Government Shutdown to Put Brakes on Market

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Many, but not all, government agencies involved in the real estate market have either closed or curtailed their activities since congress failed to approve funding.

The IRS is closed and has suspended the processing of all forms. Some of these forms, particularly tax return transcripts, are required for many kinds of loans, including FHA and VA.

SSA is also closed and will not be verifying social security numbers, a further complication for mortgage processing.

The FHA will continue to endorse new loans for the Single Family Mortgage Loan Program, but will not make new commitments to the Multi-family program.

Lends will continue to process and guaranty mortgages through the VA Loan Guaranty program. Expect some delays.

To read the full report: http://hartland.rereport.com/

 

Trends at a Glance

(Single-family Homes)

 

Sep 13

Aug 13

Sep 12

Median Price:

$   775,535

 $   808,197

 $   655,000

Average Price:

$   981,838

 $1,010,830

 $   832,293

Home Sales:

904

1,035

886

Pending Sales:

1,147

1,306

1,769

Inventory:

1,293

1,227

1,228

Sale/List Price Ratio:

102.6%

103.5%

102.5%

Days on Market:

26

21

34

Days of Inventory:

41

36

40

The Real Estate Report provides an automatic, easy to use, property analysis feature, a mini-CMA. You can access it in the Property Analysis tab. Input your address and get a list of properties around yours that have recently sold or are currently listed for sale, all on an easy to read map.

Click http://hartland.rereport.com/ to see an example.

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