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Real Estate News Today 6-13-2012


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

New Mortgages 20% More Likely to Default than Those from the ’90s
DSNews.com | June 12, 2012
Investors and lenders should expect loans currently originated to have a 20 percent higher chance of default than those originated in the ’90s due to current economic conditions, according to the University Financial Associates (UFA). (Keeping in mind that this is only one firm’s position, it does seem to me that the US homebuyer’s mindset has turned a corner. It used to be that foreclosure normally only happened to those folks that couldn’t afford their house payment.  ‘Strategic default’ is a now socially acceptable option if things get tight. This adds a whole new segment of consumers who will be foreclosed upon in the future.  ~Anthony)

Shortage of homes for sale creates fierce competition
Los Angeles Times | June 10, 2012
The newest problem for the slowly improving housing market isn’t a shortage of serious buyers, it’s a shortage of good homes.

Landlords Cash in on Higher Demand
RealtorMag | June 12, 2012
Taking advantage of an increase in home owners-turned-tenants, apartment landlords are raising their rents and expect to continue to do so.

Rental Market Still Tightening: Moody’s
DSNews.com | June 12, 2012
With vacancies declining and rental prices rising, the climate in the housing industry is clearly warming up to rental properties.

Wells Fargo to limit FHA Streamline participation
HousingWire | June 12, 2012
Wells Fargo will only accept new streamlined refinancing on Federal Housing Administration mortgages serviced in-house beginning June 19, according to an alert sent to lenders Tuesday.

US GDP – Not As Pretty As Otherwise Indicated
Ted C. Jones Blog | June 11, 2012
If you looked at the basic U.S. Gross Domestic Product (GDP) numbers, you would conclude that the U.S. is gaining economic ground. 

Trade Group to Call for CFPB Official to Resign After Remarks
DSNews.com | June 12, 2012
Sparking indignation in the mortgage broker community, Raj Date, deputy director of the Consumer Financial Protection Bureau laid the bulk of the blame for the housing crisis on brokers during a speaking engagement Monday. His statements have led at least one industry trade group to call for his resignation. (I know lots of really good and honest mortgage brokers who helped many, many of consumers. Like many industries, there was a segment that took advantage of some consumers and gave the others a bad name. ~Anthony)

Endless QE? $6 Trillion and Counting
Reuters | June 13, 2012
Many more years of money printing from the world’s big four central banks now looks destined to add to the $6 trillion already created since 2008 and may transform the relationship between the once fiercely-independent banks and governments.
 

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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Posted by on June 13, 2012 in Real Estate news

 

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Real Estate News Today 6-6-2012


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

North Spokane Corridor Reaches Major Milestone
GSI Blog | June 5, 2012
A semi-truck traveling from, say, Grand Forks, British Columbia needing to get to the Hillyard area of Spokane, will soon be able to do so without seeing a stoplight between Deer Park and Francis Avenue. (This will be great for Spokane! ~Anthony)

Census Releases 2011 Housing Characteristics
HousingWire | June 5, 2012
The US Census Bureau released their report “Characteristics of New Housing” for the year 2011. While conventional mortgages hit an all-time low (percentage wise) in 2010 and FHA-backed mortgages hit an all-time high, those numbers moved a little closer to normal in 2011. (See the graph in the last articel below. ~Anthony)

Home Prices Gained in April: CoreLogic
Reuters | June 5, 2012
CoreLogic’s home price index rose 2.2 percent in April from the previous month and gained 1.1 percent from the year before.

Fannie Mae Announces New CEO
The Washington Post | June 5, 2012
For Timothy J. Mayopoulos, the promotion comes with an odd twist: a significant pay cut.

Google Beefs Up Its Mobile Docs With QuickOffice Purchase
Los Angeles Times | June 5, 2012
Google is adding some weight to its Google Docs team by purchasing Quickoffice, a startup that developed a suite of mobile apps that are essentially clones of Microsoft Office.

Redfin: Homebuyers think the market is beginning to favor sellers
HousingWire | June 4, 2012
While homebuyers are hitting the pavement looking for a home, real estate broker Redfin concluded in a new survey that 49% of buyers believe it’s a good time to shop for real estate, down from 56% in the first quarter.

Five Cheap Tip to Boost Your Home’s Value
Fox Business | June 5, 2012
Here are five inexpensive ways to increase the value of your home for sale. With home prices falling again, it might be foolish to spend thousands on a new kitchen or bath. Instead, say veteran real estate agents, you can wow buyers by using a few household cleaners, generous amounts of elbow grease and some thoughtful staging. (All easy stuff, but do you agree with what they say?  Are there obvious tips that they missed? ~Anthony)

New Single Family Homes: 2011 vs 2006
The KCM Blog June 6, 2012
The Census Bureau just released their findings on new single family residential construction built in 2011. (This blog post is a simple table that looks at 2011 as compared to 2006.  Noteworthy to me: square footage was a surprise, the average sales price drop was not as much as I would have expected, and not much else was surprising but rather affirmation of what we already knew. Your thoughts? ~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  

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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 4-12-2012


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

Foreclosures to Rent are a Hot Investment
Los Angeles Times | April 11, 2012
A new report predicts the market for foreclosed homes that are turned into rentals will be worth more than $100 billion this year.

CoreLogic: Best Markets for Single-Family Rental Investments
DSNews | April 11, 2012
Single-family rental investing is a $3 trillion market, according to a CoreLogic’s MarketPulse report, which further stated that the single-family rental market accounts for $21 million rental units, or 52 percent of the residential rental market.

Watchdog Blasts Housing Program for ‘Hardest Hit’
CNN Money | April 12, 2012
A federal-state program aimed at helping homeowners in states hardest hit by the mortgage crisis is falling far short of its goals, a federal watchdog said in a report released Thursday.

Foreclosures at Lowest Level Since 2007
The Washington Post | April 11, 2012
First-quarter filings fall to lowest levels since the housing collapse began nearly five years ago.

FHA Retreats on Lending Rule Change
Houston Chronicle | April 11, 2012
The Federal Housing Administration has backed off from a rule change that would have made it harder for potential homebuyers to get government-backed mortgages.

How ‘Shadow Inventory’ Hurts the Housing Market
Chicago Tribune | April 11, 2012
There were high hopes that 2012 would be the year when the housing market, battered by the explosion of the real estate bubble, would finally begin to recover. But any good news on the housing front has quickly been followed by negative news.

The Top 10 Dying Industries in the United States
The Washington Post | April 11, 2012
A new report from IBIS World looks at 10 industries in the United States that are demonstrating, as the researchers put it, “exceptionally sour performance.”

Buyer Urgency Improves, More See Now Good Time to Buy
Realtor Magazine | April 11, 2012
More home buyers may jump off the sidelines this spring as they get more urgent about purchasing a home, fearing that home price and mortgage rate increases are on the horizon. 

BofA Announces Shortened Short Sale Process
Realtor Magazine | April 11, 2012
Bank of America announced it is refining its short sale process to streamline its approval process and reduce the wait in accepting offers and making it to closing. The changes are expected to trim the bank’s decision time in half — from 45 days or longer to 20 days, Inman News reports. 

 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 3-16-2012


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

Small Businesses in Homebuilding Industry See Signs that People are Ready to Buy
The Washington Post | March 15, 2012
Charles Ruma is suddenly busy. His company, Virginia Homes, is getting five to 10 visits from prospective homebuyers each weekend. During the last three years, he was lucky to get five in a month.

State’s High Court Hears Suits Against Mortgage Clearinghouse
The Seattle Times | March 15, 2012
The state Supreme Court heard arguments Thursday in two cases that could determine whether the nation’s largest electronic mortgage-tracking system has legal authority to foreclose on delinquent homeowners in Washington.

Passing Out Business Cards is Quickly Becoming Passé
The Los Angeles Times | March 15, 2012
Chalk up another looming casualty of the Internet age: business cards.

Housing Market Showing Signs of Strengthening
The Hill | March 15, 2012
A growing number of housing markets, especially in metropolitan areas, are showing steady improvement as the sector continues its slow recovery.

Growth in the ‘Sand States’
BusinessWeek | March 15, 2012
Arizona, California, Florida, and Nevada are the states where homeowners enjoyed the most extreme runup in prices – until the subprime crisis sent the whole housing industry into its sharpest contraction in decades.

How To Be Creative
The Wall Street Journal | March 13, 2012
The image of the ‘creative type’ is a myth. Here’s a look at why anyone can innovate – and why a hot shower, a cold beer or a trip to your colleague’s desk might be the key to your next big idea.

Most Home Owners Unaware of Gov’t Aid Programs
Realtor Magazine | March 15, 2012
More than 70 percent of home owners are unaware that there are government programs to help underwater borrowers.

Agent Injured When Indiana Home Explodes
Realtor Magazine | March 15, 2012
A real estate agent in Gary, Ind., was preparing to show a vacant home to a family Tuesday afternoon when the home suddenly exploded.

Gov’t Programs on Housing, Lending Need Forethought 
Realtor Magazine | March 15, 2012
The CEO of Entitle Direct Group says government interventions in the housing and mortgage lending sectors need more planning and prudence to avoid digging the hole even deeper.

 

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 3-13-2012


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

Homebuilder spring selling season off to solid start
HousingWire | March 12, 2012
The homebuilder spring selling season just started, but reports from the field confirm that sales activity in communities are materializing in a way not seen in years, Barclays Capital said.

Deeply Underwater Homeowners to Get Most Aid from Foreclosure Deal
Los Angeles Times | March 12, 2012
Homeowners more deeply underwater on mortgages handled by five major U.S. banking firms are prime candidates for getting help from a $25-billion nationwide settlement over alleged foreclosure abuses.

Banks, Meet the New Foreclosure Monitor
The Wall Street Journal | March 12, 2012
The mortgage industry has a new cop on the beat: Joseph A. Smith Jr. Mr. Smith resigned his post last month as North Carolina’s top banking regulator to serve as the new monitor of the $25 billion mortgage settlement that was filed in federal court on Monday.

Hispanics Projected to be Mega-Consumer in Housing Market
DSNews | March 12, 2012
With Hispanics as the largest minority group in the U.S., mortgage industry professionals should also expect Latinos to be key players when it comes to America’s home buying future, according to the 2011 State of Hispanic Homeownership report released by the National Association of Hispanic Real Estate Professionals.

Americans Grow More Confident in Housing Recovery
BusinessWeek | March 12, 2012
Potential homebuyers and sellers are growing more confident that the U.S. real estate market will begin to recover as soon as next year, according to a Prudential Real Estate survey.

Gov’t Trims Half of its Foreclosure Inventory
Realtor Magazine | March 12, 2012
“The GSEs sold REOs at a record pace in 2011,” HousingWire reports. Find out by how much Fannie, Freddie, and HUD trimmed foreclosure inventories.

Knock it out of the Park: Use Statistics
Inman Next | March 5, 2012
Imagine for a moment that you had $41 million to invest in your real estate business. Now imagine that another agent had $139 million available to compete against you in procuring closed transactions. With more than a 3-to-1 disadvantage, would you be able to generate as many sales or would your competition crush you with more available capital?  (Here is an excellent blog from Inman Next on the value of knowing your market -no matter what real estate function you perform-, and a different way of looking at the market stats. ~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 1-9-2012


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

Fannie Mae survey shows more confident consumers
HousingWire | January 9, 2012
More Americans interviewed by Fannie Mae for its national housing surveyare optimistic about their financial prospects and the housing market in the coming year.

Home Prices Down in 2011, but Market Stability Forecast for 2012
DSNews | January 8, 2012
While year-over-year home price measurements notched down in 2011, prices are expected to see a slight uptick in 2012, according to Clear Capital.  Should the valuation company’s predictions ring true, it would be the first time since 2006 that the change in annual home prices has landed in positive territory.

Unemployed with Mortgage Trouble? Freddie, Fannie to Expand Help
The Wall Street Journal | January 8, 2011
Job growth may be picking up, but the ranks of unemployed remain large, and plenty of Americans are trying to figure out how to pay the mortgage while they’re out of work.

Housing Looms as Strong Voting Issue in Presidential Election
Los Angeles Times | January 8, 212
Although fixing the sagging economy is the biggest concern for potential voters, four national surveys undertaken by real estate organizations indicate that housing is also a major issue.

‘Renter Nation’ Rages on as New Reality in U.S.
USA Today | January 7, 2012
Despite record low mortgage rates and rising affordability in most U.S. housing markets, rent is the new reality for former home owners and new households alike.

Five Myths About the American Dream
The Washington Post | January 8, 2012
Few ideas are as central to American self-identity as the “American dream.” Politicians invoke it, immigrants pursue it, and despite unremittingly negative economic news, citizens embrace it. But what is the American dream?

Bank Regulators to Allow Leeway on Capital Rule
The New York Times | January 8, 2012
The oversight panel of the Basel Committee on Banking Supervision said that the rule did not mean banks would never be allowed to dip below required levels.

Commercial Real Estate Stalls After Rebounding
Los Angeles Times | January 9, 2012
Prices level out after reaching 10% of their record highs in a tug of war between investors’ desire for low interest rates and the fear that a faltering economy might prevent any profit.

From the National Association of Realtors®:

Which States Have the Highest Down Payments?
Nationally, the average down payment on a home is 12.29 percent, but home buyers are putting down even more on their home purchase in some states.

Freddie Loosens Credit Score Requirement for Refis
Freddie Mac announced the elimination of its minimum credit score requirement for borrowers wanting to refinance, but they must have at least 20 percent equity in their home.

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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