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Two groups push for national Homeowner Bill of Rights

Posted by Andrew Kantor
Apr 12 2013 - 9:04am

Two major consumer organizations are urging Congress to enact a national “Homeowner Bill of Rights” to reduce foreclosures, “stabilize local housing markets, and protect homeowners.”

Pointing out how the lack of lender regulation helped cause the Great Recession, and that lenders have been reluctant  “to engage in good-faith loss-mitigation before beginning the foreclosure process,” — the Center for Responsible Lending and Consumers Union issued a joint policy brief they say can both protect homeownership without putting undue burden on lenders.

The proposal takes into account other regulations — such as California’s Homeowner Bill of Rights and the Consumer Financial Protection Bureau’s new lending rules.

Inventory looks like the big issue for Virginia housing

Posted by Andrew Kantor
Apr 11 2013 - 12:07pm

Why is inventory becoming the big issue in Virginia real estate? Because there’s not enough of it. (If you’re in an area that does have plenty, be advised: It probably won’t last.)

Check out these statewide figures for February (the latest date we have solid numbers for):

  • Closed sales were up 13.8%, but.
  • Pending sales were down 31.6%, so.
  • Inventory was down 40.2%, and.
  • Months supply of inventory was down 45.3%

That’s huge. Meanwhile, days on market is down (-10.4%) and average closed prices are up (+9.7%) — in other words, the market is doing what it’s supposed to be doing: moving homes.

Columnist warns about the return of sub-prime loans

Posted by Andrew Kantor
Apr 11 2013 - 11:35am

In case you don’t remember, the housing crisis we’re finally getting out of was caused by, at its core, people getting mortgages they couldn’t afford. Blame the borrowers, blame the lenders, whatever — that was the root of it all.

That was the sub-prime market: loans to people who didn’t have great (aka “prime”) credit. And that’s why we have all these new rules and regs and requirements: to prevent people — many of whom didn’t know any better — from borrowing more than they can afford. (Or at least shielding taxpayers from lenders willing to take the extra risk on those people.)

Reminder: April 20-21 is Nationwide Open House Weekend

Posted by Andrew Kantor
Apr 9 2013 - 9:36am

NOH logo 2013-dateYes, that’s right — once again, Realtors across the country will be holding open houses to kick off the spring selling season. Mark your calendars and tell your clients: Saturday and Sunday, April 20 and 21.

What’s in it for you? A chance to take advantage of the nationwide advertising campaign. Potential house-hunters will (hopefully) get on their feet and out their doors… and you should be waiting for them.

Governor announces $1 million to provide housing for 19 homeless families

Posted by Andrew Kantor
Apr 9 2013 - 9:33am

To help fight homelessness in Virginia, Governor Bob McDonnell has announced three grants that will create 19 new housing units for homeless and disabled people.

The grants (which come from a “special funding allocation” of the governor’s 2013 budget) total an even $1 million. They’ll go to apartment complexes in Fairfax County, Gloucester County, and Newport News.

In 2008, Virginia had an estimated 1,166 homeless families — about 3,600 homeless people — mostly in Fairfax County, Virginia Beach, Norfolk, and Arlington County.

Important post-licensing changes

Posted by Andrew Kantor
Apr 9 2013 - 8:48am

This is a reminder — but an important one — about post-licensing curriculum changes. (It will mostly affect new real estate licensees, but brokers need to remember it.)

The PL curriculum is changing from three tracks (residential, property management, commercial) to a single-track system.

  • The old system will be in place until December 31, 2013.
  • The new system will be available starting July 1, 2013.

The overlap is what’s important.

You know you must take 30 hours of PL education within a year of getting your license. You must take those 30 hours under the current system or the new system — you cannot mix them.

Blueprint Virginia launches local briefings

Posted by Andrew Kantor
Apr 8 2013 - 10:33am

IMAGE_SM_Blueprint_VALast November, the Virginia Chamber of Commerce launched Blueprint Virginia, a year long initiative to develop a strategic plan that will improve Virginia’s competitive position in the global economy and ensure a prosperous and sustainable future. Virginia Chamber President and CEO Barry DuVal has been traveling across the Commonwealth in recent months to gain valuable stakeholder input on regional economic priorities.

VAR thanks General Assembly

Posted by Andrew Kantor
Apr 4 2013 - 11:18am

The Virginia Association of REALTORS® thanks Governor McDonnell and the members of the General Assembly for working together to pass a sustainable transportation funding plan, resulting in HB 2313.

“We know the importance of an adequate, efficient transportation network. It enhances the quality of life in cities and towns across the Commonwealth. Transportation impacts everyone: parents getting children to school, businesses aiming to attract customers, first responders and law enforcement responding to emergencies, and commuters on their way to work,” says Mary Dykstra, President of the Virginia Association of REALTORS®.

This transportation bill is not perfect, but a result of compromise and working together for the greater good.

VAR thanks General Assembly

Posted by Andrew Kantor
Apr 4 2013 - 11:18am

The Virginia Association of REALTORS® thanks Governor McDonnell and the members of the General Assembly for working together to pass a sustainable transportation funding plan, resulting in HB 2313.

“We know the importance of an adequate, efficient transportation network. It enhances the quality of life in cities and towns across the Commonwealth. Transportation impacts everyone: parents getting children to school, businesses aiming to attract customers, first responders and law enforcement responding to emergencies, and commuters on their way to work,” says Mary Dykstra, President of the Virginia Association of REALTORS®.

This transportation bill is not perfect, but a result of compromise and working together for the greater good.

April is fair housing month

Posted by Andrew Kantor
Apr 2 2013 - 10:43am

equal-house-oppApril 2013 marks the 45th anniversary of the 1968 landmark Fair Housing Act. The Fair Housing Act prohibited housing discrimination on the basis of race, color, national origin, religion, sex, familial status, or handicap. Every April, REALTORS® celebrate Fair Housing Month to reaffirm their continuing commitment to fair and equitable treatment and a professional level of service for all in their search for real property.