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The end of the sellers’ market is coming (and that’s OK)

Now is a good time to sell. Sounds backwards, right? Aren’t we supposed to repeat the “good time to buy” mantra?

The sellers’ market we’re in will soon be coming to a close. The pendulum will begin swinging back. No, that doesn’t mean that prices will plummet and we’ll be back to 2008 — just that we’re about to see a leveling off.

Follow the bouncing ball:

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Virginia cities, schools, businesses in the rankings

A few of the recent rankings reports released had Virginia well represented, so I figured I’d share.

First, seven Virginia cities were added to the National Association of Home Builders’ Improving Market Index – it "tracks housing markets throughout the country that are showing signs of improving economic health."

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).

Oops.

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.

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