You may have seen the latest home sales and price numbers and wondered: What's going on here? Are we up? Are we down?So begins Kenneth R. Harney's latest posting on Realty Times.
Depending on which TV network reported the news last week, it sounded either like real estate is continuing along its steady road to recovery - -or that we just hit a pothole in the road.That's just the problem with numbers, isn't it? But there is an answer according to Harney and arithmetic inclined folks,
So, we're up. Let's see that translate into a full year increase and I will personally feel much better. Read the full article here.Well, dig down into the actual numbers from the National Association of Realtors and you find that, yes, 2010 first quarter home sales were 14 percent lower than they were in the final quarter of 2009.
Home sales nationwide, however, in the first quarter of 2010 were 11.4 percent higher than they were during the same quarter the year before. And any economist will tell you: year to year comparisons are more meaningful than quarter to quarter data, which tend to be more volatile.
As Congress debates sweeping financial reforms to prevent a repeat of the 2008 housing meltdown, mortgage lenders who do not work for banks are already quietly adapting to stricter oversight."In New Jersey, loan originators must do the following by May 15 to get licensed by July 31:
* Complete 20 hours of education;
* Pass a test;
* Submit fingerprints for a criminal background check by the FBI;
* Complete a criminal background check by the New Jersey State Police.
* Give a national mortgage lender licensing database operator permission to obtain a credit report."
Sound tough? Maybe, but experience shows that licensing alone does not eliminate the troublemakers in any industry.
What do you think about the new rules?
Read the full article here.
"A recent memorandum from the legal department of the California Association of Realtors® (CAR) warns CAR members as follows: "'Undisclosed payments in short sale transactions, especially those paid outside of escrow, may violate the law, including RESPA, laws against loan fraud, and licensing laws.'"
The new federal push provides lenders with financial incentives to accelerate the process — $1,500 for servicers to cover administrative costs and up to $2,000 for investors, according to the National Association of Realtors.If experience is an indicator, homeowners may not have a lot to be excited about as the guidelines are voluntary.
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