November 4, 2011
- On October 20th, the Senate approved a bipartisan amendment that would restore the FHA and GSE loan limits to the levels prior to September 30, 2011. However, it now has to make the journey to the House.
- RISMedia offered the following REGIONAL SPOTLIGHT—The RE/MAX of New England September Monthly Housing Report shows the region experienced an increase in home sales for the third consecutive month. It also shows year-over-year sales for the region are up 3.5%, which is an encouraging sign.
• In Connecticut, home sales ticked up +1.0% from September 2010, but the median price did see a slight dip, at -4.7%.
• In Maine, home sales were up +6.6% over September 2010, but the median price did see a slight dip, down -5.8%.
• Massachusetts was the only New England state to see a decline in sales compared to September 2010, at -2.1%. However, the Bay State experienced a +2.9% increase in median price.
• New Hampshire experienced a double digit increase in home sales compared to September 2010, up +10.4%.
• Rhode Island home sales were up 24.1% compared to September 2010. That was the largest year-over-year increase experienced by any New England state.
• Vermont was the only state in New England to experience a year-over-year increase in both units sold, +11.7% and median price, +6.4%.
- The Experian Hitwise report for September shows that Yahoo was the #1 website for the third straight month. Realtor.com was #2, and Zillow was right on their heels at #3.
- The Obama administration is looking to loosen the terms of the two year old HARP (Home Affordable Refinance Program) for homeowners with federally guaranteed mortgages sold prior to May 31, 2009. Those homeowners with little or no equity, who have been making mortgage payments on time will be able to refinance at a better interest rate at a reduced cost. The 125% LTV ceiling is eliminated and there will be no property appraisal where there is a reliable AVM (automated valuation model).