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Real Estate News Today 7-16-2012


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Zuckerberg’s Loan Gives New Meaning to the 1%
Bloomberg | July 14, 2012
Billionaire Mark Zuckerberg is giving new meaning to the term “the one percent.” The Facebook Inc. founder refinanced a $5.95 million mortgage on his Palo Alto, California, home with a 30-year adjustable-rate loan starting at 1.05 percent, according to public records for the property.

In the U.S. Housing Market, Recovery or Lost Decade?
Reuters | July 15, 2012
What some of Wall Street’s forecasts for a recovery may be underestimating are tectonic shifts in the U.S. economy that make the housing market a different place from a decade ago.

Here Comes the Catch in Home Equity Loans
The New York Times | July 14, 2012
The easy terms of many home equity lines of credit are about to end, as borrowers will have to start paying principal as well as interest.

Q&A: How the Credit Card Settlement Affects You
The Wall Street Journal | July 13, 2012
Merchants big and small settled litigation against Visa and MasterCard Friday. As a result, merchants will be able to tack on extra fees when shoppers pay with plastic.

Will Housing Rescue the U.S. Economy?
CBS News | July 15, 2012
There is now broad consensus that the housing market is bottoming, but it remains to be seen how strong the recovery will be and whether it can help boost the moribund economy from the spring-summer doldrums.

US Consumer Agency to Supervise Credit Reporting Companies
Reuters | July 16, 2012
The U.S. consumer watchdog agency said on Monday it will start closely supervising credit reporting companies in September, bringing the industry under strict federal supervision for the first time.

More Home Owners Gain Equity
RealtorMag | July 13, 2012
Rebounding home prices are lowering the number of home owners who are considered “underwater” on their mortgage, according to a new report by CoreLogic(We received some feedback from a reader last week in response to this increase in equity.  In summary he said:
“The fact that the tiny increase in values we’ve had so far pushes these 700,000 folks out from being underwater
 simply shows that there are no government programs needed to fix our housing crisis. 

All we need is for the economy to recover just a bit and that solves many of our problems.  We don’t need more principal write downs, more refinance programs, or eminent domain seizures of mortgages.  What we really need is certainty, which means the government leaving things alone long enough to allow the market to correct itself”.

He makes a good argument.  Thoughts or feedback? ~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 7-10-2012


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

How the West is winning on home prices: Clear Capital
HousingWire | July 10, 2012
Quarterly home values in June improved nationally, continuing a positive trend from the spring. National prices rebounded with quarterly and yearly gains of 1.7%, according to Clear Capital, which forecast continued growth through the remainder of the year.

Georgia Bank Closes as Authorities Search for Missing Banker
The MReport | July 9, 2012
A Georgia bank closed Friday, with state authorities appointing the FDIC as receiver. The banker, accused of embezzling millions from the shuttered institution, remains missing after a two-week absence.

Want a Jumbo Home? You Need a Jumbo Mortgage
Fox Business | July 9, 2012
Looking to buy a larger, luxurious abode? A jumbo mortgage may be right for you. (This is a great explanation of a jumbo loan. ~Anthony)

Risks of a Short Sale
Fox Business | July 6, 2012
Buying a home listed as a short sale can result in dramatic savings—but it’s not without risks. Despite the name, short sales can be a long process, taking months to complete, and there’s a risk of losing the deal and the money invested.  (What are some other risks that the author didn’t mention that buyers AND sellers should be aware of? ~Anthony)

Consumer Bureau Proposes Mortgage Disclosure Form
The Wall Street Journal | July 9, 2012
Mortgage borrowers drowning in paperwork may get a concise disclosure of interest rates and fees to help with comparison shopping under a proposal announced Monday by a federal regulator.

Foreclosures Were Down in May From a Year Ago
San Jose Mercury News | July 9, 2012
The latest national foreclosure report just released by data provider CoreLogic shows fewer foreclosures were completed nationwide in the month of May compared to the previous year.

May Foreclosure Starts Nearly Triple Sales: LPS
DSNews | July 9, 2012
In May, foreclosure starts outnumbered foreclosure sales by a near 3-1 ratio, according to report from Lender Processing Services (LPS).

Housing Healing in More U.S. Cities
The Wall Street Journal | July 9, 2012
Home builders are cheering the latest Improving Markets Index, which suggests the sector may be finding its footing again.

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 6-12-2012


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

Court Unlikely to Favor Homeowner in Florida Foreclosure Case: Moody’s
DS News | June 11, 2012
If a lender produces a fraudulent document when attempting to foreclose on a borrower, should lenders be able to voluntarily dismiss the foreclosure then re-file the case after fixing the error?

FHFA Plans Extensive Monitoring of First REO-to-rental Transaction
HousingWire | June 11, 2012
The Federal Housing Finance Agency will methodically analyze several pieces of the first REO-to-rental transaction, including how much it should monitor investor compliance to certain rules.

Home Refinancing Boosts Florida, Nevada: Economy
Bloomberg | June 11, 2012
Harold Fuller said he’s planning a cruise with his wife to Bermuda, their first vacation in two years, after cutting his mortgage payments by $400 a month after refinancing their $212,000 home in Apopka, Florida.

Positives of Negative Equity on Home Prices: CoreLogic
DS News | June 11, 2012
Declines in the share of REO properties and in the months’ supply of unsold inventory are all leading to a revival in home prices, and these drops are being driven, in part, by negative equity, CoreLogic concluded in a report. (Interesting dynamic at work here. ~Anthony)

Real Estate: FHA streamline refinance gets cheaper for homeowners
San Jose Mercury News | May 25, 2012
The government is about to make refinancing FHA mortgages more affordable — and potentially easier — for hundreds of thousands of homeowners. (FHA fees went down effective yesterday for cetain folks. Talk with your local FHA lender to see if you qualify to refinance. ~Anthony) 

FHA Hopes Bulk Sales Will Curb Foreclosures
RealtorMag | June 11, 2012
The Federal Housing Administration announced it will begin selling off distressed mortgages in bulk, which may help prevent foreclosures for thousands of home owners. Beginning in September, FHA says it hopes to sell 5,000 mortgages each quarter. 

And in the “Just for Fun” category today, we offer you:

What not to say when pulled over by a cop
MarketWatch | September 10, 2012
In what he calls an “educational video” that’s widely circulated on YouTube, comedian Chris Rock offers advice on what to do when you get pulled over for a traffic violation. (Watch the 20MPH zones in the City of Spokane as city pools open on June 18th. ~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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Posted by on June 12, 2012 in Real Estate news

 

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Real Estate News 6-8-2012


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

Fed Chairman Warns Congress of ‘Fiscal Cliff’ Risks
The Los Angeles Times | June 7, 2012
Fears of a new recession grow as Bush-era tax cuts are set to expire Dec. 31 and automatic spending cuts are set to follow.

U.S. Homes Actually Got Bigger During Ugly 2011
CNBC | June 7, 2012
For the first time in four years, the size of the average new American house increased slightly in 2011 -– to 2,480 square feet from 2,392 square feet in 2010, according to new figures from the Census Bureau.  (I have a friend who was in the big builder business for years that made this argument a few years ago: The reason the average home size was shrinking was NOT that most Americans wanted a smaller home.  It was simply that the average buyer could afford less than they used to.  That seems to be proving true in that as the economy slowly recovers, the average home size is now increasing.  Thanks Larry! ~Anthony)

In New Meetings with CFPB, Mortgage Lenders Find More Questions than Answers
Reverse Mortgage Daily | June 7, 2012
Mortgage industry representatives have been meeting with CFPB officials to talk about uncertainties and concerns regarding the CFPB’s plans to establish new loan originator compensation rules.

Millions of LinkedIn Passwords Reportedly Leaked Online
CNET June 6, 2012
A user in a Russian forum says that he has hacked and uploaded almost 6.5 million LinkedIn passwords.

CoreLogic: Nearly 4 Million Homes at Risk for Storm Surge Damage
DSNews | June 7, 2012
CoreLogic’s third annual Storm Surge Report, released Thursday, showed that just over four million homes in the United States are at risk of hurricane-driven storm surge damage.

Google Launches 3D Maps to Stay Ahead of Apple
The Wall Street Journal | June 6, 2012
Google unveiled an expansion of its Google Maps and Google Earth services-including 3-dimensional maps-in a move that ups the ante ahead of an anticipated new mapping service from rival Apple.

REO Price Increases Bode Well for Overall Market
RealtorMag | June 7, 2012
Recent price increases with bank-owned homes are helping to provide an overall boost to the housing market, a recent report from Clear Capital says. 

For those of you that have asked what you can do for the Erickson family: 

Donations for the Erickson family can now be deposited at Washington Trust Bank or made in the name of:
The Jay and Katrina Erickson Memorial Fund
c/o Stewart Title
606 W. 3rd Ave
Spokane, WA 99201

 

Please pass this along to anyone you think may be interested. 

 

The grandparents are now at the Chitokoloki Mission Hospital in Zambia picking up the two little girsl to bring them back to the US.  The president of Zambia declared a day of mourning for the Ericksons and thousands of people from all over Zambia attended the funeral.  There are lots of updates and pictures on the site.

Marina_Coral  

 

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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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Posted by on June 8, 2012 in Real Estate news

 

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Real Estate News Today 6-6-2012


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

North Spokane Corridor Reaches Major Milestone
GSI Blog | June 5, 2012
A semi-truck traveling from, say, Grand Forks, British Columbia needing to get to the Hillyard area of Spokane, will soon be able to do so without seeing a stoplight between Deer Park and Francis Avenue. (This will be great for Spokane! ~Anthony)

Census Releases 2011 Housing Characteristics
HousingWire | June 5, 2012
The US Census Bureau released their report “Characteristics of New Housing” for the year 2011. While conventional mortgages hit an all-time low (percentage wise) in 2010 and FHA-backed mortgages hit an all-time high, those numbers moved a little closer to normal in 2011. (See the graph in the last articel below. ~Anthony)

Home Prices Gained in April: CoreLogic
Reuters | June 5, 2012
CoreLogic’s home price index rose 2.2 percent in April from the previous month and gained 1.1 percent from the year before.

Fannie Mae Announces New CEO
The Washington Post | June 5, 2012
For Timothy J. Mayopoulos, the promotion comes with an odd twist: a significant pay cut.

Google Beefs Up Its Mobile Docs With QuickOffice Purchase
Los Angeles Times | June 5, 2012
Google is adding some weight to its Google Docs team by purchasing Quickoffice, a startup that developed a suite of mobile apps that are essentially clones of Microsoft Office.

Redfin: Homebuyers think the market is beginning to favor sellers
HousingWire | June 4, 2012
While homebuyers are hitting the pavement looking for a home, real estate broker Redfin concluded in a new survey that 49% of buyers believe it’s a good time to shop for real estate, down from 56% in the first quarter.

Five Cheap Tip to Boost Your Home’s Value
Fox Business | June 5, 2012
Here are five inexpensive ways to increase the value of your home for sale. With home prices falling again, it might be foolish to spend thousands on a new kitchen or bath. Instead, say veteran real estate agents, you can wow buyers by using a few household cleaners, generous amounts of elbow grease and some thoughtful staging. (All easy stuff, but do you agree with what they say?  Are there obvious tips that they missed? ~Anthony)

New Single Family Homes: 2011 vs 2006
The KCM Blog June 6, 2012
The Census Bureau just released their findings on new single family residential construction built in 2011. (This blog post is a simple table that looks at 2011 as compared to 2006.  Noteworthy to me: square footage was a surprise, the average sales price drop was not as much as I would have expected, and not much else was surprising but rather affirmation of what we already knew. Your thoughts? ~Anthony)

Anthony Carollo 2007 EMAIL  

Join My List

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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 5-17-2012


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

Report: Sellers Boosted Prices in April
The Wall Street Journal | May 16, 2012
Median list prices rose by 0.7% in April from March to their highest level in nearly one year, even as the number of homes listed for sale stood at levels down nearly 19% from one year ago, according to a report released Wednesday.

US Housing Starts Rose to 717,000 in April
BusinessWeek | May 16, 2012
U.S. builders began work on more homes last month, evidence that the battered housing market is slowly healing.

Fed Officials Open to More Efforts to Stimulate Economy if Recovery Worsens
The Washington Post | May 16, 2012
Several members of the Federal Reserve’s policymaking committee said they would consider expanding efforts to stimulate the U.S. economy if threats to the recovery worsen, according to minutes of the panel’s April meeting.

CFPB To Mortgage Originators: We Hear Your Compensation Concerns
Reverse Mortgage Daily | May 16, 2012
The Consumer Financial Protection Bureau says it is listening to mortgage industry feedback in its loan originator compensation rule making. A federal official told industry members Tuesday that its recent rule making discussion is far from final, according to a report from National Mortgage News.

Mortgage Lenders Maneuver to Gain Market Share
HousingWire | May 16, 2012
Contrary to behavior by many of the too-big-to-fail financial institutions, other mortgage companies are expanding their origination lines to capture a bigger piece of the market.

HUD Studies Suggest Counseling Keeps Owners in Homes
DSNews.com | May 16, 2012
Buying a home is the biggest financial investment many people will ever make. It’s also an investment that, in recent years, has become lost for millions. According to data from CoreLogic, since September 2008, there have been 3.5 million completed foreclosures.

Check out this interest rate graph and where 2012 interest rates are compared to the previous two years; 2012 is in red.  Wow.

 

Rates pic week of 051312

 

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 5-9-2012


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

6 Don’ts After You Apply For a Mortgage
The KCM Blog | April 12, 2012
I learned a long time ago that “common sense is NOT common practice“.  (Great blog article here, it’s worth a read if you are borrowing on a purchase or a refinance. ~Anthony)

Home Prices in March Show Monthly Gain but Yearly Loss: CoreLogic
DSNews.com | May 8, 2012
Excerpt: “When excluding distressed sales, month-over-month prices went up for the third consecutive month, while year-over-year prices increased by 0.9 percent in March 2012 compared to the same month a year ago, according to CoreLogic’s HPI.”

Avoid these 10 money mistakes your parents made
MarketWatch | May 9, 2012
Not being a best-selling author, film star or U.S. senator, I won’t be giving commencement speeches this spring. But as I imagine myself at the podium in front of eager young college graduates, I know exactly what I would say.

Three Reasons Why Sellers Shouldn’t Be Present for House Showings
Fox Business | May 8, 2012
It’s the dreaded question real estate agents fear when speaking to the seller. “May I be present at the open house or showing?” (Another excellent article.  These are all also great reasons, among many others, to avoid trying to sell the home yourself. ~Anthony)

Big Delays in Mortgage Refinancing
The Wall Street Journal | May 8, 2012
Clogged mortgage pipelines have created headaches for hundreds of thousands of Americans trying to take advantage of low mortgage rates.

4% a Year Rise in U.S. Home Prices?
USA Today | May 8, 2012
Average U.S. home prices — down by a third since 2006 and still falling — will rise almost 4% a year for the next five years, according to a new forecast.

Why Aren’t We Building More Multifamily Houses?
The Washington Post | May 8, 2012
With a growing population and rising rents, a reasonable plan would be to build lots of rental housing.

EverBank Targets $1 Billion Mortgage Mark
HousingWire | May 8, 2012
EverBank Financial expects to grow its single-family business to $1 billion in mortgage commitments by the end of the year.

 

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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Posted by on May 9, 2012 in Real Estate news

 

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