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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 8-6-2012


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Company dedicated to hiring veterans
KXLY | August 5, 2012
Nearly 14 percent of veterans after September 11 are unemployed in Washington state. But a Spokane company is working hard to change the statistic. (Great story about a local company doing what they can to put these folks to work.  I love it. ~Anthony)

How Long Does It Take To Close A Mortgage?
Mortgage Report | August 5, 2012
The influx of new loans has not just lenders at capacity, but title companies and appraisers, too. It’s rendered the “30-day close” somewhat of a rarity. It’s tough to close a loan in 30 days anymore — especially with the amount of paperwork that can be required.  (Some good insight here for a consumer.  I’d like to know if you think it’s an accurate picture of what it takes for a 30 day close. ~Anthony)

Wealthy Home Sellers Capitulate, High End Prices Drop
USA Today | August 4, 2012
Even the rich aren’t immune to the pressures of the housing market. Prices for homes listed at $1 million or more have fallen 20% this year, according to RealtyTrac.

Jobless States: The Top 10
The Washington Post | August 3, 2012
Here’s a look at the top 10 states with the highest unemployment rates.

Why Buffett Is Betting Big on Housing
The Wall Street Journal | August 3, 2012
What does Warren Buffett see that no one else does? He just made an outsize bid on ResCap loans, the latest example of his bet that the housing market represents a great investment opportunity.

Is the Real-Estate Rebound for Real?
The Wall Street Journal | August 3, 2012
The numbers point to a lasting recovery in the housing and commercial-property markets. Here’s how to invest wisely.

Zillow and Other Sites Broaden Their Mission to Include Businesses
The New York Times | August 5, 2012
For the first few years of its existence, the only thing Zillow cared about was getting people to come to its real estate Web site to snoop on the market value of neighbors’ homes and other properties. Over 34 million visitors a month now do so.

To Rent or Own: How Consumers Decide Between the Two
DSNews.com | August 3, 2012
In a study to examine what factors would drive a person to rent or own in their next move, Fannie Mae found that a mix of demographics and attitudinal drivers were key, while negative housing events appears to do little to thwart would-be buyers.

 

 

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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

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Posted by on August 6, 2012 in Real Estate news

 

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Real Estate News Today 7-11-2012


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

Zillow appeals to MLSs for direct listings feeds
Inman News | July 9, 2012
Real estate portal Zillow has appealed to multiple listing services to provide Internet Data Exchange (IDX) listings data directly to the site, originally claiming that it can “sometimes be days” before syndicators like ListHub provide new or revised listings to the site. (Industry folks seem to have strong feelings about Zillow on one extreme or the other.  How do you feel about this latest request from them? ~Anthony)

Consumer Rights Group: Outdated Laws Are Causing Second Crisis
DSNews | July 10, 2012
According to a report from the National Consumer Law Center, laws in many states allow local governments to sell property through a tax lien foreclosure process if the owner falls behind on property taxes. (I’m not sure I buy the story that tax lien foreclosure laws are outdated.  Much of our local and state budgets are funded by real estate taxes, and the only way to force payment is through foreclosure.  That said, many communities and states allow exemptions for the elderly and/or disabled.  Agree or disagree?  ~Anthony)

California Mortgage Seizures Could Affect $7 Billion in Bonds, Fitch Says
The Wall Street Journal | July 10, 2012
The contemplated seizure of residential loans by three California municipalities puts returns on roughly $7 billion in mortgage-backed securities at risk if a proposal is adopted, according to a Fitch Ratings report on Monday.

When Foreclosure Supplies Fall, the Bottom Falls Out of Housing
CNBC | July 10, 2012
Growing activity in the spring housing market brought new growth in home prices, but those gains are growing ever more precarious because they are dependent on low-priced, distressed properties.

BofA Give-Away Has Few Takers Among Homeowners: Mortgages
Bloomberg | July 11, 2012
When Bank of America Corp. sent letters to 60,000 struggling homeowners offering to slice an average $150,000 off their loans, the lender got an unusual response from most of them: silence.

Four Tips for Better Phone Camera Shots
The New York Times | July 2, 2012
To be fair, it isn’t all the phone camera’s fault.

Homebuilders concerned about lack of skilled labor
HousingWire | July 10, 2012
Forty percent of single-family homebuilders are planning on hiring or contracting skilled laborers during the next year, but 62% worry they won’t be able to find them, said a study released Tuesday by the National Association of Home Builders.

Can You Get Me the Best Price Available?
The KCM Blog | July 11, 2012
Whenever a person sells anything, they hope to get the highest price possible for the item. This obviously applies when a homeowner sells their house. In many cases their home is the largest investment they have ever made and hope to get the highest possible return on that investment. For that reason, they will want to see that you can give them the right advice in order for them to get them ‘the best price possible’.

Here are two other risks of doing a short sale as suggested to me by a local lender.  I’m assuming both situations have occurred to clients he was working with:  

Lender guideline changes between pre-qualification and actual closing. Example- Fannie is implementing many changes in October that could put someone who qualifies on a short sale today, out of the game.

Buyer credit profile change- buyer accidentally goes late on a payment while waiting for short sale process and now doesn’t qualify.

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 6-4-2012


At Stewart Title of Spokane we are mourning the passing of one of our staff. Cameron Jay Erickson left us in February to become a missionary/hospital pilot in Zambia. He ws killed along with his wife this last weekend in an airplane accident in Zambia.  Please keep the Erickson family in your thoughts and prayers.  Jay’s missions blog can be found here: www.missionflying.com
Today’s news that may be of interest to you: 

Federal Government Unloads Real Estate
CNN Money | May 31, 2012
The federal government, the nation’s top property owner, said Thursday that it is on track to save $8 billion by the end of the fiscal year by consolidating its real estate holdings and selling off the excess.

Financial Crisis Sends Euro Zone to Tense Endgame
The Washington Post | May 31, 2012
The European Central Bank chief calls the currency union “unsustainable” and says more central control of national finances is needed if it is to survive.

Multiple Offers Make a Comeback in Residential Real Estate
Philadelphia Enquirer | May 31, 2012
Guess what’s back in the real estate vocabulary for many neighborhoods and communities? Multiple offers.

Refinancing Effort Grows, But Levels Still Low for Most ‘Under Water’
The Wall Street Journal | June 1, 2012
The number of homeowners who have refinanced their home loans under a revamped federal program for those with sunken property values is rising, but the effort is just starting to reach the most severely “underwater” borrowers.

The U.S. Housing Crisis: Where are Home Loans Underwater?
Zillow Blog | June 1, 2012
With U.S. home values falling by nearly 25% since peak in 2007, many homeowners are now underwater in their mortgages, meaning they owe more than their home is worth. Search Zillow’s interactive map to discover what percentage of homes in your county or ZIP code are in negative equity, based on Zillow’s first quarter 2012 data.

Study: Buying a House Makes People Less Entrepreneurial
The Washington Post | June 3, 2012
The recent bust was a rude awakening about the downsides of owning a home. Researchers have uncovered yet another potential drawback: Purchasing a home makes people 20 to 25 percent less likely to start their own business.

Gen Y Is Ready to Buy
RealtorMag | June 1, 2012
Forty-seven percent of Generation Yers say they plan to purchase a home within five years or less, according to a new study released by Western Union. That tops the general population, 29 percent of which say they plan to buy a home in the next five years or less. 

What Are Renters Looking for in Housing?
RealtorMag | May 31, 2012
When it comes to apartment living, more renters want convenience and to be near urban and public transportation hubs, according to industry experts during a recent webinar hosted by the National Association of Home Builders. 

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 June 4, 2012 in Real Estate news

 

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Real Estate News Today 4-5-2012


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

Marketing Tool Most Real Estate Pros Want?
Realtor Magazine | April 4, 2012
A new survey reveals the marketing tool that the majority of real estate professionals most want to have and what they view as the tool of the future for marketing. (Hint: I’ve been saying this for some time now, this is the best tool ever! ~Anthony)

Owning Regains Appeal
The Wall Street Journal | April 4, 2012
Climbing rents for apartments are combining with a continued decline in home prices to push once-reluctant home buyers into finally taking the plunge, say economists and real-estate agents.

Wells Fargo Dominates Multifamily Originations
HousingWire | April 4, 2012
The Mortgage Bankers Association crowned Wells Fargo as the top multifamily mortgage originator in 2011, despite flagging commercial originations. What’s more, the mega-lender will likely hold the top spot for some time.

For Home Buyers, an App for Attributes
The New York Times | April 4, 2012
While Zillow offers assessed values and Trulia has searches based on a buyer’s needs, the House Hunter app ranks the qualities of a home.

The Government has Just Made Home Buying (Slightly) More Expensive
The Washington Post | April 4, 2012
Americans are still wary about buying homes, as many remain strapped for cash and gun-shy after the market’s recent meltdown. Banks, meanwhile, have tightened their lending requirements, so even those with enough money and great credit scores are having trouble getting loans.

What Should Obama Do Differently on Housing Policy?
The Wall Street Journal | April 4, 2012
Some of the housing world’s heaviest hitters are gathering in New York tonight and Thursday for an event organized by home-listings website Zillow to discuss bringing stability to the housing market (the forum Thursday includes the Journal’s S. Mitra Kalita).

Another Bank Says Goodbye to TARP
The Hill | April 4, 2012
Another bank has ceased to receive the government’s bailout support, handing the American taxpayer a nice bit of a profit along the way.

When Excluding Distressed Sales, Home Prices Continue to Rise
DSNews.com | April 4, 2012
When excluding distressed sales, such as short sales and REO transactions, prices actually increased on a month-over-month basis in February, according to the February 2012 Home Price Index released by CoreLogic Wednesday. Though, when including distressed sales, prices decreased compared to the month before.

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 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)

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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