The Market in SIMPLE English: NAR Home Sales Released - Appraisal issues

Eagles,

The National Association of REALTORS just released it's "Existing Home Sales" figures AND is "SOUNDING THE ALARMS" about appraisal issues.

First, the home sale numbers -

Existing home sales for MAY was UP 2.4% now tracking at 4.77 million annual sales - The percentage number is a seasonally number, so it does take in account the spring market.

The median home price - year over year - is down 16.8%

The supply of inventory of homes fell 3.5%

Months supply of inventory is now at 9.6 months nationally - Wish we had some of this supply in our area - not all, just some.

ALARM BELLS!!!!

NAR did state the REALTOR Association is SOUNDING THE ALARM BELLS over the newly implemented "Home Valuation Code of Conduct". This is the regulation that is requiring the "Middle Man" between the mortgage company and the appraiser. As you know, this middle man is taking a big cut of the appraisal fee, and so, we are getting out of area, low quality appraisals. This is not only an issue in our local market, but is a problem nation wide.

In the announcement, NAR is outlining that appraisals are coming in at unrealistic low values, and IS causing our industry additional problems.

With this said, PLEASE take a moment, if you have not already done so, to fill out the NAR survey on appraisals. This link came out from NAR last week and VAR also sent this out today. I have completed the survey, please do the same!!

Here is the link:

http://www.zoomerang.com/Survey/?p=WEB229C4JDNAYC

Thanks again, and please let me know if there is anything I can do to help you in your business.

Thanks,

Chuck