Congratulations to Lee Odems of Woodbridge, principal broker with Buyers Advantage Real Estate Corp., who was named by Gov. Bob McDonnell to serve on the Virginia Real Estate Board. Good going!
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.
Unfortunately, just as these “boomerang buyers” are beginning to get on their financial feet, there aren’t enough homes for them to buy.
That’s fixable, but it still puts us at a crossroads of the economic recovery.
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.
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.
When it looked at the numbers in three-month chunks (e.g., May-June-July vs. June-July-August) numbers, it found that price rises were tapering off.
Feb-Mar-Apr: +4.0 percent
May-Jun-Jul: +3.2 percent
Jun-Jul-Aug: +3.0 percent
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).
That’s a huge problem in states with high short-sale rates, such as Florida. And that’s why Senator Bill Nelson (D-FL) took up the cause. Working with the Consumer Financial Protection Bureau and Sen. Claire McCaskill (D-MO), Nelson got Fannie to agree to a fix.
By November 16, people who make short sales will have that properly labeled in Fannie’s system.
The VAR Board of Directors met today and voted in favor of bringing on board Terrie Suit as its new chief executive officer. Terrie currently serves as the Secretary of Veterans Affairs and Homeland Security for Virginia. She will begin work with VAR September 23.
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):
1. Protect consumers from predatory lenders
2. Protect investors (notably taxpayers) from unknowingly buying risky loans
Two more endorsements were announced today by the Virginia Association of REALTORS® through the Virginia REALTOR® Political Action Committee: State Senators Ralph Northam for Lieutenant Governor and Mark Herring for Attorney General. On August 20-21, 2013, candidates for statewide office appeared before the RPAC Board of Trustees for separate and extensive candidate interviews. Further, each candidate submitted written responses to questionnaires developed for this race.
In a press release sent out today, the Virginia Association of REALTORS® through the Virginia REALTORS® Political Action Committee (RPAC) announced its endorsement of Terry McAuliffe for Governor of Virginia. On August 20-21, 2013, both Mr. McAuliffe and Virginia Attorney General Kenneth Cuccinelli appeared before the RPAC Board of Trustees for separate and extensive candidate interviews. Further, each candidate submitted written responses to questionnaires developed for this race.
If you missed this morning’s Good Morning Mortgage webinar, you can view it now on VAR’s website. VAR’s Stacey Ricks, our Director of Public Relations, and Steve Farbstein of the Virginia Bankers Association Mortgage Executives Committee talk about some very timely lending issues.