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Real Estate News Today 3-27-2012


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

FHA Bailout Risk Looming Larger After Guarantee Binge: Mortgages
Bloomberg | March 27 2012
The Federal Housing Administration won?t be able to earn its way to financial health this year, increasing the chance it will need a taxpayer bailout, based on an updated forecast from Moody’s Analytics, which provides the agency’s housing-market analysis.

Low Interest Rates Put Cash in Americans’ Pockets
USA Today | March 26, 2012
A historic drop in interest rates is helping save U.S. households more than $3,000 a year on average, allowing consumers to spend more even as their earnings fall.  (While the low interest rates DO help folks to spend more, here is another viewpoint that shows how those same rates hurt retirees. ~Anthony  How the Fed Hurts Retirees )

FHA to Deny Mortgage Backing for Credit Disputes Above $1,000
HousingWire | March 27, 2012
Beginning April 1, potential borrowers with ongoing credit disputes totaling more than $1,000 will not be able to get a mortgage insured by the Federal Housing Administration.

Lawsuit Against Fannie Mae, Freddie Mac May Give State Millions
Detroit Free Press | March 26, 2012
Michigan’s school aid fund could get a windfall of up to $100 million, and 82 of Michigan’s 83 counties could collectively claim millions more under a judge’s ruling last week that mortgage giants Fannie Mae and Freddie Mac illegally withheld payments of transfer taxes in property sales.

Fed Will Keep Interest Rates Low, Bernanke Signals
The Los Angeles Times | March 26, 2012
Though the labor market and the economy have improved in recent months, he stresses that labor-market conditions are “far from normal.”

White House, Democrats at Odds Over Obama-Backed Pro-Business Bill
The Washington Post | March 26, 2012
Obama allies are in uproar over pro-business legislation embraced by the president, exposing a new rift in his relations with Democratic lawmakers and supporters amid efforts to mend those ties.

Freddie’s Haldeman: Would have been happy with $1 in exec pay
HousingWire | March 26, 2012
The outgoing CEO of Freddie Mac, Charles ‘Ed’ Haldeman, is in a state of reflection. He predicts he will leave by mid-year and is deeply dismayed at some of the things that happened in the short time he held the reins at Freddie Mac. (While I don’t know much about the guy, Haldeman’s interview points about the focus of the two Congressional hearings is revealing. ~Anthony)

Market Has ‘Tall Order to Fill’ as $362B in CRE Loans Matures in 2012
DSNews.com | March 26, 2012
The commercial real estate (CRE) sector faces $362 billion in maturing debt this year, according to the latest estimates from Trepp LLC, a New York-based provider of commercial mortgage information and analytics.

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 3-7-2012


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

Refinancing Fees Are Reduced for Some FHA Borrowers
The New York Times | March 6, 2012
In what it described as part of an initiative to lift the housing market, the Obama administration said Tuesday that it would make refinancing less expensive for certain borrowers with mortgages backed by the Federal Housing Administration.

Fannie Mae Seeks $4.6 Billion in Aid After Q4 Loss
Bloomberg | March 6, 2012
Fannie Mae, the biggest source of money for U.S. home loans, said on Wednesday it would seek $4.6 billion in additional federal aid after reporting a fourth-quarter loss.

Are More New Foreclosures a Good Thing?
The Wall Street Journal | March 6, 2012
The freeze on new foreclosures is starting to crack, a report out today says.  Foreclosure starts – or when a lender files paperwork to begin the foreclosure process – jumped 28% in January compared with December, although starts were down 11.5% from the same month in 2011, according to data firm Lender Processing Services.

Senate Democrats Push Plan to Rehabilitate Vacant Houses, Buildings
The Hill | March 6, 2012
A group of Senate Democrats introduced a plan Tuesday that would expand a housing program aimed at rehabilitating residential and business properties. 

Obama Unveils Housing Initiatives for Military, FHA Families
Washington Post | March 6, 2012
President Obama on Tuesday unveiled two housing initiatives intended to assist members of the military and Americans with government-insured loans.

CFPB Readies New Mortgage Servicing Rules This Year
HousingWire | March 6, 2012
The Consumer Financial Protection Bureau plans to issue new rules for mortgage servicers this year with the state attorneys general ready to enforce them.

Housing Dependent on Young, Struggling Americans
HousingWire | March 6, 2012
The Echo Boomers, better known as children of Baby Boomers and Gen X, are the future of the housing market. Unfortunately, they continue to struggle financially creating uncertainty in the real estate market, the Bipartisan Policy Center said.   

Private sector added 216,000 jobs in February
HousingWire | March 7, 2012
The private sector added 216,000 jobs in February, according to the latest national employment report from Automatic Data Processing.

NAR affordability index breaks new threshold
HousingWire | March 6, 2012
The National Association of Realtors‘ affordability index broke the 200 mark for the first time ever, rising to 206.1 in January.

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 2-23-2012


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

FHA to Announce Premium Changes Soon
HousingWire | February 22, 2012
The Federal Housing Administration will announce additional premium changes to its mortgage business and streamlined refinance programs in the coming days.

Home Resales Climb Higher
The Wall Street Journal | February 22, 2012
Sales of previously owned homes in the U.S. rose last month to the highest level in nearly two years, and the inventory of unsold homes contracted to a level considered healthy by economists, positive signs for the housing market.

Housing Takes Another Step Out of The Cellar
The Wall Street Journal | February 22, 2012
Wednesday brought further evidence that housing has climbed out of the sub-basement. But it’s a long way from heading up the stairs to expansion.

5 Markets Beating the Housing Bust
The Wall Street Journal | February 22, 2012
Stocks aren’t the only investments returning to pre-downturn levels. In some cities, home prices have recovered and in some cases even surpassed 2008 levels.

Homeowners Roll Up Sleeves to Trim Costs
The Wall Street Journal | February 22, 2012
In a rundown church gymnasium in Far Rockaway a few rough blocks from the ocean, Walter Mullins, a retired banker, provides homeowners with some valuable but hard-to-come-by tools in the struggle to survive the worst housing downturn in a generation.

Tozer: Ginnie Mae Backs Nearly All FHA, VA Mortgages
HousingWire | February 22, 2012
The head of Ginnie Mae said the government corporation has increased its role in the mortgage market since the housing bust, backing virtually every new loan guaranteed or insured by the major federal housing authorities.

Realtors Slam Obama Foreclosure-Rental Plan
The Wall Street Journal | February 22, 2012
The National Association of Realtors took a public shot at the Obama administration on Wednesday, criticizing an effort to alleviate some the housing market’s woes by renting out foreclosed properties.

Surge in Identity Fraud Tied to Smartphone Use
Bloomberg | February 22, 2012
Nearly 12 million Americans were victims of identity theft in 2011, an increase of 13 percent over 2010, according to a report released on Wednesday by the research firm Javelin Strategy & Research.

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 2-13-2012


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

New Commercial Real Estate Statistics from CoStar
Ted C. Jones Blog | February 9, 2012
CoStar, a premier provider of real estate information, now has the best series for commercial real estate sales volumes, as unlike others, it is not restricted to minimum price levels nor to specific types of ownership. 

Community Banks and Credit Unions Brace for End of Fannie, Freddie
The Washington Post | February 12, 2012
As the Obama administration forges ahead this spring with plans to wind down mortgage giants Fannie Mae and Freddie Mac, community banks and credit unions are bracing for the impact.

Bernanke: No ‘Silver Bullet’ for Housing Woes
The Wall Street Journal | February 11, 2012
What more can the Federal Reserve do to help the home-building industry? That was the question in the air when Fed Chairman Ben Bernanke took the podium Friday at the National Association of Home Builders’ International Builders Show for a keynote speech.

Mortgage problems? Turn Your House Into a Billboard
Reuters | February 13, 2012
When they saw the house on El Dorado Drive in this Los Angeles suburb being painted a startling orange and green and giant billboards hung on the outside, Scott and Beth Hostetler’s neighbors were initially angry and confused. Some even considered calling the police.

Gallup Poll Shows Economy Still Top Worry for Most Americans
HousingWire | February 11, 2012
Most Americans are dissatisfied with the economy and with policymakers in Washington, but a certain amount of mild optimism started to emerge late last year, a new Gallup survey said.

In Today’s Topsy-turvy Housing Market, Cash Rules
Star Tribune | February 11, 2012
When Chris and Diane Finney decided to buy a bank-owned condo in St. Paul, they knew there would be competition. Their strategy? Offer less — but offer cash. While others said they would pay more, they needed to finance the deal. The bank took less and took the cash.

White House Steps Up Pressure for Fannie, Freddie Mortgage Write-downs
The Hill | February 12, 2012
The Obama administration signaled that it is stepping up pressure on Fannie Mae and Freddie Mac to provide mortgage-principal reductions for holders of government-backed loans, a move strongly supported by congressional Democrats. 

From the National Association of Realtors®:

Income, Job Gap Between Young and Old Widens
Young Americans have it rough. In fact, nearly 70 percent of the public says it’s more difficult for young adults today than their parents’ generation in finding a job, buying a home, and saving for the future.

Squatters Busted With Surprising Finds in Miami Home
When a home falls into foreclosure and is left abandoned, you can never be too sure what you may come across. Authorities certainly weren’t expecting this.

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 1-25-2012


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

State of the Union 2012: Full Text of President Obama’s Speech
The Washington Post | January 24, 2012

Obama Takes Aim at Housing Bust in State of the Union Speech
Los Angeles Times | January 24, 2012
President Obama outlined steps that could affect the nation’s housing market in a State of the Union address that focused heavily on economic issues.

Zandi: President’s Refinancing Plan Would Help Lift Housing, Economy
The Washington Post | January 24, 2012
President Obama spent very little time on housing related policies in his State of the Union address Tuesday night. While disappointing, it’s not surprising as the problems are complex, extraordinarily difficult to tackle, and very costly. In his brief remarks, he focused on the right thing: facilitating more mortgage refinancings.

Tips to Help You Claim a Home-Office Deduction .
The Wall Street Journal | January 24, 2012
About 52% of all businesses are run from home. The number of teleworkers is growing annually. It’s good to know that some tax savings can result from this work arrangement. A portion of personal expenses for your home can be turned into a business deduction — if you meet certain rules.

Fannie’s Multifamily MBS Issuance Grew 45%
HousingWire | January 24, 2012
Fannie Maeissuance of securities backed by multifamily properties grew 45% in 2011, with the government-sponsored enterprise issuing $23.8 billion of MBS, up from $16.4 billion in 2010.

U.S. Consumer Bureau Mulling Rule Exemptions for Smaller Banks
Bloomberg | January 24, 2012
The U.S. Consumer Financial Protection Bureau may weigh size or market share in exempting community banks from its rules to shield them from the greater regulatory burdens facing their larger rivals.

Housing Inventory Down 22% From Year-Ago Levels
DSNews | January 24, 2012
At the national level, the inventory of for-sale single-family homes, condominiums, townhouses, and co-ops dropped by 22.29 percent over the last year, according to new statistics released by Realtor.com.

From the National Association of Realtors®:

More Buyers Ready to Get Off the Sidelines?
Falling home prices, record low interest rates, and rising rents are making more Americans take a closer look at home buying.

Agent, Buyer Robbed at Gunpoint During Open House
A REALTOR(R) association in California is warning its members to be on alert after a real estate agent and a potential home buyer were robbed at gunpoint during a recent open house.

2 Big Banks Slash Foreclosure Sale Timelines
JPMorgan Chase and Wells Fargo have cut their foreclosure timelines by as much as 100 days, helping the major lenders move through a huge backlog of foreclosures, according to a new report.

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 1-18-2012


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

FDIC Rules Outline Living Wills, Stress Tests for Banks
The MReport | January 17, 2012
The FDIC finalized one rule and proposed another Tuesday that requires systemically large financial institutions to submit resolution plans and undergo annual stress tests, respectively.

Pickup in Lending Lifts Big Banks
The Wall Street Journal | January 17, 2012
Big U.S. banks are reopening the lending spigot amid signs that an improving economy is spurring companies and individuals to borrow more.

Fannie Mae Predicts ‘Moderate Growth’ in 2012
DSNews | January 17, 2012
The U.S. economy is projected to grow 2.3 percent for the year, according to Fannie Mae’s latest outlook.

Treasury Moves to Keep Federal Government Under Debt Limit
The Washington Post | January 17, 2012
The department announced a maneuver involving a securities fund for federal employees to keep the government below the $15.2 trillion debt ceiling.

How Would Millionaires Fix the Economy?
The Wall Street Journal | January 17, 2012
A new survey shows that millionaires have strong views on how to fix the U.S. economy. But they strongly disagree on the solutions.  (What an interesting article!  There isn’t nearly as much consensus as I would have thought – OK I hadn’t thought about it that much.  The one thing they all seem to agree on?  ‘More than three quarters said the government ” ‘has serious flaws in how it’s working.’ ”  ~Anthony)

Has Obama’s Housing Policy Failed?
CNNMoney | January 18, 2012
The president’s efforts to revive the housing market have largely failed. But is that entirely Obama’s fault?

Fannie Fees Fail to Offset Record Low Lending Rates: Mortgages
BusinessWeek | January 17, 2012
Ben S. Bernanke’s success in pushing mortgage rates to record lows is enabling Congress to fund last month’s payroll tax cut extension by siphoning money from Fannie Mae and Freddie Mac, while homebuyers still benefit from the cheapest borrowing costs in history.

Housing Market’s Recovery Still Unclear: Wells CFO
CNBC | January 17, 2012
The housing market is improving but it’s not clear whether it has hit its low yet, Wells Fargo Chief Financial Officer Timothy Sloan told CNBC. Unlike JPMorgan Chase CEO Jamie Dimon, who told CNBC last week the housing market has bottomed out, Sloan said “It’s not clear” whether that has happened but “I hope that is the case.”

From the National Association of Realtors®:

Qualifying for the Best Mortgage Rate
Mortgage rates are at record lows, but how can your buyers qualify for the best rate?

Optimism Builds in Housing Market
Several recent indicators are pointing to a real estate industry on the mend. Have you seen the signs in your market?

 

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 11-3-2011


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

That New Renter? Probably a Single Mom.
The Wall Street Journal | November 2, 2011
Among renters, single moms saw the biggest growth among household types between 2000 and 2010, according to Census data analyzed by Property and Portfolio Research.

Consumer Bureau Defends 100 First Days to GOP Critics
The Hill | November 2, 2011
A top official from the Consumer Financial Protection Bureau (CFPB) yet again had to defend the new agency from Republican critiques Wednesday.

Home-Ownership Rate Climbs: Blip or Early Trend?
The Wall Street Journal | November 2, 2011
The nation’s homeownership rate ticked up in the third quarter compared with the second quarter, suggesting that the three-year decline in home ownership may be starting to bottom out.

NAR Adds Foreign Market to Online Listings
HousingWire | November 3, 2011
National Association of Realtors and Move Inc.launched an international website Thursday that features residential real estate listings from Brazil, Bulgaria, Croatia, France, Italy, Portugal, Romania, Serbia, Slovakia and Spain.  (OK this is awesome!  Now I can window shop in my ancestral home of Italy! I know I could do that before, but I think this brings those foreign properties closer to the flat screens of Americans~Anthony)

Housing Could Be Key to Stronger U.S. Rebound
Reuters | November 2, 2011
A fresh emphasis on healing the housing sector by officials at the Federal Reserve, in the Obama administration and in state capitals reflects the view that a healthier real estate market would go a long way in strengthening the economy.  (I put this in here more for the irony than for the news factor.  Is this a no-brainer or what?  Housing and jobs, it seems so simple doesn’t it? ~Anthony)

Seattle home sales shoot up as prices hit 7-year lows
HousingWire | November 2, 2011
September home sales in Seattle increased 26.2% when compared to the same month last year, DataQuick said Wednesday.  Sales in the area were spurred in part by reduced home prices across the market, the real estate data firm concluded.

From the National Association of Realtors®:

Falling Rental Vacancies
The total number of rental households has increased to 38 million in the second quarter of this year, an increase of 1.4 million renters in the past 12 months.  Because there has not been an overproduction in multifamily units in the past decade, higher demand for rental units has directly resulted in falling vacancy rates.  (Good short article from Lawrence Yun, Chief Economist at NAR ~Anthony)

First-time Home Buyers Haven’t Vanished
First-time home buyers aren’t being scared off from the housing market. The data shows a different story.

Before Buying a Foreclosure: 3 Things to Consider
If you have buyers considering a purchase of a distressed property, help them navigate the process more smoothly by following these three tips before jumping in.  (These three tips are a good start, but I can think of others.  I’d like to hear what you would advise a buyer who is considering buying either a foreclsoure or a distressed property like a short sale.  Please jump into the copnversation on my blog.)

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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