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Condominiums

Condominiums

NAR supports developing policies that will give current homeowners and potential buyers of condos access to more flexible and affordable financing opportunities and a wider choice of approved condo developments.

  • On Sept. 26th, 2014, the President signed into law H.R 2600, a bill to amend the Interstate Land Sales Full Disclosure Act (ILSA) to clarify how the Act applies to condominiums.

  • Good news for REALTORS®, lenders and condominium unit owners who’ve been frustrated by FHA’s prohibition of “spot loans” in developments that haven’t obtained certification: The agency is now seriously exploring how to relax its ban and bring them back.

  • The condo market is on an upswing, but sales are still more than 30 percent short of their peak.

  • The Federal Housing Administration (FHA) has temporarily waived the blanket hazard, flood, liability and other insurance requirements in Mortgagee Letter 2011-22 for Manufactured Housing, Detached and Common Interest Housing Projects.

  • While the Federal Housing Administration has loosened its condominium approval requirements in recent years, many properties continue to struggle to meet overly stringent criteria and the majority of properties are being denied.

  • A slowdown in apartment development is sparking fears that the recovery in the apartment market is approaching its end, according to a recent survey.

  • On Tuesday, July 30, 2013, the National Association of REALTORS® (NAR), the National Association of Home Builders (NAHB), the Community Associations Institute (CAI), and the Institute for Real Estate Management (IREM) submitted comments to Federal Housing Commissioner Carol Galante.

  • The National Association of Home Builders is projecting a 30 percent increase in multifamily starts in 2013. 

  • More homeowner associations are putting the brakes on foreclosure auctions of delinquent home owners and encouraging short sales instead.

  • Working a condo niche can be a great source of clients for your business, but you need to do your homework first.

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