May 2014

There are 4 blog entries for May 2014.

FHFA regulator won't lower Fannie, Freddie loan limits CNBC's Diana Olick reports FHFA regulator Mel Watt announced he will not lower the loan limits for Fannie Mae and Freddie Mac. Diana Olick | @diana_olick 

As the housing recovery hits a roadblock, and the industry blames a tight and pricey mortgage market, those who hold the purse strings are finally responding. Both the new regulator for Fannie Mae and Freddie Mac, as well as the secretary of Housing and Urban Development, announced on Tuesday they would shift strategies by making credit more available to homeowners.

Federal Housing Finance Agency (FHFA) Director Mel Watt, who recently took over the job of regulator for the mortgage giants, said in his first public comments that he would not lower the maximum loan limits for

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Fannie Mae and Freddie Mac, as well as the secretary of Housing and Urban Development (HUD) announced last Tuesday that new policies will make credit more available to homeowners. The Federal Housing Finance Authority (FHFA) issued a statement that it will not lower the $417,000 loan limit for Fannie Mae and Freddie Mac loans as was previously considered. Also, FHFA will relax the buyback requirements for banks extending credit to homebuyers. This has been a concern for the mortgage industry.

To assist new homebuyers, FHA announced a new four year pilot program to begin this fall where first time homebuyers who commit to credit counseling will qualify for reduced FHA insurance premiums on their loans. On average for a home loan balance of $180,000, the

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Tight Inventory is the biggest obstacle we have in this Spring housing market! A normal real estate market has between a six-to-seven month supply of homes available. In West Michigan 2014 has our monthly supply of available homes for sale at about 4.5 months. This years inventory levels continue to run well below the average, with March 2014 listings being 26.5% less than last year. Overall home listing totals throughout 2014 so far are running 27.4% lower than the volume of 2013 in the first quarter.  In fact, inventory levels are recorded as the lowest since 2002 according to data available from the Grand Rapids Association of Realtors monthly marketing update. 

One of the reasons that inventory is lower is because there has been a shift in the

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Pricing a listing is one of the hardest and perhaps most important tasks in residential real estate. So why do serious seller's fail to get one?

A professional appraisal may cost between $300.00 and $450.00. So why do serious seller's fail to get one?  An appraisor can come in with an independent, unbiased opinion and put a value on your home and property. Again I ask..... so why do serious seller's fail to get one?

Perhaps one of the answers is that sellers aren't honestly interested in what the home is worth. It may be that sellers are more concerned about how much they have into their home and not what the market will bear. So they add the purchase price together with the new carpet they had installed, add the cost of the new deck....and the

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