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Real Estate Today 9-10-2012


Last week we talked about the Spokane Valley home that was vandalized as it sat vacant.  We received some excellent feedback from readers about how to better secure a listing from vandalism.  Check it out!

Real Estate Advice to Sellers from The Pros

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Deal to Avert U.S. Fiscal Cliff Could Start With Alternate Tax
Bloomberg | September 10, 2012
An expansion in the reach of the alternative minimum tax is the element of the U.S. fiscal cliff with the largest immediate effect on taxpayers and the most bipartisan appetite for a solution, creating the possibility that lawmakers could use it to propel Congress toward a deal.

Investors Cash-in on Land Deals as U.S. Housing Picks Up
Reuters | September 10, 2012
From the outskirts of Las Vegas to the coast of California, stretches of undeveloped land in some of the most depressed housing markets in the U.S. are in high demand.

Housing on Mend, but Full Recovery Is Far Off
The Wall Street Journal | September 9, 2012
Home prices during the first half of 2012 posted their strongest gains in six years, the clearest sign that more U.S. housing markets have hit bottom.

Are Short Sales Really That Bad?
FICO Banking Analytics | September 7, 2012
Critics assert that since short sales do not cost the bank as much money as foreclosures, the penalty to a credit score should be less, commensurate with the financial impact on a lender.

Breaking the Home-Buying Habit
The Wall Street Journal | September 7, 2012
Just how many cheap homes should an investor buy?

Let’s Not Get Carried Away with Home Price Increases
The KCM Blog | September 10, 2012
There has been a lot of excitement about home prices over the last few months. Though we agree that the housing industry is in a full out recovery, we also believe that there will still be price volatility over the next several months. We must realize home sales are seasonal and that fact impacts prices.

Multifamily Market Posts Strong Gains
RealtorMag | September 7, 2012
In the second quarter of this year, the apartment and condo market reached their highest levels since the second quarter of 2005, according to the Multifamily Production Index, released by the National Association of Home Builders.

Here’s the Dirt: Housing projects sprout in CdA
The Spokesman-Review | September 9, 2012
Multifamily housing projects continue to be popular in Coeur d’Alene, with developers proposing two new complexes with a total of 160 units.

 

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Posted by on September 10, 2012 in Real Estate news

 

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Real Estate Today 8-30-2012


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Will Housing Lead A U.S. Recovery?
Forbes | August 27, 2012
The residential real estate market appears to have been one of the few encouraging areas within the U.S. economy during the second quarter.

‘The Economy Stole My Retirement’
The Wall Street Journal | August 29, 2012
The uncertain economy has left millions of small-business owners in their 60s and 70s unable to retire and forced to hang on for a recovery that economists say could still be a long way off.

The Housing Recovery Is Looking Better and Better
The Wall Street Journal | August 30, 2012
One of the biggest economic stories this summer has been the gradual improvement in the battered housing market. Wednesday’s data further reinforces that point.

Fewer Americans are Late on Mortgage Payments: Fed Bank of New York
HousingWire | August 29, 2012
Fewer Americans fell behind on their mortgages, credit cards and auto loans in the second quarter of 2012, the Federal Reserve Bank of New York said in its Quarterly Report on Household Debt and Credit.

Housing Market Improvements Lessen Consumer Distress
The New York Times | August 30, 2012
Improvement in the nation’s housing markets has helped ease consumer financial woes, according to a quarterly report from a large credit counseling agency.

U.S. Pending Home Sales Highest Since April 2010
The Wall Street Journal | August 29, 2012
The number of U.S. home buyers who signed contracts to purchase previously owned homes rose last month to the highest level in more than two years, the latest sign of a strengthening housing market. (Was April 2010 at about the peak of the tax credit bump, or was that later for pending home sales? ~Anthony)

Baby Boomers About to Bust Out of Homes
The KCM Blog | August 30, 2012
There is little doubt that the baby boomer generation has had a major impact on the housing market as they proceed through the different stages of their lives. And they are about to go through the next stage – retirement. The opportunity that this next transition will create will be enormous. Let’s take a look.

Silicon Valley’s Boom Creates Shortage of $1 Million Homes
CNBC | August 29, 2012
The capital of high tech is now the capital of high-priced real estate.

Keep the responses coming and we’ll use them when we can!

Reader response to the article 2 must-have contingencies in a home purchase offer:
“In addition to that, the water should be tested and the septic (if there is one) should be both pumped and inspected.  Also:  If it is a rural or large lot — especially older property — there should be a boundary line survey if the property corner points cannot be located.  My verbiage goes something like this: “Seller shall locate & clearly mark the property points.  If points cannot be identified and a new pin must be placed, then seller will order and pay for both the survey and the re-recording of that survey prior to closing.”  Several times I have discovered, on behalf of my clients, that fence lines or barns are not on the property.“

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Posted by on August 30, 2012 in Real Estate news

 

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Real Estate Today 8-8-2012


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Recovery or Not, Home Prices Keep Rising
The Wall Street Journal | August 7, 2012
CoreLogic, a real-estate data provider, weighed in with its view of what’s happening with home prices. According to the firm, prices are up 2.5% in June.

U.S. Mortgage Application Volume Down 1.8%
The Wall Street Journal | August 8, 2012
The number of total mortgage applications filed in the U.S. last week slipped 1.8% as interest rates for 30-year fixed-rate mortgages crept higher, the Mortgage Bankers Association said Wednesday.

Is the Fed Eyeing a Housing Solution?
The Wall Street Journal | August 7, 2012
So, another big bond-buying program, a so-called QE3, might be the Fed’s way of riding that pony, pushing the housing market, and hoping that gooses the economy.

Record One-third of GSE Refinances Close Via HARP
HousingWire | August 7, 2012
One of every three refinances through Fannie Mae and Freddie Mac closed via the Home Affordable Refinance Program, the highest number since the program’s inception in April 2009.

Small Banks Dislike Rules
The Wall Street Journal | August 7, 2012
Executives at many small banks complain that Basel III could force them to cut back on lending, and they have been blunt in their criticism of the new rules.

Freddie Mac Posts $1.2B Net Income
The Washington Post | August 7, 2012
The government-controlled mortgage giant isn’t requesting any additional federal aid for the period.

Harder-Luck Foreclosures Grow as Funding for Help Wanes
BusinessWeek | August 7, 2012
Larrone Brown has been dodging foreclosure since losing his job in December 2010. He has twice been denied a mortgage modification and says he expects a foreclosure notice any day.

MetLife Fined by Fed Ahead of Exit From Banking
BusinessWeek | August 7, 2012
MetLife Inc., the insurer seeking an exit from banking to limit U.S. regulation, was penalized $3.2 million by the Federal Reserve for lapses tied to the servicing of loans and handling of foreclosures.

 
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Posted by on August 8, 2012 in Real Estate news

 

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Today’s Real Estate News 8-2-2011


In his blog, Dr. Ted Jones offers a good review of the relationship between title insurance premiums and title claims.  The two graphs in about the middle of his blog tell the tale: title claims the past 3 years have far exceeded premiums (U.S. Title Coims Rate and U.S. Title Premiums and Claims).

Dr. Ted Jones blog

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

House Passes Historic Debt Deal on Eve of Deadline
The Washington Post | August 1, 2011
A plan to lift the nation’s debt limit and reduce government spending cleared a crucial hurdle in the House on Monday night, as recalcitrant Republicans and disappointed Democrats rallied around a measure to avert a government default. The Senate vote is set for noon Tuesday.

Debt-Ceiling Deal Risks Compromising Fragile Economic Growth
The Washington Post | August 1, 2011
The deal between President Obama and Congress to raise the federal debt ceiling would avert a financial crisis but also threaten to aggravate the basic problems facing the U.S. economy, including a stubbornly high unemployment rate and weak demand.

Fannie Mae Unwind Slows Down
HousingWire | August 1, 2011
Mortgage securitization business at Fannie Mae got a little smaller in June, according to the monthly survey from the government-sponsored enterprise, but the rate at which Fannie Mae business contracts is slowing down.

Survey Finds REOs and Short Sales Are Major Causes of Legal Disputes
DSNews | August 1, 2011
Short-sale disputes were designated as the most significant legal issue facing real estate professionals, according to the recent National Association of Realtors’ 2011 Legal Scan: Legal Issues Facing Real-Estate Professionals.

Consumer Spending in U.S. Unexpectedly Fell
Bloomberg | August 2, 2011
Consumer spending in the U.S. unexpectedly dropped in June for the first time in almost two years as a slump in hiring caused households to retrench.

Debt Deal Makes Bond Market Happy – Savers Might Not Be
USA Today | August 2, 2011
Yields on Treasury securities, which determine interest rates on a broad array of consumer loans and savings accounts, have plunged on fears of a weaker economy.

Will Property Tax Increases Stifle Housing Further?
Realty Biz News | August 1, 2011
A growing number of county governments across the U.S. are planning property tax increases in 2011, or have already approved increases, despite the continuing problems with falling home values and high foreclosure rates.

Office Tenants Move Up in Class
The Wall Street Journal | August 1, 2011
Much like prize fighters who move up in weight class, tenants are moving up in class from class B buildings to class A buildings.

How Apple would solve the debt crisis
MarketWatch | August 2, 2011
Spending is good. Borrowing is better. Washington is doing neither. It’s liquidating.  I’ve been covering Wall Street and corporate America for going on two decades, and if there’s anything I’ve learned it’s that there are really only two kinds of companies: those growing and those shrinking.

From the National Association of Realtors®:

Neighbors, Agents Team Up to Boost Home Values
In the Atlanta metro area, neighbors have seen values drop quickly. To prevent them from dropping any further, some home owners are teaming up to clean up neighborhood eyesores and help real estate professionals with open houses.  (I love stories of neighbors helping neighbors.  We need more of it in this world! ~Anthony)

Are Too Many Real Estate Deals Falling Apart?
One of every six real estate professionals polled in June reported they had a signed contract canceled before closing, up from one in 25 the month prior. So, what’s causing the surge?

 

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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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Today’s Real Estate News 5-25-2010


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

Survey Finds 76% of Consumers Favor Renting to Homeownership
DSnews.com | May 24, 2010
As the real estate market continues to fight an uphill battle towards recovery, the dream of homeownership seems to be dying out for some consumers, at least for the time being.  (Anthony’s note: this number was much higher than I would have expected.  I assumed almost everyone shared the same idea of the American dream!  Interesting comments in the article and the last paragraph is eye-opening.)

Senate Bill Brings New Powers, New Pressures for Fed
The Washington Post | May 25, 2010
The Federal Reserve, a target of bipartisan bashing during the past two years, has emerged a big winner in the financial overhaul passed by the Senate, but the broader powers granted by the legislation expose the central bank to new risks.

Home Financing “Sick,” Needs Private Capital: FHA
Reuters | May 25, 2010
Financing for U.S. housing still lacks private capital, a sign of a “very sick system,” said David Stevens, Federal Housing Administration commissioner, told a Mortgage Bankers Association convention on Monday.

Key Bank Loan Rate Keeps Climbing, a Sign of Rising Stress in the Financial System
Los Angeles Times | May 24, 2010
The world’s big banks continue to grow leerier about lending to one another, a sign that the latest tensions in the financial system aren’t abating.

Fed May Send Record $70 Billion to Treasury, CBO Says
Bloomberg | May 24, 2010
The Federal Reserve will probably transfer record earnings exceeding $70 billion to the U.S. Treasury Department this year on income from assets including mortgage-backed securities, according to the Congressional Budget Office.

Rising Home Sales Likely to Cool Despite Low Rates
Associated Press | May 24, 2010
A now-expired homebuyer tax credit and low mortgage rates helped boost sales of previously occupied homes in April. The improvements aren’t likely to last.

Think Housing is Recovering? Think again.
CNNMoney | May 25, 2010
Americans purchased homes at a surprising clip in April, but don’t let that fool you into thinking the housing market is back.

Banks Seek $10 Billion of Bids in Effort to Sell Bad Mortgages
Bloomberg | May 24, 2010
Banks are boosting efforts to sell distressed U.S. home loans, according to two buyers of the debt.

From the National Association of Realtors®:

Existing-Home Sales Up 7.6% in April
Because of the expiration of the home-buyer tax credit and continued affordability of houses, existing-home sales increased last month.

European Crisis Drives Down Mortgage Rates
The massive debt loads of some European Union member states, most notably Greece, has spurred a flight of capital to U.S. government securities, causing mortgage rates to go down.

Survey: Economy Improving, Housing Lags
While analysts believe unemployment will fall over the next couple of years, the housing market remains a question mark.

Owners Optimistic About Home Values
Although more than 40 percent of home owners think their residences lost value in the past year, they predict their houses’ worth will go up during the next five years.

Despite Downturn, More Shopping Malls Emerge
The number of shopping centers in the U.S. has inched up since 2008, a new report shows.

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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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