Realty Inside Neighborhood

With all the changes that have occured over the past year many appraisers, realtors and mortgage loan officers have discovered the HVCC law do more harm then good. HVCC intended to prevent appraisers from being influenced to "push" values to make a deal work has had dire consequences. Loans are taking longer to close, it is harder to qualify for loans and it is costing buyers/homeowners more money. Also many appraisers feel the appraisal management companies have taken over the industry who are run by either the loan companies or run by people who have little to no knowledge of real estate appraising. In the meantime there have been many polls taken indicating that the HVCC law has not prevented appraisers from being influenced.

For my appraiser colleagues, I would like to suggest every appraiser in America join the American Guild of Appraisers. This is an appraiser union which will give us the backing and voice to stand up in Washington and help us regain our business. If you would like more information let me know and I will give you the information on how to join.

If you are in the real estate industry or have applied for a mortgage and felt the affects of the HVCC law, I would like to hear your story. Then I would like you to forward your story to Andrew Cuomo's office info@andrewcuomo.com  and let him know how his law affected you.

Here is how the market is doing in Caldwell. As you can see there is still an over supply of homes on the market.

ABSORPTION ANALYSIS: Market analysis in the town of:  Caldwell As of : 01/25/2010 Data includes only 3+ bedroom single family homes in the subjects same town/zip code. Condominium and multi family homes not included). Time Period:12 Months.
# of Closed Sales:  25
Absorption Rate: sales/12 months (S/12= ) =  2.08
# of Listings:  18
# Months Inventory (L/AR= ) {# Listings/Supply (Absorption rate)} =  8.64 Months
Based on the 12 month market analysis, supply and demand are considered to be:  Over supply
Data obtained from the Garden State MLS.
Price range of closed sales: $235,000.00 to $785,000.00
Price range of active listings: $289,000.00 to $950,000.00
There is currently 3 homes with a pending under contract status.

This blog is new and I plan to provide some market data to help everyone see how the real estate market is doing in your area. I welcome any comments, suggestions or questions. If there is a topic concerning the real estate market or industry please post it.