David Saks: Contract Failures According to NAR

David Saks - Real Estate Broker - The Real Estate Mart of Tennessee, Inc. - 4040 North Watkins-Suite #4 - Memphis, Tennessee 38127 - Phone (901) 357-4663

Contract Failures According to NAR

Contracts and Constricts

Contract failures were reported by 18 percent of NAR members in September, unchanged from August; they were 9 percent in September 2010.

Contract failures are cancellations caused by declined mortgage applications, failures in loan underwriting from appraised values coming in below the negotiated price, or other problems including home inspections and employment losses.

Contract failures were reported by 18 percent of NAR members in September, unchanged from August; they were 9 percent in September 2010.

Contract failures are cancellations caused by declined mortgage applications, failures in loan underwriting from appraised values coming in below the negotiated price, or other problems including home inspections and employment losses.

NAR President Ron Phipps, broker-president of Phipps Realty in Warwick, R.I., said access to credit is unbalanced.

"All year we've been discussing the fact that many creditworthy home buyers are being denied mortgages," he said.

"On top of that, loan limits have been lowered, which means buyers of higher priced homes, including many in more expensive housing markets, now have to pay a higher interest rate for a jumbo mortgage than buyers who can qualify for a conventional loan. We need to remove the roadblocks to a housing recovery - not place more obstacles in the way of financially qualified buyers."

For more from NAR's report on the housing market in September, CLICK HERE




David Saks



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Comment balloon 0 commentsDavid Saks • October 24 2011 04:20PM

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