The June 23, 2009 figure for Existing Home Prices indicates vaues have fallen to 4.77M which is lower than the anticipated 4.82M. This is good news for mortgage bonds which is in turn good for interest rates but bad for the economy as a whole.
In associated news, the NAR (National Association of Realtors) has reported a 5% cancellation in purchase contracts resulting from a meriad of problems with the new HVCC appraisal law since it's inception May 1st. Low property valuations, long turn around times and increased fees have all resulted from the HVCC (Home Valuation Code of Conduct). This has also affected refinance transactions. Appraisal management companies have been using inexperienced appraisers and appraisers not familar with specific markets which has contributed to the problem.
If you read my earlier post you will see that this is pretty much what I forecasted would happen. This bill is unnecessary for reasons I mentioned in the earlier post.
Pressure is being brought to bear to have this bill overturned. You may have been lucky enough not to have been affected by this yet, but you will be. Click on this link http://www.hvccpetition.com/ and sign the petition to help overturn the HVCC.
Tuesday, June 23, 2009
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