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RealComp Releases Statistics for November
News
Monday, 13 December 2010

RealComp MLS has released their sales statistics for last month.  The summary can be downloaded here.  RealComp is reporting that the median sales price for listings in Wayne County has increased by 14% from ,000 to ,900.  Home inventory has also dropped to 2005 levels, suggesting that the housing market is continuing to stabilize.  For more statistics, please download the PDF.

 
2011 GPBR Directors Announced
REALTORS®
Thursday, 04 November 2010

The results from our recent GPBR Board of Directors election were announced yesterday at our Annual Meeting, we are pleased to share that Judy Barker (Adlhoch & Associates) has been re-elected, and Beverly Tannian (Higbie Maxon Agney) is our newest Director. Thank you to Judy and Bev for their support and thank you to everyone who voted.

We'd also like to extend our appreciation to George Smale (Coldwell Banker Weir Manuel) who is stepping down from the Board of Directors after five years of service.

Our 2011 Directors are:

President: Randy Repicky
Vice-President: Lewis Gazoul
President-Elect: Chace Wakefield
Treasurer: Sandy Nelson
Secretary: Judy Barker
Scott Adlhoch
Mike Bojalad
Pat Chasteen
Mario Como
Beverly Tannian

Our installation ceremony for our new Board of Directors is scheduled for December 8 at the Grosse Pointe Yacht Club.

 
Several Banks Suspend Foreclosures While Procedure is Scrutinized
News
Monday, 18 October 2010

The National Association of Realtors is reporting that in the last two months, several lenders suspended foreclosures in two dozen states due to questions about whether foreclosures were being processed consistent with applicable state law requirements. Concerns are being raised about the validity of ownership of mortgages that have been securitized and resold. At the center of the controversy is Mortgage Electronic Registration Systems (MERS). This firm is responsible for electronically tracking the transfer of assignment of mortgages. Class-action suits are being brought against MERS alleging that the use of the system circumvents state laws.

On October 1, 2010, Fannie Mae and Freddie Mac released statements regarding servicer compliance with foreclosure processing of Fannie and Freddie loans. In the releases, both organizations reiterated that servicers must comply with applicable state laws governing foreclosures. Although nearly all of the foreclosures in question are expected to be fixed eventually, the current situation is creating difficulties and a new hurdle to the recovery of the housing and mortgage markets. NAR members are reporting that upcoming sales have been delayed indefinitely or cancelled, to the detriment of all involved.

Additionally, homes on the market without clear title will make sales much more difficult. While banking executives focus their attention on this problem, it is possible that servicers may be somewhat more receptive to approving loan modifications and short sales, since they avoid the foreclosure procedural problems altogether.

NAR has summarized some key points pertaining to this issue:

• There’s no way of knowing what percentage of foreclosures that were improperly processed were, in fact, inappropriate or wrongly taken. The assumption is that for most of them, this may be only a technicality and that the property ultimately would have been repossessed.

• For owners who believe their home was wrongly foreclosed, they may wish to contact a real estate attorney to investigate the possibility of a property claim. However, that could prove costly and time consuming – regulations vary by state.

• For banks, it may make sense to modify loans or agree to short sales to expedite disposal of inventory.

• For buyers, the assumption is that listed foreclosures come with clear property title but they should discuss any necessary contract contingency with their attorney. Foreclosures in limbo are likely to be withdrawn from the market.

• It’s too early to tell if there’s an impact on the market but we will be monitoring the situation.

 
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