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Real Estate News Today 7-2-2012

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

It pays to be proactive in a short sale
Chicago Tribune | June 22, 2012
Under new guidelines set down by Fannie Mae and Freddie Mac, underwater borrowers who are seeking to sell their homes for less than what they owe must now receive decisions from their lenders within 60 business days. But if they are not careful, floundering borrowers can cause delays beyond the two-month deadline. (This article has some good tips for agents and sellers alike on short sale pitfalls to watch out for. ~Anthony)

How health insurance mandate will work
CNNMoney | June 29, 2012
Now that the Supreme Court has upheld the health insurance mandate, most Americans must be insured starting in 2014 or pay a penalty. The penalty will be assessed on your tax return and administered by the IRS. But exactly how is a big question.

Congress Votes for 5-year Extension of Federal Flood Insurance Program
The Washington Post | June 29, 2012
Failure to renew the program would have been a blow to the fragile housing market because potential homeowners in flood-susceptible areas would be unable to close on mortgages or refinance loans.

FHA Rescinds Tough New Credit Restrictions on Loan Applicants
Los Angeles Times | July 1, 2012
The withdrawn policy change, which had been scheduled to take effect Sunday, would have affected borrowers with collections or disputed-bill accounts in their credit files.

Pay for Health Insurance or Pay the Penalty?
Houston Chronicle | June 29, 2012
Now that the Supreme Court upheld it last week, some small companies could opt to go a route that will save them thousands of dollars each year.

A Sober New Reality in Credit Downgrades for Banks
The New York Times | July 1, 2012
When a consumer’s credit score drops, it is hard to recover financially. Wall Street firms could face the same fate.

Timing the Market: 5 Signs It’s the Right Time to Buy or Sell
Trulia | June27, 2012
I’ve long marveled at how the prospect of buying or selling a home can transform the most patient poetry professor or the sweetest Sunday school teacher into a fast-talking, number-crunching, negotiator extraordinaire. Or, rather, it can make these sorts of people *think* they need to talk and act like wheeler-dealers! In my experience, this mostly involves ranting about “leaving money on the table” while they secretly quiver with the fear of making a mistake! 

(An excellent article and worth reading.  This has some great points worth passing along to clients that ask about timing the real estate market. ~Anthony)

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Anthony V. Carollo / President
Stewart Title of Spokane
606 W. 3rd Ave.
Spokane, WA 99201
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