To: All REALTORS®
From: Charles McMillan, 2009 NAR President
Re: AppraisalsDear Fellow REALTOR®
During the past two months, we have heard from many of you regarding problems with appraisals that are causing deals to be delayed or canceled altogether. I assure you that we on the NAR Leadership Team are experiencing the same problems in our businesses. In fact, VP & Liaison to Committees Steve Brown recently shared his experiences in Ohio on the Voices of Real Estate
blog.http://narblog1.realtors.org/mvtype/president/2009/06/all_is_not_quiet_on_the_midwes.html
Let me update you on what NAR is doing to resolve these problems quickly.
On Monday, June 29th, I will be in New York to meet with the Deputy Attorney General and his staff who worked directly on the Home Valuation Code of Conduct. I plan to share our concerns, as well as your stories, and ask for their assistance in resolving any problems related to the HVCC.
On Tuesday, June 30th, I will travel to Washington, D.C., to meet with the Director of the Federal Housing Finance Agency to discuss ways we can work with Fannie Mae, Freddie Mac and lenders to ensure that appraisals are accurate.
We will keep you posted on the outcome of these meetings. In the meantime, I encourage you to check out the following resources on Realtor.org for more information on the HVCC and how appraisal problems are impacting the real estate market:
Economists Podcasthttp://www.realtor.org/research/research/research_podcast062309?LID=RONav0021
HVCChttp://www.realtor.org/government_affairs/gapublic/gses_hvcc_announced
Appraisal Bloghttp://narblog1.realtors.org/mvtype/appraisalinsight/
On behalf of the entire Leadership Team and staff, I thank all of you who have shared your experiences and concerns with us. With your continued participation, I believe we will overcome this challenge in much the same way as we have conquered others – "United Toward Tomorrow."
Friday, July 3, 2009
Wednesday, July 1, 2009
TEXAS RANKS FIRST FOR BUSINESS
TEXAS (Austin Business Journal) – Texas stands out as the top state for business, according to Directorship magazine.
Texas "has a pro-business tax climate that ranks third, a low cost of living, a relatively solid economy and a litigation environment that ranks tenth on our list," the magazine reported. "Texas also ranks first in the number of Fortune 500 companies located there."
Major corporate relocations and expansions such as Comerica's move to Dallas and Caterpillar's new plant in Seguin were highlighted as reasons for Texas' ranking.
Directorship evaluated states' overall economies, tax climates, cost of living and education to determine rankings.
Texas "has a pro-business tax climate that ranks third, a low cost of living, a relatively solid economy and a litigation environment that ranks tenth on our list," the magazine reported. "Texas also ranks first in the number of Fortune 500 companies located there."
Major corporate relocations and expansions such as Comerica's move to Dallas and Caterpillar's new plant in Seguin were highlighted as reasons for Texas' ranking.
Directorship evaluated states' overall economies, tax climates, cost of living and education to determine rankings.
Monday, June 29, 2009
TEXAS STILL BUYER'S MARKET
TEXAS (Real Estate Center, The Herald-Zeitung) – Despite rising foreclosure rates in the United States (now nearly 32 percent), the rate in Texas is down 14 percent since last year.
Jim Gaines, research economist with the Real Estate Center at Texas A&M University, said the Texas housing market is doing very well compared with the rest of the nation.
"We're being compared to large, high-growth states like Florida, New York, California and Illinois, and our housing market is in much better shape. This is partly because about four or five years ago, we didn't have the big run-up in prices that many of those states had," Gaines said.
Texas also benefits from a lack of overbuilding, which often creates an excess of inventory to drive down home prices.
Affordable homes, low mortgage and interest rates, and first-time homebuyer tax credits also make this an ideal time to buy a home, according to Gaines.
Jim Gaines, research economist with the Real Estate Center at Texas A&M University, said the Texas housing market is doing very well compared with the rest of the nation.
"We're being compared to large, high-growth states like Florida, New York, California and Illinois, and our housing market is in much better shape. This is partly because about four or five years ago, we didn't have the big run-up in prices that many of those states had," Gaines said.
Texas also benefits from a lack of overbuilding, which often creates an excess of inventory to drive down home prices.
Affordable homes, low mortgage and interest rates, and first-time homebuyer tax credits also make this an ideal time to buy a home, according to Gaines.
Subscribe to:
Posts (Atom)