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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 7-10-2012


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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 4-20-2012


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

Voters in Spokane County appear to have passed Measure 1 to expand the Convention Center and the Spokane Arena seating.  Check out the Measure 1 website to see what the Convention Center will look like when done.

Multifamily Building to Beef Up 30% in 2012
HousingWire | April 19, 2012
Fannie expects multifamily housing starts to jump 30% from 178,000 in 2011 to 231,000 in 2012. And then to 278,000 the following year.

Mortgage-Tax Break Curbed by Housing Slump
Bloomberg | April 19, 2012
The cost of one of the country’s most expensive individual tax breaks is shrinking as the number of Americans who own homes declines and mortgage rates hover near historic lows.

Bank of America Leads Banks in Short Sales of U.S. Homes
Bloomberg | April 19, 2012
The Charlotte, North Carolina-based bank approved 5,276 short sales in January, topping JPMorgan Chase & Co., with 2,976, and Wells Fargo & Co., the biggest home-loan originator, with 2,788, according to a report today by RealtyTrac Inc. (I’m not harping on BofA since they in fact did the most, but these numbers they give us for short sales still seem incredibly low.  I would have thought the number of short sales approved in a month would be 10x as high. ~Anthony)

Fears Rise That Economic Recovery May Falter in Spring
The New York Times | April 19, 2012
Global finance leaders are meeting in Washington to discuss oil prices, unemployment and other issues putting a cloud over the global economic picture.

Cities With Least Realistic Home Prices
The Wall Street Journal | April 19, 2012
Home sales are down, Thursday’s data shows. Oddly, sellers seem to be raising their asking prices. (This is interesting in that they determined the most realistic asking prices based soley on the gap between the median list prices and the median sales prices for the market.  Is that the right measure? I suppose it’s as good as any? ~Anthony) 

Chicago Loosens Vacant Property Restrictions on Banks
HousingWire | April 19, 2012
City officials in Chicago, with an ear to mortgage lenders and servicers, decided that maybe its pre-foreclosure requirements for vacant buildings were a bit too strict.

New Figures Stoke the Home Inequity Debate
The New York Times | April 19, 2012
A little more light is being shed on a type of loan that has been stinking up bank balance sheets.

Big Banks: Now Even Too Bigger to Fail
BusinessWeek | April 19, 2012
Two years after President Barack Obama vowed to eliminate the danger of financial institutions that are too big to fail, the nation’s largest banks are bigger than they were before the financial meltdown.

Short Sales Start to Outpace Foreclosures
Realtor Magazine | April 19, 2012
Banks are agreeing to more short sales, and for the first time,  short sale transactions are exceeding foreclosure deals, according to the most recent housing data from Lender Processing Services (LPS) Inc. (Check out this quote from the article:  “Banks are realizing that short sale transactions usually sell for higher prices than foreclosures.”  No kidding?  Who knew? ~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 2-22-2012


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

FHFA Releases Plan for Freddie, Fannie Exit
The Washington Post | February 21, 2012
A federal housing regulator on Tuesday released a plan for beginning to scale back mortgage giants Fannie Mae and Freddie Mac — just as the Obama administration is pressing the taxpayer-backed companies to do more to help homeowners.

Grubb & Ellis Files for Bankruptcy
HousingWire | February 21, 2012
Commercial real-estate firm Grubb & Ellis filed for Chapter 11 bankruptcy protection as it faces liquidity problems and $30 million in debt that matures on March 1. Financial brokerage firm BGC Partners agreed to acquire the Santa Ana, Calif.-based firm with a $30 million credit bid.

Critics: Fed’s housing push crosses a line
The Washington Post | February 21, 2012
Senior Federal Reserve officials are injecting themselves into a noisy debate over how to solve the housing crisis, drawing criticism from some lawmakers who say the Fed has no business straying from its traditional role as the U.S. central bank.

Should Mortgage Rates Even Be Lower?
The Wall Street Journal | February 21, 2012
Mortgage rates are the lowest on record. But by a key historical measure, they should be even lower. Over the past year, a wide gap ripped open between the mortgage rates house hunters see and a benchmark interest rate investors demand to buy bonds backed by home loans.

Delinquency Rate Falls in January But Foreclosure Starts Rise: LPS
HousingWire | February 21, 2012
The delinquency rate on U.S. mortgages monitored by Lender Processing Services fell in January but foreclosure starts rose.

Under Volcker, Old Dividing Line in Banks May Return
New York Times | February 21, 2012
The Volcker Rule, and its limitations on bank trading, may have the unintended effect of dividing the world back into investment banks and commercial banks. The unusual twist here is that Goldman Sachs and Morgan Stanley may end up stuck on the wrong side of the fence, treated under the law as commercial banks instead of the investment banks they once were.

Moderate Growth Projected for 2012
DSNews | February 21, 2012

Overall, growth is expected to continue for the year, but at a modest rate, according to the Fannie Mae February 2012 Economic Outlook report.

IRS Releases the Dirty Dozen Tax Scams for 2012
IRS.gov | February 16, 2012
The Internal Revenue Service today issued its annual “Dirty Dozen” ranking of tax scams, reminding taxpayers to use caution during tax season to protect themselves against a wide range of schemes ranging from identity theft to return preparer fraud.

From the National Association of Realtors®:

The 10 Most Popular Housing Markets
Find out which real estate markets garnered the most clicks at Realtor.com last month.

Is the Downsizing Trend Fading?
New homes built in 2011 were bigger in size and had more amenities and features compared to homes built in 2010, new Census data shows.

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 1-30-2012


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

Michigan, Ohio Lawmakers Propose Large-Scale Demolition
DSNews | January 27, 2012
With vacant and deteriorating properties taking a toll on communities throughout Ohio and Michigan, lawmakers from the two states are proposing large-scale demolition as a means of easing the burden of these problematic properties. (Is this the answer?  I don’t know what the answer is, but it’s incredible to me that communities would pay to have these homes ripped down.  Don’t get me wrong, I understand the reasons why they’re looking at demolition, it’s just amazing to me that this is what we’ve come to. Check out our Stewart Title Spokane Facebook page or my discussion on LaunchPad for more of my thoughts on this. ~Anthony)   

Housing Remains a Buyer’s Market
The Wall Street Journal | January 29, 2012
A majority of Americans recently surveyed say now is a good time to buy a home. That’s no surprise, given that record-low mortgage interest rates and bargain home prices are boosting affordability.

Processing Delays Manifested: 39% Fewer Foreclosure Starts in 2011
DSNews | January 27, 2012
The number of foreclosure actions initiated in 2011 was down 38.7 percent compared to 2010, according to a new report from Lender Processing Services (LPS).

American Economy isn’t Truly Healthy Yet, But it’s Healing
The Washington Post | January 27, 2012
The American economy may not be truly healthy yet, but it’s healing.

Consumer Bureau Reviewing Real Estate Appraisal Fee Disclosure
Los Angeles Times | January 26, 2012
Some appraisers are being paid less than half the fee, while the balance flows to an appraisal management company.

The Housing Recovery that Wasn’t
CNN Money | January 30, 2012
The evidence for a recovery is compelling, but optimists should actually be watching rising interest rates.

Freddie Mac Betting Against Struggling Homeowners
NPR | January 30, 2012
Freddie Mac has invested billions of dollars betting that U.S. homeowners won’t be able to refinance their mortgages at today’s lower rates, according to an investigation by NPR and ProPublica, an independent, nonprofit newsroom.

It Has a Fancy Name, but Will It Get Tough?
The New York Times | January 29, 2012
President Obama told the nation last week that he was convening a task force to investigate the abusive practices in the mortgage industry that led to our economic woes. Both lending and the practice of bundling loans into securities will come under scrutiny, he said, adding: “This new unit will hold accountable those who broke the law, speed assistance to homeowners and help turn the page on an era of recklessness that hurt so many Americans.”

Obama Administration Expands Aid for Delinquent U.S. Homeowners
Bloomberg | January 28, 2012
The Obama administration, seeking to help more homeowners lower their interest rates and shed mortgage debt, will relax the rules on a federal loan-modification program and triple its incentives to banks.

From the National Association of Realtors®:

First-Time Buyers More Willing to Compromise
First-time home buyers are coming with a big wish list to their home shopping, but when it comes down to it, they’d rather live small than large.

Will High Rents Push People to Buy Homes?
As rents rise, housing analysts believe more apartment tenants will look to own.

 

Anthony Carollo

 

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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 1-20-2012


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

Strong Homeowner Preferences Among U.S. Voters
Ted C. Jones Blog | January 20, 2012
In my economic forecast presentations this year one of the mega themes is that people that graduated from a technical school, college or university in the past three years or the coming three years will be more pre-disposed to be renters than home owners.  Literally, they may be a generation of renters. 

Homeowners Stop Waiting to Spruce Up
The Wall Street Journal | January 19, 2012
Americans are stepping up spending on home improvements for the first time in years, giving a small lift to the beleaguered construction sector.

Housing Market and Economy Showing Encouraging Signs
The Washington Post | January 19,2012
The average rate on a 30-year fixed mortgage reached a new low this week, falling to 3.88 percent, according to data released Thursday by Freddie Mac.

Housing Inventory Ends Year Down 22%
The Wall Street Journal | January 19, 2012
There were fewer homes listed for sale at the end of 2011 than in any of the previous four years, a positive sign for the housing sector.

Fitch: Principal Reductions Meaningfully Reduce Mortgage Delinquencies
HousingWire | January 19, 2012
Principal reductions on mortgage loans meaningfully reduce delinquencies and foreclosures, much more than current proposals, according to Fitch Ratings.

Mortgage Originations Down 20% at Big Four Banks in 2011
HousingWire | January 19, 2012
Mortgage originations by the nation’s largest four banks fell 20.4% in 2011 to a combined $717 billion from $902 billion in 2010.

Delinquency and Foreclosure Rates Down From a Year Ago: LPS
DSNews | January 19, 2012
As of the end of December, Lender Processing Services (LPS) counted 6,167,000 borrowers behind on their mortgage payments, including those already in the process of foreclosure.

U.S. Housing Starts Dropped More Than Forecast in December
BusinessWeek | January 19, 2012
Builders began work on fewer houses than forecast in December, capping the worst year on record for single-family home construction and signaling recovery in the industry will take time.

More Originators Fear Effects of Legislation: Survey
The MReport | January 19, 2012
A survey released Wednesday found that more mortgage originators fear the effects of legislation for their industry than from any other challenge.  Releasing the Second Annual Survey of Originator Opinions, mortgage industry recruiting firm Hammerhouse LLC polled about 400 active loan originators across the country on issues that ranged from regulation to technology.  (If this describes your sentiment, you may not want to read this one: FHA toughens rules, penalties for mortgage lenders from HousingWire. ~Anthony)

From the National Association of Realtors®:

10 Housing Markets Getting the Most Web Traffic
Find out which 10 housing markets garnered the highest search rankings for December 2011 at Realtor.com.

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 11-21-2011


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

Existing-Home Sales Rise Unexpectedly in October
DSNews.com | November 21, 2011
Sales of previously owned homes got an unexpected boost last month while the number of homes on the market continued to decline, according to data released Monday by the National Association of Realtors (NAR).

Country Grammar: The Value of a Poshly Named Street
The Wall Street Journal | November 20, 2011
Two University of Georgia professors, Velma Zahirovic-Herbert and Swarn Chatterjee, recently set out to quantify the effect of street-naming and subdivision-naming on housing values.

Freddie Clamps Down on Short Sale Fraud
HousingWire | November 19, 2011
Freddie Mac will force parties involved in a short sale to sign affidavits making them liable for their negligent or intentional misrepresentations in the deal, an effort to be sure it’s an arms-length transaction, according to guidance released Friday.

Is the Housing Crash Fueling Suburbanization?
The Wall Street Journal | November 20, 2011
The suburbanization of America is not new, but a report from the real-estate website Trulia suggests that dramatic drops in home prices could be opening the way for buyers to find homes on their favorite cul-de-sac.

30% of FHA Mortgage Modifications Redefault Within a Year
HousingWire | November 19, 2011
More than 30% of the nearly 282,000 modifications completed on Federal Housing Administration mortgages in 2010 redefaulted within a year, according to an independent study sent to Congress this week.

$1B Homeowner Program Mainly Benefited 3 States
USA Today | November 20, 2011
A $1 billion federal program to help distressed homeowners in much of the country mainly helped people in just three states and very few in some others, government data show.

Fitch Expects Commercial Properties to Fare Better in 2012
HousingWire | November 19, 2011
Fitch Ratings expects commercial property performance to stabilize slowly and ultimately improve slightly from 2010 and going into next year.

The government can’t fix Fannie and Freddie
HousingWire | November 18, 2011
The recent clash between the Federal Housing Finance Agency, Fannie Mae and Freddie Mac and the House Financial Services Committee highlighted precisely why the government can’t fix the government-sponsored enterprises.

Past Due Mortgages=6,298,000
DSNews | November 18, 2011
There were 6,298,000 mortgages going unpaid in the United States as of the end of October, according to Lender Processing Services (LPS).  It’s a daunting number, but the data show that it’s actually been on a fairly steady decline for nearly two years now. 
(I spoke with a friend of mine this weekend who told me that they “are so far behind on their mortgage it’s not even funny”.  I think it’s important to stress to folks that we talk with that are behind on payments to call their lender (as with any creditor) when they get behind.  Make an effort to communicate with them.  Generally they don’t want to take the house back, they would much prefer to hear that an effort is being made to make some form of payment.  This effort will can slow or stop the foreclosure.~Anthony)

From the National Association of Realtors®:

Congress Restores FHA Loan Limits to NAR-Backed Levels
In a bipartisan effort, the U.S. House and Senate agreed to reinstate the FHA loan limit formula and maximum cap to the level they were at before they were allowed to expire at the end of September.

Recovery Taking Hold in New-Home Market?
Housing production and permits have been gradually rising since spring, and economists are predicting a solid recovery for the new-home market to finally take hold in 2012.

8 Most Affordable College Towns
Find out where you can get the best housing deals among the nation’s college towns.

 

I want each of you to know how thankful I am that I can call you a friend this holiday season.  I’m also so very thankful and humbled by the opportunity we have to help buyers find a home where they can live, raise a family, and to love one another.  I leave you today with my favorite quote from my favorite real estate industry movie, “It’s a Wonderful LIfe” ~Anthony V. Carollo

Pa Bailey: “You know, George, I feel that in a small way we are doing something important. Satisfying a fundamental urge. It’s deep in the race for a man to want his own roof and walls and fireplace, and we’re helping him get those things in our shabby little office.”

 

from The Internet Movie Database

 

 Anthony Carollo

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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