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Thursday, December 19, 2013
Tuesday, October 1, 2013
Government Shutdown: Real Estate 101
Today on October 1, 2013 marked the Second Government Shutdown in the
History of the United States in 17 years. Congress was not able to agree
on a budget. Resulting in the shut down of all non-essential services
by the U.S. Federal Government. You should know that "Obamacare" funding
and delays are not the only matter of concern or issues within the
agenda of our government in this Political dispute. The Government
Shutdown is
on, but how long will it last, and what is being affected by it?
Q: How will the
government shutdown affect FHA/VA/USDA appraisals?
A: If you sell a home and write a contract for a government
buyer (FHA/VA/USDA), we should be able to order your case numbers and
appraisals so this should not affect your transaction.
Q: Will the
government shutdown affect the processing or closing of FHA-insured loans?
A: FHA will have limited staff during a shutdown and the
processing or closing FHA –insured loans may be delayed. All FHA
underwriting and processing requirements remain in force during the government
shutdown and no loan may proceed that cannot fulfill those requirements.
Q: Will Lenders
have access to FHA Connection?
A: Lenders will be able to access FHA Connection, however
FHA Connection interfaces to other systems may not be available, or if
available these other systems may not be fully supported so FHA Connection
processes may not be fully functional. At this time we do not have complete
information on the potential impact on some FHA Connection functionality. Below
questions and answers reflect our best effort at defining what will be
available.
Q: Can a lender
obtain a new FHA case number?
A: Yes. Lenders will be able to obtain a FHA case number
from the FHA Connection.
Please note that all FHA underwriting and processing
requirements would remain in force on loans originated during the government
shutdown regardless of system limitations during the shutdown period.
Q: Will FHA TOTAL
Scorecard be available for lenders? Total Scorecard is the Automated
Underwriting system
A: Yes. FHA TOTAL Scorecard will be available. Lenders
can close loans. As noted, all FHA underwriting and processing requirements do
remain in force on loans originated during the government shutdown.
Q: Will tax
transcripts be affected?
A: All lenders require tax transcripts be processed by the
IRS and are required prior to closing all loans. So, your transaction
could be held up waiting for the IRS to process the transcripts once they are
back up and running
Q: What has Hallmark
done to prepare tax transcripts?
A: Hallmark has ordered transcripts for all loans in process
that have a valid signed 4506T form signed in the file.
Q: Will Credit
Alert Interactive Voice Response System (CAIVRS) be available?
A: Yes. CAIVRS will be available to determine if a
borrower has a delinquent federal debt.
Q: Will VA and
conventional financing be impacted by the shutdown?
A: At this time
the only impact on both VA and conventional financing is the inability to
obtain tax
transcripts.
*USDA UPDATES
We want to make this
clear, the government shutdown and USDA being out of money are two totally
different issues! The fact that USDA is out of money happens each year and
lenders are normally able to fund loans as long as long as they have a
conditions commitment issued by USDA. Loans in process will
be submitted to USDA as usual, but the review of the files will be backed up
depending on when the USDA employees are back to work. Loans that have already
been submitted and approved by USDA, will be able to be closed as normal. Loans
that have already been submitted to USDA, but have not yet been approved, will
not be able to. We will be in contact with the various government agencies and will
update all parties on any changes.
Wednesday, September 11, 2013
Game Day!
My clients who have relocated from a big city often remark how much they love Bloomington's light traffic in comparison to daily gridlocked commutes.
It's great isn't it? Many IU students don't even own a car, a growing number of households manage with just one vehicle, plus Bloomington has a significant community of bicyclists. That makes for less stress driving to and fro around town...with one notable exception: GAME DAY!
Traffic can get hairy around the Memorial Stadium/Assembly Hall area on home game days. Take note of the schedule below & steer clear of tailgating madness on the bypass. Go Hoosiers!
8/29/2013 vs. Indiana State MEMORIAL STADIUM W, 73-35
9/7/2013 vs. Navy MEMORIAL STADIUM L, 41-35
9/14/2013 vs. Bowling Green MEMORIAL STADIUM 12:00 pm
9/21/2013 vs. Missouri MEMORIAL STADIUM 8:00 pm
10/5/2013 vs. Penn State MEMORIAL STADIUM TBA
*10/12/2013 at Michigan State East Lansing, Mich. 12:00 pm
*10/19/2013 at Michigan Ann Arbor, Mich. 3:30 pm
11/2/2013 vs. Minnesota (Homecoming) MEMORIAL STADIUM 3:30 pm
11/9/2013 vs. Illinois MEMORIAL STADIUM TBA
*11/16/2013 at Wisconsin Madison, Wis. TBA
*11/23/2013 at Ohio State Columbus, Ohio TBA
11/30/2013 vs. Purdue MEMORIAL STADIUM TBA
*12/7/2013 Big Ten Championship Game Indianapolis, Ind. (Lucas Oil Stadium) TBA
*denotes away games
Watch the Game like a local, Get the IU FAN GUIDE for more tips.
 |
| Memorial Stadium Picture Credit Vistbloomington.com |
8/29/2013 vs. Indiana State MEMORIAL STADIUM W, 73-35
9/7/2013 vs. Navy MEMORIAL STADIUM L, 41-35
9/14/2013 vs. Bowling Green MEMORIAL STADIUM 12:00 pm
9/21/2013 vs. Missouri MEMORIAL STADIUM 8:00 pm
10/5/2013 vs. Penn State MEMORIAL STADIUM TBA
*10/12/2013 at Michigan State East Lansing, Mich. 12:00 pm
*10/19/2013 at Michigan Ann Arbor, Mich. 3:30 pm
11/2/2013 vs. Minnesota (Homecoming) MEMORIAL STADIUM 3:30 pm
11/9/2013 vs. Illinois MEMORIAL STADIUM TBA
*11/16/2013 at Wisconsin Madison, Wis. TBA
*11/23/2013 at Ohio State Columbus, Ohio TBA
11/30/2013 vs. Purdue MEMORIAL STADIUM TBA
*12/7/2013 Big Ten Championship Game Indianapolis, Ind. (Lucas Oil Stadium) TBA
*denotes away games
Watch the Game like a local, Get the IU FAN GUIDE for more tips.
Friday, September 21, 2012
MONROE COUNTY MARKET SUPPLY REPORT
MONROE
COUNTY MARKET SUPPLY REPORT
For
Residential Single Family Listings
|
Price
Range
|
Historical
Data
|
Proj’d
2011
|
Total
Current Supply
|
Total
#
Pending Sales |
Current
#
Listings Available |
Current
# Months Supply Available
|
||
|
2008
|
2009
|
2010
|
||||||
|
$25,000-$49,999
|
20
|
6
|
16
|
26
|
13
|
1
|
12
|
5.5
|
|
$50,000-$74,999
|
54
|
44
|
40
|
48
|
17
|
1
|
16
|
4.0
|
|
$75,000-$99,999
|
113
|
91
|
95
|
120
|
81
|
11
|
70
|
7.0
|
|
$100,000-$124,999
|
163
|
103
|
125
|
135
|
93
|
17
|
76
|
6.8
|
|
$125,000-$149,999
|
173
|
153
|
150
|
170
|
106
|
21
|
85
|
6.0
|
|
$150,000-$174,999
|
149
|
110
|
125
|
150
|
103
|
17
|
86
|
6.9
|
|
$175,000-$199,999
|
126
|
73
|
100
|
115
|
85
|
16
|
69
|
7.2
|
|
$200,000-$224,999
|
63
|
52
|
65
|
69
|
37
|
6
|
31
|
5.4
|
|
$225,000-$249,999
|
64
|
40
|
43
|
46
|
47
|
11
|
36
|
9.4
|
|
$250,000-$274,999
|
44
|
35
|
50
|
34
|
40
|
7
|
33
|
11.6
|
|
$275,000-$299,999
|
38
|
22
|
34
|
35
|
28
|
0
|
28
|
9.6
|
|
$300,000-$324,999
|
24
|
21
|
32
|
29
|
17
|
3
|
14
|
5.8
|
|
$325,000-$349,999
|
17
|
17
|
16
|
18
|
23
|
4
|
19
|
12.7
|
|
$350,000-$374,999
|
18
|
16
|
19
|
16
|
18
|
2
|
16
|
12.0
|
|
$375,000-$399,999
|
18
|
16
|
21
|
22
|
21
|
0
|
21
|
11.5
|
|
$400,000-$449,999
|
19
|
17
|
23
|
22
|
22
|
3
|
19
|
10.4
|
|
$450,000-$499,999
|
5
|
12
|
16
|
11
|
17
|
2
|
15
|
16.4
|
|
$500,000-$599,999
|
2
|
3
|
10
|
12
|
20
|
0
|
20
|
20.0
|
|
Over $600,000
|
16
|
9
|
11
|
14
|
46
|
2
|
44
|
37.7
|
|
Totals:
|
1126
|
840
|
991
|
1092
|
834
|
124
|
710
|
7.8
|
Information
obtained by actual listing count from Bloomington Board of REALTORS®
Multiple Listing Service as of 9/10/2012
Residential
supply report only – Monroe County ONLY Does not include
condominiums
Does
not include proposed construction Percentage of inventory with
pending sales: 14.9%
Tuesday, June 12, 2012
Sad news today...
Local Bloomington resident, Elinor Ostrom has passed away.
She was the only woman to win a Noble Prize for Economics.
I can't begin to explain how I feel about being so lucky to have actually met her. I only met her once a a cocktail reception for a local non profit... but our conversation was truly engaging. She was so low key and down to earth but smart as a whip and could crack jokes like no other. Having trained in economics it was so uplifting to see the trail she had blazed for us. My only hope is to be have the economist she was.
I feel very fortunate to have met her in the flesh and if I hadn't moved to Bloomington I don't think that would have ever happened. One Reason why I love this town.
Below is an article from MSNBC By Patrick Rizzo
The first and only woman ever to have received the Nobel Prize for Economics, Elinor Ostrom, has died, Indiana University said Tuesday. She was 78.
Ostrom won the prize for her research on the way people organize themselves to manage resources, said the university where she was senior research director of the Vincent and Elinor Ostrom Workshop in Political Theory and Policy Analysis, Distinguished Professor and Arthur F. Bentley Professor of Political Science in the College of Arts and Sciences, and professor in the School of Public and Environmental Affairs. Ostom, who had been on Indiana's faculty since 1965, shared the prize in 2009 with University of California, Berkeley economist Oliver Williamson.
Indiana U. said Ostrom died Tuesday morning of cancer at the IU Health Bloomington Hospital. She had been diagnosed with pancreatic cancer late last year. In April, she was named to Time Magazine's 2012 list of "The 100 Most Influential People in the World" along with people such as Warren Buffett, Harvey Weinstein and Jeremy Lin.
When she won the Nobel Prize, the Royal Swedish Academy of Sciences said: "Elinor Ostrom has challenged the conventional wisdom that common property is poorly managed and should be either regulated by central authorities or privatized. Based on numerous studies of user-managed fish stocks, pastures, woods, lakes, and groundwater basins, Ostrom concludes that the outcomes are, more often than not, better than predicted by standard theories.”
Ostrom is survived by her husband and colleague Vincent Ostrom.
She was the only woman to win a Noble Prize for Economics.
I can't begin to explain how I feel about being so lucky to have actually met her. I only met her once a a cocktail reception for a local non profit... but our conversation was truly engaging. She was so low key and down to earth but smart as a whip and could crack jokes like no other. Having trained in economics it was so uplifting to see the trail she had blazed for us. My only hope is to be have the economist she was.
I feel very fortunate to have met her in the flesh and if I hadn't moved to Bloomington I don't think that would have ever happened. One Reason why I love this town.
Below is an article from MSNBC By Patrick Rizzo
The first and only woman ever to have received the Nobel Prize for Economics, Elinor Ostrom, has died, Indiana University said Tuesday. She was 78.
Ostrom won the prize for her research on the way people organize themselves to manage resources, said the university where she was senior research director of the Vincent and Elinor Ostrom Workshop in Political Theory and Policy Analysis, Distinguished Professor and Arthur F. Bentley Professor of Political Science in the College of Arts and Sciences, and professor in the School of Public and Environmental Affairs. Ostom, who had been on Indiana's faculty since 1965, shared the prize in 2009 with University of California, Berkeley economist Oliver Williamson.
Indiana U. said Ostrom died Tuesday morning of cancer at the IU Health Bloomington Hospital. She had been diagnosed with pancreatic cancer late last year. In April, she was named to Time Magazine's 2012 list of "The 100 Most Influential People in the World" along with people such as Warren Buffett, Harvey Weinstein and Jeremy Lin.
When she won the Nobel Prize, the Royal Swedish Academy of Sciences said: "Elinor Ostrom has challenged the conventional wisdom that common property is poorly managed and should be either regulated by central authorities or privatized. Based on numerous studies of user-managed fish stocks, pastures, woods, lakes, and groundwater basins, Ostrom concludes that the outcomes are, more often than not, better than predicted by standard theories.”
Ostrom is survived by her husband and colleague Vincent Ostrom.
Thursday, May 17, 2012
Friday, April 20, 2012
Great News For Short Sale Buyers
Great News! Short Sale headache is soon to end! Yes, I know dealing with a major bank is a headache. But dealing with a major bank through a Short Sale process takes the cake.
Fannie Mae and Freddie Mac will require mortgage servicers to make decisions on short sales under new timelines beginning this June.
Servicers must review and respond to a borrower within 30 days of receiving all documentation. According to guidance released Tuesday, the servicer can take up to 60 days on a decision if negotiations with mortgage insurers or other stakeholders linger.
Short sales have in the past taken several months to complete as servicers, borrowers, buyers, investors and different lien holders had to agree on a transaction. Mortgage servicers working with the goverment-sponsored enterprises completed a record 32,000 short sales in the fourth quarter, up 14% from the previous quarter, according to agency data.
Under the new guidance, which takes effect June 15, the servicer has three business days to acknowledge the documentation was received, and must notify the borrower within five days if more paperwork is needed.
If a short sale is still under review after 30 days, the servicer must provide weekly status updates to the borrower.
The Federal Housing Finance Agency directed the GSEs align their short sale guidelines.
"FHFA and the enterprises are committed to enhancing the short sales and deeds-in-lieu process as additional tools to prevent foreclosure, keep homes occupied and help maintain stable communities," said FHFA Acting Director Edward DeMarco. "These timeline and borrower communication announcements set minimum standards and provide clear expectations regarding these important foreclosure alternatives."
This article was written by
Fannie Mae and Freddie Mac will require mortgage servicers to make decisions on short sales under new timelines beginning this June.
Servicers must review and respond to a borrower within 30 days of receiving all documentation. According to guidance released Tuesday, the servicer can take up to 60 days on a decision if negotiations with mortgage insurers or other stakeholders linger.
Short sales have in the past taken several months to complete as servicers, borrowers, buyers, investors and different lien holders had to agree on a transaction. Mortgage servicers working with the goverment-sponsored enterprises completed a record 32,000 short sales in the fourth quarter, up 14% from the previous quarter, according to agency data.
Under the new guidance, which takes effect June 15, the servicer has three business days to acknowledge the documentation was received, and must notify the borrower within five days if more paperwork is needed.
If a short sale is still under review after 30 days, the servicer must provide weekly status updates to the borrower.
The Federal Housing Finance Agency directed the GSEs align their short sale guidelines.
"FHFA and the enterprises are committed to enhancing the short sales and deeds-in-lieu process as additional tools to prevent foreclosure, keep homes occupied and help maintain stable communities," said FHFA Acting Director Edward DeMarco. "These timeline and borrower communication announcements set minimum standards and provide clear expectations regarding these important foreclosure alternatives."
This article was written by
By Jon Prior • April 17, 2012 • 4:38pm
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