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 V. Carollo / President
Stewart Title of Spokane
606 W. 3rd Ave.
Spokane, WA 99201
Direct Line: 509.321.3939
Direct Fax: 866.652.8834
Please remember to choose Stewart Title of Spokane on your next transaction!