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Real Estate News Today 6-14-2012


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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 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 14, 2012 in Real Estate news

 

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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 6-4-2012


At Stewart Title of Spokane we are mourning the passing of one of our staff. Cameron Jay Erickson left us in February to become a missionary/hospital pilot in Zambia. He ws killed along with his wife this last weekend in an airplane accident in Zambia.  Please keep the Erickson family in your thoughts and prayers.  Jay’s missions blog can be found here: www.missionflying.com
Today’s news that may be of interest to you: 

Federal Government Unloads Real Estate
CNN Money | May 31, 2012
The federal government, the nation’s top property owner, said Thursday that it is on track to save $8 billion by the end of the fiscal year by consolidating its real estate holdings and selling off the excess.

Financial Crisis Sends Euro Zone to Tense Endgame
The Washington Post | May 31, 2012
The European Central Bank chief calls the currency union “unsustainable” and says more central control of national finances is needed if it is to survive.

Multiple Offers Make a Comeback in Residential Real Estate
Philadelphia Enquirer | May 31, 2012
Guess what’s back in the real estate vocabulary for many neighborhoods and communities? Multiple offers.

Refinancing Effort Grows, But Levels Still Low for Most ‘Under Water’
The Wall Street Journal | June 1, 2012
The number of homeowners who have refinanced their home loans under a revamped federal program for those with sunken property values is rising, but the effort is just starting to reach the most severely “underwater” borrowers.

The U.S. Housing Crisis: Where are Home Loans Underwater?
Zillow Blog | June 1, 2012
With U.S. home values falling by nearly 25% since peak in 2007, many homeowners are now underwater in their mortgages, meaning they owe more than their home is worth. Search Zillow’s interactive map to discover what percentage of homes in your county or ZIP code are in negative equity, based on Zillow’s first quarter 2012 data.

Study: Buying a House Makes People Less Entrepreneurial
The Washington Post | June 3, 2012
The recent bust was a rude awakening about the downsides of owning a home. Researchers have uncovered yet another potential drawback: Purchasing a home makes people 20 to 25 percent less likely to start their own business.

Gen Y Is Ready to Buy
RealtorMag | June 1, 2012
Forty-seven percent of Generation Yers say they plan to purchase a home within five years or less, according to a new study released by Western Union. That tops the general population, 29 percent of which say they plan to buy a home in the next five years or less. 

What Are Renters Looking for in Housing?
RealtorMag | May 31, 2012
When it comes to apartment living, more renters want convenience and to be near urban and public transportation hubs, according to industry experts during a recent webinar hosted by the National Association of Home Builders. 

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 June 4, 2012 in Real Estate news

 

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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

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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Posted by on May 16, 2012 in Real Estate news

 

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Real Estate News Today 5-9-2012


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

6 Don’ts After You Apply For a Mortgage
The KCM Blog | April 12, 2012
I learned a long time ago that “common sense is NOT common practice“.  (Great blog article here, it’s worth a read if you are borrowing on a purchase or a refinance. ~Anthony)

Home Prices in March Show Monthly Gain but Yearly Loss: CoreLogic
DSNews.com | May 8, 2012
Excerpt: “When excluding distressed sales, month-over-month prices went up for the third consecutive month, while year-over-year prices increased by 0.9 percent in March 2012 compared to the same month a year ago, according to CoreLogic’s HPI.”

Avoid these 10 money mistakes your parents made
MarketWatch | May 9, 2012
Not being a best-selling author, film star or U.S. senator, I won’t be giving commencement speeches this spring. But as I imagine myself at the podium in front of eager young college graduates, I know exactly what I would say.

Three Reasons Why Sellers Shouldn’t Be Present for House Showings
Fox Business | May 8, 2012
It’s the dreaded question real estate agents fear when speaking to the seller. “May I be present at the open house or showing?” (Another excellent article.  These are all also great reasons, among many others, to avoid trying to sell the home yourself. ~Anthony)

Big Delays in Mortgage Refinancing
The Wall Street Journal | May 8, 2012
Clogged mortgage pipelines have created headaches for hundreds of thousands of Americans trying to take advantage of low mortgage rates.

4% a Year Rise in U.S. Home Prices?
USA Today | May 8, 2012
Average U.S. home prices — down by a third since 2006 and still falling — will rise almost 4% a year for the next five years, according to a new forecast.

Why Aren’t We Building More Multifamily Houses?
The Washington Post | May 8, 2012
With a growing population and rising rents, a reasonable plan would be to build lots of rental housing.

EverBank Targets $1 Billion Mortgage Mark
HousingWire | May 8, 2012
EverBank Financial expects to grow its single-family business to $1 billion in mortgage commitments by the end of the year.

 

Anthony Carollo 2007 EMAIL  

 

Find me on:   LinkedIn     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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Posted by on May 9, 2012 in Real Estate news

 

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Real Estate News Today 5-3-2012


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

The Perfect Loan File
Forbes | March 9, 2012
The media has it all wrong – securing mortgage approval and satisfying credit underwriting guidelines are not the difficulties plaguing mortgage consumers.  (One of my Linkedin connections shared this yesterday, great article about the mindset of the borrower and how we can help them prepare. ~Anthony)

Wells Fargo’s Market Share of U.S. Mortgages Tops 33%
Bloomberg | May 2, 2012
Wells Fargo & Co. (WFC), already the largest U.S. home lender, widened its lead in the first quarter by originating a third of all residential mortgages in the nation as some of its biggest rivals retreated. (Is this a problem or concern or not at all?  Like anything else, I guess it depends on your perspective.  That’s a greater market share than Countrywide ever had, I think CW was at 20% at their peak, correct me if I’m wrong.  ~Anthony)

Retirement, Slipping Farther and Farther Away
The New York Times | May 2, 2012
Over the last decade and a half, Americans’ expected retirement age has slowly risen to 67 from 60, according to a new Gallup survey.

Getting Away—but Not Too Far
The Wall Street Journal | May 2, 2012
Sales of vacation homes are picking up as low prices pull buyers off the fence. But with travel costs rising and consumers still uncertain about the economy, many buyers are snapping up properties closer to home.

Another Big Name Exits Reverse-Mortgage Lending
The New York Times | May 2, 2012
MetLife said recently that it would stop making reverse mortgages, as part of a general exit of the banking industry.

Instability of Shadow Banking Still Plagues Investors
Forbes | May 2, 2012
There are still major vulnerabilities in the US financial system, especially in areas of “shadow banking”, which are inadequately regulated– and in the overhaul of the mortgage finance infrastructure. Too big to fail institutions that are of global systemic importance could still fail and have negative consequences for the entire financial system.

Beazer Books Surge in Home Sales
The Wall Street Journal | May 2, 2012
Beazer Homes reported a narrower fiscal-second-quarter loss Wednesday as the builder recorded a surge in home closings and sounded a hopeful note for the months ahead.

I’ve already had a call from our IT Dept. this morning because we have a server down.  In honor of you wonderful IT people everywhere I offer this great memo from The New Yorker.  I love it!
Please Read: Important Procedure Change For Contacting I.T. Department
The New Yorker | May 2, 2012
When contacting the I.T. department, it is essential that the user states the priority level of the request. Make sure to specify one of the following levels.

And last but not least, another new low:
Mortgage Rates hit all-time low
HousingWire | May 3, 2012
Fixed mortgage rates hit new all-time lows this week as anemic economic growth and inflation took rates to unheard depths.
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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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  

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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