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Tag Archives: Realtors

Foreclosures Account for 43% of Twin Cities Home Sales

Foreclosure sales accounted for roughly 43 percent of home sale closings in the Twin Cities metropolitan area of Minnesota last month, and 40 percent of pending home sales contracts. While those market shares are in line with recent trends, Brad Fisher, president of the Minneapolis Area Association of Realtors, says they're still higher than what he'd like to see. While overall purchase activity in March was down 17 percent, the foreclosure segment saw a 30 percent jump in closed sales.

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Washington State Restricts Wall Street Home Resale Fees

Washington Governor Christine Gregoire recently signed legislation to restrict Wall Street home resale fees - also known as private transfer fees. The new law, sponsored by Sen. Nick Harper, places a ban on these fees. Rep. Roger Goodman sponsored the companion bill in the state's House of Representatives. Washington is the 25th state to restrict the use of these fees.

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Legislation Introduced to Speed Lender Response to Short Sales

Two lawmakers, one Republican and one Democrat, have joined forces to push federal legislation through that would facilitate wider use and shorter transaction timelines for a foreclosure alternative that some say could be a lifeline for millions of underwater homeowners while drastically reducing the number of empty, repossessed homes lining U.S. neighborhoods - the short sale. The bill would impose a deadline of 45 days on lenders to give an approval, disapproval, or status of a decision on an offer for a short sale.

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Texas Realtors Rally for Homeowner Rights at State Capitol

More than 2,000 Texas Realtors descended on the Texas Capitol in Austin April 12 for the 2011 Legislative Hill Visits. The governor, lieutenant governor, speaker of the Texas House, and legislators met with the Realtors to discuss a range of consumer-protection legislation, including homeowner rights. Realtors say Texas has withstood the real estate bubble that ravaged the rest of the country largely because state leaders made protection of private-property rights a priority in recent sessions.

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California Realtors and Fannie Mae Launch Effort to Expedite Short Sales

The California Association of Realtors has partnered with Fannie Mae on an initiative designed to help Realtors resolve issues that arise after a short sale offer is made on a Fannie Mae-backed loan. The effort centers around technology from the GSE, the Fannie Mae Short Sale Assistance Desk, which helps brokers and agents shorten the waiting period for approval on Fannie Mae short sale transactions. It also assists real estate professionals with post-contract issues, the existence of a second lien, or problems involving mortgage insurance.

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Shadow Inventory May Deplete Quicker In Hardest Hit States

A recent report by the National Association of Realtors (NAR) reveals interesting information regarding the foreclosure inventory of the hardest hit states. It is pretty well known that Arizona, Nevada, California, and Florida have been most affected by the foreclosure crisis. Together the four states make up 42 percent of the foreclosure volume in the United States. Despite this, NAR estimates it could take as little as seven months to clear the shadow inventory in some of the hardest hit states.

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California Association of Realtors Calls for Short Sale Reform

The California Association of Realtors (CAR) sought to bring attention to what the organization describes as the state's ""ineffective"" short sale process Thursday by placing an open letter advertisement in California's seven largest daily newspapers. The letter, signed by CAR president Beth L. Peerce, called on lenders and industry regulators to streamline and improve the short sale process.

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Maponics to Offer Real Estate Subdivision Boundaries Solution

Maponics, a provider of location-based data, plans to offer a subdivision boundaries product for vast U.S. coverage, mapping more than 500,000 subdivisions by year-end. According to the company, the real estate industry has long recognized that the immediate area surrounding properties significantly impacts home values, but up until now has had no reliable and systematic source for subdivision boundary data.

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Short Sale Success Faces Hurdles in California: Survey

Ninety-four percent of Realtors surveyed by the California Association of Realtors participated in a short sale transaction during 2010, demonstrating the growing presence of short sale listings in today's distressed real estate environment. Despite increased market interest in the short sale as an alternative to foreclosure, the survey found that fewer than three out of five actually close in California. The trade group says this fact illustrates ""the complexity and difficulty of navigating lenders' and servicers' short sale procedures.""

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Most Short Sale Transactions Taking Four or More Months to Complete

Despite new rules for short sales under the government's Home Affordable Foreclosure Alternatives (HAFA) program which went into effect on February 1, real estate agents responding to a survey said short sale transactions are still taking too long. A survey published recently by property valuations company Equi-Trax reveals the majority of short sales are taking four to nine months to complete, and Realtors say lenders are to blame, although some concede that borrowers need to be better educated about short sales.

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