The Virginia Association of Realtors® worked to help develop legislation to enhance the agency relationship disclosure requirements between licensees and those they represent. This means there are a number of changes to the existing agency laws in Virginia, and VAR wants to make sure that our members and you, the client or customer, understands how it works and what you can expect.
IN THIS SECTION:
A mortgage loan is a loan secured by real property through the use of a mortgage note which evidences the existence of the loan and the encumbrance of that realty through the granting of a mortgage which secures the loan. However, the word mortgage alone, in everyday usage, is most often used to mean mortgage loan.
The Third Quarter Virginia Home Sales Report has been released and yet again, most state-wide indicators show an improved housing market in the Commonwealth.
As shown in the graph below, the pace of home sales in the 3rd Quarter of 2012 (24,331) marked a 6% improvement over the same quarter last year (22,995). Furthermore….
- Virginia’s median sales price increased 5.5% in 2012-Q3
- Virginia’s total sales volume increased 9.8% in 2012-Q3.
- Virginia’s average days on market decreased 12% in 2012-Q3.
James Madison University is getting Zipcars — cars you can rent by the day or by the hour. Need to get someplace? Pull out your phone, find the nearest Zipcar, and rent it.
So what? That’s nice for students, but what does it have to do with real estate? More than you might realize.
Search on the phrase “Generation Rent.” Young people aren’t rushing to buy the things their parents did — cars, houses, even bicycles. They’re choosing the flexibility and mobility of renting instead, and the arrival of Zipcars at JMU is just another example.
This trend is mostly by necessity, somewhat by choice. And it’s entirely worth keeping an eye on.
VAR's latest edition of Commonwealth magazine (in mailboxes this week) explores the new science of mortgage lending. Gathering perspective from a seasoned mortgage lender panel, VAR's CEO Scott Brunner interviews for the tough questions:
- How has new regulation affected the way mortgages are given?
- What should the future of Fannie and Freddie be?
- What will the effects of QM and QRM be?
Check it out, plus download the Commonwealth digital app to your tablet today at www.VARealtor.com/Commonwealth.
Meet the brown marmorated stink bug: A creepy little bugger that can release an odor when attacked (it smells like cilantro — go figure). It was “imported” from Asia about 15 years ago, and has made its home across the mid-Atlantic.
Come autumn, the cold drives them indoors, where you’ll likely find them anywhere and everywhere. (Legend has it that killing one will attract more.) When winter ends, they emerge to lay their eggs — 280 per female.
This year has been a good year for them, which agricultural experts say mean next year is going to be just great.
About 46,000 Virginians will soon be able to get their due from the national mortgage foreclosure settlement — they’ll be receiving the paperwork in the mail.
That settlement was reached with the nation’s five biggest lenders, which had been caught creating fake documents, forging signatures, and otherwise breaking the law so they could foreclose more quickly. And now at least some of their victims are getting a chance to recoup their losses.
Interesting post over at the Progressive Policy Institute entitled “Rising Home Prices May Not Spell Recovery.” Interesting, but — to be overly blunt — wrong.
The argument by author Jason Gold is that, although it seems home prices have hit bottom, we may not be in a true recovery for several reasons, which he then explains.
And which I’m going to debunk. :)
The August 2012 Virginia Home Sales Report has been released and yet again, most state-wide indicators show an improved housing market in the Commonwealth.
As shown below, the pace of home sales in August 2012 (8,679) marked a 7% improvement over the same month one year earlier (8,125). Furthermore….
- Virginia’s median sales price increased 3% in August 2012.
- Virginia’s total sales volume increased 10% in August 2012.
- Virginia’s average days on market decreased 12% in August 2012.
Read more inside the complete August 2012 Virginia Home Sales Report.
FHA has changed its requirements for condos to be certified, making it easier for sellers to sell and buyers to get financing.
This has been a big and ongoing issue, and today’s news is a major and positive change — and something condo owners (and the people who represent them) will appreciate.
Here’s the background: If someone wants FHA financing for a condo, not only do they have to be approved, but the condo itself has to have been “certified”. And back in 2011, FHA de-certified all of them — it required every one to reapply.