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CENTREVILLE VIRGINIA Real Estate Statistics, MLS Listings and Homes for Sale for the months of JUNE 2013 and JULY 2013.

The Statistics below apply only to real estate properties in CENTREVILLE VA that were SOLD during the months of JUNE 2013 and JULY 2013 through the MULTIPLE LISTING SERVICE, MLS, and does NOT take into account For Sale By Owner, FSBO, and other privately sold properties.

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ARLINGTON VIRGINIA Real Estate Statistics and MLS Listings and Homes for Sale for the months of JUNE 2013 and JULY 2013.

The Statistics below apply only to real estate properties and Homes in ARLINGTON VA that were SOLD during the months of JUNE 2013 and JULY 2013 through the MULTIPLE LISTING SERVICE, MLS, and does NOT take into account For Sale By Owner, FSBO, and other privately sold properties.

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July 2, 2013 a bipartisan group of Senators introduced a bill to remake the role of the federal government in mortgage finance. The bill proposes replacing Fannie Mae and Freddie Mac with a new guarantor, the Federal Mortgage Insurance Corp. The FMIC would offer reinsurance of mortgage securities if private creditors ever reached another crisis in the future.

The legislation would “require private entities to buy mortgages from lenders and issue them to investors as securities,” Reuters reports.
“Private equity would be required to absorb a 10 percent loss of the principal underlying those new mortgage-backed securities if the loans went bad.”

The government took control over Fannie Mae and Freddie Mac in 2008 and has spent $187.5 billion in keeping the government sponsored enterprises afloat. Recently, the GSEs have emerged from needing taxpayer bailout funding and have been posting record profits since the housing market has picked up. Fannie Mae and Freddie Mac back nearly half of all new U.S. home loans.

“It lessens the footprint of the federal government in housing and winds down Fannie and Freddie,” says Sen. Bob Corker, R-Tenn., one of the lawmakers who introduced the bill. “But at the same time it keeps the housing finance industry in a liquid state.”

The bill is only the first step and it will likely take years before Fannie Mae and Freddie Mac are fully wound down, analysts say.
Analysts say that  even if the proposed legislation won the support of the Democrat-led Senate it would still need to gain approval in the Republican-controlled House of Representatives. Many lawmakers in the House have said they favor a fully private system.

The legislation “represents a milestone in the government’s response to the housing crisis as it is the first comprehensive, bipartisan measure to deal with Fannie, Freddie and mortgage finance,” writes Jaret Seiberg, a senior policy analyst at Guggenheim Securities, in a research note.
However, Seiberg was doubtful the legislation would be approved as is.

Senators push bill to scrap mortgage firms Fannie, Freddie,”

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SOURCE: Reuters Vivianne Rutkowski REALTOR

Same-sex couples are significantly more likely to face discrimination in the online rental housing market than heterosexual couples, according to a new study of 50 metro markets released by the Department of Housing and Urban Development.

“This is simply wrong. It is unjust, and we as a country cannot stand for it,” HUD Secretary Shaun Donovan said about the study’s findings.

For the study, HUD testers sent to landlords one e-mail from a heterosexual couple and another e-mail from a gay couple about the availability of a rental unit.

Heterosexual couples were “significantly more likely” to receive an e-mail response than gay male and lesbian inquiries.

“Heterosexual couples were favored over gay male couples in 15.9 percent of tests and over lesbian couples in 15.6 percent of tests,” according to the study.

“Federal housing laws do not prevent discrimination based on sexual orientation or gender identity, but 20 states and Washington D.C. have taken preventative measures to pass laws that prohibit discrimination again LGBT people,” MSNBC reports.

http://tv.msnbc.com/2013/06/18/same-sex-couples-face-housing-discrimination-new-study-shows/

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NOTE: REALTORS, members of National Association of REALTORS, are bound by The REALTOR Code of Ethics, Article 12, against discrimination based on sexual orientation.

SOURCE: MSNBC

The new landmark transportation law was passed by the Virginia General Assembly to raise new revenue to fund transportation initiatives across the Commonwealth (HB 2313). This law is effective July 1, 2013.

Among the increase in sales, use and fuel taxes is an increase in the grantor’s tax, or that tax imposed on transferors of real estate located in the Commonwealth of Virginia
However, the increased tax is only applicable to certain geographic areas.
Specifically, the tax will be imposed on properties located in:

  • Arlington County VA
  • Fairfax County VA
  • Loudoun County VA
  • Prince William County VA
  • City of Alexandria VA
  • City of Fairfax VA
  • City of Falls Church VA
  • Cities of Manassas VA and Manassas Park VA
  • Town of Dumfries VA
  • Town of Herndon VA
  • Town of Leesburg VA
  • Town of Purcellville VA
  • Town of Vienna VA
  • Additionally, certain counties and cities in the Hampton Roads area will also be subject to the increased tax.

The current tax imposed is .10/$100 of the sales price or fair market value, whichever is higher.

As of July 1, 2013, the tax is increased to .25/$100 (or $2.50/$1,000). This represents a 150% increase in the grantor’s tax.
For example, on a $400,000 sale, the tax is increased from $400 to $1,000.

More and more retirees looking to obtain a home loan may find that solid retirement accounts and a sterling credit rating are not enough.

Lenders increasingly are looking for a consistent monthly income in line with their usual debt-to-income standards. When they look at dividends, most lenders want to see a regular annual amount on the tax return paid out over at least the past couple of years.
In terms of part-time employment, borrowers need to prove they are actually working at the moment of application. In some cases, a two-year work history is required.

Social Security income is always counted, of course.
Borrowers, though, need to be informed that current Fannie Mae guidelines permit lenders to increase that income by 25 percent if the beneficiary is not paying taxes on it.

A handful of portfolio lenders are still issuing loans without verifying income.  However, their interest rates are higher and their down payment requirements — which are in the range of 30 to 40 percent.

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http://www.nytimes.com/2013/05/05/realestate/qualifying-for-a-loan-after-retirement.html?_r=3&adxnnl=1&emc=eta1&adxnnlx=1367926932-w94kghfEFawAW2B9GoN9JA&

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SOURCE: The New York Times

Mortgage giants Fannie Mae and Freddie Mac will begin next year to  purchase only loans that meet new “qualified mortgage” requirements, the Federal Housing Finance Agency announced May 6, 2013.

In January 2013, the Consumer Financial Protection Bureau finalized new rules that would require lenders to verify borrowers’ ability to repay their loans. It capped loan terms and fees and the bureau said that qualified mortgages are borrowers whose debt does not exceed 43 percent of their income.

The requirements are to go into effect January 2014.

“Adoption of these new limitations by Fannie Mae and Freddie Mac is in keeping with [the] FHFA’s goal of gradually contracting their market footprint and protecting borrowers and taxpayers,” the FHFA, which regulates Fannie and Freddie, said in a statement.

The two mortgage giants, which do not issue loans, provide financing to banks and other lenders by purchasing mortgages that are often repackaged as securities that are sold to investors. Fannie and Freddie back about half of home loans today.

Following the 2007-2009 financial crisis, the Dodd-Frank law created the Consumer Financial Protection Bureau, which issued rules that would force lenders to make sure borrowers could pay back loans to avoid the steep losses that banks experienced before. “The law also called for a category of safer, lower-priced loans that lenders could make in exchange for some protection from lawsuits arising from ability-to-repay disputes,” Reuters reports.

The CFPB is creating a temporary qualified mortgage status, which the FHFA said Fannie Mae and Freddie Mac would be permitted to purchase loans that fit under that status to ease the transition.
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http://www.reuters.com/article/2013/05/06/us-usa-housing-mortgages-idUSBRE9450K920130506

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SOURCE: REALTOR Magazine, Reuters

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