The latest edition of STAT from the fine folks at Arizona Regional Multiple Listing Service - they own and manage the database called MLS. So what are the takeaways from the numbers on the Valleys' real estate market? New listings are falling. Total inventory is moderating. Days on market for listings is up. But the key takeaway is that home sales volume is 16% lower than the same time last year; the first half of the year. So we have what most 'experts' view as normal inventory. But buyers who are ready to pull the trigger are scarce. Read STAT here and call me at the number below if you have any questions.
I'm darn near the point of dialing up the old time country and western on the hard drive and heading over to the big box liquor store at Desert Ridge Marketplace when I read stuff like this from Stuart Crawford at V.I.P. Mortgage:
"You may have heard rumors about an upcoming CONVENTIONAL loan change, and we have verified that the following is ACCURATE.
FANNIE MAE WILL BE REVISING ITS GUIDE ADDRESSING THE MINIMUM WAITING PERIOD AFTER A SHORT SALE FROM 2 YEARS TO 4 YEARS:
CURRENT RULE - TWO YEAR waiting period with documented minimum 20% equity in property.
NEW RULE - FOUR
YEAR waiting period.
**It is not fully clear at this time what the equity requirements will be after 4 years, and we have a conference call with Fannie Mae on the 17th to clarify. Our initial assumption is that the minimum down payment required will be 5-10%**
**THIS RULE GOES INTO EFFECT ON AUGUST 16th!****THIS DOES NOT MEAN THE TRANSACTION MUST CLOSE BY AUGUST 16TH. FROM WHAT WE UNDERSTAND, AS LONG AS WE HAVE A PRE-APPROVAL PRIOR TO08/16, WE WILL HAVE APPROXIMATELY 60 DAYS TO CLOSE.**
IF YOU HAVE ANY CLIENTS THAT FALL INTO THIS CATEGORY WITH A PAST SHORT SALE ONLY 2 YEARS OLD, IT IS VERY IMPORTANT THEY ARE AWARE OF THIS AND ALIGN WITH A PRE-APPROVAL ASAP. "
The greatest President of the last century said "Government is not the solution to our problem; Government is the problem."
Doug Ingersoll 480.330.0735 firstname.lastname@example.org