Why did home sales cool during key spring season?
Sales of previously owned homes fell by 1.5 percent from April to May. But when viewed in the longer term, sales activity has been rising.
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Since: Apr 10
#1 Jun 24, 2012
That's all BS. It's not getting better because there are no jobs, and when there's no jobs there's no money to buy a house.
I'am afraid to buy a house because how do i know that the bank won't commit fraud to get it back?
The government is not jailing any bankers so they are free to do whatever, again.
#2 Jun 25, 2012
Many deals are falling apart because of valuation issues. Buyers and sellers strike a deal, but the deal unravels when appraisers come in and sink the value of the home with a lowball appraisal figure. Most buyers and sellers can't make up the difference and the deal evaporates.
I looked into this and it turns out that banks are suing appraisers for overvaluation of some mortgages made during the boom years. Where they can prove it, banks are putting appraisers on the hook for bad loans, because they don't want to eat the loss when the owner walks.
The result: Lowered home values. Appraisers don't want to get sued, so they undervalue, because most homeowners/sellers can't really afford to sue. That wrecks many legitimate deals, because the home value doesn't meet the agreed-upon sale price.
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