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Real Estate News 7-19-2012


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Washington to unveil voter registration on Facebook
KHQ | July 17, 2012
Facebook users in Washington state will have something else to brag about to their online friends: that they registered to vote on Facebook. (I doubt that this will increase voter fraud as it is not much different that the current online voter-registration that Washington has.  However, when a business advertises on Facebook, they can do incredibly targeted advertising,  Look for Facebook to begin allowing the option of targeting your ad campaign to “registered voters”.  Political advertising is very lucrative and if they are given the opportunity to gain a share of that market, they will make a run at it. ~Anthony)

Brett-led groups buy buildings on Havermale Block
Journal of Business | July 19, 2012
A pair of real estate investment groups headed by Spokane sports team owner Bobby Brett recently bought two three-story buildings, a one-story former garage structure, and 27,600 square feet of parking in the historic Havermale block downtown, says Chris Batten, a commercial real estate broker involved in the transactions.

U.S. Bank Passes on Overheated Commercial Property Markets
HousingWire | July 17, 2012
Top-ten mortgage originator U.S Bank is passing on commercial real estate opportunities in certain markets at risk of overheating because of new construction.

Bernanke Warns Against ‘Fiscal Cliff’
The Washington Post | July 18, 2012
Fed chairman reasserts his bleak assessment of economic growth.

Job Gains Need to Be Wind Under Housing’s Wings
The Wall Street Journal | July 18, 2012
Housing–long the intensive-care patient of the U.S. economic recovery–is finally showing life just as other sectors look winded. But the progress might be short-lived if the labor markets don’t pick up steam.

Is Housing Back From the Dead?
BusinessWeek | July 18, 2012
Could it be? A housing bottom? Have we finally worked through the worst aftershocks of the biggest asset bubble in recent memory? After a four-year slump, the U.S. housing sector finally appears to be recovering. For real this time.

When Foreclosure Affects Children
DSNews.com | July 17, 2012
Parents going through foreclosure may see it as a nightmare, a broken promise of the American Dream. Many might try to hide the stress and the effects of foreclosure from their children to keep them from worrying. However, researchers from the Children’s Hospital of Philadelphia (CHOP) are saying that children may actually suffer because of foreclosure more than anyone.
(If you know me well, you know that I love kids and I hate child abuse. That said, the researchers in this study have essentially pinned an increase on child abuse on the real estate industry by suggesting that foreclosures are tied directly to child abuse.  It seems to suggest that if foreclosures go up and child abuse goes up, then the one must be the cause of the other.  I believe that other socioeconomic factors are probably associated with child abuse, which in turn exacerbates the situation. One doesn’t necessarily lead to the other. Read the article yourself and tell me your thoughts. ~Anthony)

Is Instagram Real Estate’s Next Frontier?
RealtorMag | July 18, 2012
The Instagram app makes it easy for amateur photographers with smartphones to create works of art.  Some real estate firms are taking advantage of the app’s popularity and using it to accentuate their listings. 

 

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 7-18-2012


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A borrowers guide to the mortgage application
MSN | July 2012
A mortgage application’s purpose is to help the lender decide whether to lend money to the borrower. But the industry-standard Uniform Residential Loan Application, also known as Fannie Mae Form No. 1003, is more complicated than that straightforward intent might suggest.  (This author provides a good overview of the 1003 loan application.  The comments below the article are pretty good too, some good thoughts and a few chucklers. ~Anthony)

U.S. Economic Fears Shift Back Home
The Washington Post | July 17, 2012
For much of the year, economists worried about the impact of the European slowdown on the U.S. Now, analysts say the fast-approaching “fiscal cliff” poses the biggest threat.

The Economy Stinks, But Housing Keeps Picking Up
The Wall Street Journal | July 17, 2012
As the broad economy continues to struggle, the housing market — one of the most beleaguered pockets of the economy for years — continues to exhibit signs that the worst is in the past.

How to Hunt for Talent on Social Media
The Washington Post | July 16, 2012
Many employers now use the sites to vet applicants. But they can also be used to actively seek out promising candidates.

Treasuries Rise Before Bernanke on Slower Growth Bets
Bloomberg | July 18, 2012
Treasuries rose, pushing 10-year yields toward a record low, before Federal Reserve Chairman Ben S. Bernanke starts his second day of testimony to Congress amid speculation the U.S. economic recovery is faltering.

Fighting back against lowball home appraisals
MSN | July 2012
Record-low interest rates are a boon for homebuyers and homeowners seeking to refinance. But low appraisals are making it difficult or even impossible for some borrowers to take advantage.  (The author provides what seems like some good information but I wonder: Is it realistic? ~Anthony)

Ten Apps Every Homebuyer Should Have
Fox Business | July 18, 2012
When it comes to staying organize and efficient during the home-buying process your best tool might already be in your pocket: your smartphone. Whether you are buying a house, getting a mortgage or doing some remodeling, here are 10 must-have real estate apps.

Homeownership: The American Dream
The KCM Blog | July 18, 2012
As a real estate professional, it’s important to understand, and remind yourself, that homeownership really is the American Dream and your job is be the guardian and guide to make that dream a reality. This is especially important in a market where some people may be misinformed about the benefits and possibilities of buying a home.  (I’ll say it again, the folks at KCM write a wonderful blog.  If you’re in the real estate industry, this one is worth reading. ~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 7-17-2012


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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)

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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 7-16-2012


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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 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 7-10-2012


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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 Today 7-5-2012


Running a little behind this morning.  Many thanks to my friend Kevin Parker and Dutch Bros. for the kick in the pants today.  (:-)  Check out and Like their Facebook page! Facebook 

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

It Takes a Little Work to Take a Vacation
The New York Times | July 4, 2012
Of all the challenges small-business owners face, one of the toughest is taking a vacation. (As Realtors, you are in an industry that has the most difficult time taking a vacation.  What’s the secret, if there is one? ~Anthony)

The John Grisham of Real Estate?
RealtorMag | June 28, 2012
Noting the success of author/lawyer John Grisham in spotlighting his profession in fiction, C.M. Nevill thought it was about time real estate took the dramatic stage of the action-adventure novel. 

Multifamily housing bubble may be in the future
HousingWire | July 3, 2012
While single-family housing starts remain down, rental demand is driving new multifamily construction. But how long the demand will last is uncertain — an uneasy consideration for investors whose current investments may take years to hit the market.

Some Points about Points
The KCM Blog | July 5, 2012
One of the more frequent topics discussed between loan officers and borrowers center around discount points. So today, I decided to give you some information and some things to consider. (I really enjoy their blogs.  They consistenly provide value which is something we are constantly trying to do.  Today’s blog is no exception.  Lenders: is there anything you would add to this? Email me at acarollo@stewart.com ~Anthony)

Rents Increase as Vacancies Dry Up
The Wall Street Journal | July 4, 2012
Landlords boosted apartment rents to record levels in the second quarter as demand from tenants sitting out the home-buying market pushed vacancy rates to their lowest point in more than a decade, according to a report to be released Thursday.

Cybercriminals Sniff Out Vulnerability
The Wall Street Journal | July 4, 2012
With cybercriminals a greater threat to small businesses than ever before, more entrepreneurs are left asking themselves who is to blame for hacking attacks that drain their business accounts. 

Small Business Lending Recovers, Delinquencies Drop to Record Low
The Washington Post | July 5, 2012
The overall volume of loans to small companies rose 12 percentage points in May, marking the largest month-to-month increase in three years and nearly erasing four consecutive months of decline to start 2012, according to the latest data released by Thompson Reuters and PayNet. J.D. Harrison JUL 3 Lenders are warming up to small firms again, but is it enough to trigger investments and hasten

Struggling Homeowners Avert Foreclosure Via Mediation
Reuters | July 5, 2012
Verise Campbell was excited. She could finally help struggling homeowners negotiate deals with their lenders to avoid foreclosure, but the angry response to her first phone call shocked her.

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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