Today we issued the results of our February 2012 REALTOR(R) Market Index (RMI) and REALTOR(R) Price Index (RPI). For the 7th straight month the RMI was up over the same time last year. It was also up compared to January 2012.
The REALTOR(R) Price Index was up compared to both the same time last year and from January. It also went over the 50-point mark for the first time since April 2010.
This month’s “Hot Topic” question asked REALTOR(R) members what they though would happen to the market if the legislation proposed by US Senator Scott Brown to improve the short sale process was signed into law.
Click here to read the full release: February 2012 Realtor(R) Market Index and Realtor(R) Price Index
Here are the highlights:
* REALTOR® Market Index in February was 39.47. Up 41% from the same time last year
* REALTOR® Market Index in February was up 24% from January 2012
* REALTOR® Price Index in February was 54.78. Up 17% from the same time last year
* REALTOR® Price Index in February was up 19% from January 2012
Some months we ask a follow up question related to the “Hot Topic” question. Here’s this month’s question. Would the outcome of any of your past short sales transactions been changed by this type of legislation and why?
“It certainly would have sped up the process. There should also be a ruling that once a negotiator is assigned to a short sale, that negotiator takes it all the way to the finish line. We recently had one short sale that dragged on for nearly 6 months and the lender changed negotiators 5 times on us during the process. Frustrating and definitely a factor in the length of time it took to get a decision in my opinion. Legislation should be drafted for a uniform process that every lender must follow and I’d even suggest shortening the time frame to 60 days for a final decision.”
“No, 15 days is not going to make the process any better, they need to make these decisions much faster more like 30 days and things would go more smoothly. I understand the people doing the work on the bank side have not a clue in the world how this 90 day waiting impacts our business both emotionally and financially.”
“Yes, buyers would know whether their offer was accepted so they could either move forward or move on to another property. More properties would be sold by now if the process wasn’t so long and cumbersome.”
“I have stayed away from short sales simply because too many of our buyers were disappointed or could not wait the 90-120 days plus that it took to get a reply.”
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Let us know what you think? In fact, if you are a member of the Massachusetts Association of REALTORS(R) and would like to participate in the monthly survey, please send your name, email address and NRDS# (which can be found on the cover of your copy of Bay State REALTOR(R) Magazine) to email@example.com