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Both VAR and the Richmond Association of REALTORS® were featured in an October 23 Richmond Times-Dispatch story, “Housing market improves,” about central Virginia’s housing market.
“The Richmond area’s housing market posted increases in sales and prices during the third quarter, according to a report released Tuesday by the Richmond Association of Realtors,” begins the story, which featured housing statistics from both associations.
Charlottesville, Richmond, and Newport News were named among the nation’s “Top 100 Places to Live” in 2014, according to Livability.
Working with researchers at the University of Toronto’s Rotman School of Management, and using data from the U.S. Census Bureau, USDA, Walk Score, Great Schools, Americans for the Arts, and others, Livability examined more than 1,700 small and mid-sized cities across the country.
A study by personal finance site Wallet Hub found that Virginia is the state most affected by the government shutdown.
Using data from Realtor.org as well as the Department of Education, the Brookings Institute, FedsDataCenter.com, the U.S. Department of Veterans Affairs, and the U.S. Small Business Administration, Wallet Hub examined a number of factors that would make a state more or less impacted by the shutdown.
An article in the Washington Post explains how consumers shopping for mortgages may be offered “substantial credits” from mortgage brokers. Lenders, the article explains, may be able to offer similar help with closing costs, but do not always advertise the fact.
As you might expect, there are plenty of stories about how the government shutdown is affecting folks across the country. Let’s focus on the real estate market, though. Here are some of the stories making the rounds:
Mortgage Bankers Call for End to Government Shutdown (DSNews)
David Stevens, president and CEO of the Mortgage Bankers Association, urged an end to the shutdown:
If Congress shuts the government tomorrow (i.e., tonight at midnight), how will that affect mortgages? With Fannie and Freddie backing 90+ percent of them, and FHA loans being so popular, it’s an important question.
CNN has the answers, but here’s the gist:
Fannie and Freddie will continue to operate. They aren’t funded by the government; they make their money via fees.
However, FHA, VA, and USDA loan applications won’t be processed.
NAR’s Pending Home Sales Index (which measures contracts, but not closings) was up 5.8 percent in August from the year before, marking 28 months of annual increases. (It was down from July, but that’s typical — sales taper off after summer.)
NAR also expects total existing-home sales to be up about 11 percent in 2013 compared to 2012.
Forbes has ranked Virginia the number-one state for business. We had been #2 since 2009.
This contrasts (or contradicts) the CNBC ranking from earlier this year that had us slip to #5.
Here’s part of what Forbes had to say:
Sales numbers can look bleak as the market begins to experience its seasonal decline, but the market it still looking strong in Virginia. Sales are holding steady compared to previous years. In fact, Virginia has seen more sales this summer than it has since 2007.