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Real Estate News Today 7-3-2012


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

The Real Value of Homeownership…It’s Not Monetary
The KCM Blog | June 27, 2012
There are numerous media sources reporting the advantages and disadvantages of homeownership. Every expert (from international money managers who have hundreds of billions of dollars of assets under management to local and national real estate experts) has chimed in on the subject. (This author does a fantastic job of putting in writing what so many of us feel.  Is the real value of home ownership all about the money?  Or is it stability and family?  It’s worth reading and passing along to anyone who questions whether they should invest in a home for themselves. ~Anthony)

Storm Damage? 6 Ways to Avoid Contractor Scams
Fox Business | July 2, 2012
The derecho storm that hit Ohio and the mid-Atlantic states Friday night brought winds in excess of 70mph, tore down power lines and trees, and left millions without power in the sweltering heat. Now, millions of American families will be faced with the task of filing insurance claims to get their homes, cars and property repaired. (My only alteration to the list would be #2.  There are LOTS of reputable contractors out there that are not on your insurance companies “approved list”.  I would certainly ask any contractor for 2 or 3 references that you can persaonally call and verify the quality of thier work.  Do I have any contractor friends with other feedback? ~Anthony)

Giants and Jets Sue to Block Mall in Meadowlands
The New York Times | June 22, 2012
The Giants and the Jets filed a lawsuit on Friday to block the proposed American Dream shopping and entertainment mall in the Meadowlands, which they contend will threaten their ability to successfully hold games at the nearby MetLife Stadium.

Is Cloud Computing Safe Enough?
The Washington Post | July 2, 2012
Power outages from Friday’s storms have some in Congress questioning the pace of moving to the cloud.

Office Sector Shows Sluggish Growth
The Wall Street Journal | July 2, 2012
San Francisco saw office rents rise faster than any other U.S. market in the second quarter, but the pace of growth in occupied U.S. office space slowed slightly, according to a report from Reis.

U.S. Home Prices Rose in May
Reuters | July 2, 2012
CoreLogic‘s home price index gained 1.8 percent from April and was up 2.0 percent from a year earlier.

California Homeowner Bill of Rights Passes, Sent to Governor
HousingWire | July 2, 2012
Two central provisions of the California Homeowner Bill of Rights passed the California State Legislature Monday. The bills will travel to Gov. Jerry Brown’s desk, where other provisions of the bill also await approval. Brown has not indicated whether he will sign or veto the legislation.

Don’t Lose Your Home Betting On Housing Stocks
Forbes | July 3, 2012
In recent weeks investors have received some positive signs for the housing market in the form of new home sales, housing starts and existing home sales for the month of May, but as most people know one month does not a trend make.
 

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 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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Real Estate News Today 6-28-2012


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

Supreme Court upholds Obamacare individual mandate as a tax
Yahoo! News | June 28, 2012
In a victory for President Barack Obama, the Supreme Court decided to uphold his signature health care law’s individual insurance mandate in a 5-4 decision, upending speculation after hostile-seeming oral arguments in March that the justices would overturn the law. The mandate has been upheld as a tax, with Chief Justice John Roberts joining the liberal wing of the court.  (Love it or hate it?  Most folks seem to feel strongly one way or the other. ~Anthony)

Mortgage Seizures Create ‘Very Serious Concerns,’ Sifma Says
The Wall Street Journal | June 27, 2012
Wall Street’s largest lobbying group is objecting to the use of eminent domain by municipalities to seize mortgages packaged into bonds so the loans can be shrunk to aid homeowners who owe more than their properties’ values.

After Years of False Hopes, Signs of a Turn in Housing
The New York Times | June 27, 2012
Announcements of a housing recovery have become a wrongheaded rite of summer, but after several years of false hopes, evidence is accumulating that the optimists may finally be right.

Government-Backed Loans Went to 6,300 Delinquent Taxpayer
The Wall Street Journal | June 28, 2012
More than 6,300 homeowners who owed millions of dollars in federal taxes received government-backed mortgages in violation of a federal policy, according to a report by a federal watchdog.

Provo, Raleigh Ranked as Best U.S. Business Cities
Reuters | June 27, 2012
Provo, Utah, the home of Brigham Young University, displaced Raleigh, North Carolina, as the best U.S. city for business in a new ranking released on Wednesday.

House to Add Student Loans, Flood Insurance in Highway Bill
San Francisco Chronicle | June 27, 2012
U.S. House and Senate negotiators are finalizing agreements to combine a multiyear highway bill with a one-year freeze on government subsidized student loan interest rates and a reauthorization of flood insurance programs.

Are Banks ‘Hoarding Foreclosures’?
RealtorMag | June 27, 2012
Recent housing surveys are showing an uptick in home prices, particularly in cities in warm-weather “sand states” that had been hard-hit during the housing slump, such as in Phoenix, Las Vegas, Miami, and Tampa. But some housing experts worry that the lift in prices may be temporary due to banks “hoarding foreclosures.”

The Biggest Growth Spots in the Next 20 Years
RealtorMag | June 27, 2012
Small to mid-sized cities will likely be the “biggest winners in the housing market two decades from now,” predicts Stan Humphries, Zillow’s chief economist. Some of these cities will be near large metro areas while some may be more distant and include small to mid-sized cities in college towns too, Humphries adds. (Guess who makes the list?  Whoop whoop! I love this town. ~Anthony)

Educational moment
I’ve seen several articles lately (including the one directly above) that use the term “exurb”.  It’s a new one to me, so I looked it up.  Here’s the definition: “a region or settlement that lies outside a city and usually beyond its suburbs and that often is inhabited chiefly by well-to-do families”
(from http://www.merriam-webster.com/dictionary/exurb)

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 6-21-2012


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

5 Biggets Mistakes Home Buyers Make
RealtorMag | June 20, 2012
Some home buyers fall for common pitfalls when purchasing a home. How can you help make sure your clients don’t fall for one?

Building the Great Outdoors Room
RealtorMag | June 20, 2012
Home owners seeking to maximize living space are turning to the outdoors, treating it like another room in the house.

CFPB to Combine RESPA/TILA Mortgage Disclosures After QM
HousingWire | June 20, 2012
The consolidation of federal mortgage disclosure forms mandated by the Dodd-Frank Act won’t occur until the qualified mortgage rule is finalized, meaning finalization of the new forms won’t arrive until 2013.

Home Prices in the West Are Rebounding as Inventory Shrinks
The New York Times | June 20, 2012
The overall value of homes in 20 metropolitan regions tracked by Standard & Poor’s Case-Shiller index remained unchanged, and prices are still sitting at their lowest point.

Court Rules Against MBA in Loan Officer Compensation Case
HousingWire | June 20, 2012
A United States District Court has ruled against the Mortgage Bankers Association in a case that will determine how loan officers are classified when it comes to standards of pay and overtime compensation.

Many Americans Escape Poverty By Sharing Homes With Families or Friends
The Washington Post | June 20, 2012
Millions of economically pressed Americans cushioned themselves against the recession by doubling up in houses and apartments, according to a Census Bureau report released Wednesday. Michael A. Fletcher JUN 20 Census Bureau says number of adults living with others jumped 11.4 percent between ‘07 and ‘10.

Fed Extends Program to Lower Rates
The Washington Post | June 20, 2012
The Fed said it would extend “Operation Twist,” a program that seeks to reduce long-term interest rates, through the end of the year. The decision highlights how the central bank, the Obama administration and Congress are struggling to make a major dent in unemployment, three years after the economy officially started growing again.

Housing Starts May Be Up But Don’t Expect A Construction Recovery Just Yet
Forbes | June 20, 2012
Builders are beginning to amp up plans for new homes. The number of building permits jumped to the highest level in nearly four years, according to figures released this week by the U.S. Department of Commerce. 

The appraisal discussion continues.  Excerpts from responses I received:

An agents response:
Mortgage underwriters seemed to have been handed all the blame from the sub-prime lending days.  The result today is that many seem to go out of their way to avoid blame that may occur from a default down the road.  As for appraisers using foreclosures and REO properties as comps, that would seem natural as these two types of sales have been setting the “basis” for home values as we listed the homes, so why not consider them as comps to sell them? 

A loan officer response: 
Yes we are afraid of our own shadow. We as lenders are NOT confident in what our investors will require post-closing and further we are trying to avoid push backs from the agencies FNMA/FreddieMac.  No question, it’s a difficult time for ALL of us, we do not want to underwrite in this manner.  Trust me,we do not enjoy the level of post-closing re-underwriting (second guessing) that’s occurring today.  We cannot afford to buy back too many loans. (go to your Board and ask for a million or two at 3-4% for 30 years—They will NOT be happy) My underwriter, Operations Supervisor and myself each have 30 years of experience, and yet we simply don’t know what to expect.  Several lenders I know are simply withdrawing from the business because of excusive regulations, costs and fear.

Another loan officer response:
In the last three years I have had NO appraisal issues in WA or CA, until this week.  We’re probably 50/50 on our Conventional v FHA loans so no problems on either. I’m betting you are only hearing from the people with “problems,” and that it’s not that widespread. At least my experience in two states would indicate the problem isn’t that big.

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 6-7-2012


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

5 of the Most Frequent Consumer Complaints
Yahoo! Finance | June 6, 2012
Have you been unhappy with your bank in the past year? Or gotten an unpleasant call from a debt collector? You’re not alone.

Shortening Loan Terms
The New York Times | June 1, 2012
Low interest rates are making it easier for homeowners to reduce their mortgage payoff times considerably.

Home Rentals — The New American Dream?
USA Today | June 6, 2012
Unlike traditional apartment renters, this breed of American tenants are older and have kids, U.S. Census Bureau data indicate.

Tale of Two Markets: No Downturn in Megahome Sales
MSNBC | June 5, 2012
The real-estate market is splitting in two, with wealthy buyers driving stronger growth at the top while the rest of the market continues to struggle.

Hispanic Home Buyers On The Rise
Forbes | May 31, 2012
For Hispanic Americans, a mega-boom in homeownership is revving up.

New Value for Land in Rural Ohio
The New York Times | June 5, 2012
The energy boom has swept into the rural counties of the upper Ohio River Valley, producing a torrent of investment in mineral leasing that is jolting the economies of small towns and swelling the bank accounts of some working-class families.

Probe Widens Into Mortgage Lenders
The Wall Street Journal | June 6, 2012
Federal officials are broadening their investigations of mortgage lenders that use a popular federally backed mortgage program, a move that could force more banks to pick up some of the rising tab for losses at the Federal Housing Administration.

Americans Cling to Jobs as U.S. Workforce Dynamism Fades
Bloomberg | June 7, 2012
After 4 1/2 months of meetings, interviews and hand-holding, personnel recruiter William Rowe thought he had sealed the deal. The senior executive of a major corporation Rowe had been courting finally agreed to take a top post at a venture capital- backed technology firm in California. Then four days after giving notice, the mid-to-late 40-year-old executive had second thoughts about leaving the security of his company and returned to his old job.

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 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  

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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 May 16, 2012 in Real Estate news

 

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Real Estate News Today 5-14-2012


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

Is Now the Time to Buy Your First House?
The Wall Street Journal | May 13, 2012
Yes, says RBC Global’s Eric Lascelles, who believes homes are more affordable than they’ve been in quite a while. No, says economic consultant A. Gary Shilling, who contends that home prices have 20% or more to drop before they hit bottom. (Check out this one and tell me which side you fall on?  Buy or wait? acarollo@stewart.com )

Lenders are Using a Variety of Tools to Prevent Mortgage Fraud
The Los Angeles Times | May 13, 2012
Websites and other tools can help nab fibbers who just want to buy a house, as well as out-and-out perjurers looking to bilk lenders out of hundreds of thousands of dollars.

Letting China Bank Buy U.S. Lender is Questioned
Seattle Times | May 13, 2012
A decision to let Chinese banks acquire U.S. lenders marks the first time that regulators have allowed a Chinese bank to buy a majority stake in a U.S. depository institution, and at least one senator is concerned.

Hedge Funds Are Shadow Banks in Need of Regulation, Bafin Says
BusinessWeek | May 13, 2012
Hedge funds act as shadow banks and should be added to the list of organizations in need of regulation, according to Raimund Roeseler, head of banking supervision at Germany’s financial regulator Bafin.

Take the Great Estate Challenge
The Wall Street Journal | May 13, 2012
Test your knowledge of luxury homes featured in The Wall Street Journal.

LPS: Home Prices in February Edge Upward
HousingWire | May 11, 2012
Average home prices across the nation rose a meager 0.2% in February to $195,000, according to LPS Applied Analytics, with early data from the firm suggesting another flat increase of 0.3% in March.

The Top 10 Rookie Mistakes for Entrepreneurs
The New York Times | May 9, 2012
In sports, you are a rookie for one year. In entrepreneurship, it can last many years.

Double-Digit Price Increases Coming Soon?
RealtorMag | May 11, 2012
Home buyers and sellers need to get ready to pounce. Hard-hit housing markets are on the road to recovery and expected to see major price gains soon.  (Take a look at the CNNMoney article this one was based on.  It has matrix to pull from based on metro areas – and check out ‘ol Spokane!!  This appreciation would be terrific if it came through. ~Anthony)

Conditions improve in commercial real estate, but confidence is fleeting
HousingWire | May 11, 2012
Conditions in the commercial real estate sector improved in the first quarter, but investors and executives are worried about some of the commercial mortgages set to mature in the coming year and the market’s general lack of interest in sub-A real estate assets, real estate executives 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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