The Case-Shiller index showed month over month and year over year gains of 1.3% and 4.6% respectively, but the report authors warn that the housing economy isn't out of the woods yet. Much of this improvement could be attributable to the government's now-expired homebuyer tax credit.
"We need to watch where the housing market will go after these temporary stimuli go away," said managing director of the S&P indices David Blitzer. "June's existing and new home sales and housing starts data have not shown real improvement either."
He added: "It still looks possible that the housing market might bounce along the bottom for the foreseeable future before showing any real improvement that will filter through to the rest of the economy."
You may remember this image from the cover of the September/October 2009 issue of Commonwealth. As much as we like that cover and story, you can now forget all about them.
How long will a short sale stay on my credit report? How many points on the score will I lose if I declare bankruptcy? How long until I can get a government-insured loan if the bank forecloses on my home?
You've probably heard some variation of these questions from your clients. If you've ever been unsure of how to answer, NAR has created two resources to help:
On Monday, the directors of the Virginia Department of Housing and Community Development are expected to pass revisions to the Virginia Uniform Statewide Building Code that would include a requirement that all new residential construction in the Commonwealth include a fire extinguisher in or near the kitchen. This provision is likely to be adopted instead of a proposal that would have required sprinklers in all new townhouse construction. According to an article in Leesburg Today, the current code requires that sprinklers be installed in all new townhouses with more than three stories. New single family homes have no sprinkler requirements, according to the article.
An audio recording of today's press conference (right-click to download 7 MB mp3 file) with commentary from some of the state's leading brokers about VAR's second quarter home sales report is now available for download. The brokers in the call are:
Updated July 21, 2010: President Obama has signed this piece of legislation into law.
The effectiveness of Realtor® lobbying is sometimes better measured by what didn't happen, rather than by what did happen. Such is the case for the financial services reform bill which was passed by the US Senate last week and signed by the President on July 21.
Real estate is a significant part of our country's financial services sector. Sweeping and potentially onerous new regulations could have been heaped upon an already troubled national real estate market, but NAR was successful in exempting real estate firms from many of the financial services reform bill's provisions.
Foreclosure rescue and loan modification scams are among the most prevalent types of mortgage fraud, and this week, Virginia's Attorney General has taken aim at two loan mod companies for violating the Virginia Foreclosure Rescue Law. According to WAVY television in Hampton Roads:
Town officials in Herndon are preparing residents and business owners for the new Herndon-Monroe Metro station, which is slated to open in 2016. Plans are afoot to make the area surrounding the coming station more appealing to passengers. Officials would like to see the area transformed into an attractive, walkable urban community.
Homeowners should take advantage of opportunities to be heard during this planning process. If well executed, careful development could make the area surrounding the Metro station pleasant and inviting. Prices of nearby homes could be positively affected.
Read more in The Washington Post....
Virginia officials are working to lay the groundwork for the state to become a national hub for wind technology. If they are successful, it could mean an estimated $80 billion to the Commonwealth and more than 5,000 long-term jobs.
"We have the potential for not only wind turbines off the coast of Virginia, but for Hampton Roads to become the silicon valley of wind development for the entire east coast," said Bob Matthias, assistant to the Virginia Beach city manager.
Learn more at WAVY-TV 10....