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REO-Short Sales

DEVELOPING: DoD seeks spending cuts in VA

Virginia's economy stands to take a heavy blow if Secretary of Defense Robert Gates's proposal to cut the Pentagon's budget goes ahead as planned.  And there's little recourse for the Commonwealth's political leaders who are obviously concerned about the proposed cuts: Congress doesn't need to approve them.  Here's what's at stake in the Commonwealth.

Obama policies to deemphasize homeownership?

A retreat in government programs and support for homeownership may be imminent according to an article published in the Washington Post on July 21, 2010.  

The administration's narrower view of who should own a home and what the government should to do to support them could have major implications for the economy as well as borrowers. Broadly, the administration may wind down some government backing for home loans, but increase the focus on affordable rentals.

What Realtors need to know about Wall St. reform: August 26 webinar

Although Realtors® are mostly exempt from many of the provisions in the just-signed financial services reform bill, there are still a few things they need to know about. Always helpful and informative, NAR will host a webinar on August 26 to bring you up to speed on the changes.

NAR weighs in on future of GSEs

President Obama is arranging a Conference on the Future of Housing Finance in August 2010, but NAR isn't waiting to represent the Realtor position to federal officials. In comments submitted to the US Treasury Department and HUD, NAR went on record to state that reforms to the secondary mortgage market, widely anticipated to be created by Congress in late 2010 or early 2011, should meet two requirements:

Case-Shiller index up, but authors cautious

The Case-Shiller index showed month over month and year over year gains of 1.3% and 4.6% respectively, but the report authors warn that the housing economy isn't out of the woods yet. Much of this improvement could be attributable to the government's now-expired homebuyer tax credit.

"We need to watch where the housing market will go after these temporary stimuli go away," said managing director of the S&P indices David Blitzer. "June's existing and new home sales and housing starts data have not shown real improvement either."

He added: "It still looks possible that the housing market might bounce along the bottom for the foreseeable future before showing any real improvement that will filter through to the rest of the economy."

HVCC to expire under financial reform bill

You may remember this image from the cover of the September/October 2009 issue of Commonwealth.  As much as we like that cover and story, you can now forget all about them.

FAQ's on credit and distressed sales from NAR

How long will a short sale stay on my credit report? How many points on the score will I lose if I declare bankruptcy? How long until I can get a government-insured loan if the bank forecloses on my home?

You've probably heard some variation of these questions from your clients. If you've ever been unsure of how to answer, NAR has created two resources to help:

Press reacts to VAR's 2Q Home Sales Report

Press reactions to our second quarter home sales report are rolling in. We'll keep track of them here:

Press conference recording for 2Q home sales report released

An audio recording of today's press conference (right-click to download 7 MB mp3 file) with commentary from some of the state's leading brokers about VAR's second quarter home sales report is now available for download. The brokers in the call are:

Short Sales/Foreclosure (SFR Certification) Class - Leesburg

September 22, 2010 - 9:00am - 5:30pm
Dulles Area Association Offices, 803 Sycolin Road, Suite 222, Leesburg, VA

Designed for real estate professionals at all experience levels, this class leads to the National Association of REALTORS® (NAR) Short Sales and Foreclosure Resource certification.  More information can be found at  This class is approved for 8 Hours Real Estate Related for CE; 8 Hours Elective for PL.