GNAR News – 7/6/11

***No Caravan Thursday (7/7) due to holiday week***

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RPAC Mini-Golf Fundraiser

REGISTER your teams for the upcoming tournament to be held at Buc’s Lagoon, Hampton Beach, on Tuesday, July 19 from 3-6pm…. A fun time with refreshments & soda provided, byob.  Any questions or for a registration form, contact GNAR.

May median home prices up as sales volume down in Massachusetts: proposed ‘QRM’ definition also troubling

MAR – Posted: 28 Jun 2011 08:52 AM PDT
Today we issued our May 2011 housing data and sales of both  single-family homes  and condos were down  compared to the same time  last year. While sales were down, median prices for both single-family homes and condos were up compared to the year before and from April. Month-to-month sales were up, which is typical from April to May.

If sales being down wasn’t challenging enough, we are concerned about a provision being considered by regulators as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The proposed provision would define a “Qualified Residential Mortgage” (QRM) as any loan that has at least 20% down. There’s more, keep reading…

What does this means in practical terms? Let’s say you have very good credit with no debt, a good job and some savings.  And let’s say you are interested in buying a home (the median price of  a single-family home this month is $300,375). Under this provision being considered by banking regulators, in order to get a loan with the best rate, you’d have to come up with a 20% downpayment or approximately $60,000. If you couldn’t come up with that money, or didn’t want to become house poor, it is anticipated that a loan could cost you up to an extra 2 and 1/4 percent.  In addition to making it more difficult and expensive to buy a home, the provision could also severely impact any housing recovery.

There is a lot to this and we suggest that you read more about the “QRM’ by going to  http://www.realtor.org/topics/qrm

Click the link to see the May  2011 Housing Release and listen to the  monthly  podcast with MAR  President-elect Trisha McCarthy.

Highlights from the  release:
Single-family home sales were down 16.9% compared to last year.
Single-family median prices were up 0.5%
Condo sales were down 20.8% compared  to the same time last year.
The median price for a condo was up 7.3% compared to last year.

Questions about the new Uniform Appraisal Dataset (UAD) coming Sept 1?

NAR Senior Regulatory Policy Rep. Jerry Nagy says: “The process itself will not likely slow down the transaction. The concern really is around appraisers being up to speed and ready for compliance. If anything slows down the transactions it would be that not enough appraisers know what is required in UAD for compliance. The GSEs have been pretty aggressive in getting the word out and NAR has pushed it out (so have the appraisal trades) so hopefully the impact will be minimal to the consumer.”    For appraisals with an effective date (date of inspection) on or after Sept 1, 2011 the appraisal report must be completed in compliance with the UAD for conventional mortgage loans sold to Fannie Mae or Freddie Mac.   This link explains UAD;www.efanniemae.com/sf/lqi/umdp/uad/index.jsp.   NAR has a UAD blog; http://appraisalinsight.blogs.realtor.org/category/uniform-appraisal-dataset/

Hey Mass. REALTORS, know any ‘Good Neighbors?’ Are you one?

MAR Posted: 01 Jul 2011 12:15 PM PDT
The Massachusetts Association of REALTORS® is now accepting applications for its 2011 Good Neighbor Awards program. The deadline to apply is August 31, 2011.

MAR started this local version of the REALTOR® Magazine national program in 2004 to recognize Massachusetts REALTORS® who demonstrate an extraordinary commitment to community service through volunteerism and civic and charitable contributions that improve the lives of local residents and make their community a better place to live.

Are you that person? If not, do you know a REALTOR® who is? Then enter yourself or apply on behalf of that MAR member. This is about helping charities and the people they serve.    For an application and more details (including a list of previous winners) on the MAR Good Neighbor Awards, click here.  Don’t forget, the deadline is August 31, 2011.

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