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Real Estate Today 8-28-2012


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Lots of great information brought to you by the humble crew at Stewart Title of Spokane.  The distressed home market is trending down, the apartment boom may be ending, and check out the two good homebuyer articles at the bottom.  Plus today you get bonus reader feedback!  Thanks for reading and feel free to forward to a friend.

Return of the Jumbo Mortgage
The Wall Street Journal | August 27, 2012
For home buyers eager to snap up luxury homes at low interest rates, lenders are bringing back the supersized loan.

Why Home Prices Are Rising: The ‘Distressed Share’
The Wall Street Journal | August 27, 2012
Tuesday’s measure of June home prices from the S&P/Case-Shiller 20-city index is likely to turn positive when compared with one year ago for the first time in two years, according to a forecast by Zillow Inc. (The S&P Case-Shiller did in fact turn positive, see S&P Case-Shiller: Home prices up across the board ~Anthony)

Consolidation of Small Banks on Rise
The Washington Post | August 27, 2012
Shrinking profit margins, tepid loan demand and low interest rates are placing pressure on small and medium-sized banks to merge. (This it true, but sad to see.  We need both the large and the small to serve all sectors.  Consider this quote from the article: “Whereas large national banks have little trouble hiring more accountants and lawyers to manage compliance with new regulations, community banks find it difficult to absorb those costs.” While we are in a recovery, that doesn’t mean it’s a recovery for all.  Still rough seas out there. ~Anthony)

California Enacts Law to Levy Heavy Fines for Blight
HousingWire | August 27, 2012
California Gov. Jerry Brown signed a bill Monday forcing owners of foreclosed and vacant homes to maintain the property or face up to a $1,000 fine per day of violation.

Trulia vs. Zillow: The Battle for Online Real Estate
CNBC | August 27, 2012
Trulia is the latest website daring the public to buy its shares, hoping to raise $75 million in the very competitive world of real estate listings.

As Housing Recovers, Will Apartment Boom End?
CNBC | August 27, 2012
The latest reports on new and existing home sales seem to indicate that the housing market is beginning to find its footing again. While most believe the recovery will be slow, U-shaped, and bumpy, the free fall appears to be over for both sales and prices.

Homebuyers: Do you know what you are buying?
Real Estate Settlement Observer | August 27, 2012
While this would seem to be obvious, purchasers should pay close attention to exactly what they are buying.  I am not referring to inspection issues, I am referring to something that seems obvious, but does occasionally come up as a problem. Here are some real scenarios where an individual bought something that was not exactly what they were expecting. (Worth noting: The author is in the East Coast market and mentions the buyer getting a location survey.  We don’t get many home buyers in Spokane wanting to pay for a location survey but it’s not a bad idea. All solid advice here. ~Anthony)

Top 5 homebuyer regrets
Inman News | August 27, 2012
In life, and in real estate, there are decisions that, if we had them to do over again, we might do x, y or z differently. But all in all, we are not too upset about how things turned out. “C’est la vie,” as they say.

Feedback from a local mortgage broker on yesterday’s edition:

Survey article about disclosure and privacy – It is IMPOSSIBLE to provide an accurate quote to an online request.  Yes, I know plenty of online lenders keep providing quote forms and replies but that’s solely a marketing gimmick. Consumers demand online and anonymous (the privacy issue) quotes but it’s not possible.  Even with a full loan application and credit report it is sometimes difficult to provide an accurate quote. 

The truth? We can provide 100% guarantee on the FEES involved with a transaction because those don’t change (per law) – but there is FULL flexibility in rate and points until such time as the loan is locked. And that doesn’t happen until full application. 

So the trouble consumers get themselves into is relying upon the low fee, low rate quote from Zillow or other online lead generator and then the rate changes once the application is submitted and approved.  That rate change often times far outweighs any fee differential between two lenders. 

Truth – consumers can’t get a valid and accurate quote unless they have made a full loan application and paid for the credit report. And that’s the law.  And the process of applying is so painful that it’s rare anyone does fully apply at more than one lender.

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Posted by on August 28, 2012 in Real Estate news

 

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Real Estate News Today 3-21-2012


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

The Wall Street Gold Rush in Foreclosed Homes
Reuters | March 20, 2012
A growing list of big and small investors are renting out foreclosed homes. But the heated competition for these homes is reminiscent of the frothy expectations that seem to accompany each new Wall Street investing craze.

Manufactured Housing Under Renovation
The Wall Street Journal | March 20, 2012
The industry – and Wall Street – is betting that consumer attitudes toward housing have been updated, that buyers are soured on the bigger-is-better mantra of the boom years and looking for affordable alternatives.

FHFA Blames State Laws for Excessive Foreclosure Timelines
DSNews | March 20, 2012
State and local governments across the nation responded to the foreclosure crisis by introducing a wave of new laws aimed at protecting homeowners.

Rising Mortgage Rates May Not Hurt Housing
CNBC | March 20, 2012
As the economy improves, the job market improves, and that is a key driver for housing. But on the flip side, as the economy improves, investors finally crawl out of the Treasury bunkers, driving yields higher, and mortgage rates generally follow the 10-year Treasury.

Builders Betting on Brighter US Housing Market
BusinessWeek | March 20, 2012
U.S. builders are betting that the housing market is finally on the path back to health. They requested 5 percent more permits in February to build single-family homes and apartments in the coming months.

Ex-Taylor Bean Finance Chief Admits $3 Billion Fraud Role
Bloomberg | March 20, 2012
Taylor, Bean & Whitaker Mortgage Corp.’s former finance chief admitted to helping his boss, Lee Farkas, commit what prosecutors say was one of the largest bank frauds in U.S. history.

Buying cheaper than renting in nearly 100 major U.S. markets: Trulia
HousingWire | March 21, 2012
Buying is more affordable than renting in 98 out of the nation’s 100 largest metropolitan areas — even in New York, Los Angeles and Boston, according to real estate company Trulia‘s rent vs. buy index.

Large Banks Cut Thier Bad Loans
The Wall Street Journal | March 21, 2012
Large U.S. banks have been making headway in dealing with their troubled commercial real-estate debt, selling off and reworking bad loans at a faster rate than smaller banks. 
 

 

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!

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Posted by on March 21, 2012 in Real Estate news

 

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Real Estate News Today 1-5-2012


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

I had a conversation with an agent yesterday who told me he just sold a listing to a buyer that found him (and his listing) through Trulia, a first for him.  Do you have a profile there?  Is your Trulia profile updated?  It’s worth reviewing at:  www.trulia.com  Also check out the first article below for 2012 trends to watch. ~Anthony

Real Estate Predictions for 2012
Speaking of Real Estate (NAR blogs) | December 29, 2012
With nearly half of all REALTORS® using social media in 2011, it’s safe to say that it’s no fad. But will further adoption of social media be a driving force of change for the real estate industry in 2012, or will other trends prove more disruptive? I asked several social-media-savvy real estate professionals, “What new tools or trends will have the biggest impact on the real estate industry in 2012?” Here’s what they had to say.

The Fed’s Advice on the Housing Crisis
The New York Times | January 4, 2012
The Federal Reserve tried Wednesday to stir interest among policy makers in the problems afflicting the housing market, sending a white paper to Congress outlining suggestions for easing those problems.

Pending Home Sales Highest in Over a Year-and-a-Half
DSNews | January 4, 2012
Pending home sales continued to rise in November, reaching their highest level in 19 months, the National Association of Realtors (NAR) reported late last week.

U.S. Apartment Vacancies Fall to Decade Low
Bloomberg | January 5, 2012
U.S. apartment vacancies dropped to a 10-year low in the fourth quarter, allowing for rent increases that are likely to continue this year, Reis Inc. said

Trouble at the Office for CMBS
The Wall Street Journal | January 5, 2012
The number of troubled loans tied to commercial mortgage-backed securities grew slightly in December, with office properties leading the bad news.

Bernanke Calls for Nationwide REO Rental Program
HousingWire | January 4, 2012
The government should consider helping the nation’s vacant, unsold stock of foreclosed properties by supporting initiatives to occupy.

Funds Investing in Commercial Real Estate have Good Year
USA Today | January 5, 2012
Real estate had an excellent year last year. Assuming, of course, your mutual fund owned it.

Auto Lenders Speeding Past Mortgage Woes
The Wall Street Journal | January 5, 2012
Historically, lenders have viewed mortgage troubles as a major red flag. Now, firms such as Ally Financial Inc., General Motors Financial Co. and Mitsubishi Motors Credit of America Inc. are sifting through loan applications to determine which borrowers with scuffed mortgage-payment histories are likely to be good credit risks.

Typo Involving 80 Cents Nearly Cost Man His Home
The Tampa Tribune | January 5, 2012
When Tom Mudie was approved for a mortgage modification program, he thought his foreclosure troubles were over. Bank of America lowered his monthly payment by nearly $200. All he had to do was make the new payments – on time for three months – and the new amount would be made permanent.

From the National Association of Realtors®:

More Americans Are on the Move, Survey Says
Where are Americans moving to? The latest migration survey shows an increase in households moving to the East Coast, and more Americans saying goodbye to Rust Belt states.

Will the FHA Need a Bailout?
Housing experts warn that the Federal Housing Administration is depleting its cash reserves due to a spike in delinquencies on FHA-insured loans, and the agency may soon need help from taxpayers.

Anthony Carollo 2007 EMAIL  

Join My List

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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