Tomlin Realtors

Current Housing Market News

jbtomlin — Tue, 06 Sep 2011 18:29:00 +0000

Click here to learn the latest about the Indianapolis housing market.
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Indiana Is Home – Affordable Housing Thrives!

admin — Wed, 25 Nov 2009 17:15:57 +0000

On October 22, IAR released the sixth Indiana Real Estate Markets Report. The Report, found online at http://www.indianaishome.com/4_0_Reports.asp, is the first-ever county-by-county comparison of existing single-family home sales in the state. Download the report and find out how your county fared. While there, be sure to catch the video, Affordable Housing Thrives!

It is based on a new element of the Report, an affordability index, which compares the median income to the income that is required to purchase a median-priced home. As of August 2009, a family with Indiana's median income can afford 240% of the state's median home price. The report makes a strong case for becoming a Hoosier homeowner.

Focus on Government Affairs – Short Sale Complaint Process

admin — Wed, 25 Nov 2009 16:57:35 +0000

Per legislation from 2008, it is now Indiana state law that a lender must acknowledge a short sale offer within 10 days of receipt and accept or reject the offer within 30 days of receipt.

Since then, the complaint process has been very simple: file a complaint online with the Indiana Department of Financial Institutions (DFI). The DFI can then watch for patterns with certain lenders and use regulatory authority to investigate.

However, as this law has evolved, other statutory authority has been discovered to pursue those in violation of the short sale law. Recently we heard from the Homeowner Protection Unit of the Attorney General. They, too, have enforcement authority over the complaints.

Indy Region Tops Affordability List Again

admin — Wed, 25 Nov 2009 16:47:33 +0000

The just released Housing Opportunity Index (HOI) reveals that Indianapolis was the most affordable major housing market in the country in the 3rd quarter of 2009. This is the 17th consecutive quarter Indy has received the top ranking. Nearly 95 percent of homes were affordable to households earning the median income. The Housing Opportunity Index is a measure developed by the National Association of Home Builders and Wells Fargo.