You are here


Preparing for the boomerang buyers

VAR editor, Andrew Kantor recently wrote a great Op/Ed on Virginia’s housing market which ran in the Virginian-Pilot out of Hampton Roads, VA. Check it out!

A coming change to the housing market is an opportunity to kick the economy back into high gear – but, if we don’t all work together, it could stagnate the housing market and maybe the rest of the economy as well.

Thousands of people who lost their homes to foreclosure are reaching the point where their credit has cleared enough for them to re-enter the market.

New video: Q2 Homes Sales Report

Don’t just read the Q2 Homes Sales Report. Experience it. Well, watch the video, anyway.

Check out our own Stacey Ricks’s overview of the numbers, including the big one: We passed a major milestone, and the market is now performing better even than it did than in the second quarter of 2010 when it got a boost from tax incentives.

In other words, this is the best the market has been with or without the added tax-incentive boost.

Asking prices are up, but the rising is slowing: Trulia

Every month, Trulia looks at asking prices for homes and asking rents for rentals. And they’ve been going up for a while now.

In its latest report, for example, Trulia found that asking prices were up 11.0 percent in August from a year before (and up 1.2 percent month to month).

But the company adds an important note: It found that the rate of those price jumps was slowing.

Fannie Mae to (finally) recognize short sales

Fannie Mae is going to fix a small problem with its software. It turns out, the company’s computers don’t recognize short sales.

What that means is that short sales (which typically keep someone from buying a home for two years) had to be labeled as foreclosures (which typically keep someone from buying a home for seven years).


Latest proposal effectively ditches QRM requirements for loans

The six federal agencies tasked with coming up with a definition of a Qualified Residential Mortgage (QRM) have floated another proposal — one that would essentially do away with the QRM definition altogether.

To understand what that means, we need a bit of background, which economist Bill McBride was happy to give, and which I will happily translate.

When it was created, the Dodd-Frank Act had two goals (among others):

Foreclosures, pending sales, even prices: Good news all around

Here’s a quick roundup of the last few days facts and figures — it looks like good news in general.

Foreclosures and delinquencies are down. According to CoreLogic, the number of homes in the U.S. in some stage of foreclosure was down 32 percent from a year ago, with existing foreclosure inventory being absorbed by the market — it’s already down 20 percent this year, and was down 32 percent from July to July.

Steady as she goes

Virginia’s housing market recovery is holding steady despite being “tested” by increasing unemployment and interest rates this summer. Last summer we experienced lower 30-year mortgage interest rates and very little change in unemployment. This summer unemployment has increased steadily, reversing the trend we witnessed through the first quarter of 2013 and most of the second quarter. Further, interest rates are increasing as the Federal Reserve Board deems the economy stabilized.



Subscribe to Economy