Real Estate Market Activity March 2009
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| Supply | # Sold | % Change | Median. Sale PRICE (1000's) | % Change | ||||
| Mths | Previous Mth | Previous Year | Previous Mth | Previous Year | ||||
| Suffolk, NY | 14.60 | 532 | 26.37% | -3.45% | $320 | 3.33% | -11.04% | |
| Nassau, NY | 12.40 | 450 | 10.57% | -12.96% | $406 | 1.38% | -11.46% | |
| Queens, NY | 15.60 | 422 | 26.73% | 3.43% | $355 | -4.57% | -16.47% | |
| Central, FL | 12.98 | 1653 | 25.04% | 47.59% | $137 | -8.05% | -37.73% | |
REAL ESTATE:
Fed Officials: The Worst is Over
The worst of the economic crisis is over, according to U.S. officials speaking at a financial conference Friday at Vanderbilt University.
Frank Nothaft, the chief economist for Freddie Mac, said housing sales have just about hit bottom and a third of home sales are now foreclosed properties.
Dennis Lockhart, president of the Federal Reserve Bank of Atlanta, warned that the declining commercial real estate market still poses a risk to the economy.
New York Fed chief William Dudley complained that the programs the government has put in place are being undermined by public perception that they are unfair to average taxpayers and that has made some potential investors fearful that they would be the focus of public outrage if they profit from the programs.
"It is worth emphasizing (that) actions that lead investors to shun taking risk, especially in this environment, are ultimately detrimental to the ability of households and businesses to secure credit at reasonable borrowing rates," Dudley said.
Source: Reuters News, Ros Krasny and Kristina Cooke (04/18/2009)
MORTGAGES
Housing Market Faces New Rules for Appraisals
The housing industry is facing new national rules for real estate appraisals, which will ban mortgage brokers from ordering valuations and divert more business to third-party appraisal management companies.
Lenders seeking to sell their loans to Fannie Mae and Freddie Mac will have to adopt the home valuation code of conduct; but they have expressed some concern about the new standard, which takes effect on May 1.
Lenders can still focus on FHA financing, considering the agency has its own appraisal rules and does not plan to adopt the code of Fannie Mae or Freddie Mac.
Source: Realty Times, Kenneth R. Harney (04/20/09)
© Copyright 2009 Information Inc.
Housing Market Faces New Rules for Appraisals
The housing industry is facing new national rules for real estate appraisals, which will ban mortgage brokers from ordering valuations and divert more business to third-party appraisal management companies.
Lenders seeking to sell their loans to Fannie Mae and Freddie Mac will have to adopt the home valuation code of conduct; but they have expressed some concern about the new standard, which takes effect on May 1.
Lenders can still focus on FHA financing, considering the agency has its own appraisal rules and does not plan to adopt the code of Fannie Mae or Freddie Mac.
Source: Realty Times, Kenneth R. Harney (04/20/09)
© Copyright 2009 Information Inc.
