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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 to [...] Dennis Norman By: 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 [...] Dennis Norman A surge in litigation tied to real estate appraisals, loan modifications and foreclosures contributed to a 54 percent increase in mortgage-related lawsuits, according to the second quarter Mortgage Litigation Report from MortgageDaily.com. During the second quarter, 125 cases were tracked, jumping from an already active 81 first quarter cases. The second quarter of 2008 had [...] 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, [...] Dennis Norman By: Dennis Norman To day I am finishing up with the final post of my E-View with Frank Gregoire, a Florida appraiser and author of Appraiser Active. Frank is often quoted as a source for nationally syndicated real estate columnists and appears as a Francois (Frank) K. Gregoire, IFA RAA speaker on appraisal and mortgage related [...] Dennis Norman By: Dennis Norman Yesterday I did the first post of a series of my E-View with Frank Gregoire, a Florida appraiser and author of Appraiser Active. Florida Governor Jeb Bush appointed Frank to the Florida Real Estate Appraisal Board where he served for eight years as a member, four of which as Chairman. Francois (Frank) K. [...] Dennis Norman By: Dennis Norman One of the hot topics in our industry now is the Home Valuation Code of Conduct (HVCC) which, according to REALTORS(R) have cost them sales due to low appraisals, and according to appraisers has resulted in degradation of appraisal quality as a result of appraisals being done by appraisers that are not [...] Charles McMillan 2009 President, NAR By: Dennis Norman National Association of REALTORS(R) 2009 President, Charles McMillansent an email to members stating “as a direct result of my recent meetings with the New York Attorney General’s office, the Federal Housing Finance Agency, Fannie Mae and Freddie Mac this week issued new guidance to all lenders on the [...] By: Dennis Norman It seems the most common “deal-killer” today are issues related to appraisals. One frequent complaint from REALTORS(R) is that as a result of HVCC (Home Valuation Code of Conduct) and increased use of AMC’s (appraisal management companies) appraisers are being assigned to do appraisals on transactions in a market they are not familiar with [...] Dennis Norman By: Dennis Norman Since going into effect May1st the new Home Valuation Code of Conduct (HVCC) has caused controversy, been blamed for killing sales and seems it has everyone up in arms. A couple of weeks ago I did a post on another blog about a bill, H.R. 3044, that was introduced in the U.S. [...] Dennis Norman By: Dennis Norman According to a nationwide survey conducted by the National Asssociation of Home Builders (NAHB) 26% of home builders are seeing signed sales contracts fall through the cracks because appraisals on their homes are coming in below the contract sales price. |
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