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Real Estate Today 8-10-2012


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Q&A: House Flipping Still at Home on Reality TV
The Wall Street Journal | August 9, 2012
Boom or bust, flipping never really goes out of style, particularly on reality TV. (There are lots of risks involved in flipping houses.  I strongly recommend against it unless you have lots of experience AND lots of cash so you won’t need to borrow.  But if you believe everything you see on tv, the toughest thing a flipper might deal with is bees. ~Anthony)

In Real Estate Deal, Romney Made His Loss a Couple’s Gain
The Washington Post | August 9, 2012
Look closely and it is there, sandwiched between Goldman Sachs Hedge Fund Partners II and D3 Family Bulldog Fund: the mortgage on Timothy and Betty Stamps’s modest home on Gentle Bend Drive here.

Median Home Price Takes Biggest Jump Since 2006
The Wall Street Journal | August 9, 2012
Fewer deeply discounted foreclosures are being sold these days, and that means the median price of homes sold in the U.S. is on the rise.

LPS: Refinancing Surge for High-interest, Underwater Borrowers
HousingWire | August 9, 2012
High-interest borrowers in negative equity are refinancing – or prepaying out of their bonds – at a rate four times higher than at the end of last year, according to Lender Processing Services.

Paulson’s Latest Housing Bet: $17 Million of Las Vegas Land
The Wall Street Journal | August 9, 2012
John Paulson is betting on a U.S. housing industry recovery, and he just raised the stakes.

Builder confidence in older homeowners more than doubles
HousingWire | August 9, 2012
Builder confidence in the single-family housing market for mortgage borrowers aged 55 and older improved in the second quarter from a year ago, according to the National Association of Home Builders.  (We’d love your thoughts on how you think this demographic will affect your market area.  In Spokane, we have a higher percentage of retirees than the average American community. How will that affect new construction here, if at all? ~Anthony)

Entire Crounty’s Tax Foreclosures Bought Up
RealtorMag | August 9, 2012
The municipal government in Macomb County, Michigan, sold off its entire “inventory” of tax-foreclosed properties — 650 total — to a single buyer for $4.8 million.

Two great articles below on the “Eminent Domain” issue:

FHFA Pushes Back on Eminent Domain Policy in California
The MReport.com | August 9, 2012
FHFA issued a notice Wednesday to warn of the controversial use of eminent domain recently proposed in San Bernardino County.

Eminent domain, wrongly redefined
HousingWire | August 9, 2012
Eminent domain is supposed to be used for putting in a highway, building a bridge, benefiting everyone by promoting growth and driving jobs. In San Bernardino, they’re hoping that if they can just reset values, people will start paying taxes again and generate the revenue they need to pay civil servants. You don’t want to live where there is limited police, garbage collectors or firemen, trust me.

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Posted by on August 10, 2012 in Real Estate news

 

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Real Estate News Today 7-17-2012


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Is There a 3.8% House Seller Tax in the Health Care Bill?
The KCM Blog July 17, 2012
The political rhetoric surrounding the presidential election has renewed the debate about the Administration’s Health Care Bill. We are again getting many questions about a possible 3.8% tax on home sales that some claim is in the bill. To answer these questions, we have decided to re-run a blog we posted earlier this year. – The KCM Crew

Residential Home Prices, Rents and Inflation
Ted C. Jones Blog | July 17, 2012
Housing should not be viewed from a short-term perspective given transaction costs. Nor should home values be analyzed in a vacuum since you must live someplace. And since housing is truly a long-term asset, inflation comes into play.

Foreclosure review program befuddles borrowers
Reuters | July 16, 2012
So far, fewer than 5 percent of the potential beneficiaries – 214,000 – have requested a review of their cases, a number critics say confirms their suspicion that the process was designed to protect banks, not help consumers.

White House Skeptical of Plan to Seize Mortgages by Eminent Domain
The Wall Street Journal | July 16, 2012
The Obama administration has concerns with a proposal—backed by a one-time major fundraiser to President Barack Obama—that would use eminent domain to seize and restructure mortgages.

With Low Supply, Asking Prices Rise for Fifth Straight Month
The Wall Street Journal | July 17, 2012
Home sellers are staying on the sidelines this summer, which is helping to firm up prices in more U.S. housing markets.

Phoenix Sets Pace in National Real Estate Recovery
CBS MoneyWatch | July 16, 2012
The Phoenix metro housing market is seeing a rise in home prices and a decline in the number of houses on the market, putting the area ahead of most other U.S. cities on the road to recovery, according to real estate experts.

Fitch: Surging Housing Stats Good News for U.S. Homebuilders
Reuters | July 17, 2012
Builder and investor enthusiasm are both surging, though U.S. housing metrics have not entirely kept pace so far, according to Fitch Ratings in its latest ‘Chalk Line’ report.

Five Mortgage and Housing Trends in Summer 2012
Fox Business | July 16, 2012
After an encouraging spring homebuying season, it’s time to cross your fingers and hope the momentum carries through the summer. Home prices have stabilized in many cities, but certain areas could still see a decline in values — especially those in judicial foreclosure states.

Many More Homeowners Using Obama Refinance Plan: Regulator
CNBC | July 16, 2012
The number of underwater homeowners refinancing through an Obama administration anti-foreclosure program has picked up sharply since its expansion late last year, according to figures a housing regulator released on Monday.

A comment that came in yesterday which I found amusing:   “Why on earth does Billionaire Zuckerberg NEED a $6 million home mortgage?  Pay the thing off and save $60,000!  Is he just trying to improve his credit score?  He can do that with a Macy’s card.  Apparently, having money and knowing how to manage it are two separate concepts.”  (Comment based on an article in my blog yesterday about Mark Zuckerberg’s 1% home loan. ~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!

 

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Real Estate News 7-13-2012


Who is your favorite Stewart Spokane employee and why?  Email me and tell me and we’ll get it on our Facebook page, or even better – you can post it directly to our page!  Facebook

Would You Do Your Banking On Facebook?
WebProNews | July 13, 2012
Can you imagine a world where all of your financial transactions are going through the same account as all of your photos, status updates, videos, game playing, and music discovery? Facebook certainly can, and that looks to be the goal the company is trying to achieve. (Scary or incredibly convenient? ~Anthony)

3 reasons HELOCs create title headaches
Real Estate Settlement Observer | July 13, 2012
Home Equity Lines of Credit (HELOCs) may be difficult to obtain in today’s market, but not too long ago, everybody had one.  Recently, a series of closings were delayed in our office due to issues with HELOCs, and I expect that dealing with HELOCs will only get worse.    There are several reasons why HELOCs often cause title nightmares, and keeping good records can help avoid settlement delays. (An excellent article from Federal Title in Washington DC. If you’ve ever had a closing delayed because of an old HELOC, the author does a great job of explaining how/why that happens. ~Anthony)

Rising Home Values Lift Borrowers Out from Underwater
The Wall Street Journal | July 12, 2012
Rising home prices during the first three months of the year reduced by 700,000 the number of homeowners who owe more than their homes are worth, according to a report released Thursday.

Real Estate Bright Spot: More Businesses Buying Office Space
CNBC | July 12, 2012
Las Vegas dentist Chris Cozine wanted to cut costs after the Great Recession. He found an unlikely way: He ditched the office he was renting and bought 6,600 square feet of his own.

Colony Said to Win Foreclosed Homes Sold by Fannie Mae
BusinessWeek | July 12, 2012
Tom Barrack’s Colony Capital LLC, which plans to acquire $1.5 billion of rental homes within a year, was among the winners of about 2,500 foreclosed properties auctioned off by Fannie Mae, according to four people with knowledge of the sale.

Family Finds Itself in Foreclosure Nightmare
ABC News | July 12, 2012
In 2009, Christopher Flood and his wife Tammy bought their dream home. “First time home buyer, first time tax credit, we were on fire,” Flood recalled. They bought the custom-built home through a short sale.

Bondholders See Eminent Domain As State Attack: Mortgages
Bloomberg | July 12, 2012
“If you know that the county in which you make a loan could force you to sell it for less than it’s worth if it goes underwater, then the rate you will charge, in a free market system, would be a lot higher,” said Mike Canter, head of securitized assets at New York-based AllianceBernstein, which oversees about $400 billion.

HPF: Homeowners making payments warn of financial distress
HousingWire | July 12, 2012
More borrowers who are timely on their mortgage payments are calling the Homeownership Preservation Foundation’s Hope Hotline warning of future defaults.

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 7-9-2012


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We had lots of comments regarding the “Eminent Domain” discussion last week.  Instead of reprinting them in an email, I’ve posted them in the ‘comments’ section at the bottom of the July 6, 2012 blog post.  You can read them here: https://avcarollospok.wordpress.com/2012/07/06/real-estate-news-today-7-6-2012/  Thanks to all who took the time to respond!

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

If Housing is Recovering, Where are the Construction Jobs?
The Washington Post | July 8, 2012
The housing market appears to be on the mend, as new home sales, construction spending, and new home construction have all improved in 2012.

Closer to a Bailout? FHA’s Mortgage Delinquencies Soar
CNN Money | July 9, 2012
The mortgage market appears to finally be stabilizing — as long as you ignore loans backed by the Federal Housing Administration.

Brace Yourself, Real Estate Prices Are Going Back Up
Bloomberg | July 8, 2012
House prices, after falling for more than five years, are rising again. All the major sales-price indexes show that there have been modest national increases in recent months, even after adjusting for seasonal patterns.  (So tell me, is it too early to call?  Are housing prices in your market going up?  Do the actual sales prices from your MLS support this article?  ~Anthony)

Number of the Week: Has Housing Bottomed?
The Wall Street Journal | July 6, 2012
The signs of a bottom in the housing market are piling up, and after Friday’s employment report we can add construction jobs to the pile.

First-time Homebuyers Struggle with Tough Market
The Denver Post | July 8, 2012
The stabilizing housing market is becoming a curse for first-time homebuyers.

More Red Flags on Reverse Mortgages
Reuters | July 6, 2012
Consumer advocates, government regulators and watchdogs have been warning seniors for several years about the risks associated with reverse mortgages. Now, the red flags are being hoisted significantly higher.

What To Expect From The Housing Market In The Remainder Of 2012
San Francisco Chronicle | July 7, 2012
The root of the global financial crisis and resulting recession could be summed up in one word: housing. Fueled by cheap credit, shady-style mortgages and over-inflated home prices, the resulting speculative bubble popped hard and sent home prices into a tailspin. Those falling prices ultimately exacerbated all the rest of the problems facing the economy, and there are several long-term consequences from the recession.

How Agents Are Investing in Their Business
RealtorMag | July 5, 2012
Real estate professionals are investing in a number of tools to expand their reach to customers. 
 

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 7-6-2012


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I posted an article in my Today’s News on June 14 about a California mortgage company that was lobbying for municipalities to use of the powers of “Eminent Domain” to grab mortgage notes from investors.  The idea is that then the muni can “write down” the principal to make sure the homeowner stays in the property and/or it doens’t become blighted.  The idea has gained some traction in California among a couple of cities, but not everyone is in favor of the concept (see first article below).

Upside? The city or town could have more control over the property, more control over how it is maintained by forcing the owner’s hand, and even could foreclose on the property when they deem it desirable for other purposes if the owner is behind on payments.

Downside? The city or town could have more control over the property, more control over how it is maintained by forcing the owner’s hand, and even could foreclose on the property when they deem it desirable for other purposes if the owner is behind on payments. 

What if it were your house? Feedback is always welcome at acarollo@stewart.com

Cities in California Consider Using Eminent Domain To Seize Mortgages
New York Observer | July 5, 2012
Officials in San Bernardino County cities Ontario and Fontana, citing blighted neighborhoods and communities, propose using the state’s eminent domain power—most commonly used to seize land from homeowners and re-allot it for public use—to acquire underwater mortgages (loans that exceed current property value) and decrease the loan principle to match the current property value. (See also “Seizing mortgages via eminent domain profits few” from HousingWire. ~Anthony)

New Agency Plans to Make Over Mortgage Market
The New York Times | July 5, 2012
The Consumer Financial Protection Bureau, seeking to improve fairness and clarity for borrowers, is moving to establish its legitimacy and quiet its critics.

U.S. Hiring Seen Stuck in Low Gear in June
Reuters | July 5, 2012
U.S. employers likely quickened the pace of hiring last month but not enough to allay worries that Europe’s debt crisis is shifting the economy into low gear.

Some U.S. Metros ‘in the Clear’ of Housing Crisis
MSNBC | July 3, 2012
Nearly 30 cities have been designated “in the clear” of the housing downtown, according to a report today by Trulia, although real estate experts in some of those markets reacted to the apparently good news with conservative-sounding forecasts for their areas – or with downright skepticism.

To Play the Game To Win You Need to Know the Rules-
Why the Economic Recovery Continues to Stumble
Ted C Jones Blog | July 6, 2012
Last week I spoke in Las Vegas and thought of the myriad of games that people can play and hopefully win in the casinos.  Each game has a set of rules that the player needs to have full working knowledge of to optimize their potential outcome.  Without this full understanding of the rules, most people simply avoid those games.  

States use mortgage settlement funds to fill budget gaps
HousingWire | July 5, 2012
It’s a controversy that has been brewing in several states: Some state leaders are using funds from the $25 billion mortgage servicing settlement to fill gaps in their budgets, Bloomberg reported. (This seems similar to the tobacco settlement a few years back where very little of the money recieved by states actually went to helping folks that were impacted or harmed by the tobacco industry. Similarly, some states are using the mortgage settlement money to get them over a budget hump rather than helping homeowners stay in homes or helping those who were actually harmed. ~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 6-14-2012


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

Foreclosures Up for First Time in 27 Months
Reuters | June 14, 2012
Foreclosure starts rose year-over-year in May for the first time in more than two years – though they fell on a month-to-month basis – as banks resumed dealing with distressed properties after a mortgage abuse settlement earlier this year, data firm RealtyTrac said on Thursday.

Short-sale Fraud a Problem for Investors, Mortgage Servicer Says
HousingWire | June 13, 2012
More effort should be made to prevent short-sale fraud so that investor returns are maximized, said Gagan Sharma, chief executive of Titusville, Pa.-based servicer BSI Financial.

Housing Shows Glimmers of Hope
Chicago Tribune | June 14, 2012
Though some might consider it one of those “when pigs fly” moments, homebuilders have begun raising their prices.

Housing Recovery Seen; Will Credit Be The Spoiler?
NPR | June 13, 2012
Amid all the economic uncertainty over the credit crisis in Europe and slow job growth in the U.S., one sector may be looking up. The U.S. housing market is finally showing more signs of recovery, according to a report being released Thursday by Harvard University.

Americans See Biggest Home Equity Jump in 60 Years: Mortgages
Bloomberg | June 14, 2012
Home equity in the first quarter rose to the highest level since 2008 as homeowners taking advantage of record-low borrowing costs to refinance their loans brought cash to the table to pay down principal.

Housing Prices May Soon Start to Increase
The Boston Globe | June 13, 2012
Harvard center forecasts uptick across country.

U.S, economic outlook darkens ahead of vote
Reuters | June 13, 2012
The U.S. elections in November will be contested against the backdrop of an economy growing more slowly and creating fewer jobs than thought only a month ago, a Reuters poll of economists suggests.

Can Eminent Domain be Used to Take Over Mortgages
RealtorMag | June 13, 2012
In a controversial move, a mortgage firm on the West Coast is pushing lawmakers in California and other states to use eminent domain to take over underwater mortgages. Eminent domain is a power that can be used by government to get a court order to seize property — not loans — for the public’s interest, like to extend a highway or construct a school. (One can only imagine the repercussions if this were to be allowed. ~Anthony)

Inventory of For-Sale Homes Falls 20% From Year Ago
RealtorMag | June 13, 2012
The number of homes on the market continues to become a shrinking pool. Inventory of for-sale single-family homes, condos, townhomes, and co-ops dropped 20 percent in May compared to year-ago levels, according to data from REALTOR.com of 146 markets.

Realtors: Where’s the data?  Is our local inventory up or down?  Listing prices?  Closed sales prices?  What is YOUR market doing?

 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 14, 2012 in Real Estate news

 

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