According to the most recent REALTORS® Confidence Index, 39% of recent buyers purchased a home with a Federal Housing Administration-insured loan. REALTORS® who took part in the November survey also reported that the number of first-time homebuyers continued to climb to 51%. The RCI results also indicated that distressed sales increased to 33% of all home sales last month, and that both investors and first-time home buyers are competing for these properties. The preponderance of distressed properties on the market has also influenced buyers' perceptions of other homes for sale. Realtors report that many buyers have pricing expectations that treat every property as if it were in foreclosure.
In addition, those surveyed expressed ongoing concerns with the impact of the Home Valuation Code of Conduct on recent appraisals. According to some survey respondents, inexperienced or out-of-area appraisers continue to rely heavily on sales prices of distressed properties, even when other comps are available.
Source: NAR
Showing posts with label NAR. Show all posts
Showing posts with label NAR. Show all posts
Wednesday, December 23, 2009
Exterior remodeling: best bang for your buck
Despite a slow market and a slight decrease in the resale value of most remodeling projects, Realtors report that the smartest home improvement investments may also be some of the least expensive. Results from the 2009 Remodeling Cost vs. Value Report show that small-scale exterior projects are the most profitable at resale, according to estimates by REALTORS® who completed a recent survey.
Here are the highlights:
· On a national level, eight out of the top 10 projects in terms of costs recouped were exterior replacement projects that cost less than $14,000.
· Certain types of door and siding replacements, as well as wood deck additions all returned more than 80% of project costs upon resale. A steel entry door replacement--a new addition to this year's list--recouped 128.9% of costs, followed by upscale fiber-cement sliding replacements at 83.6%. Wood deck additions recouped 80.6% of costs.
· On a national level, the project with the biggest improvement from 2008 was the attic bedroom addition, recouping 83.1% of remodeling costs compared to 73.8% in 2008. The only other interior project that landed in the top 10 was a minor kitchen remodel with 78.3% costs recouped.
· Other exterior projects in the top 10 include midrange vinyl and upscale foam-backed vinyl sliding replacements, which returned more than 79% of costs. In addition, several types of window replacements - midrange wood, midrange vinyl, and upscale vinyl-all returned more than 76% of costs upon sale.
Similar to last year's report, the least profitable remodeling projects in terms of resale value were home office remodels and sunroom additions, returning only 48.1% and 50.7% of project costs.
Source: NAR
Here are the highlights:
· On a national level, eight out of the top 10 projects in terms of costs recouped were exterior replacement projects that cost less than $14,000.
· Certain types of door and siding replacements, as well as wood deck additions all returned more than 80% of project costs upon resale. A steel entry door replacement--a new addition to this year's list--recouped 128.9% of costs, followed by upscale fiber-cement sliding replacements at 83.6%. Wood deck additions recouped 80.6% of costs.
· On a national level, the project with the biggest improvement from 2008 was the attic bedroom addition, recouping 83.1% of remodeling costs compared to 73.8% in 2008. The only other interior project that landed in the top 10 was a minor kitchen remodel with 78.3% costs recouped.
· Other exterior projects in the top 10 include midrange vinyl and upscale foam-backed vinyl sliding replacements, which returned more than 79% of costs. In addition, several types of window replacements - midrange wood, midrange vinyl, and upscale vinyl-all returned more than 76% of costs upon sale.
Similar to last year's report, the least profitable remodeling projects in terms of resale value were home office remodels and sunroom additions, returning only 48.1% and 50.7% of project costs.
Source: NAR
Thursday, December 3, 2009
Nine Consecutive Gains for Pending Home Sales
Pending home sales have risen for nine months in a row, a first for the series of the index since its inception in 2001, according to the NATIONAL ASSOCIATION OF REALTORS®.
The Pending Home Sales Index, a forward-looking indicator based on contracts signed in October, increased 3.7 percent to 114.1 from 110.0 in September, and is 31.8 percent above October 2008 when it was 86.6. The rise from a year ago is the biggest annual increase ever recorded for the index, which is at the highest level since March 2006 when it was 115.2.
Lawrence Yun, NAR chief economist, said home sales are experiencing a pendulum swing. “Keep in mind that housing had been underperforming over most of the past year. Based on the demographics of our growing population, existing-home sales should be in the range of 5.5 million to 6.0 million annually, but we were well below the 5-million mark before the home buyer tax credit stimulus,” he said. “This means the tax credit is helping unleash a pent-up demand from a large pool of financially qualified renters, much more than borrowing sales from the future.”
By Region
* Pending sales in the Northeast surged 19.9 percent to 100.2 in October and is 44.2 percent above a year ago.
* In the Midwest, the index rose 11.6 percent to 109.6 and is 36.6 percent higher than October 2008.
* Sales in the South increased 5.4 percent to an index of 115.4, which is 31.6 percent above a year ago.
* In the West, the index fell 11.2 percent to 127.7 but is 21.9 percent above October 2008.
Not Out of the Woods Yet
Yun cautioned that home sales could dip in the months ahead. “The expanded tax credit has only been available for the past three weeks, but the time between when buyers start looking at homes until they close on a sale can take anywhere from three to five months. Given the lag time, we could see a temporary decline in closed existing-home sales from December until early spring when we get another surge, but the weak job market remains a major concern and could slow the recovery process.
“Still, as inventories continue to decline and balance is gradually restored between buyers and sellers, we should reach self-sustaining housing conditions and firming home prices in most areas around the middle of 2010. That would mean broad wealth stabilization for the vast number of middle-class families,” Yun said.
Source: NAR
The Pending Home Sales Index, a forward-looking indicator based on contracts signed in October, increased 3.7 percent to 114.1 from 110.0 in September, and is 31.8 percent above October 2008 when it was 86.6. The rise from a year ago is the biggest annual increase ever recorded for the index, which is at the highest level since March 2006 when it was 115.2.
Lawrence Yun, NAR chief economist, said home sales are experiencing a pendulum swing. “Keep in mind that housing had been underperforming over most of the past year. Based on the demographics of our growing population, existing-home sales should be in the range of 5.5 million to 6.0 million annually, but we were well below the 5-million mark before the home buyer tax credit stimulus,” he said. “This means the tax credit is helping unleash a pent-up demand from a large pool of financially qualified renters, much more than borrowing sales from the future.”
By Region
* Pending sales in the Northeast surged 19.9 percent to 100.2 in October and is 44.2 percent above a year ago.
* In the Midwest, the index rose 11.6 percent to 109.6 and is 36.6 percent higher than October 2008.
* Sales in the South increased 5.4 percent to an index of 115.4, which is 31.6 percent above a year ago.
* In the West, the index fell 11.2 percent to 127.7 but is 21.9 percent above October 2008.
Not Out of the Woods Yet
Yun cautioned that home sales could dip in the months ahead. “The expanded tax credit has only been available for the past three weeks, but the time between when buyers start looking at homes until they close on a sale can take anywhere from three to five months. Given the lag time, we could see a temporary decline in closed existing-home sales from December until early spring when we get another surge, but the weak job market remains a major concern and could slow the recovery process.
“Still, as inventories continue to decline and balance is gradually restored between buyers and sellers, we should reach self-sustaining housing conditions and firming home prices in most areas around the middle of 2010. That would mean broad wealth stabilization for the vast number of middle-class families,” Yun said.
Source: NAR
Tuesday, November 10, 2009
Nat'l Assoc. of REALTORS to launch new UNIVERSAL MLS!
The National Association of Realtors® has acquired technology to create a database of all properties in the United States so Realtors® can better assist consumers in a high-tech, fast-paced business world. The technology acquisition includes licensed data and secured data aggregation services from LPS Real Estate Group, a wholly owned subsidiary of Lender Processing Services Inc. NAR will use the assets to develop the Realtors® Property Resource™, a parcel-centric information database covering all of the more than 147 million property parcels in the country as a resource for NAR members. NAR is planning to launch RPR™ in the second quarter 2010.
NAR CEO Dale Stinton said, "These acquisitions will allow Realtor® interests to control the program and the content. Realtors® need to respond quickly to today's tech-savvy consumers, and the RPR provides a means for multiple listing services (MLS), commercial information exchanges (CIEs) and real estate brokerage business models to support the Realtor® community, rather than requiring Realtors® to purchase data aggregated by third parties." RPR(TM) is not a national MLS, and will carry no offers of cooperation and compensation, Stinton added. "It is a private, NAR members-only benefit. The assets acquired by NAR will be directed through a wholly owned subsidiary corporation, Realtors Property Resource, LLC," Stinton said.
NAR CEO Dale Stinton said, "These acquisitions will allow Realtor® interests to control the program and the content. Realtors® need to respond quickly to today's tech-savvy consumers, and the RPR provides a means for multiple listing services (MLS), commercial information exchanges (CIEs) and real estate brokerage business models to support the Realtor® community, rather than requiring Realtors® to purchase data aggregated by third parties." RPR(TM) is not a national MLS, and will carry no offers of cooperation and compensation, Stinton added. "It is a private, NAR members-only benefit. The assets acquired by NAR will be directed through a wholly owned subsidiary corporation, Realtors Property Resource, LLC," Stinton said.
Monday, June 1, 2009
NAR: Existing-home sales jump
Existing-home sales rose in April with strong buyer activity in lower price ranges, according to the National Association of Realtors. Existing-home sales increased 2.9 percent to a seasonally adjusted annual rate of 4.68 million units in April from a downwardly revised pace of 4.55 million units in March. Yet, home sales were 3.5 percent below the 4.85 million-unit level in April 2008, according to NAR.
REAL Trends Comment: Sales were up from March (which is a seasonal event) but down from last April (a cyclical event). As we reported in the REAL Trends April Housing Market Report, sales did not improve from March in our study. Further the seasonal adjustment in the NAR report was smaller (2.9%) than the normal monthly adjustment which is usually in the range of 10.5% to 12.4% - that is April sales are usually 10.5% to 12.4% higher than they are in March. We would enjoy more than anyone the news that the market is improving but the data just doesn't show it - yet.
An NAR practitioner survey in April showed first-time buyers declined to 40 percent of transactions, implying more repeat buyers are entering the traditional spring home-buying season. It also showed the number of buyers looking at homes has increased 14 percentage points from a year ago.
National median existing-home price: for all housing types, was $170,200 in April, which is 15.4 percent below 2008. Distressed properties, which accounted for 45 percent of all sales in April, continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes.
Total housing inventory: at the end of April, rose 8.8 percent to 3.97 million existing homes available for sale, which represents a 10.2-month supply at the current sales pace, compared with a 9.6-month supply in March. "The gain in inventory is largely seasonal from sellers entering the spring market," Yun says. "Even with the rise, inventory over the past few months has remained consistently lower in comparison with a year earlier."
Source: NAR
REAL Trends Comment: Sales were up from March (which is a seasonal event) but down from last April (a cyclical event). As we reported in the REAL Trends April Housing Market Report, sales did not improve from March in our study. Further the seasonal adjustment in the NAR report was smaller (2.9%) than the normal monthly adjustment which is usually in the range of 10.5% to 12.4% - that is April sales are usually 10.5% to 12.4% higher than they are in March. We would enjoy more than anyone the news that the market is improving but the data just doesn't show it - yet.
An NAR practitioner survey in April showed first-time buyers declined to 40 percent of transactions, implying more repeat buyers are entering the traditional spring home-buying season. It also showed the number of buyers looking at homes has increased 14 percentage points from a year ago.
National median existing-home price: for all housing types, was $170,200 in April, which is 15.4 percent below 2008. Distressed properties, which accounted for 45 percent of all sales in April, continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes.
Total housing inventory: at the end of April, rose 8.8 percent to 3.97 million existing homes available for sale, which represents a 10.2-month supply at the current sales pace, compared with a 9.6-month supply in March. "The gain in inventory is largely seasonal from sellers entering the spring market," Yun says. "Even with the rise, inventory over the past few months has remained consistently lower in comparison with a year earlier."
Source: NAR
Monday, February 23, 2009
Weichert Open House Traffic is Up!
Weichert Open House traffic has been up this month as more people realize now is the time to buy. That is great news for all of us.
According to the National Association of Realtors, nearly half of all buyers visit an Open House during their home search, and a majority of them rate Open Houses as a useful information source. But, what if they can't find your Open House?
Putting out at least eight directional signs should increase Open House traffic fourfold. If there are long stretches of road with no turns, place extra signs so visitors know to keep going and are assured periodically that they haven't missed the house. And, keep in mind that buyers will be taking many different routes to get to the Open House, so you should place signs from all directions, not just along the route you take to get there.
All signs point to success,
Jim Weichert
According to the National Association of Realtors, nearly half of all buyers visit an Open House during their home search, and a majority of them rate Open Houses as a useful information source. But, what if they can't find your Open House?
Putting out at least eight directional signs should increase Open House traffic fourfold. If there are long stretches of road with no turns, place extra signs so visitors know to keep going and are assured periodically that they haven't missed the house. And, keep in mind that buyers will be taking many different routes to get to the Open House, so you should place signs from all directions, not just along the route you take to get there.
All signs point to success,
Jim Weichert
Real Estate Radio!
Real Estate Today, a new national radio show produced by NAR, will premiere on February 14, 2009.
The show will air online at www.RETRadio.com – visit the site any time after the premiere to listen to current or past programs.
Real Estate Today will cover the benefits and challenges of homeownership, from expert advice on buying and selling, to remodeling and landscaping, to the state of the current market and home financing issues.
The show will be an interactive experience that offers listeners an opportunity to exchange information and learn from some of the nation’s most recognized experts on a variety of real estate related topics such as landscaping, gardening, carpentry and general contracting, as well as mortgage experts and respected members of the media.
Hosted by award-winning radio broadcaster Gil Gross, the show will offer a fast-paced format that includes provocative experts, listener call-ins, field reports and a customized segment on local market conditions.
Where to tune in to Real Estate Today:
In the Washington, D.C., area, Real Estate Today will air on the show’s flagship station, 630 WMAL AM, every Sunday from 1-3 p.m., EST.
Satellite radio subscribers can hear Real Estate Today on:
America’s Talk, XM Channel 158, Saturdays 5-7 p.m. EST
Talk Radio, XM Channel 165, Saturdays 1-3 p.m. EST
Stars, Sirius-XM Channel 102, Saturdays 6-8 a.m. and Sundays 9-11 a.m. EST
For more information:
Visit the Real Estate Today Web site at www.RETRadio.com.
The show will air online at www.RETRadio.com – visit the site any time after the premiere to listen to current or past programs.
Real Estate Today will cover the benefits and challenges of homeownership, from expert advice on buying and selling, to remodeling and landscaping, to the state of the current market and home financing issues.
The show will be an interactive experience that offers listeners an opportunity to exchange information and learn from some of the nation’s most recognized experts on a variety of real estate related topics such as landscaping, gardening, carpentry and general contracting, as well as mortgage experts and respected members of the media.
Hosted by award-winning radio broadcaster Gil Gross, the show will offer a fast-paced format that includes provocative experts, listener call-ins, field reports and a customized segment on local market conditions.
Where to tune in to Real Estate Today:
In the Washington, D.C., area, Real Estate Today will air on the show’s flagship station, 630 WMAL AM, every Sunday from 1-3 p.m., EST.
Satellite radio subscribers can hear Real Estate Today on:
America’s Talk, XM Channel 158, Saturdays 5-7 p.m. EST
Talk Radio, XM Channel 165, Saturdays 1-3 p.m. EST
Stars, Sirius-XM Channel 102, Saturdays 6-8 a.m. and Sundays 9-11 a.m. EST
For more information:
Visit the Real Estate Today Web site at www.RETRadio.com.
What's In the Foreclosure Prevention Plan
The Obama administration yesterday released its long-awaited plan to stem foreclosures. It's organized into three categories:
1.) Help for home owners making their payments but at risk of default and foreclosure.
Home owners with a Fannie Mae or Freddie Mac loan would be eligible to refinance as long as their mortgage doesn't exceed 105 percent of the home's current market value. Currently owners need to have at least 20 percent equity. Potential impact: 4-5 million households.
2.) Help for home owners already in default and in need of loan modification.
For lenders that voluntarily agree to lower a borrower's payment so that it makes up no more than 38 percent of the borrower's income, the government would share the cost of lowering the mortgage burden to 31 percent of income. Incentives to lenders to participate include a $1,000 payment.
Borrowers can receive up to $1,000 as an incentive to stay current on their new mortgage. Still in the works is a proposed provision that would allow bankruptcy judges to require loan modification (known as a cramdown) as part of a household's restructuring. That provision requires legislation by Congress. Estimated potential impact: 3-4 million households.
3.) Doubled resources to Fannie Mae and Freddie Mac.
To encourage investors to buy the secondary market companies' mortgage-backed securities, the government explicitly backstops them to up to $400 billion, twice the current amount.
The plan does not provide help to investors or to home owners who are in trouble with a second home, nor does it apply to homeowners whose mortgage is part of a private-label mortgage security that is not backed by Fannie Mae or Freddie Mac.
"The administration's proposed plan, combined with provisions like the $8,000 first-time home buyer tax credit in the just-enacted American Recovery and Reinvestment Act, will help minimize foreclosures, shrink housing inventory, stabilize home values, and move the country closer to an economic recovery," says NAR President Charles McMillan.
1.) Help for home owners making their payments but at risk of default and foreclosure.
Home owners with a Fannie Mae or Freddie Mac loan would be eligible to refinance as long as their mortgage doesn't exceed 105 percent of the home's current market value. Currently owners need to have at least 20 percent equity. Potential impact: 4-5 million households.
2.) Help for home owners already in default and in need of loan modification.
For lenders that voluntarily agree to lower a borrower's payment so that it makes up no more than 38 percent of the borrower's income, the government would share the cost of lowering the mortgage burden to 31 percent of income. Incentives to lenders to participate include a $1,000 payment.
Borrowers can receive up to $1,000 as an incentive to stay current on their new mortgage. Still in the works is a proposed provision that would allow bankruptcy judges to require loan modification (known as a cramdown) as part of a household's restructuring. That provision requires legislation by Congress. Estimated potential impact: 3-4 million households.
3.) Doubled resources to Fannie Mae and Freddie Mac.
To encourage investors to buy the secondary market companies' mortgage-backed securities, the government explicitly backstops them to up to $400 billion, twice the current amount.
The plan does not provide help to investors or to home owners who are in trouble with a second home, nor does it apply to homeowners whose mortgage is part of a private-label mortgage security that is not backed by Fannie Mae or Freddie Mac.
"The administration's proposed plan, combined with provisions like the $8,000 first-time home buyer tax credit in the just-enacted American Recovery and Reinvestment Act, will help minimize foreclosures, shrink housing inventory, stabilize home values, and move the country closer to an economic recovery," says NAR President Charles McMillan.
$75 billion homeowner relief program
The $75 billion foreclosure prevention program announced by President Obama may go a long way to helping millions of distressed borrowers and to stopping the housing market's downward spiral, experts said. The multi-pronged plan, which calls for modifying loans for borrowers both at risk or already in default and for allowing those with little or no home equity to refinance into more affordable loans through interest rate reductions, has made some strange bedfellows.
The plan has two main pieces: refinances for conforming loans, and modifications for subprime and exotic loans. The refinance piece is designed to help 4 million to 5 million "responsible homeowners."
Who are these responsible homeowners? They:
* Haven't fallen behind on their monthly payments.
* Owe more than 80 percent of their homes' currently appraised value.
* Owe no more than 105 percent of the currently appraised value.
* Have mortgages that are owned or guaranteed by Fannie or Freddie.
That last requirement effectively imposes a limit on loan amounts. Few mortgages for more than $417,000 will qualify for refinances because that is the conforming limit. Unlike the previous measures, Obama's plan uses government funds to provide incentives to borrowers, loan servicers and mortgage investors to modify loans to affordable monthly payments. And it offers help to at-risk borrowers before they stop paying. The administration says it will help up to nine million people avoid foreclosure.
The plan calls for servicers to reduce interest rates so that a person's monthly obligation is no more than 38% of his or her income. Then the government would kick in money to bring payments down to 31% of the homeowner's income. It also gives servicers money for modifying loans, and additional funds if borrowers stay current or are helped before they fall behind. Finally, it is developing a $10 billion insurance fund that will pay mortgage holders based on declines in a home price index.
Sources: Bankrate.com; CNNMoney.com
REAL Trends Comment: I don't know about you but I am glad to do my part to assist homeowners who bet that home prices would go up (like the rest of us) yet found themselves in a losing position when the market declined. In fact I am going to stop making my payments because I qualify and I think that the decline in my income and my home value is not my fault and someone else should pay for my misfortune. In fact I also have some bad bets I made in the stock and bond market so I think the Federal government should arrange a bailout of that as well...like giving me the difference between what I paid and what the investments are worth now.....
In yet another bold move, the Feds are moving to fix a problem that is already working its way through the system, another the "cows are already out of the barn." In California, Phoenix and Las Vegas, unit sales are roaring with first time homebuyers and investors purchasing large numbers of foreclosures. This is the start of a true recovery. Loan modifications throughout the country have been a bust. And they will continue to do so. Then comes the ability of judges to "cram down" the loan balances of existing mortgages if someone is really affected. Next come investors and bank increasing the prices of credit for everyone because some third party can change the mortgage simply because they "feel" the pain of the homeowner and think it is fair. Imagine our "impartial" judicial system now controlling whether your mortgage balance is the right size for you...after the fact.
Now return to part one...as long as it's good for some lets all jump in.
The plan has two main pieces: refinances for conforming loans, and modifications for subprime and exotic loans. The refinance piece is designed to help 4 million to 5 million "responsible homeowners."
Who are these responsible homeowners? They:
* Haven't fallen behind on their monthly payments.
* Owe more than 80 percent of their homes' currently appraised value.
* Owe no more than 105 percent of the currently appraised value.
* Have mortgages that are owned or guaranteed by Fannie or Freddie.
That last requirement effectively imposes a limit on loan amounts. Few mortgages for more than $417,000 will qualify for refinances because that is the conforming limit. Unlike the previous measures, Obama's plan uses government funds to provide incentives to borrowers, loan servicers and mortgage investors to modify loans to affordable monthly payments. And it offers help to at-risk borrowers before they stop paying. The administration says it will help up to nine million people avoid foreclosure.
The plan calls for servicers to reduce interest rates so that a person's monthly obligation is no more than 38% of his or her income. Then the government would kick in money to bring payments down to 31% of the homeowner's income. It also gives servicers money for modifying loans, and additional funds if borrowers stay current or are helped before they fall behind. Finally, it is developing a $10 billion insurance fund that will pay mortgage holders based on declines in a home price index.
Sources: Bankrate.com; CNNMoney.com
REAL Trends Comment: I don't know about you but I am glad to do my part to assist homeowners who bet that home prices would go up (like the rest of us) yet found themselves in a losing position when the market declined. In fact I am going to stop making my payments because I qualify and I think that the decline in my income and my home value is not my fault and someone else should pay for my misfortune. In fact I also have some bad bets I made in the stock and bond market so I think the Federal government should arrange a bailout of that as well...like giving me the difference between what I paid and what the investments are worth now.....
In yet another bold move, the Feds are moving to fix a problem that is already working its way through the system, another the "cows are already out of the barn." In California, Phoenix and Las Vegas, unit sales are roaring with first time homebuyers and investors purchasing large numbers of foreclosures. This is the start of a true recovery. Loan modifications throughout the country have been a bust. And they will continue to do so. Then comes the ability of judges to "cram down" the loan balances of existing mortgages if someone is really affected. Next come investors and bank increasing the prices of credit for everyone because some third party can change the mortgage simply because they "feel" the pain of the homeowner and think it is fair. Imagine our "impartial" judicial system now controlling whether your mortgage balance is the right size for you...after the fact.
Now return to part one...as long as it's good for some lets all jump in.
Message from NAR President about Stimulus Plan
Dear Fellow REALTOR®,
For nearly four months, NAR has been working to deliver to you and to our nation a comprehensive plan to stabilize the housing market.
This week, we saw countless hours of hard work pay off – in a MAJOR way – when the federal government implemented NAR's recommendations to stimulate housing with the signing of the American Recovery and Reinvestment Act of 2009.
This bold and unprecedented move to help housing did not happen by chance. Just a few months ago, the auto industry had Congress' ear. Yet, thanks to countless meetings, letters, phone calls, and public pressure that we – the REALTORS® of America – placed on lawmakers in Washington, D.C., housing emerged as the top priority in the new Administration and in Congress. While some of the items in the Act are controversial and are currently being debated, most of our top priorities were addressed.
Thanks to all of our hard work, America's homebuyers and homeowners will soon have:
1. Lower interest rates for home mortgages;
2. A greater ability to get financing through FHA, Fannie Mae and Freddie Mac in high-cost areas;
3. A true tax credit incentive to buy a home NOW; and
4. Foreclosure mitigation and short-sale standards.
As a direct result of NAR's advocacy, we hope REALTORS® will see an increase in home sales this year. NAR also continues to make significant progress on our efforts to unclog the pipeline for foreclosures and to address administrative problems with short sales.
Such significant movement on these critical issues is rare. I personally thank and congratulate each and every member of the National Association of REALTORS® for helping to make NAR's Housing Stimulus Plan a reality. For more information and details on these new laws and programs, visit the Unlock America's Economy Page on Realtor.org:
http://www.realtor.org/government_affairs/gapublic/gses_conservatorship?LID=RONav0023
Make no mistake -- we're just getting started. NAR will continue to push for other important laws and policies that can help you in your business. From keeping banks out of real estate to providing you with affordable health coverage, you can count on the "Voice for Real Estate" to help you gain an advantage in every kind of market.
That's the power of NAR, and it's why I am proud to be a member and to serve as your 2009 President.
Once again, thank you all, and keep up the great work!
Sincerely,
Charles McMillan, CIPS, GRI
2009 NAR President
For nearly four months, NAR has been working to deliver to you and to our nation a comprehensive plan to stabilize the housing market.
This week, we saw countless hours of hard work pay off – in a MAJOR way – when the federal government implemented NAR's recommendations to stimulate housing with the signing of the American Recovery and Reinvestment Act of 2009.
This bold and unprecedented move to help housing did not happen by chance. Just a few months ago, the auto industry had Congress' ear. Yet, thanks to countless meetings, letters, phone calls, and public pressure that we – the REALTORS® of America – placed on lawmakers in Washington, D.C., housing emerged as the top priority in the new Administration and in Congress. While some of the items in the Act are controversial and are currently being debated, most of our top priorities were addressed.
Thanks to all of our hard work, America's homebuyers and homeowners will soon have:
1. Lower interest rates for home mortgages;
2. A greater ability to get financing through FHA, Fannie Mae and Freddie Mac in high-cost areas;
3. A true tax credit incentive to buy a home NOW; and
4. Foreclosure mitigation and short-sale standards.
As a direct result of NAR's advocacy, we hope REALTORS® will see an increase in home sales this year. NAR also continues to make significant progress on our efforts to unclog the pipeline for foreclosures and to address administrative problems with short sales.
Such significant movement on these critical issues is rare. I personally thank and congratulate each and every member of the National Association of REALTORS® for helping to make NAR's Housing Stimulus Plan a reality. For more information and details on these new laws and programs, visit the Unlock America's Economy Page on Realtor.org:
http://www.realtor.org/government_affairs/gapublic/gses_conservatorship?LID=RONav0023
Make no mistake -- we're just getting started. NAR will continue to push for other important laws and policies that can help you in your business. From keeping banks out of real estate to providing you with affordable health coverage, you can count on the "Voice for Real Estate" to help you gain an advantage in every kind of market.
That's the power of NAR, and it's why I am proud to be a member and to serve as your 2009 President.
Once again, thank you all, and keep up the great work!
Sincerely,
Charles McMillan, CIPS, GRI
2009 NAR President
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