Editor’s note – Last month we published an article about HVCC which drew quite a few comments and responses….one such response was from veteran appraiser Paul Collins in which he shares his frustration with the state of the industry and the impact of lenders and legislation on his industry. Our thanks to Paul for allowing [...]
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Dennis Norman 07/17/10-Correction – This past week Congress passed H.R. 4173, the Wall Street Reform and Consumer Protection Act which is the most comprehensive reform to the banking industry since the Great Depression. The bill now awaits President Obamas signature which is expected to happen in the coming week. This is a very comprehensive bill and [...] Dennis Norman Last month the U.S. House of Representatives passed H.R. 4173, the “Wall Street Reform and Consumer Protection Act of 2009″, which contained a provision that would “sunset”, or put an end to, the Home Valuation Code of Conduct, which, since it went into effect back in May of last year has been controversial [...] Dennis Norman The best available tool for sustaining the still-fragile housing market is the $8,000 homebuyer tax credit, (expires November 30) and it is essential that Congress extend the credit into 2010, the National Association of Realtors® testified at a hearing of the U.S. House Small Business Committee yesterday. NAR Regional Vice President Joseph L. Canfora, [...] By: James R. MacCrate, MAI, CRE, ASA In the current unstable real estate market, we hear reports from the National Association of Realtors and many economists that the real estate residential housing market is stabilizing. This is based on several factors including recent price increases in several metropolitan markets, an increase in pending contracts of sale, [...] By: Dennis Norman Appraisals continue to be in the spotlight. Investors, builders and other sellers are complaining of losing sales due to low appraisals and often cite HVCC (Home Valuation Code of Conduct) or AMC (appraisal management companies) as the problem. One common complaint is that appraisers are being assigned to do appraisals on transactions in a [...] By: Dennis Norman Lawrence Yun, Chief Economist, NAR We continue to see some encouraging data on the real estate market showing that buyers may be gaining some confidence in the market. To this point, the National Association of REALTORS(R) Pending Home Sales Index Report for May showed a very modest increase of 0.1% on the index, over April, making [...] Dennis Norman By: Dennis Norman May1st the new Home Valuation Code of Conduct (HVCC) went into effect with regard to appraisals and the controversy over it began. Appraisers don’t like it, agents are complaining they are losing sales (which are scarce enough in this market already) as a result of it and lenders are complaining as well. This past [...] Dennis Norman By: Dennis Norman Practically the entire real estate industry seems to be abuzz about the Home Valuation Code of Conduct (HVCC) that went into effect May 1st. I first wrote about it back in early April in a post on this blog. Since Fannie Mae and Freddie Mac implemented the new rule there have been many questions [...] Dennis Norman By: Dennis Norman Earlier this month I did a post about the Home Valuation Code of Conduct (HVCC) which is scheduled to take effect May 1st (click HERE to see post) Last week, Charles McMillan, the President of the National Association of REALTORS(R) sent letters to Fannie Mae President and CEO Michael Williams and Freddie [...] By: Dennis Norman After May1st Fannie Mae and Freddie Mac will no longer accept loans that do not comply with The new Home Valuation Code of Conduct (HVCC). Since between Fannie Mae and Freddie Mac they control about 90% of the secondary mortgage market in America this will most likely affect real estate investors one way or another. The [...] |
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