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Real Estate Today 8-23-2012


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You’ll find some great reading this morning including Ted Jones’ view of real estate investing in college towns, a couple of good articles on the effect of short sales on home prices and the overall market, and a warning on the coming fiscal cliff from the Washington Post.  The article that most surprised me?  Fannie Mae REOs not getting to market. 

Fannie and Freddie Short Sale Change; LO-Realtor Comments; Specified Pool Primer
Mortgage News Daily | August 22, 2012
Statistics can be useful, sometimes not. On the “useful” side, the MBA will release its weekly mortgage applications index for the prior week. But how many of those retail applications actually close?

College Towns for Investing
Ted C. Jones Blog | August 23, 2012
With an estimated 14.4 million college students, University and College towns are fertile rental markets. But with the housing bubble and the lowest interest rates in 50 years, investing in rental housing in these locales can be lucrative.

New FHFA Short Sale Cap May Equal Big Losses on Some Second Liens
HousingWire | August 22, 2012
The new $6,000 limit Fannie Mae and Freddie Mac mortgage servicers will be allowed to pay out to second-lien holders is on par with some values but well below others.

CBO: Recession Likely if ‘Fiscal Cliff’ not Averted
The Washington Post | August 22, 2012
The U.S. economy is hurtling toward a recession if Congress fails to avert a series of tax hikes and budget cuts by January, the Congressional Budget Office said, warning that a fiscal impasse would have consequences even more dire than previously forecast.

Will Short Sales Hit Home Prices?
The Wall Street Journal | August 22, 2012
A new relief program for distressed homeowners may have unintended consequences.

Analysis: Investors Driving Recovery as Activity Surges
DSNews.com | August 22, 2012
A recent analysis from John Burns Real Estate Consulting suggests that investors may be the biggest driving force in the housing recovery.

Nearly half of Fannie Mae REO unable to reach market
HousingWire | August 22, 2012
Only half of the previously foreclosed homes owned by Fannie Mae are either on the market or being prepared for sale. The remaining properties are currently locked away in some step of the foreclosure system.
‘Luxury’ Foreclosures Soar
RealtorMag | August 22, 2012
For the past two years, foreclosure activity has been increasing on higher-end homes at a faster pace than lower-end homes, says Daren Blomquist with RealtyTrac, a company that tracks foreclosure housing data.

Based on the lead article (second paragraph), I have a reader who asks: Do real estate agent readers feel that 40% of their contracts do not close?  If it’s not 40%, what is the number?  What about lenders and
purchase applications vs. refi applications? (In the just for fun category,
I also enjoyed the very first paragraph of that same article.  It made me smile. ~Anthony)

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Posted by on August 23, 2012 in Real Estate news

 

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Real Estate News Today 7-2-2012


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

It pays to be proactive in a short sale
Chicago Tribune | June 22, 2012
Under new guidelines set down by Fannie Mae and Freddie Mac, underwater borrowers who are seeking to sell their homes for less than what they owe must now receive decisions from their lenders within 60 business days. But if they are not careful, floundering borrowers can cause delays beyond the two-month deadline. (This article has some good tips for agents and sellers alike on short sale pitfalls to watch out for. ~Anthony)

How health insurance mandate will work
CNNMoney | June 29, 2012
Now that the Supreme Court has upheld the health insurance mandate, most Americans must be insured starting in 2014 or pay a penalty. The penalty will be assessed on your tax return and administered by the IRS. But exactly how is a big question.

Congress Votes for 5-year Extension of Federal Flood Insurance Program
The Washington Post | June 29, 2012
Failure to renew the program would have been a blow to the fragile housing market because potential homeowners in flood-susceptible areas would be unable to close on mortgages or refinance loans.

FHA Rescinds Tough New Credit Restrictions on Loan Applicants
Los Angeles Times | July 1, 2012
The withdrawn policy change, which had been scheduled to take effect Sunday, would have affected borrowers with collections or disputed-bill accounts in their credit files.

Pay for Health Insurance or Pay the Penalty?
Houston Chronicle | June 29, 2012
Now that the Supreme Court upheld it last week, some small companies could opt to go a route that will save them thousands of dollars each year.

A Sober New Reality in Credit Downgrades for Banks
The New York Times | July 1, 2012
When a consumer’s credit score drops, it is hard to recover financially. Wall Street firms could face the same fate.

Timing the Market: 5 Signs It’s the Right Time to Buy or Sell
Trulia | June27, 2012
I’ve long marveled at how the prospect of buying or selling a home can transform the most patient poetry professor or the sweetest Sunday school teacher into a fast-talking, number-crunching, negotiator extraordinaire. Or, rather, it can make these sorts of people *think* they need to talk and act like wheeler-dealers! In my experience, this mostly involves ranting about “leaving money on the table” while they secretly quiver with the fear of making a mistake! 

(An excellent article and worth reading.  This has some great points worth passing along to clients that ask about timing the real estate market. ~Anthony)

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Real Estate News 6-29-2012


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

Supreme Court Upholds Obamacare: What It Means, What Happens Next
Forbes | June 28, 2012
The  Supreme Court’s decision today leaves in place a highly complex law, many of whose most expensive provisions kick in in 2014. Here’s what to expect

After Foreclosure, ‘Octomom’ Still Believes in Homeownership
The Wall Street Journal | June 28, 2012
Nadya Suleman, the mother famously known as “Octomom,” is working to raise funds for a new house.

Nunziata: It’s a Great Time to Refinance Your Mortgage
CNBC | June 28, 2012
According to eMarketer, an estimated 92.5 million adult Internet users will use online coupons in 2012 to save hundreds of dollars per year. Yet nearly four million Fannie Mae and Freddie Mac borrowers could stand to save hundreds of dollars per month refinancing their home mortgages under new programs that were not available until just a few short years ago. 

Most Borrowers Still Wary of Reverse Mortgages
The New York Times | June 28, 2012
The bureau, in a report released Thursday, said that the number of reverse mortgages had fallen since a peak before the financial crisis, but that the agency was seeing renewed interest.

Fed’s Fisher Says Housing Market Has `Bottomed Out’
Bloomberg | June 28, 2012
Federal Reserve Bank of Dallas President Richard Fisher said he believes low mortgage rates have helped bring an end to the slump in U.S. housing.

‘Dead’ Listings Get a New Life
RealtorMag | June 28, 2012
The big drop in inventories of homes for-sale is helping once-expired listings finally get sold. Sellers are finding relisting their properties may offer them more luck now than a few months ago, real estate professionals report. 

Are Appraisers ‘Scared’ to Report Rising Prices
RealtorMag | June 28, 2012
Real estate professionals and mortgage loan officers say that appraisers seem to be reluctant to report price appreciation occurring in numerous spots across the nation, and it’s complicating sales transactions, The Real Deal reports. 

Rental Market Attracting Residents Despite Price Increases: Survey
DSNews.com | June 28, 2012
The rental market appears to be doing more than just sustaining its health. After surveying property managers, TransUnion found that increasing prices aren’t keeping tenants away.

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 6-20-2012


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

Multifamily Property Values Rise 25%: Freddie Mac
HousingWire | June 19, 2012
After reaching their trough in the first quarter of 2010, multifamily property values rose 25% over the course of the past two years, Freddie Mac said Tuesday.

The Myth of the National Housing Market
The Wall Street Journal | June 19, 2012
The housing boom and bust gave rise to the myth of a “national” housing market. After all, prices rose in almost every part of the country until 2006, when they began dropping from coast to coast.

Builder Buys Big Southern California Development Site
The Wall Street Journal | June 19, 2012
Luxury builder Toll Bros. Tuesday closed on a massive swath of land in Orange County, Calif., a market that appears to be rebounding from the housing crash.

Fed Expected to do More Stimulus
The Washington Post | June 19, 2012
Central bank is expected to extend “Operation Twist” program that would lower long-term interest rates.

Violent crime reduction equals billions in home value gains
HousingWire | June 19, 2012
A 10% reduction in violent crimes could result in billions of dollars in home price appreciation for several major cities, according to a study from the Center for American Progress. (Is it the reduction in crime that increases home values, or is it the increase in home-ownership that accomplishes both a reduction in crime and an increase in value? ~Anthony)

Watch for more on the ongoing appraisal discussion tomorrow!

IAnthony 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 20, 2012 in Real Estate news

 

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Real Estate News Today 5-30-2012


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

Largest March to April Listing Price Increase – And Year-Over-Year Listings Dropped in 141 of 146 Metros
Ted C. Jones Blog | May 30, 2012
Realtor.com, which has more than 4.2 million active residential listings, each month tallies the top 10 metros for the largest increase in median listing price.  Changes in asking prices are typically correlated with changing market conditions, and once again these indicate a recovering housing market.

Does Case-Shiller Show a Market Bottoming Out?
The Wall Street Journal | May 29, 2012
Tuesday’s S&P/Case-Shiller home-price indexes show a market in which U.S. home prices are still falling, but not as dramatically as in previous months. (Here is a related article:
Home Prices Hit New Lows in 5 Cities from The Washington Post ~Anthony)

Getting the Best Refinancing Deal
The Wall Street Journal | May 25, 2012
There has never been a better time to refinance your mortgage. Rates are at record lows. The government is devising new programs to help homeowners. The economy and job market are improving, albeit slowly.

City Law Freezes Foreclosures in Washington DC
HousingWire | May 29, 2012
The Washington, D.C. foreclosure system remains frozen 18 months after the city council passed a law that made it possible to void a future filing.

Expiring Mortgage Debt Relief Act Fuels Strategic Default: Survey
DSNews.com | May 29, 2012
A foreclosure prevention agency found that the pending expiration of the Mortgage Debt Relief Act of 2007 is prompting struggling homeowners to strategically default on their loan.

DEBUNKED: Walmart Does Not Make Your Home Value Go Down
Business Insider | May 29, 2012
Wal-Mart opponents have long claimed that the store lowers home values in the surrounding area. The argument is that the bright lights, traffic and pollution a Walmart brings hurts the neighborhood. (Whether you are a fan of Walmart or not, you have to admit they are huge: 16 Facts About Walmart That Will Blow Your Mind from Business Insider ~Anthony)

Gunman Holds Brokerage Hostage
RealtorMag | May 29, 2012
A gunman held several real estate professionals hostage at Prudential Executive Group Real Estate office in Valparaiso, Ind., on Friday in a stand-off with police, before the gunman ended up shooting and killing himself, police said. 

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 5-18-2012


May 18, 1980, where were you?  I was at our school picnic in Comstock Park (Spokane) when we could see what looked like a nasty storm cloud coming and we were told to head home because Mt St. Helens had erupted that morning and they expected ash to start falling from the sky.  That event changed the way we look at many things from a geologic perspective.  Here’s a great article on Wikipedia.

Tell us your Mt. St Helens Story on our Facebook page, you’ll see the question and article link there.  Facebook

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

Fitch Predicts Housing Bottom in 2013
HousingWire | May 17, 2012
U.S. home prices could drop another 7.8% before reaching bottom next year, Fitch Ratings said in a report released Thursday.

Congress Extends Federal Flood Insurance Program for 30 More Days
The Times-Picayune | May 17, 2012
The federal flood insurance program got another 30-day extension from the House on Thursday, while some lawmakers continue to work for the long-term extension they say is needed to ensure its stability.

Principal Reductions Won’t Solve U.S. Mortgage Mess
Bloomberg | May 17, 2012
Edward DeMarco, the temporary director of the Federal Housing Finance Agency, continues to endure blistering criticism for refusing to allow Fannie Mae and Freddie Mac to pay for large-scale principal reductions for underwater borrowers (those who owe more than their homes are worth) or to facilitate refinancings for those stuck with high interest rate mortgages.

Private Properties
The Wall Street Journal | May 17, 2012
Celine Dion lists a private Canadian island for $29.3 million; Ryan Seacrest is in escrow to buy Ellen DeGeneres’s home for $37 million; a midtown Manhattan duplex lists for $12 million.

Luxury Homes Spur Bidding Wars in L.A. as Market Rebounds
Reuters | May 17, 2012
A week after Christine Lynch listed her house in the Brentwood neighborhood of Los Angeles for $3.625 million, she had seven offers. Within 10 days, a deal was reached for the five-bedroom, six-bathroom home — and for $225,000 more than she asked.

De Facto Property Management Creates Agent Risks
RealtorMag | May 17, 2012
When clients must move before their house is sold and they ask you to take care of their property in their absence, it’s tempting to say yes. After all, you want to remain on good terms with them and get the future sale. But saying yes to such a request comes with a slew of pitfalls. (Worth a read! ~Anthony)

Thousands of REALTORS(R) Rally to Support Home Ownership
RealtorMag | May 17, 2012
More than 13,000 REALTORS® attended the Rally to Protect the American Dream this morning in the shadow of the Washington Monument on the National Mall in Washington, D.C. (Were you there or did you watch it?  What did you think? ~Anthony)
  

Anthony Carollo 2007 EMAIL  

Join My List

Find me on:     LinkedIn     Twitter     Facebook

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 5-1-2012


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

Living With Parents is a Drag . . . In Several Ways
The Washington Post | April 30, 2012
The recession has reduced the rate at which Americans set up new homes or apartments by at least half. Although the number of new households has begun to recover over the past year, its growth rate continues to lag behind its historic pace, according to Census Bureau statistics.

Federal Reserve: Banks to Increase Real Estate Loan Exposure
HousingWire | April 30, 2012
Borrower demand for prime residential mortgages is strengthening, causing some banks to anticipate increasing their exposure to such loans over the next year.

Ten Years Later: Erpenbeck Scandal Still Stirs Emotions
Cincinnati Enquirer | April 30, 2012
Ten years ago Charles Mitchell bought his dream home from the Erpenbeck Co. The former Covington police officer and now retired school bus driver spent his life savings on the $205,000 brick house with an attached two-car garage.

Freddie, Fannie Departures Escalate
The Wall Street Journal | April 30, 2012
Concerns are growing about departures at mortgage-finance giants Fannie Mae and Freddie Mac, a situation that some executives argue is making it difficult to manage the companies and their $5 trillion mortgage business.

Must-Have Gadgets for 2012
The Washington Post | April 30, 2012
Here are some of the must-have gadgets that have been creating some buzz. 

REO Prices Increase, Fair Market Prices Drop, Home Values Stabilizing
DSNews.com | April 30, 2012
According to data from Clear Capital, over the last year, REO prices have increased 5.5 percent, while fair market prices dropped 2.9 percent.

Mobile app to mitigate risks for notaries and firms that employ them
HousingWire | April 30, 2012
A new smartphone app by CivilMap aims to mitigate risks involved for notaries and the companies that employ them. In a statement, the creators said the product would be a step forward in organization and legal compliance for notaries.

I include the article below just to highlight what seems to me to be another misleading headline. The reporter suggests with the headline she writes that you and I cannot get a loan if we have less than a 720 score.  If you read the article, you’ll see that is in fact not at all what she is saying. The headline grabs attention, but it doesn’t reflect the facts. If I’m wrong, I’m confident my faithful readers will let me know. 

(:-) ~Anthony

Lower than 720 FICO score? No mortgage for you!
HousingWire | April 30, 2012
A survey released Monday by the Fed told us something we’ve known for a while (well, since the housing bust): Those with bad credit can’t get a mortgage. 

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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