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Real Estate News Today 8-2-2012


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RBS: Underwater mortgages hold steady without eminent domain
HousingWire | August 1, 2012
A higher percentage of underwater borrowers are still making payments, specifically in areas considering eminent domain to seize the loans and write down principal, according to research from the Royal Bank of Scotland

CA Homeowner Bill of Rights ignores logic
HousingWire | August, 2012
While some of the California Homeowner Bill of Rights provisions are reasonable, given the recent problems resulting from an unprecedented wave of foreclosures in the state, many others will needlessly interfere with a process that has mostly worked as intended.

What Cities are Best for Seniors?
USA Today | August 1, 2012
Seniors looking for the best city to grow older in may be better off flocking to the Midwest than sunny Florida, according to a recent report.

How to Navigate Today’s Mortgage Doc Maze
Bloomberg | August 1, 2012
If you want a chance of grabbing a sub-4 percent mortgage the latest challenge is being prepared to run the document gauntlet and become a supplicant to the underwriting gods.

Smaller U.S. Banks Seeking Exemption From CFPB Mortgage Rules
Bloomberg | August 2, 2012
Community banks are lobbying the Consumer Financial Protection Bureau to be exempted from two forthcoming regulations on mortgages.

City of Spokane works to bring down ‘silos’
Spokane Journal of Business | August 2, 2012
You can’t see it when driving along Spokane Falls Boulevard, but according to Jan Quintrall, the silos are coming down at City Hall.

Recent moves hint of a housing recovery
Spokane Journal of Business | August 2, 2012
After years of looking for any sign that the housing market was doing anything other than bumping along the bottom, indications that a recovery is under way have emerged.

Most second homes would escape new 3.8 percent tax
InmanNews | August 1, 2012
The warm summer weekend at the lake brought out sailors, wake boarders and even some old-time slalom water skiers. The discussion on more than one dock also focused on an additional tax on second homes.

And today in the “just for fun” category,
we offer you the Olympic medal standings from NBCBy the way, how do you feel they’re doing on their coverage?  They seem to be getting more criticism than praise. Thanks for reading our newsletter today!

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 7-30-2012


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Designing your own mortgage
Chicago Tribune | July 27, 2012
Here’s an appealing idea: What if you could design your home loan so the house is paid off exactly when your kids go off to college or when you retire? Or if you could refinance for 10, 12 or 17 years, instead of the standard 15- or 30-year terms on most fixed-rate mortgages?  (I’m curious if any of the loan officers or bankers reading this offer this kind of option.  Are borrowers showing interest?  If you are a borrower, is this something you would be interested in doing? ~Anthony)

The Economy’s Impact on Housing
The KCM Blog | July 30, 2012
With the economic recovery sluggish at best, many ask what impact this has on housing. Over the last several years, most economists believed that housing would not recover until the overall economy recovered. However, it now seems that the housing sector may be a driving influence in the recovery. Here are four reports released in the last 30 days affirming this point.

Housing Isn’t a Horror Show Anymore
The Wall Street Journal | July 27, 2012
Housing is finally contributing to economic growth in a sustained way.

Why Do Investors Pay Higher Mortgage Interest Rates?
The Wall Street Journal | July 27, 2012
Investors pose added risks to lenders—and they pay the price.

Chicago Considers Eminent Domain to Seize Underwater Mortgages
HousingWire | July 27, 2012
The idea first came under consideration in San Bernardino County, Calif. Venture capital firm Mortgage Resolution Partners is pitching the idea to several cities across the country.

Where Homes Are Selling the Fastest
Realtor Mag | July 27, 2012
The average number of days homes are spending on the market has dropped by nearly 10 percent nationwide in the last year, according to June housing data from Realtor.com.

Home Owners Torn on Strategic Default: Right or Wrong?
RealtorMag | July 27, 2012
Forty-five percent of Nevada home owners recently surveyed say “there is nothing wrong” with walking away on your mortgage obligations, according to a new report, “Face of Foreclosure,” released by the Nevada Association of REALTORS®. On the other hand, an equal number of home owners say home owners have a “legal and ethical obligation to pay their mortgage if they can.” 

Warren Buffet Wants Your Mortgage Payments: Street Whispers
The Street | July 30, 2012
Few Americans are aware of it, but Berkshire Hathaway has been quietly positioning itself to take over an important role played by Bank of America in the mortgage market.

Another Top-10 List: Largest Asking Price Increase
Jones on Real Estate Blog | July 25, 2012
The big story in housing is actually two stories (which are related): 1. Rising Listing Prices 2. Shrinking Inventory  (A fine analysis from Dr. Ted Jones on why listing prices are going up. ~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 7-23-2012


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Property Investments Get Pricier
The Wall Street Journal | July 21, 2012
Real-estate investment trusts have soared in recent months—but there are still pockets of opportunity.

Real Estate Funds Lead the Pack, Can It Last?
USA Today | July 22, 2012
The housing market may finally be coming back, with home prices rising again and mortgage rates at record lows.

Millions of Older Americans at Risk of Foreclosure
CNN Money | July 20, 2012
A growing number of older Americans are falling into serious mortgage debt, with more than three million borrowers over the age of 50 at risk of losing their homes to foreclosure, according to a recent report from the AARP.

Wanted: A 15-Year Home Loan
The Wall Street Journal | July 22, 2012
Average rates on 15-year fixed-rate mortgages have been below 3% since May, leading more borrowers to consider swapping their current home loan for one with a 15-year term.

Safeguard, Freedom Alliance to give away homes to military families
HousingWire | July 20, 2012
Safeguard Properties
and Freedom Alliance are working with banks and lending institutions to provide homes for military families without the burden of a mortgage.

Apartment Rents: No Place But Up, Setting the Foundation for Rising Home Values
Ted C. Jones Blog | July 23, 2012
The U.S. Census Bureau estimates that the U.S. is adding 2.8 million people each year (and that is predicated on an assumed low net-in migration scenario). New residential building permits have averaged less than 600,000 per year for the past 48 months. Admittedly, there was residual excess inventory from the housing bubble, but that has been absorbed. As a result, rental rates are going up. How much rents are increasing is a function of the local market and comparative supply and demand.

Election Year Puts Housing on Hold
Fox Business | July 23, 2012
Here are some of the issues still on the table as we enter into the second half of 2012.

Geithner Set to Defend Actions on Libor, Wall Street Reform Before Congress
The Hill | July 22, 2012
Treasury Secretary Timothy Geithner will be mounting a defense of the financial reform law and his own stint running the Federal Reserve Bank of New York as ongoing scandals cast renewed clouds over Wall Street.

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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Today’s Real Estate News 6-20-2012


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

Multifamily Property Values Rise 25%: Freddie Mac
HousingWire | June 19, 2012
After reaching their trough in the first quarter of 2010, multifamily property values rose 25% over the course of the past two years, Freddie Mac said Tuesday.

The Myth of the National Housing Market
The Wall Street Journal | June 19, 2012
The housing boom and bust gave rise to the myth of a “national” housing market. After all, prices rose in almost every part of the country until 2006, when they began dropping from coast to coast.

Builder Buys Big Southern California Development Site
The Wall Street Journal | June 19, 2012
Luxury builder Toll Bros. Tuesday closed on a massive swath of land in Orange County, Calif., a market that appears to be rebounding from the housing crash.

Fed Expected to do More Stimulus
The Washington Post | June 19, 2012
Central bank is expected to extend “Operation Twist” program that would lower long-term interest rates.

Violent crime reduction equals billions in home value gains
HousingWire | June 19, 2012
A 10% reduction in violent crimes could result in billions of dollars in home price appreciation for several major cities, according to a study from the Center for American Progress. (Is it the reduction in crime that increases home values, or is it the increase in home-ownership that accomplishes both a reduction in crime and an increase in value? ~Anthony)

Watch for more on the ongoing appraisal discussion tomorrow!

IAnthony 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 20, 2012 in Real Estate news

 

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Real Estate News 6-8-2012


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

Fed Chairman Warns Congress of ‘Fiscal Cliff’ Risks
The Los Angeles Times | June 7, 2012
Fears of a new recession grow as Bush-era tax cuts are set to expire Dec. 31 and automatic spending cuts are set to follow.

U.S. Homes Actually Got Bigger During Ugly 2011
CNBC | June 7, 2012
For the first time in four years, the size of the average new American house increased slightly in 2011 -– to 2,480 square feet from 2,392 square feet in 2010, according to new figures from the Census Bureau.  (I have a friend who was in the big builder business for years that made this argument a few years ago: The reason the average home size was shrinking was NOT that most Americans wanted a smaller home.  It was simply that the average buyer could afford less than they used to.  That seems to be proving true in that as the economy slowly recovers, the average home size is now increasing.  Thanks Larry! ~Anthony)

In New Meetings with CFPB, Mortgage Lenders Find More Questions than Answers
Reverse Mortgage Daily | June 7, 2012
Mortgage industry representatives have been meeting with CFPB officials to talk about uncertainties and concerns regarding the CFPB’s plans to establish new loan originator compensation rules.

Millions of LinkedIn Passwords Reportedly Leaked Online
CNET June 6, 2012
A user in a Russian forum says that he has hacked and uploaded almost 6.5 million LinkedIn passwords.

CoreLogic: Nearly 4 Million Homes at Risk for Storm Surge Damage
DSNews | June 7, 2012
CoreLogic’s third annual Storm Surge Report, released Thursday, showed that just over four million homes in the United States are at risk of hurricane-driven storm surge damage.

Google Launches 3D Maps to Stay Ahead of Apple
The Wall Street Journal | June 6, 2012
Google unveiled an expansion of its Google Maps and Google Earth services-including 3-dimensional maps-in a move that ups the ante ahead of an anticipated new mapping service from rival Apple.

REO Price Increases Bode Well for Overall Market
RealtorMag | June 7, 2012
Recent price increases with bank-owned homes are helping to provide an overall boost to the housing market, a recent report from Clear Capital says. 

For those of you that have asked what you can do for the Erickson family: 

Donations for the Erickson family can now be deposited at Washington Trust Bank or made in the name of:
The Jay and Katrina Erickson Memorial Fund
c/o Stewart Title
606 W. 3rd Ave
Spokane, WA 99201

 

Please pass this along to anyone you think may be interested. 

 

The grandparents are now at the Chitokoloki Mission Hospital in Zambia picking up the two little girsl to bring them back to the US.  The president of Zambia declared a day of mourning for the Ericksons and thousands of people from all over Zambia attended the funeral.  There are lots of updates and pictures on the site.

Marina_Coral  

 

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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 8, 2012 in Real Estate news

 

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