Fannie, Freddie Set Appraisal Standards to Streamline Data Collection
Posted on | May 25, 2010 | No Comments
The Federal Housing Finance Agency (FHFA) is rolling out a new initiative at government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac that aims to streamline home appraisal and loan delivery data.
The effort, called the Uniform Mortgage Data Program, sets standards on data and collection processes. The FHFA previously directed Fannie and Freddie to create common data sets and standards for electronic submission and loan delivery data.
“This initiative is a major step toward meeting industry requests for uniformity in appraisal and loan data,” said FHFA acting director Edward DeMarco in a statement (download here). “Improvements in data quality will benefit all mortgage market participants and strengthen the housing finance system.”
Tags: Appriasal > Fannie Mae > FHA > Freddie Mac > Home prices > Listing Price > Salt Lake Real Estate News
Best priced Sandy home per square foot
Posted on | May 24, 2010 | No Comments
Price: $316,000
Type: Single Family
Bedrooms: 6
Bathrooms: 3 Full, 1 Partial
Garage: 3
Square Feet: 4,388
Median Home Prices Up In 60% of Cities in 1st Quarter
Posted on | May 19, 2010 | No Comments
WASHINGTON (AP) — Home prices rose in nearly 60% of U.S. cities in the first quarter of this year, the National Association of Realtors says. The median sales price for previously occupied homes rose in 91 out of 152 metropolitan areas tracked in the January-March quarter versus a year ago. There were double-digit price increases in 29 cities.
CHART: Median sales price by metro area
That’s a sharp improvement from the fourth quarter of last year, when prices rose in about 40% of cities. The national median price was $166,100, or 0.7% below the first quarter of last year.
Sales of foreclosures and other distressed properties made up 36% of all sales in the first quarter.
The largest percentage price increase was in Saginaw, Mich., where the median price doubled to nearly $61,000. Prices in Akron, Ohio were up 95% to about $95,000. Prices in Cleveland were up 54% to $106,400.
The largest price decline was in Orlando, where they dropped 15% to nearly $132,000. Prices in Ocala, Fla., fell 14.5% to a median of nearly $93,000. Prices in Cumberland, Md., fell 14.4% to $98,300.
Tags: Listing Price > Market News > Sales Price > Sellers
FHA is set to reduce closing costs paid by a seller…
Posted on | May 18, 2010 | No Comments
The FHA will reduce allowable seller concessions — the percentage sellers can take from the sales price of a home to fund closing costs — from 6% to 3%. According to an announcement in January, the current level of 6% exposes the FHA to excess risk by creating incentives for appraisers to increase the value of these homes. The change will take place in “early summer,” according to the FHA, but a spokesperson said no specific date has been set.
The closing costs include fees for origination, attorneys, appraisal and inspections, title search, title insurance, credit reports, and more. Down payment assistance is not included as a closing cost.
If you are thinking about buying or selling a home please contact me for specific details and how this change can impact your real estate transaction.
Tags: Buyers > Closing costs > FHA > Salt Lake properties > Salt Lake Real Estate News > Sellers > Utah
Look at this incredible home with custom additions!
Posted on | April 15, 2010 | No Comments
Price: $450,000
Bedrooms: 5
Bathrooms: 2 Full, 2 Half
Garage: 2
Square Feet: 5,238
Tags: Golf location > Great View in Utah > High end in Salt Lake > Real Estate > Sandy





