For a good overview of market activity, every month on about the 15th market stats recapping the prior month's activity are posted here on the KCRAR website. Links to many prior months' reports are also posted for reference and comparisons.  

  

Go online for the full report, a brief summary of which (from the most-recently posted stats for May 2011) shows:  

• An average combined (new and existing) sales price of $161,572, 3% lower than May 2010.
• Combined home sales of 2,185, 8% higher than the previous month.
• Combined home inventory of 17,387, representing a 2% increase in total inventory over the past year.
• Supply of homes on the market (calculated by dividing inventory by the 12-month average of the number of sales) was 9.8 months for combined new and existing. This represents a market favoring buyers since the supply exceeds 6 months.

The long-term viability of America's housing finance market requires comprehensive reform of the secondary mortgage market. Toward that end, the National Association of REALTORS® (NAR) supports H.R. 2413, the "Secondary Market Facility for Residential Mortgage Act of 2011."   

 

H.R. 2413 was introduced July 6 by Reps. Gary Miller (R-Calif.) and Carolyn McCarthy (D-N.Y.). The bill offers a comprehensive strategy for reforming a secondary mortgage market and gives the federal government a continued role to ensure a consistent flow of mortgage credit in all markets and all economic conditions.  

 

"REALTORS® want a secondary mortgage market that will serve home owners today and in the future, as well as support a strong housing market and economic recovery," said NAR President Ron Phipps. "An efficient and affordable restructured mortgage finance system is in the best interest of taxpayers, and to accomplish that, Congress must enact comprehensive housing finance reform legislation."  

 

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Sponsored by:

The National Association of Hispanic Real Estate Professionals - Kansas City (NAHREP-KC)

What do you do when your buyers cannot qualify for a conventional loan, or don't have enough for a down payment? Attend this panel of experts from the Missouri Housing Development Commission, Brotherhood Bank & Trust and Community Housing of Wyandotte County to learn: 

• How undocumented clients can get a loan;
• How low-income families can buy a home; and
• How down payment assistance is available to all regardless of their income.

This is NAHREP-KC's first 2011 program in a series of three focused on sustainable home ownership. 

 

Friday, July 22, 2011 in the KCRAR classroom

9:30 a.m. coffee, donuts and networking

10:00 a.m. panel presentation

 

Free for NAHREP-KC members, $5 for nonmembers. To register, contact Cristalle Bozarth at 913-266-5908 or cristalleb@kcrar.com. 

Unemployed home owners will get more mortgage relief under two Obama administration programs that will extend the forbearance period on mortgages to 12 months.

For unemployed home owners with a Federal Housing Administration (FHA) loan, the forbearance period will be extended from four months to 12 months. The Obama administration also said it will remove hurdles to make it easier for unemployed borrowers to qualify for FHA's Special Forbearance Program. In addition, the minimum forbearance period in the Making Home Affordable Program will be extended from three months to 12 months for eligible unemployed home owners, when possible under regulator and investor guidelines.

The announcement of more aid for unemployed home owners came shortly after a Twitter town hall meeting last week, where President Obama said one of his administration's biggest mistakes in its handling of the economy has been its response to the housing crisis and "not doing enough" to help home owners.

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Freddie Mac wants to get its REO properties moving so it's offering up several incentives, including a $1,200 bonus to agents for initial offers they receive on HomeStep properties by July 31. To be eligible, escrow must close by Sept. 30.

The incentive only applies to Freddie Mac's HomeSteps properties sold to owner-occupant buyers and does not apply to investor purchases.

Freddie Mac is also offering up extra incentives for you to entice buyers with: The government-sponsored enterprise (GSE) is offering up to 3.5 percent in closing cost assistance to buyers. Also, buyers of some HomeStep properties may be eligible for a two-year Home Protect limited warranty, which covers electrical, plumbing, air conditioning, and other major appliances and systems. Buyers may be eligible for an up to 30 percent discount on the purchase of appliances too.

Freddie Mac is trying to chip away at its high REO inventories. The GSE reported more than 65,000 REO homes at the end of the first-quarter and expects its REO inventory to continue to jump this year.

Source: "Freddie Mac Offering Selling Agent Bonuses to Move REOs," DSNews.com (May 16, 2011)

Video chatting is coming to Facebook through a deal with Skype, announced Mark Zuckerberg, Facebook's founder and chief executive, at a news conference last week.  

 

Russell Haskins with Homes & Land Media told Inman News that the Facebook video chat feature will be a powerful tool for real estate professionals in landing new clients and reaching out to younger clients.  

 

"I guarantee you people will be interviewing agents using this new tool, whether [agents] like it or not," Haskins told Inman News. "If you're not ready, they can click on another agent and call [that agent]. I think this is another [tool] separating tech-savvy agents versus those who are timid."

 

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