AMARILLO, TEXAS -- Some local realtors have officially declared the Amarillo area a sellers’ market.
Every recent local economic indicator has declared real estate the success story of 2012. Currently the demand for housing is at such a point that home values have remained steady and local inventory is falling.
Dirk Van Reenan, a realtor for Keller Williams, says "in 2012 it was only two-percent behind the real estate market in 2006, which was the single largest volume year that Amarillo has ever seen…and also we were up 20% in volume from 2010."
Realtors attribute the market to a strong Amarillo economy and low interest rates. Also, new rules governing mortgage lending have been announced Wednesday by the Consumer Financial Protection Bureau. The rules go into effect a year from now and are meant to avoid the kinds of activities that resulted in the housing catastrophe in 2008.
Mortgage lenders and banks won’t be able to offer deceptive teaser rates and will be required to make sure borrowers can repay their loans. Many of the changes are already being practiced by local lenders. Becky Swanson of First Mortgage Home Lending says they are expecting to get the new rules in writing and full guidelines that they may examine.
Federal officials say by following the new rules, banks will not be successfully sued for alleged reckless or abusive lending practices.
