VAR's kickoff edition of Good Morning Mortgage: Tips Today to Close Tomorrow webinar series. Featuring VAR's Stacey Ricks and Steve Farbstein of the Virginia Bankers Association Mortgage Executives Committee. Stacey and Steve discuss some timely topics from the mortgage lender perspective, including rates, tips for Realtors working with lenders, and some audience Q&A on self-employed concerns and portfolio lending.
View the Power Point presentation from the webinar here:
Welcome to Good Morning Mortgage, VAR's free lending webinar series. This is your source for up-to-the-minute lending news straight from the source. VAR has partnered with the Virginia Bankers Association to bring lending experts right to Virginia REALTORS®. Check back often for new episodes and watch your e-mail or VARbuzz to register for the live webinars and have your questions answered in real time.
The two biggest days for Virginia’s Realtors is coming this fall—the Real Show 2013. Make sure you’ve made your reservations now for the Real Show — the largest gathering of real estate professionals in Virginia. Early bird registration ends June 30 – CLICK HERE to register today and lock in the best possible registration rate.
A new survey from NAR found that consumers are upbeat about housing. They "overwhelmingly believe that buying a home is a good financial decision," and they consider owning a home to be a top priority.
The Housing Pulse Survey found that 80 percent of Americans believe it’s a good idea to buy a home, and that half of renters now consider home ownership "one of their highest personal priorities."
There’s more. Check out the full survey results over at Realtor.org.
Virginia’s residential sales volume (measured by the dollar value of real estate sold) passed an important milestone in the second quarter of 2013. Sales volume surpassed the volume sold in 2010 when sales were boosted by tax credit incentives. The 2010 comparison is important because the 2013 Virginia housing market has advanced beyond the peak of the 2010 market, despite significant economic stressors (government sequester) and without economic incentives (tax credits). All in all, the second quarter was strong and continues to exhibit signs of recovery.
The latest figures from NAR show that sales of existing homes (single-family houses, condos/co-ops, and townhomes) were up 15.2 percent in June from the year before.
Meanwhile, inventory was down 7.6 percent from a year ago, while median nationwide prices were up 13.5 percent from June 2012. (That’s 16 consecutive months of year-over-year price increases, btw.)
NAR’s headline, for some reason, focuses on month-to-month numbers for sales, but year-to-year numbers for prices. Go figure.
Are you kidding me? Talk about looking for the negative.
"Housing Starts Fall to 10-Month Low" reads the New York Times Reuters headline. But there are two big problems with the story.
Here’s the lede:
U.S. housing starts and permits for future home construction unexpectedly fell in June…
A bit of good news from the Census Bureau and HUD, which released the latest information on residential construction.
Building permits are up, housing completions are up some, and housing starts are probably up, according to the latest data from the Census Bureau.
Here are the data (you can view the PDF of the full report by clicking here):
Building permits were up 16.1 percent (±1.7%) in June compared to the year before.*
Back in February we told you not to worry about Richard Cordray’s appointment to the Consumer Financial Protection Bureau. (There was some concern that if wasn’t confirmed, we’d be back in limbo in terms of mortgage requirements, and that would play havoc with the housing recovery.)