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FHA Condo Relief Bill Signed by President

President Obama has signed the "Housing Opportunity Through Modernization Act" into law. The National Association of REALTORS® called this long-sought victory a "significant step" toward eliminating barriers to safe, affordable mortgage credit for condos.

This bill was approved unanimously first by the US House in February and then by the Senate in July. NAR has long been an advocate of this bill, testifying before Congress and lobbying for its passage.

This new law includes reforms to current Federal Housing Administration (FHA) restrictions on condominium financing, including lowering FHA's current owner-occupancy requirement from 50% to 35%. The law will also make FHA's recertification process "substantially less burdensome."

NAR President Tom Salomone praised the legislation. "Condomiumiums often represent an affordable option that's just right for first-time and low-to-moderate income home buyers. Overly burdensome restrictions on condo financing have for too long put that option out of reach for many creditworthy borrowers. This legislation puts the dream of home ownership back in reach for more Americans."

Special thanks to Virginia's Senators and Representatives for their support of this important legislation.

 

 

 
Roanoke Region Gets High Marks

The latest edition of Southern Business & Development magazine recognizes several Roanoke Region locations in the list of "Who's winning the economic development game in the South?" The 'best of' list ranks locations from all over the Southern part of the country in 60 different categories.

Here are the highlights from the Roanoke Region:

  • Best-Kept Secrets for Great Quality of Life in the South: Mid-Markets: Roanoke VA
  • Best Data Center Locations in the Southeast: Roanoke County VA (honorable mention)
  • Best Cities and Counties in the Southeast for the Creative Class: Roanoke VA
  • Best Mid-Markets in the Southeast for the Automotive Indistry: Roanoke VA
Thanks to the Roanoke Regional Partnership for sharing this good news!
 
Home Sales Best in 10 Years

The economy in the Roanoke region continues to show strength, and the regional housing market is reflecting overall economic vitality.

The latest data from the Multiple Listing System of Roanoke Valley show that home sales are at levels the region has not seen since before the recession. Sales of homes in May, 2016 surpassed sales of any May since 2006. Sales are up 17.8 percent from May, 2015. In May, more than $108 million in overall residential sales volume was reported, averaging just over $201,000 per home sold.

The Multiple Listing System of Roanoke Valley encompasses the following areas: Cities of Roanoke and Salem, Town of Vinton and Counties of Roanoke, Botetourt and Craig, plus a portion of Bedford County and Franklin County.

 
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