As it is well known, the housing market is uniquely bound to the U.S. Treasury. This is never more apparent than a policy found within the Treasury Department’s Office of Home Ownership. Laurie Maggiano is the architect of a plethora of the government-backed Making Home Affordable program, uniform guidelines for loan modifications, Home Affordable Foreclosure Alternatives short sales, and foreclosure prevention.

“Her work at Treasury has not only helped servicers and investors adopt HAFA short sales, but also led to new guidelines that include making deficiency releases and relocation money standard when it comes to these transactions. Maggiano and her team were also responsible for programs that have helped so many people across the country avoid foreclosure.”

The changes Maggiano will affect the tools provided to agents and consumers if they get bogged down in the midst of their short-sale process by:

• adjusting short-sale timeline

• change occupancy restrictions in addition to

• an increase in payments to second mortgages and relation assistance to sellers.

Related Content: 

Beating the Odds on Short Sales

Expect Gradual Changes at Fannie & Freddie

FHA: Unsung Hero of the Recovery

Lenders: What’s Holding Back Loans

http://realtormag.realtor.org/news-and-commentary/feature/article/2013/04/us-treasury-offers-resources-for-distressed-sales

In all the recovery of the housing market, there are clear trends developing within the houses that have sold versus the homes that have not. The National Association of Home Builders (NAHB) conducted a large study to pinpoint on how having a recession followed by a recovery has influenced the lifestyle preferences of home buyers. The survey found the top three items sought for in a home are: energy star appliances, energy efficient laundry rooms, and double sink, French doors, full house technology luxury items. In contrast, buyers do not want: elevators, golf course homes, and laminate countertops.

The housing market as a whole is moving to the periphery of the city centers with only 8% looking to buy within the core of a city which is a return to pre-recession movement. During the height of the recession, urban lifestyles boomed to save in gas prices, transit time, and the living out of town expenses.

The return to the rural/suburb shift of buyer movement means we will be soon seeing a rise in current urban renters looking to buy. Stats show 60% of single-family renters plan to buy within the next five years! “demand for single-family homes, the fastest growing rental category, will be more stable than multi-family demand,” according to the survey findings.

Buyers want energy efficiency and buyers want to buy at an increasing rate beyond what the real estate market has seen in years past. This will be one heck of a year!

READ MORE

What Home Buyers Want  Buyers Want Cozy, Connected Kitchens Opinion Research Corporation Half of all Renters Spend 30% or More Income on Housing

Nearly 75% of homes sold between Oct 2012 and December 2012 were to families earning a median income of $65,000 at a median price of $188,000.

"It is noteworthy that affordability remains historically high thanks to favorable mortgage rates even as national home price indexes show some rise in values," says NAHB Chief Economist David Crowe. 

The exterior limits of this trend are found in Utah, with 94% of home sales in the affordable range, and San Fran, California with only 28% of home sales in this same category.

Source: National Association of Home Builders

 ATHOMEINBOZEMAN
 

 The name short sales is becoming much more accurate to the shortening frequency short sales are entering the market. Freddie Mac initiated Standard Short Sale program on November 1st. Since then, the short sale process has become easier and more transparent.

"We estimate that the time to complete a short sale will decrease by approximately 50 percent to 75 percent," as a result of the changes, writes Tracy Mooney, Freddie Mac’s EVP in a recent blog post.

Here is a list of changes that took effect:

• Mortgage servicers have 30 days to make a decision on a short sale once they receive an application. If they need to negotiate with a third party, they have 30 additional days. A final decision on the short sale must be made within 60 days. 
• Mortgage servicers are required to acknowledge they received the short sale application within three days of submission. Servicers must provide weekly status updates if they end up needing more time to review the application past the initial 30-day period.
• Mortgage servicers have authority now to approve short sales when qualifying financial hardships for home owners who are past due or current on their mortgage payments. 
• Mortgage servicers are also now able to approve short sales without seeking a separate review by the mortgage insurance company.
• Following a short sale, home owners may be able to qualify for up to $3,000 in relocation assistance. 

Source: “The Shorter Short Sale: Long on Borrower Benefits,” Freddie Mac Executive Perspectives Blog (Jan. 22, 2013)

 ATHOMEINBOZEMAN
 

The Year in Review:

Year to Year Outlook for the Gallatin Valley (Big Sky, Bozeman, Belgrade, Three Forks and Manhattan)

Stats for Improved Properties:

* Data is for period Jan 1 – Dec 31 – includes all improved categories except for mobile/manufactured.

Summary of Data for Improved Properties:

• Bozeman is a shining star without a doubt up 222 units over 2011 with days on market down almost 20 days and median price rising by $10,000.00 plus.
• Belgrade also picked up some steam up 8 units and median price up by $10,000.00  - this trend has continued into the new year
• Big Sky is still stabilizing – units sold are down but median price improved by $20,000.00 and days on market shrinking
• Manhattan is stable in units sold and $27,000.00 increase in median price
• Three Forks has also gained ground after stagnating  – units up by 13 – but median price is down and days on market up

Stats for Vacant Land:

* Data is for period Jan 1 – Dec 31  – includes all land categories.

Summary of Data for Vacant Land:

• More of the same for Bozeman in land with net increase of 234 units year to year
• Belgrade is down about 5 lots
• Big Sky is more positive than negative – up 20 lots – median is down but I see this as positive – sellers are getting more realistic about their land values and deals are closing successfully.
• Manhattan improved in lot sales – prices are down
• Three Forks is a negative trend  BUT both lot and house sales are now trending up in the first quarter of 2013 as Three Forks is being seen by many first time buyers as an affordable alternative.  I am bullish on Three Forks for 2013!  Our office, alone, will be representing developers in three large sub-divisions – activity is brisk!

Overall, the Gallatin Valley is seeing great growth with Bozeman being the shining star and booming.  I am fairly confident that this report at the end of 2013 will likely see all indicators turning to positive.