Countrywide Mortgage hasn’t had a particularly good year and now it’s just gotten worse. Today, the states of California and Illinois announced they are suing Countrywide over predatory lending practices. And, Washington state is seeking to revoke Countrywide’s license, impose a $1 million penalty and halt the lender from writing mortgage loans in the state.
The NWMLS Board of Directors recently approved a revision to its data display policies that will take effect July 3, 2008. The change is not overwhelming but is significant in that additional, pertinent information will be made publicly available, namely the listing price history and the cumulative days on market (CDOM). I know Redfin is feverishly working to incorporate the new info. No word from the major companies (Windermere, CB Bain, John L Scott), however, they do not currently publish all available data as it is.
(NWMLS Press Release)
KIRKLAND, Wash. (June 5, 2008) – “If you’re a buyer, this is the time to take advantage of unique market conditions.” That’s the message one industry leader offered in reviewing the latest report from Northwest Multiple Listing Service summarizing housing activity for the month of May.
NWMLS figures show inventory remains plentiful (up nearly 22 percent from the same month a year ago, and up about 5.4 percent from April), with thirteen of the nineteen counties in its service area reporting double-digit increases from twelve months ago. At month end, the selection included 43,546 single family homes and 8,271 condominiums – with one of every five of those listings classified as newly built.
“There are such great opportunities for buyers right now to position themselves for the future,” remarked J. Lennox Scott, chairman and CEO of John L. Scott Real Estate. “Interest rates are historically low, there’s a healthy inventory of homes to choose from, and the new, higher conforming loan limits have increased housing affordability,” he noted, adding, “If you’re a buyer, this is the time to take advantage of these unique market conditions.”
Prices area-wide are showing moderate fluctuation. While median selling prices in most counties served by NWMLS are down from a year ago, many areas are showing stability and even increases. In 30 “sub-areas” the MLS tracks within King County, for example, 21 areas reported higher prices in May compared to April.