on Spending
The Washington Post | December 12, 2011
It appears exceedingly unlikely that lawmakers will let the government close down at the end of this week.

Principal Reduction Outpaces Short Sales Under HAMP
HousingWire | December 12, 2011
A borrower is more likely to get a principal reduction than a short sale or deed-in-lieu of foreclosure under the Home Affordable Modification Program.

Washington Prepares to Use Fannie and Freddie as a Gift Card
HousingWire | December 12, 2011
Congressional leaders want to use the government-sponsored enterprises as a gift card for the taxpayers.

U.S Home Buyers Beware – This Is Not Your Father’s Housing Market
International Business Times | December 11, 2011
It’s a cliche’, but it’s also a truism: there’s nothing like owning a home. Home ownership provides many advantages and, at least since World War II, owning a home has become part of the American dream.

Federal Reserve Report: Home Flipping Drove Housing Bubble in Nevada, California, Other States
The Washington Post | December 12, 2011
A new federal report shows that speculative real estate investors played a larger role than originally thought in driving the housing bubble that led to record foreclosures and sent economies plummeting in Nevada, California, Arizona, Florida and other states.

From the National Association of Realtors®:

More Contracts Come With a Contingency
More contingency agreements are popping up that give buyers more time to try to sell their home first before they close on the house they want, real estate agents are reporting.

Banks, GSEs Spend More Money to Spruce Up REOs
In some cities, foreclosed homes have been found to shave up to $17,000 off nearby property values. But more banks and GSEs are spending money to better maintain REOs so they don’t hamper values as much.

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Anthony V. Carollo / President
Stewart Title of Spokane
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Spokane, WA 99201
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