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Today’s Real Estate News 4-2-2012


I got more feedback from all of you on the article about paying the car loan before the home mortgage, thanks to everyone who responded!  Some of the feedback:

-“I agree with you.  Pay something. Communication is King”
-“I can’t imagine prioritizing a car loan over a mortgage. Of course, I drive a 10-year-old Subaru, so maybe I don’t prize my ride as much as some people.”
-“If you don’t pay your car payment for three months the repo man will haul it away, but if you don’t pay your mortgage payment it can take 3 to 5 years before you have to leave your home.”

If you missed it, here is the article Forget the Mortgage, Consumers Pay Car Loan First

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

Expectations Rising for Housing Market’s Spring Season
USA Today | April 1, 2012
The spring home-selling season could be the strongest in years and may foreshadow which markets will lead a battered housing industry in an anemic recovery, economists say.

What’s in a Surname?
National Geographic | March 30, 2012
America is a nation of Smiths, Johnsons, and Sullivans – but also of Garcias and Nguyens. Zoom in on the map below to see what surnames proliferate in your part of the country.

Regulatory Uncertainty Puts Ellie Mae in Sweet Spot
HousingWire | March 30, 2012
The growing economic and regulatory demands placed on lenders is changing the process of mortgage origination.

One World Trade Center Hits 100 Stories, Helped by Funny Math
The Wall Street Journal | March 30, 2012
The steel skeleton of One World Trade Center reached 100 stories this week.

Buy New or Tear Down?
The Wall Street Journal | March 30, 2012
Unhappy with choices in new-home developments, a reader considers buying an older home and tearing it down to build what she wants.

The Mobile Home Zillow Priced at $357,000
HousingWire | March 30, 2012
How much would you pay for a manufactured home in a mobile home park? $90,000? What if it was in a nice area in Sunnyvale, Calif.? Maybe $129,000? That happens to be the listing price. (Another look at how Zillow seems to have some trouble at times with data.  That said, I had an agent tell me once that at the very least Zillow does provide some visibility to the consumer of the housing market, and it creates interest in home-buying.  Do you have any Zoughts you’d like to Zhare regarding Zillow? (:-)  Let me know at acarollo@stewart.com )

Home Owners Planning Remodeling Projects This Year
Realtor Magazine | March 30, 2012
Home owners say they’ll spend about $3,500 this year sprucing up their house. So how do they plan on spending it?

Construction Lenders Step Up Competition in Flight to Safety
MultiFamily Executive | March 28, 2012
The construction debt market is heating up, though much of the activity is concentrated on a continued “flight to safety” by financiers. (Note: This article seems to focus primarily on development and commercial lending rather than single family construction loans. ~Anthony)

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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!

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Real Estate News Today 1-31-2012


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

You may have seen the article I included yesterday about Freddie Mac betting against homeowners.  The first article up to bat today is a counter viewpoint on the same subject from Forbes.

Freddie Mac Bets Against Refinancing?  Or Just Higher Rates?
Forbes | January 30, 2012
It’s an eyecatching, holy-vampire-squid headline: Freddie Mac Bets Against American Homeowners! And the story details how our national mortgage company has invested heavily in securities that would lose value if homeowners refinanced their mortgages. This time, instead of Goldman Sachs, it’s a federal agency thrusting its blood funnel into the pockets of American homeowners!

Home Prices to Fall 1% in 2012, Rebound in 2013: Fiserv Case-Shiller
HousingWire | January 30, 2012
The double-dip in home prices that began two years ago continued through the third quarter of 2011, according to the Fiserv Case-Shiller Indexes released Monday. However, there are signs of a recovery for 2013.

Housing Will Soon Help the Economy, but Not by Much: Report
DSNews | January 30, 2012
The analysts at Capital Economics are holding fast to their forecast that the downturn in the housing market is drawing to a close.

Washington State Considers Borrower Short Sale Protections
HousingWire | January 30, 2012
Banks could soon be barred from pursuing deficiency judgments against Washington state borrowers after a short sale. (Good for the market, or bad for the market?  What about the effect on the bank vs the consumer?  One observation from the article states that “the bill if passed, does not require the lender to accept a short sale offer.”  It seems like this would cause the lender to be LESS motivated to cooperate. ~Anthony)

Tower Rises, And So Does Its Price Tag
The Wall Street Journal | January 30, 2012
The price tag for One World Trade Center, the signature skyscraper under construction at Ground Zero in New York, has risen to more than $3.8 billion, making it by far the world’s most expensive new office tower, according to people familiar with the matter.

Homeowner Satisfaction Rate at 72%, Highest for Short Sale Purchasers
DSNews | January 30, 2012
Seventy-two percent of homeowners say they are satisfied with homeownership, according to a recent survey of more than 1,400 homeowners conducted by HomeGain.

Obama’s Housing Plan Draws Fire, Impact Seen Small
Reuters | January 30, 2012
President Barack Obama’s latest plan to help homeowners struggling to pay their mortgages drew fire on Monday as an election year ploy, and even supporters said it was likely to help only at the margins.

Foreclosures Draw Private Equity as U.S. Sells Homes: Mortgages
BusinessWeek | January 31, 2012
Private equity firms are jumping into distressed housing as the U.S. government plans to market 200,000 foreclosed homes as rentals to speed up the economic recovery.

New Home Sales in 2012 Reach All-Time Low Since 1963
Stewart Blog – Ted C. Jones | January 31, 2012
The number of new home sales in the U.S. hit an all time low since data collection commenced in 1963.   This now tallies to six consecutive years of declines in new home sales. 

It may be a good time to buy, but not to sell
MarketWatch | January 30, 2012
Many Americans say now is a good time to buy a home, thanks to record-low mortgage interest rates and bargain home prices that are boosting affordability. But is it a good time to sell a house? That’s a different story.

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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