Notary Bulletin

Home Sales Trend Upward; Re-Fi's Expected To Slide Next Year

In the coming year, Notary Signing Agents can expect more closings from the sale of new and existing homes, but may experience a significant drop in mortgage refinancing assignments, according to forecasts from several industry associations.

Sales of new homes in 2013 are expected to reach the 600,000 mark, up from an anticipated total of 360,000 this year, according to the National Association of Home Builders. The National Association of Realtors expects the sale of existing homes to rise a solid 7.7 percent next year with nearly 5 million properties changings hands.

Housing starts, which measure the number of homes under construction but not yet sold, are expected to jump by 46 percent in 2013 in a year-over-year comparison, says the NAHB.

While these figures indicate stronger signings in one market for NSA’s, loan closings in the re-fi sector are expected to decrease as many households have already taken advantage of the historically low interest rates. The Mortgage Bankers Association’s Financial Forecast estimates re-fi’s could drop by more than 60 percent next year.

The National Notary Association’s NSA link can help you brush up on your skills if you are already an NSA, or assist you in becoming one, in preparation for this projected recovery in home loan signings.

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Quiz: The Many Types Of Notarial Acts

Notaries perform many different duties for the public — and it’s easy to lose track of the different acts and what states they’re authorized in. Test your familiarity with common — and uncommon — notarial acts.

(A link to the correct answers is provided at the end of the quiz.)

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