Sellers Test Housing Market Amid Rising Prices

Listings stood 23.3% below last years levels in Detroit and were down by 20.1% in Boston, 17.9% in Denver and San Diego, and 14.8% in Dallas. Median asking prices nationally were unchanged from July at $199,900, which represented a 6% increase from a year earlier. Asking prices were below last years level in Cleveland, but they were unchanged or up from a year ago in every other major market.
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<h3 my company style=”clear:both”>Housing finance reform remains a hurdle for Capitol Hill

The APHB, which has been facing financial crisis for the past few years, was hopeful of a good response from the public for its housing projects proposed at Raviryal village near the Shamshabad International Airport and Laxmiguda near Katedan. to tide over its financial problems. However, it proved a damp squib as just 161 applications were received for 420 independent villas proposed at the housing project at Raviryal village in Maheshwaram mandal in an extent of 125 acres and only six applications for 41 villas proposed at Laxmiguda village in an extent of two acres.
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Andhra Pradesh Housing Board housing projects evoke poor response

Richard Johns, executive director of the Structured Finance Industry Group, noted, An integral part of any reform will be to ensure the continued liquidity of the TBA Market, which is the most efficient and cheapest mechanism to enable a mortgage consumer to ‘lock in’ the interest rate at the time when a mortgage loan is approved and thereby minimize the cost of borrowing. Johns added that the TBA Market also creates efficiencies and cost savings for lenders that are passed on to borrowers in the form of lower rates. As of now, the TBA Market is reliant in part on the existence of government-guaranteed MBS, making it imperative that any reform legislation includes provisions that preserve some form of government guarantee. Mark Zandi, chief economist and co-founder of Moodys Analytics ( MCO ), was very vocal in his opinion of the government-sponsored enterprises. “The nations housing finance system is dysfunctional and should be reformed. Since the government took over Fannie Mae and Freddie Mac during the financial collapse five years ago, effectively nationalizing the nations housing finance system, nothing meaningful has changed,” said Zandi. The government still makes nearly nine of every 10 U.S.
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