September 14, 2012
NEWS FROM THE NATIONAL ASSOCIATION OF REALTORS:
- New guidelines are being issued by Fannie Mae. Maximum loan to value will now be 90%, down from 97% and adjustable rate borrowers will need a credit score of 640, up from 620.
- U.S. homeownership rate has fallen to a 50 year low at 62.1% according to real estate research firm John Burns R.E. This differs from the Census Bureau rate of 65.5% The Census Bureau counted 3.8 million homeowners who are more than 90 days delinquent in their mortgage payments and are “renters in waiting”.
- Home prices in Spain are down 75% from their peak in 2007.
- Nationwide, pending sales rose in July
- Single family home sales rose 27% in July 2012 compared with July 2011, and the median remained flat with a 1% rise. Sales year to date rose 24.8% over the same period last year and the median fell 1.7%. Condo sales rose 34% this July compared to last July and the median was down .3%. Sales year to date rose 26% and the median rose 3%.