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January showed a large increase in sales with fewer new inventory entering the marketplace.  Although many of the sales were REO or Foreclosures this increase in activity was a good sign.  Home sale prices have dropped so more people can purchase a home.  Local banks are once again lending and the federal government has several new programs to help first time homeowners.

 

According to a newsletter I just received from CAR REALTORS®  have some good news for the family budget!

 

"NO MORE COMMISSION REDUCTIONS FOR FANNIE MAE SHORT SALES

Fannie Mae loan servicers can no longer require real estate brokers to reduce their commissions as a condition to a short sale approval.  This new Fannie Mae policy takes effect on March 1, 2009.  According to Fannie Mae, the closing of a pre-foreclosure sale cannot be conditioned upon a reduction of the real estate commission to a level below what the listing agent and borrower negotiated.  An exception applies if the total commission is more than six percent of the sales price.

This good news may be tempered by the difficulty for REALTORS® to ascertain whether the underlying loan in a short sale transaction is a Fannie Mae loan.  REALTORS® may wish to ask the lender or loan servicer whether the loan is a Fannie Mae loan, and to consider submitting the Fannie Mae Announcement to the lender with the short sale package."