Each day my inbox is filled with real estate news headlines from multiple national news sources. Some days a few catch my attention. Here's three that will give you some thing to think about this Halloween weekend.
Let's call story number one, "Nationally, Home Prices Hit Bottom in January."
NEW HOME SALES FALL, PRICES RISE
WASHINGTON (Associated Press) – Nationwide, sales of new homes fell 3.6 percent to a seasonally adjusted annual rate of 402,000 from August to September, according to the Commerce Department.
Last month’s decline was the first since March and was off 7.8 percent from a year ago. However, the market has improved 22 percent from its bottom in January.
The median sales price of new homes, $204,800, was down 9.1 percent from September 2008, but up 2.5 percent from August’s $199,900.
Sales declined nearly 11 percent in the West and 10 percent in the South while they remained unchanged in the Northeast and increased 35 percent in the Midwest.
Let's call story number two, "Get Rid Of The Home Valuation Code of Conduct"
Daily Real Estate News | October 30, 2009 |
House Committee Weighs Scrapping HVCC
The appraisal system imposed by Fannie Mae and Freddie Mac last May is under attack by the House Financial Services Committee and could be on its way out.
The “Home Valuation Code of Conduct” could be terminated by the proposed new Consumer Financial Protection Agency under a bipartisan amendment approved by the House committee.
The amendment would require the new agency’s director to replace the code with a set of rules developed through regular administrative procedures and pubic comment periods used by all federal agencies. The valuation code was the product of a settlement among New York Attorney General Andrew Cuomo, Fannie Mae and Freddie Mac, and the Federal Housing Finance Agency.
Critics say the code created more problems than it solved and has encouraged lenders to use inexperienced appraisers who don’t know the areas where they are doing the work, which is resulting in lowball valuations as well as higher fees.
The legislation under which this code would be scrapped is likely to pass the full House, but may have a tough road in the Senate.
Source: The Washington Post Writers Group, Kenneth Harney (10/30/2009)
Let's call story number three, "Expand and Extend the Home Buyer Tax Credit"
Senators OK homebuyer tax extension click link for the full story.
All three of these national headlines promise good things to come for the national housing market. Good news for the nation, means good news for Southeast Texas housing too. Happy Halloween.