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Real Estate News Today 7-20-2012


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Fore Sale: The Golf Housing Bust
The Wall Street Journal | July 19, 2012
Prices at luxury private golf communities are crashing, done in by rampant overdevelopment, the economic downturn and waning national interest in the sport. Golf courses are being shrunk and some home lots are being sold for $1.

U.S. Banks Haunted by Mortgage Demons That Won’t Go Away
Reuters | July 19, 2012
Lenders like Bank of America Corp and Wells Fargo & Co say they are facing mounting pressure to buy back bad mortgages they sold to investors, signaling that banks’ home-loan headaches could continue for years.

Behind the Numbers: Home Sales Fall, Led By Cheapest Homes
The Wall Street Journal | July 19, 2012
Most of the housing news lately has been positive, so Thursday’s news of a 5.4% drop in June’s existing home sales was a bit of a surprise.

Zuckerberg is Not the Only One Who Can Get Super Low Mortgage Rates
CNBC | July 19, 2012
After seeing Mark Zuckerberg has scored a 1.05 percent mortgage rate on his $6 million California home, we have just two questions: Why does he need a mortgage? And where can I get one like that? (I would LOVE to hear a mortgage loan officer’s thoughts on this one. ~Anthony)

Are the Real Estate Bellwethers Finally Ringing? Check out the Numbers
Forbes | July 19, 2012
In case you’re still a nonbeliever that housing has finally crawled its way into recovery mode, ask yourself: What are the bellwether indicators of the early stages of a rebound? You can probably rattle them off.

U.S. Housing Poised to Boost Economy
Reuters | July 20, 2012
The U.S. housing sector is poised to boost economic growth. While existing home sales fell 5.4 percent in June from May, other indicators suggest a recovery is under way. A flip to a positive impact after dragging on GDP for five years will give lawmakers a chance to change distorting housing market policies.

Personal Information, Password Theft on the Rise
RealtorMag | July 19, 2012
Hacked personal information online, including stolen passwords, has soared 300 percent during the first four months of 2012, according to a study by Experian CreditExpert and Opinion Matters. 

Short sales more rewarding than REO: RealtyTrac
HousingWire | July 20 2012
The market is trending towards short sales as lenders lean more heavily on disposition methods that aid distressed homeowners while making it easier for lenders to resell homes that have spent less time in a state of distress, RealtyTrac vice president Daren Blomquist told HousingWire Thursday.
 

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 7-19-2012


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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 7-17-2012


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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!

 

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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Today’s Real Estate News 5-16-2012


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

Critical article here: If you have short sale seller, the deadline is 12/31 to be able to sell without a tax ramification unless Congress extends the law!  Please read this one.
The Fuse is Burning and Time is of the Essence – The Pending Expiration of the Mortgage Forgiveness Debt Relief Act
Ted C. Jones Blog | May 16, 2012
The clock is ticking for individuals either facing foreclosure or that are underwater and desire to complete a short sale of their primary dwelling, in regards to any debt forgiveness. 

Multifamily Lending Accelerates 45% in 1Q
HousingWire | May 15, 2012
Bolstered by record-low interest rates, multifamily mortgage originations spiked 45% in the first quarter from year-ago levels, according to the Mortgage Bankers Association.

Regulator Laments Role of Largest Mortgage Lenders
The Wall Street Journal | May 15, 2012
The U.S. mortgage industry has become too concentrated in the hands of a few large players, a U.S. housing regulator said Tuesday, expressing a concern many small lenders are voicing as regulators consider how to overhaul the nation’s mortgage system. 

U.S. Home Loan Regulator Opposes California Foreclosure Bills
The Los Angeles Times | May 15, 2012
A pair of controversial bills in the California Legislature that would give homeowners more rights to fight foreclosures is being opposed by the nation’s principal home loan regulator.

Florida’s Next Frontier
The Wall Street Journal | May 15, 2012
A parcel of timberland in Florida that is nearly the size of Rhode Island and owned by a who’s who of elites from the worlds of business and diplomacy is now slated to be the next frontier in the state’s real-estate development.

Needy States Use Housing Aid Cash to Plug Budgets
The New York Times | May 15, 2012
Some states are diverting their share of $2.5 billion they were awarded in a mortgage settlement, money intended to help homeowners and mitigate the effects of foreclosures.

Foreclosed Americans Find Way Back to Homeownership
Reuters | May 15, 2012
When Jennifer Anderson’s family could no longer afford their mortgage and lost their home, she expected many years to pass before they would again become property owners.

Duke: Put-back fear stifles mortgage lending
HousingWire | May 15, 2012
Mortgage lenders are overly restricting credit as a shield from the threat of put-back risk on loans sold to government-sponsored enterprises, Federal Reserve board member Elizabeth Duke suggested Tuesday. (This one seems like a no-brainer and is something the industry has been saying for several years now.  Though I must say I’ve never heard the term “Put-back” used in conjuction with the GSE forcing the lender to take back the loan. ~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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Posted by on May 16, 2012 in Real Estate news

 

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Real Estate News Today 5-8-2012


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

Potential Free Foreclosure Review for Homeowners In any Stage of the Foreclosure Process in 2009-2010
Ted C. Jones Blog | May 7, 2012
Homeowners that were in any stage of the foreclosure process in 2009 and 2010 and that were a customer of one of 27 mortgage servicers may qualify for a free foreclosure review that may in some circumstances lead to compensation.

Bank of America Starts Mortgage Reduction Effort
The New York Times | May 7, 2012
Bank of America has started sending letters to thousands of homeowners in the United States, offering to forgive a portion of the principal balance on their mortgages by an average of $150,000 each.

Fannie Mae: Homebuyers Feel More Positive About Home Prices
HousingWire | May 7, 2012
Despite bad news on the jobs front Friday, more Americans believe home prices and opportunities for buyers and sellers will increase over the next 12 months, Fannie Mae said Monday.

Survey: Oklahoma City Tops for Small Business
The Wall Street Journal | May 7, 2012
Local small-business owners give San Francisco and New York failing grades for burdensome regulations on start-ups.

Homebuilders excluded from Fortune 500 party
HousingWire | May 7, 2012
Fortune magazine’s 2012 list of the nation’s 500 largest corporations is missing an industry that only five years ago placed 11 companies on it: Homebuilders.

Affordability, Inventory Improve, Still Shy of Full Recovery
The MReport.com | May 7, 2012
The U.S. housing market continues to trudge down the slow, bumpy road to recovery with a few positive indicators lighting the way. However, a full recovery continues to linger listlessly on the horizon.

Ed Kushins’ home exchange firm began as a hobby
Los Angeles Times | April 29, 2012
HomeExchange.com is one of the nation’s largest members-only home exchange businesses. It helps people reach agreements to swap homes for vacations or business trips.

Facebook Users Reveal Too Much, Consumer Report Says
REALTORMag | May 7, 2012
Are Facebook’s 150 million American users revealing too much — and are you one of them? (There were some things in here I didn’t know!  For example, Facebook is tracking some of your internet use? ~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 4-25-2012


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

Millions More U.S. Homeowners to Rent, Pimco’s Simon Says
Bloomberg | April 24, 2012
The U.S. homeownership rate may fall two percentage points to 64 percent, below historic norms, amid about six million additional foreclosures and tight lending standards, according to Pacific Investment Management Co.’s Scott Simon.

Housing Market may be on Rebound at Last
The Los Angeles Times | April 24, 2012
The housing market’s long, cold winter may finally be heading into a springtime thaw. New datashow price declines easing in big cities, sales of new homes improving nationally and foreclosures in California dropping to levels not seen since before the start of the credit crunch nearly five years ago.

REITs Spring an Unnerving Surprise
The Wall Street Journal | April 24, 2012
During the decade leading up to the downturn, some small investors put their money into a special type of real-estate investment trust, ones that aren’t traded on an exchange but promised steady dividends.

Home Prices at Near Post-Crisis Low
The Washington Post | April 24, 2012
New data show a U.S. housing market that is continuing to struggle but is perhaps nearing a bottom, with new home sales falling and prices remaining near their post-crisis low. The latest survey from S&P/Case-Shiller noted basically stagnant prices from January to February.

Housing Downturn Spurs a Boom in Foreclosure-to-Rental Conversions
The Washington Post | April 25, 2012
Gene Richards is a lifelong Vermonter, but on a recent weekday afternoon he found himself back on Florida’s west coast, scouting foreclosures to add to the collection of rental properties he has amassed in the wake of the housing crisis.

 

Economy’s recovery caught between opposing forces
USA Today | April 25, 2012
For the past two years, forecasters have overpromised, as bullish predictions for 2010 and 2011 fell short. Last year’s hoped-for recovery soon faded in the fallout from Japan’s earthquake, coupled with Washington’s flirtation with defaulting on the national debt.

Starbucks to open 6 stores in Disney theme parks
Fox News | April 24, 2012
Starbucks is about to perk up “the happiest place on earth.” (Lest we forget it’s all about location, location, location.  (:-) ~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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