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 m
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."
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.
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:
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:
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 www.VARealtor.com/SFR. This class is approved for 8 Hours Real Estate Related for CE; 8 Hours Elective for PL.
Foreclosure rescue and loan modification scams are among the most prevalent types of mortgage fraud, and this week, Virginia's Attorney General has taken aim at two loan mod companies for violating the Virginia Foreclosure Rescue Law. According to WAVY television in Hampton Roads:
Governor Bob McDonnell says that Virginia has seen a net increase of nearly 72,000 jobs since February. Experts say that an improved job market will help lead a general economic recovery and bolster the housing market. It's also positive news for the commercial real estate market.
The net gain in jobs could have a strong impact on homeowners, who are more likely to keep up with their mortgages if they are employed. Sellers looking to market their homes will also benefit from an increase in jobs, as buyers with jobs will be able to qualify for financing.
Fannie Mae and Freddie Mac recently released rules for processing short sales and deeds in lieu of foreclosure in accordance with federal short sale guidelines known as HAFA (Home Affordable Foreclosure Alternatives), which took effect in April.