Discussing FHA possibly loosening condo mortgage rules, home price report from Zillow and Upstate SC house prices plus lots more!
Will FHA Loosen Lending Rules for Condos Soon?
Good gosh I hope they are correct:
The FHA may soon loosen its condominium financing requirements, a potential boon for home buyers and to the housing market nationwide.
This will be great news for both buyers and sellers. If more than 50% of the units are rentals, then it severely limits the financing options for buyers. Which is bad for both buyers and sellers. Read the rest here
US Home Values Post First Annual Increase In Nearly Five Years
First I must warn you to take this news with a grain of salt considering the source. Anyway, Zillow recently had some interesting news about home values:
- US home values increased 2.1% from the first to the second quarter of 2012
- On an annual basis, US home values rose 0.2% from June 2011 levels
- This is the first annual increase in US home values since 2007
- This is also the fourth consecutive month for an increase in US home values
If we look at Upstate South Carolina home prices using the accurate data from the WUAR MLS:
- June 2012 Median Price is down 9.5% compared to June 2011
- June 2012 Average Price is down 3.4% compared to June 2011
- In June 2012, the YTD Median Price is up 5.7% compared to 2011
- In June 2012, the YTD Average Price is up 3.1% compared to 2011
Of course that is for all of the WUAR MLS. Yet there is no doubt it is more accurate and useful than anything Zillow might have to say. Sad that so many consumers think Zillow is accurate or credible. You can find more information about the Anderson SC area in the Market Reports.
More Real Estate News
You never forget your first time: First time home buyers accounted for 32 percent of total buyers
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