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Short Sale Bill Would Make Process Even Shorter

by The Jamey Kramer Group

A recently proposed bill entitled the “Fast Help For Homeowners Act” is designed to make the humbling, painstaking and nerve-wracking process involved in attaining the approval for a short sale a bit less of an ordeal.

The framework that makes up this proposal, which was introduced by U.S. Rep. Jerry McNerney, contains provisions that are intended to speed up short sale transaction approval.

One method by which it proposes to accomplish this task is by way of a clause written into the bill explicitly stating that 45 days is the maximum amount of time allotted for subordinate lien holders to respond to both the consumer and primary lender with their answer to a short sale request.

If the bill passes, it would essentially mean that if the primary, secondary or subordinate, and other possible lien holders fail to make and subsequently communicate their decision on a short sale within the established time period guideline of 45 days, the transaction is automatically, so to speak, given the stamp of approval on the 46th day.

The Fast Help for Homeowners Act (sometimes referred to as simply the short sale bill or FHHA) has garnered enthusiastic support from a large number of state and national real estate trade organizations and associations, including the National Association of Realtors (NAR). The proposed short sale bill carries with it the same sense of urgency that tends to accompany most of the transactions it seeks to improve. Real estate agents and the field's trade publications have continued to report on the frustrating, even bewildering, length of time it takes some lien holders to respond to a short sale request, if they respond at all.

In addition to McNerney, the short sale bill has a number of other Congressional co-sponsors.

Home Values Rise

by The Jamey Kramer Group

Trying to determine the health and direction of the housing market is no easy task, considering the veritable mountain of data out there all sorts of things. Fortunately, some reliable data-crunching is available on the Internet. One of the good ones can be found on Zillow.com, specifically the Zillow Home Value Index (ZHVI).

At the national level, Zillow's Home Value Index is determined using data derived from more than 80 million homes, with locations in about 3,000 of the nation's counties, including more than 400 core statistical areas. The index is primarily focused on a specific geographic location and articulated using dollars.

The Zillow Home Value Index was the benchmark used to determine that the housing market in United States had hit its bottom in terms of home values in July, 2012. This information, which on the surface might look like bad news, is actually good news because it was determined after the Zillow Home Value Index began – finally – to rise. This is the first time since 2007 that the index has shown an upwardly mobile trend!

Zillow released information and statistical data on this elevation in the data via its Real Estate Market Reports, which described a 0.2 percent rise in the value of homes in the United States that had occurred over four consecutive months. Zillow's Real Estate Market Reports aggregates data collected from a variety of public resources and through several different providers of relevant data. It has employed a number of these providers for 276 core-based statistical areas dating back to 1996. Out of the 167 metropolitan areas that the Real Estate Market Reports covers, 53 of them reported annual home value increases in the second quarter of the year.

The news was especially good for the Detroit metro area, which registered a 2.1 percent increase on the Zillow Home Value Index.

Displaying blog entries 1-2 of 2