Friday, July 23, 2010

FRIDAY FACTS
July 23, 2010

Fannie Mae will seek deficiency judgments in those states where it’s allowed against borrowers who do a strategic default. Those borrowers will be denied credit for 7 years.

House Hunting Tip from Dian Hymer in Inman News: Pay close attention to your competition. Don’t fall into the trap of pricing your house higher than your neighbor’s house because yours is better. If your neighbor’s house is too high for the market, neither will sell.

The effective date for the Homeowner Oil Heating System Upgrade and Insurance Law has been extended to September 30, 2011.

According to NAR, pending home sales nationwide dropped 30% in May from April, and 15.9% from May 2009. In the Northeast, pending sales fell 31.6% in May compared with April, and 14.8% compared with last May.

From Inman News: Fannie Mae released a notice on June 30th instructing lenders that they can only use appraisers who are knowledgeable about the area in which they are being asked to value property and who have the ability to access records on recent sales in those markets. Additionally, appraisers must consider a properties condition when choosing to use foreclosures or short sales as comps.
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