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Real Estate Today 8-23-2012


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You’ll find some great reading this morning including Ted Jones’ view of real estate investing in college towns, a couple of good articles on the effect of short sales on home prices and the overall market, and a warning on the coming fiscal cliff from the Washington Post.  The article that most surprised me?  Fannie Mae REOs not getting to market. 

Fannie and Freddie Short Sale Change; LO-Realtor Comments; Specified Pool Primer
Mortgage News Daily | August 22, 2012
Statistics can be useful, sometimes not. On the “useful” side, the MBA will release its weekly mortgage applications index for the prior week. But how many of those retail applications actually close?

College Towns for Investing
Ted C. Jones Blog | August 23, 2012
With an estimated 14.4 million college students, University and College towns are fertile rental markets. But with the housing bubble and the lowest interest rates in 50 years, investing in rental housing in these locales can be lucrative.

New FHFA Short Sale Cap May Equal Big Losses on Some Second Liens
HousingWire | August 22, 2012
The new $6,000 limit Fannie Mae and Freddie Mac mortgage servicers will be allowed to pay out to second-lien holders is on par with some values but well below others.

CBO: Recession Likely if ‘Fiscal Cliff’ not Averted
The Washington Post | August 22, 2012
The U.S. economy is hurtling toward a recession if Congress fails to avert a series of tax hikes and budget cuts by January, the Congressional Budget Office said, warning that a fiscal impasse would have consequences even more dire than previously forecast.

Will Short Sales Hit Home Prices?
The Wall Street Journal | August 22, 2012
A new relief program for distressed homeowners may have unintended consequences.

Analysis: Investors Driving Recovery as Activity Surges
DSNews.com | August 22, 2012
A recent analysis from John Burns Real Estate Consulting suggests that investors may be the biggest driving force in the housing recovery.

Nearly half of Fannie Mae REO unable to reach market
HousingWire | August 22, 2012
Only half of the previously foreclosed homes owned by Fannie Mae are either on the market or being prepared for sale. The remaining properties are currently locked away in some step of the foreclosure system.
‘Luxury’ Foreclosures Soar
RealtorMag | August 22, 2012
For the past two years, foreclosure activity has been increasing on higher-end homes at a faster pace than lower-end homes, says Daren Blomquist with RealtyTrac, a company that tracks foreclosure housing data.

Based on the lead article (second paragraph), I have a reader who asks: Do real estate agent readers feel that 40% of their contracts do not close?  If it’s not 40%, what is the number?  What about lenders and
purchase applications vs. refi applications? (In the just for fun category,
I also enjoyed the very first paragraph of that same article.  It made me smile. ~Anthony)

 
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Posted by on August 23, 2012 in Real Estate news

 

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Real Estate News Today 2-2-2012


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

What Obama’s Housing Plan Means for You
The Washington Post | February 1, 2012
Many people are wondering about President Obama’s refinance plan, announced Wednesday, and a new program that would try to make thousands of vacant homes available for rent.  Is this your chance to refinance and take advantage of the historically low interest rates? Will this really help the housing market — and the economy? Let’s walk through it.  (It’s a good rundown of his proposal which would still need to be approved by Congress.  Political theatrics or real help?  You decide. ~Anthony)

Where the Jobs Are, by 2020
The New York Times | February 1, 2012
A new report from the Bureau of Labor Statistics estimates that the country will add 5.6 million health care and social assistance jobs in the current decade.

Senate Joins House in Effort to Cut Pay at Fannie, Freddie
HousingWire | February 1, 2012
A Senate bill introduced Wednesday would place employees at Fannie Mae and Freddie Mac under a federal pay scale, similar to legislation already in the works in the House.

Fannie Mae Partners Seek Bulk Buys in Cities Headed for Recovery
BusinessWeek | February 2, 2012
Fannie Mae’s plan to convert foreclosed homes into rentals through sales to investors hinges on offering concentrated packages of properties in areas such as Florida, Arizona and Southern California where a real estate recovery may happen soonest, according to prospective investors.

The CBO Knows its Basic Forecasts are Wrong
The Washington Post | January 31, 2012
Speaking of the Congressional Budget Office, some new research out of the St. Louis Fed has raised questions as to the agency’s basic competence.

PulteGroup Reports Fourth-Quarter Profit as U.S. homebuilder Reduces Costs
Bloomberg | February 2, 2012
PulteGroup Inc. (PHM), the largest U.S. homebuilder by revenue, reported its first quarterly profit since June 2010 as the company incurred lower writedowns, increased prices and cut costs.

MBA: Tightened lending standards create Groundhog effect
HousingWire | February 1, 2012
The U.S. mortgage market will linger in a Groundhog Day type of scenario unless the qualified-residential mortgage and qualified mortgage rules outlined in Dodd-Frank are tweaked and defined, David Stevens, president and CEO of the Mortgage Bankers Association, said.

From the National Association of Realtors®:

Investors Jump in to Turn Foreclosures into Rentals
“We’re starting to see this as a billion-dollar opportunity to buy rental housing,” says one private equity firm.

Where List Prices Have Fallen the Most in a Year
Overall, the median list price has been on the rise nationally. But not every market has seen an increase. Find out which cities have seen the biggest drop in median list price year-over-year.

Americans Rank Best, Worst Celebrity Neighbors
More than 40 percent of Americans say they wouldn’t want a celebrity as a neighbor, and they really wouldn’t want to live anywhere near this reality TV show cast, a Zillow survey finds.  (Go ahead and read the article.  You know you want to! ~Anthony)
 

Anthony Carollo

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Anthony V. Carollo / President
Stewart Title of Spokane
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Telephone: 509.328.7171
Direct Line: 509.321.3939
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acarollo@stewart.com

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Real Estate News Today 2-1-2012


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

FHFA will pre-qualify investors for bulk REO program
HousingWire | February 1, 2012
Investors who want to acquire and rent out real-estate owned properties from the Federal Housing Finance Agency can begin pre-qualifying for participation in the bulk REO rental program.   

Housing’s Firmer Foundation
The Wall Street Journal | February 1, 2012
Tuesday’s report that prices continue to slump has tempered hopes that the U.S. housing market is finally turning. But right now, the connection between what the S&P/Case-Shiller index says and what is actually going on with housing may be lukewarm at best.

5 Housing Markets Not Sinking (Too Much)
The Wall Street Journal | January 31, 2012
Prices are down in most major cities, but some are faring better than the rest.

CBO Slashes Cost of Fannie, Freddie Over Next Decade
HousingWire | January 31, 2012
Taxpayers will spend another $27 billion between 2013 and 2022 subsidizing Fannie Mae and Freddie Mac, according to the Congressional Budget Office estimates released Tuesday.

Feds Remind Banks to Watch Junior Liens
HousingWire | January 31, 2012
As financial firms sift through senior liens to assess the underlying credit quality, federal regulators are reminding banks to also study junior liens linked to their portfolios.

Foreclosure Claims Dominate CFPB Mortgage Complaints
HousingWire | January 31, 2012
More than 38% of the 2,300 mortgage complaints sent to the Consumer Financial Protection Bureau in December related to loan modification and foreclosure concerns, the largest share in this category.

When the Home Bank Closes
The Wall Street Journal | February 1, 2012
The housing bust means many small businesses can no longer use home-equity loans for funding.

Housing Recovery Seeds Planted, Economist Case Says: Tom Keene
BusinessWeek | January 31, 2012
The housing market may be poised to begin its turnaround in the months to come, according to S&P/Case-Shiller’s Karl Case.

From the National Association of Realtors®:

4 Questions to Ask Before Buying a Foreclosure
Foreclosures can offer big bargains, but buyers need to be careful they don’t get over their heads by purchasing a lemon.  {This article addresses a few of the concerns one should have when buying a foreclosure.  One of my strongest pieces of advice would be get a home inspection since the seller (bank) warrants nothing and the property condition checklist means very little since the bank has no knowledge.  Are there any other issues you can suggest a buyer be concerned with? ~Anthony}  

 

Anthony Carollo

 

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Find me on:     LinkedIn     Twitter     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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