Fannie, Freddie Set Appraisal Standards to Streamline Data Collection

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.”

Median Home Prices Up In 60% of Cities in 1st Quarter

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.

Beautiful home with wonderful upgrades…

Price: $297,000

Bedrooms: 4

 Bathrooms: 2 Full, 1 Half

 Garage: 2

 Square Feet: 2,810

Sales Graph for 2006 to 2009

Who says prices have not come down. Sellers need to realistic when pricing thier homes. Our average price continues to come down and we are back to where were were in 2006.

2009 Report - Click for a larger Image