Fannie, Freddie Streamline Short Sales•Fannie Mae and Freddie Mac will require loan servicers who need morethan 30 days to make a decision on a short-sale offer to provide weeklystatus updates and give an approval or rejection no later than 60 daysafter receiving an offer.•The new short-sale timelines, announced last week by Fannie andFreddies regulator, the Federal Housing Finance Agency (FHFA), takeeffect in June as the first step in a broader effort to "develop enhancedand aligned strategies for facilitating short sales, deeds-in-lieu anddeeds-for-lease in order to help more homeowners avoid foreclosure.“•FHFA said it expects additional changes to be in place by the end of theyear that address borrower eligibility and evaluation, documentationsimplification, property valuation, fraud mitigation, payments tosubordinate lien holders, and mortgage insurance.•More information is available here: http://bit.ly/JcLf4m
Mortgage Rates Edge Upward•Mortgage rates have risen for the first time in four weeks.•The average rate for a 30-year mortgage climbed to 3.9percent in the week ended last Thursday from 3.88 percent•The rate fell to 3.87 percent in February, which was the lowestsince long-term mortgages were introduced in the 1950s.•The average 15-year rate rose to 3.13 percent from 3.11percent, the lowest in Freddie Mac’s records.•Meanwhile, sales of existing homes nationwide fell in March forthe third time in the last four months, declining 2.6 percent fromFebruary to a 4.48 million annual rate, according to the NationalAssociation of REALTORS®.
Weekly HAR Market StatJob growth, low mortgage rates, rising rents and a relatively inexpensive housing stockare just some of the factors at play during todays market recovery. Another weekpassed with neither buyers nor sellers reducing their motivation. Sellers arediscovering a less intimidating scene while buyers revel in the showy marketplace. Asexpected, spring continues to fuel optimism and consumer activity. But that wontnecessarily be the case in every area or segment, so do your research before makingthat move. In the Houston region, for the week ending April 15: • New Listings increased 0.8% to 2,640 • Pending Sales increased 33.3% to 1,823 • Closed Sales decreased 4.5% to 1,059
Designate Yourself for Success Graduate REALTOR® Institute GRI-2 Marketing The GRI designation is the most widely recognized of the National Real Estate Designations. Consisting of three courses, each is taught by experts in their respective fields. This module consists of Seller Services, Buyer Services, Communications Technology and Real Estate Technology. Dates: May 3, 4, 7 and 8 Time: 8:15 a.m. – 4 p.m. Location: HAR Bay Area/Clear Lake and HAR Central Investment: $295Register Online at www.har.com/edu Questions? 713-629-1900 ext. 6