{"id":5049,"date":"2010-06-25T12:57:19","date_gmt":"2010-06-25T17:57:19","guid":{"rendered":"https:\/\/bhgrealestateblog.com\/?p=5049"},"modified":"2024-12-30T14:34:29","modified_gmt":"2024-12-30T19:34:29","slug":"week-in-review-things-we-liked-from-the-week-that-was-28","status":"publish","type":"post","link":"https:\/\/bhgrecareer.com\/bebetterblog\/week-in-review-things-we-liked-from-the-week-that-was-28\/","title":{"rendered":"Week in Review: Things We Liked from the Week That Was"},"content":{"rendered":"<p style=\"text-align: justify\">Even with a whirlwind of news this week\u00a0&#8212; from\u00a0<a href=\"http:\/\/www.cbsnews.com\/8301-503544_162-20008550-503544.html\"><span style=\"text-decoration: underline\">General McChrystal<\/span><\/a>\u2019s departure to the longest tennis match in\u00a0the history\u00a0of\u00a0<a href=\"http:\/\/abcnews.go.com\/GMA\/wimbledon-match-breaks-grand-slam-records\/story?id=10999735\"><span style=\"text-decoration: underline\">Wimbledon<\/span><\/a> &#8212;\u00a0real estate remained a major\u00a0focus.\u00a0Sales of\u00a0<a href=\"http:\/\/blogs.wsj.com\/developments\/2010\/06\/23\/real-estate-news-new-home-sales-plunge-home-price-outlook-darkens\/\"><span style=\"text-decoration: underline\">new single-family homes<\/span><\/a> were down<a href=\"http:\/\/www.reuters.com\/article\/idUSN2323029120100623\"><span style=\"text-decoration: underline\"> 32.7 percent<\/span><\/a> to\u00a0a\u00a0<a href=\"http:\/\/www.nytimes.com\/2010\/06\/24\/business\/economy\/24home.html?src=mv\"><span style=\"text-decoration: underline\">reco<\/span><span style=\"text-decoration: underline\">r<\/span><span style=\"text-decoration: underline\">d low.<\/span><\/a> Sales of<a href=\"http:\/\/online.wsj.com\/article\/SB10001424052748704853404575322604214582736.html\"><span style=\"text-decoration: underline\"> previously owned homes<\/span><\/a>,\u00a0although up\u00a0<a href=\"http:\/\/money.cnn.com\/2010\/06\/22\/news\/economy\/existing_home_sales\/\"><span style=\"text-decoration: underline\">19.2 year over year<\/span><\/a>,\u00a0fell 2.2 percent.\u00a0Rounding it out,\u00a0mortgage\u00a0<a href=\"http:\/\/www.cbsnews.com\/8301-503983_162-20008547-503983.html\"><span style=\"text-decoration: underline\">applications<\/span><\/a> dropped to their<a href=\"http:\/\/www.businessweek.com\/news\/2010-06-23\/sales-of-u-s-new-houses-plunge-to-lowest-level-on-record.html\"><span style=\"text-decoration: underline\"> lowest level since 1997.<\/span><\/a><\/p>\n<p style=\"text-align: justify\">All of these drastic numbers and record lows have some\u00a0arguing\u00a0about\u00a0the dependence of the housing market on\u00a0<a href=\"http:\/\/abcnews.go.com\/Business\/housing-sales-crumble-end-home-buyers-credit\/story?id=10991244\"><span style=\"text-decoration: underline\">government <\/span><span style=\"text-decoration: underline\">s<\/span><span style=\"text-decoration: underline\">upport.<\/span><\/a> That argument may heat up, as the Senate\u00a0<a href=\"http:\/\/www.bankrate.com\/financing\/taxes\/tax-breaks-homebuyer-credit-on-hold\/\"><span style=\"text-decoration: underline\">voted down<\/span><\/a> the bill which would have extended the closing deadline for the home buyer credit to September 30 from June 30.\u00a0\u00a0It probably didn\u2019t help that\u00a0<a href=\"http:\/\/www.usatoday.com\/money\/economy\/housing\/2010-06-23-home-buyers-credit-inmates_N.htm?loc=interstitialskip\"><span style=\"text-decoration: underline\">an audit found prisoners fraudulently receiving the tax credit.<\/span><\/a><\/p>\n<p style=\"text-align: justify\">In good news,\u00a0<a href=\"http:\/\/www.reuters.com\/article\/idUSN2212304820100622\"><span style=\"text-decoration: underline\">pricing of homes<\/span><\/a> rose for a second straight month.\u00a0In\u00a0California, prices rose\u00a0<a href=\"http:\/\/www.bloomberg.com\/news\/2010-06-22\/california-median-house-price-rises-23-on-use-of-tax-credits.html\"><span style=\"text-decoration: underline\">23 percent<\/span><\/a> in May.\u00a0\u00a0Speaking of\u00a0California, state legislators are\u00a0<a href=\"http:\/\/www.marketwatch.com\/story\/housing-data-fed-meeting-may-spur-builder-stocks-2010-06-22?reflink=MW_news_stmp\"><span style=\"text-decoration: underline\">considering a bill<\/span><\/a> that would redefine the obligations of many defaulting homeowners. Do you think other states will consider\u00a0similar bills?\u00a0What about on a national level?<\/p>\n<p style=\"text-align: justify\">Take a page out of\u00a0<a href=\"http:\/\/www.nytimes.com\/2010\/06\/20\/realestate\/20mort.html?ref=realestate\"><span style=\"text-decoration: underline\">Mortgage Bankers Association President Jim Pair<\/span><\/a>\u2019s book and counsel borrowers to not charge large purchases or change jobs as their applying for mortgages &#8212; if at all possible, they should wait until after closing. This will\u00a0prove\u00a0especially important\u00a0as\u00a0<a href=\"http:\/\/www.nytimes.com\/2010\/06\/20\/realestate\/20mort.html?ref=realestate\"><span style=\"text-decoration: underline\">Fannie Mae\u2019s <\/span><span style=\"text-decoration: underline\">introduced <\/span><span style=\"text-decoration: underline\">new requirements<\/span><\/a> to recheck a borrower\u2019s finances shortly before closing. In other advice for your consumers, Fannie Mae\u2019s\u00a0<a href=\"http:\/\/rismedia.com\/2010-06-20\/fannie-mae-policy-to-provide-immediate-relief-for-homeowners-with-problem-drywall\/\"><span style=\"text-decoration: underline\">\u201cunusual hardships\u201d policy<\/span><\/a> provides relief for homeowners with problem drywall.\u00a0Pass it along!<\/p>\n<p style=\"text-align: justify\">Fannie Mae\u00a0also announced this week that in an effort to deter the trend toward strategic defaulting, it will temporarily\u00a0<a href=\"http:\/\/www.businessweek.com\/news\/2010-06-23\/fannie-mae-will-deny-new-loans-to-homeowners-who-walk-away.html\"><span style=\"text-decoration: underline\">deny new loans<\/span><\/a> to borrowers who deliberately default and walk away from their homes. Who would have thought a measure like this would have been necessary?<\/p>\n<p style=\"text-align: justify\">Live and work in one of\u00a0America\u2019s\u00a0<a href=\"http:\/\/www.travelandleisure.com\/articles\/americas-dirtiest-cities\/1\"><span style=\"text-decoration: underline\">dirtiest cities?<\/span><\/a> Perhaps you can help think of ways to get involved to clean it up!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Even with a whirlwind of news this week\u00a0&#8212; from\u00a0General McChrystal\u2019s departure to the longest tennis match in\u00a0the history\u00a0of\u00a0Wimbledon &#8212;\u00a0real estate remained a major\u00a0focus.\u00a0Sales of\u00a0new single-family homes were down 32.7 percent to\u00a0a\u00a0record low. Sales of previously owned homes,\u00a0although up\u00a019.2 year over year,\u00a0fell 2.2 percent.\u00a0Rounding it out,\u00a0mortgage\u00a0applications dropped to their lowest level since 1997. All of these [&hellip;]<\/p>\n","protected":false},"author":141,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[61],"tags":[1351,1801,5141,5761,6681,11101,14221,14271,16291,17241,19561,19951,22261,24431,27061,27631,27671,28201,28331,32121,32721,33581,33861,33981,38821,42301,46861],"class_list":["post-5049","post","type-post","status-publish","format-standard","hentry","category-commentary","tag-agents","tag-america","tag-borrower","tag-brokers","tag-california","tag-defaulting","tag-family","tag-fannie-mae","tag-general-mcchrystal","tag-government","tag-homes","tag-housing-market","tag-jim-pair","tag-loans","tag-military","tag-mortgage","tag-mortgage-bankers-association","tag-nar","tag-national-association-of-realtors","tag-policy","tag-pricing","tag-purchase","tag-rates","tag-real-estate","tag-senate","tag-tax-credit","tag-wimbledon"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Week in Review: Things We Liked from the Week That Was - Better Homes and Gardens Real Estate Be Better Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/bhgrecareer.com\/bebetterblog\/week-in-review-things-we-liked-from-the-week-that-was-28\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Week in Review: Things We Liked from the Week That Was - Better Homes and Gardens Real Estate Be Better Blog\" \/>\n<meta property=\"og:description\" content=\"Even with a whirlwind of news this week\u00a0&#8212; from\u00a0General McChrystal\u2019s departure to the longest tennis match in\u00a0the history\u00a0of\u00a0Wimbledon &#8212;\u00a0real estate remained a major\u00a0focus.\u00a0Sales of\u00a0new single-family homes were down 32.7 percent to\u00a0a\u00a0record low. 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