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REALTORS® See Success Amidst the Challenges in 2012

DAILY REAL ESTATE NEWS | FRIDAY, NOVEMBER 09, 2012

It’s been a tough several years but the market is improving and REALTORS® share in the credit for that, NAR President Moe Veissi told a standing-room-only crowd at 59 ½ Minutes, the member and director forum that kicked off the 2012 REALTORS® Conference & Expo here in Orlando last night.

“It’s because of REALTORS® that we’re getting the real estate market back on track,” Veissi said. “REALTORS® don’t just talk about how home ownership matters; we live it!”

REALTORS® have always been the heart of the deal in real estate, Veissi said, and that’s evident in the outpouring of support by REALTORS® in the wake of the devastating Hurricane Sandy, which left more than 100 people dead along the northeast coast and caused tens of billions of dollars in property destruction.

To continue the strong show of support by REALTORS®, Veissi encouraged members to join NAR in contributing if they haven’t already done so by stopping by the booth of the REALTOR® Relief Foundation in the Orange County Convention Center. “We all have the opportunity to be a hero right now,” he said.

NAR has already donated funds and is matching contributions from members dollar for dollar up to $500,000.

Attendees at the forum got the chance to preview a 30-minute video produced by NAR about how much REALTORS® do in their communities every day. The REALTOR® Heroes video, which premiered at the forum and will be showing on screens throughout the conference and in the expo, showcases the extraordinary work of five ordinary REALTORS® whose work has made a difference in the housing opportunities available in their communities.

Attendees at the forum also heard about some of the major initiatives NAR has rolled out this year, including making the REALTORS Property Resource® available to all members.

RPR, which launched two years ago, includes data on almost 150 million parcels of real estate in the United States and has partnered with MLSs and associations and others, representing 425 markets and almost 70 percent of REALTORS®. Now that it’s available nationally, all members can access RPR’s database and use its analytical, valuation, and reporting tools, although the data depth is greater in markets with participating MLSs. RPR also launched a commercial version of its tools.

Attendees also heard about NAR’s success helping REALTOR® champions in the national elections earlier this week. The congressional candidates in 7 out of 8 independent expenditure races approved by the trustees of the REALTORS® Political Action Committee came out on top, and these were very hard-fought races, said NAR Senior Vice President of Government Affairs Jerry Giovaniello.

In independent expenditure races, RPAC runs ads in support of candidates but without any coordination or communication with the campaigns. RPAC saw a similar rate of success with its 96 opportunity races, in which advocacy and get-out-the-vote efforts on behalf of candidates is directed at the REALTOR® community.

State and local political advocacy efforts also saw a lot of success. In the past year, 550 associations tapped REALTOR® Party resources for advocacy and community outreach activities. In all, associations submitted 3,000 requests under the program, said NAR Director of REALTOR® Party Activities Tom Salomone.

— Robert Freedman

http://realtormag.realtor.org/daily-news/2012/11/09/realtors-see-success-amidst-challenges-in-2012?om_rid=AACSxz&om_mid=_BQnTbYB8vGW$EX&om_ntype=RMODaily

 

Buying

Lumberton Real Estate-NEW LISTING

392   CROWN ZELLERBACK Rd. Lumberton , MS 39455 $809,600

Beautiful rolling  land with endless possibilities. 356 acres MOL.  Includes a 3 BR/2 BA home.

 

 

Call Crye-Leike for more info on this property and many other listings.

Buying

Obama Victory Keeps Focus on Pending Rules, Reforms

REALTOR® Magazine’s look at Tuesday’s election results from the presidential campaign to the successes of NAR-backed candidates.
NOVEMBER 2012 | BY ROBERT FREEDMAN

The reelection victory of President Barack Obama over Republican challenger former Massachusetts Governor Mitt Romney yesterday means initiatives begun in the last four years to address past housing market excesses and help boost the market recovery, including proposed Dodd-Frank banking rules and reform of the secondary mortgage market, could command attention going into the president’s second term.

In his acceptance speech from Chicago delivered after midnight, President Obama said he hoped to meet with Gov. Romney in the coming weeks to explore how the two could work together to move the country forward. He also called for immigration reform and vowed action on two Republican priorities, tax reform and deficit reduction.

“I am looking forward to reaching out and working with leaders of both parties to meet the challenges we can only solve together,” President Obama said. “Reducing our deficit, reforming our tax code, fixing our immigration system, freeing ourselves from foreign oil — we’ve got more work to do.”

The Obama administration two years ago released a white paper that contained options on reforming secondary mortgage market companies Fannie Mae and Freddie Mac, raising the possibility that reform of these companies, which have been in conservatorship for much of Obama’s term of office, could come under consideration in the new Congress.

NAR supports reforms that would pave the way for a return of private lenders into the mortgage market while maintaining an explicit, government-chartered, nonprofit federal presence in the market to ensure mortgage availability in good times and bad.

NAR has expressed support for legislation by Rep. Gary Miller (R-Calif.) that would aim to do that in a balanced and comprehensive way, and that bill could get reintroduced in 2013.

Similarly, important rulemaking by the Consumer Financial Protection Bureau to protect against future mortgage lending abuses, is slated to come to a head in early 2013. NAR has expressed concern with the approach in two of the rules, the qualified mortgage and qualified residential mortgage rules. The QM rule sets standards for lenders to ensure they make loans only to borrowers who have the ability to repay, and QRM requires lenders who originate loans for securitization retain 5 percent of the value of the loans unless they meet prescribed underwriting standards. In both cases, NAR has called for the rules to give flexibility to lenders in meeting consumer protections; otherwise pricing could put mortgage financing outside the reach of households of all but those with the strongest credit records.

In the presidential election campaign, Gov. Romney singled out QM as an example of a Dodd-Frank rule that was already hurting the market and raising the cost of mortgage financing because of the uncertainty it was causing, and he had vowed to reform it in a market-friendly way. It’s unclear under a second Obama administration how much the final versions of the QM and QRM rules will look like their proposed forms. NAR continues to seek changes that would ensure the rules aren’t so prescriptive that lenders pull back on their mortgage lending.

In the near term, NAR will be advocating for the extension of mortgage cancellation relief, which was enacted in 2007 to exempt underwater home owners of taxation on mortgage debt forgiven by a lender in a modification or distressed sale. The tax forgiveness expires at the end of 2012 and could be taken up before the end of the year, when the current Congress adjourns. NAR issued a Call for Action in support of extension earlier this week.

NAR does not particiate in presidential elections but it does get involved in congressional races, and it achieved considerable success in its support of members of Congress who are strong supporters of real estate.

Among six races it targeted for support through its independent expenditure program, five of its candidates won, including Rep. Miller, the author of the secondary mortgage market reform bill NAR supports. Miller, a member of the House Financial Services Committee, has been in office since 1999 and faced a fellow Republican in a redrawn congressional district. He won with 56 pecent of the vote over Bob Dutton, a state senator.

Under its independent expediture program, NAR engages in advocacy efforts on behalf of a candidate independent of, and without any coordination with, the candidate’s campaign.

Its other big independent expenditure campaign victories were on behalf of Rep. Brad Sherman (D-Calif.), who shares NAR’s concerns over the QM and QRM proposed rules; Rep. Tom Latham (R-Iowa), chair of the House Appropriations subcommitee with oversight of the FHA and who fought to protect higher FHA loan limits; and Thomas Reed (R-N.Y.), a member of the tax-writing House Ways & Means Committee and a champion of extending mortgage cancellation forgiveness.

NAR also supported Rep. Mike Fitzpatrick (R-Pa.), a member of the House Financial Services Committee who has championed reforming FHA rules to make condo financing more widely available.

The one defeat was Rep. Judy Biggert (R-Ill.), who took the lead on the successful NAR-backed effort to win long-term reauthorization and reform of federal flood insurance. She lost to Rep. Bill Foster (D) in a battle over a redrawn district.

RPAC’s spending on all races was split roughly 54-46 between Republicans and Democrats.

http://realtormag.realtor.org/news-and-commentary/feature/article/2012/11/obama-victory-keeps-focus-pending-rules-reforms?om_rid=AACSxz&om_mid=_BQmq$zB8vDEVab&om_ntype=RMODaily

Buying

Hattiesburg Real Estate-REDUCTION

48 TIDEWATER Rd. Hattiesburg , MS  39402  $429,900

Gorgeous 4/4 across from the water. Circular staircase, office with fireplace, and a special Swarovski crystal chandelier. A must see!

 

Call Crye-Leike today for additional information.

Buying

Homes Are Selling Faster as Inventories Fall

DAILY REAL ESTATE NEWS | THURSDAY, NOVEMBER 01, 2012

The median time a home is on the market nationwide? Just 69 days.

The number of days on the market nationwide has fallen nearly 30 percent from year-ago levels.

Meanwhile, inventory levels are hovering at all-time lows, with the number of homes for-sale down 31.2 percent from a year ago. The inventory is at a 6.4-month supply of homes on the market, as of July data.

“As inventory has tightened, homes have been selling more quickly,” says Lawrence Yun, the National Association of REALTORS®’ chief economist. “A notable shortening of time on market began this spring, and this has created a general balance between home buyers and sellers in much of the country. This equilibrium is supporting sustained price growth, and homes that are correctly priced tend to sell quickly, while those that aren’t often languish on the market.”

For comparison, the time on the market for non-distressed homes peaked at 10 weeks in 2009. During the housing boom between 2004 and 2005, for example, the median selling time was just four weeks.

Source: “Low Inventory Levels Sells Homes Quick,” Realty Times (Nov. 2, 2012)

http://realtormag.realtor.org/daily-news/2012/11/02/homes-are-selling-faster-inventories-fall?om_rid=AACSxz&om_mid=_BQlAMcB8u9erPa&om_ntype=RMODaily

Buying

Petal Real Estate-REDUCTION

1693 Hwy 11 Petal , MS  39465 $119,900

Completely renovated 3 BD/2 BA with large kitchen and lots of storage. Located outside the city limits of Petal.

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Buying

Pending Home Sales Improve in September

DAILY REAL ESTATE NEWS | THURSDAY, OCTOBER 25, 2012

Pending home sales were little changed in September but remain well above a year ago, according to the National Association of REALTORS®.

The Pending Home Sales Index, a forward-looking indicator based on contract signings, edged up 0.3 percent to 99.5 in September from 99.2 in August and is 14.5 percent above September 2011 when it was 86.9. The data reflect contracts but not closings.

Lawrence Yun, NAR chief economist, said pending home sales continue to hold a higher ground. “Home contract activity remains at an elevated level in contrast with recent years, but currently appears to be bouncing around in a narrow range,” he said. “This means only minor movement is likely in near-term existing-home sales, but with positive underlying market fundamentals they should continue on an uptrend in 2013.”

Pending home sales have risen for 17 consecutive months on a year-over-year basis, leading to the solid recovery seen in closed existing-home sales this year. In September all regions were showing double-digit increases in contract activity from a year ago with the exception of the West, which is constrained by limited inventory.

The PHSI in the Northeast rose 1.4 percent to 79.3 in September and is 26.1 percent higher than a year ago. In the Midwest the index fell 5.8 percent to 89.5 in September but is 19.3 percent above September 2011. Pending home sales in the South increased 1.0 percent to an index of 111.5 in September and are 17.6 percent higher than a year ago. In the West, the index rose 4.3 percent in September to 106.9, but is only 0.8 percent above September 2011.

Housing affordability conditions are forecast to remain favorable through next year, with the 30-year fixed-rate mortgage staying near record lows for the balance of this year but gradually rising to 4 percent in the second half of 2013.

Completed existing-home sales in 2012 will total close to 4.6 million, an increase of 9 percent, and are projected to rise about 9 percent next year to nearly 5.1 million. With notably lower housing inventory, the national median existing-home price is expected to increase 6 percent this year and 5 percent in 2013.

Source: NAR

http://realtormag.realtor.org/daily-news/2012/10/25/pending-home-sales-improve-in-september?om_rid=AACSxz&om_mid=_BQiWkMB8uznA$b&om_ntype=RMODaily

Buying

Homes Are Selling Faster

DAILY REAL ESTATE NEWS | MONDAY, OCTOBER 22, 2012

Inventories of for-sale homes aren’t the only thing that is dropping. The amount of time homes are staying on the market is growing shorter as well—down 11 percent in the last year—according to the latest Realtor.com data.

Homes were listed on average 95 days, according to September housing data. That is down from 107 days a year earlier.

Homes are selling the fastest in Oakland, Calif., in which the median age of the inventory averages 21 days, which is 57 percent below what it was a year ago. Denver, Colo. boasts a median age of inventory of only 38 days, followed by fast-selling markets of Stockton-Lodi, Calif., with 43 days, and San Francisco with 44 days.

As the median age of the inventory is falling, inventories of for-sale homes continue to hover at record lows too, dropping 18 percent last month compared to a year ago.

“There’s a recovery,” Curt Beardsley, vice president of Realtor.com, told BusinessWeek. “Our market times are low and there’s actually a compression of inventory.”

Home buyer demand is increasing, with housing affordability still high and ultra low mortgage rates that have pushed home buyers’ purchasing power higher. The rise in demand has caused asking prices to also rise. Last month, the median asking price was $191,500, which is up 0.8 percent compared to a year earlier, Realtor.com reports.

Source: “Listings of Homes for Sale Drop as U.S. Housing Recovers,” BusinessWeek (Oct. 15, 2012) and REALTOR® Magazine Daily News

http://realtormag.realtor.org/daily-news/2012/10/22/homes-are-selling-faster?om_rid=AACSxz&om_mid=_BQhXGHB8utVlo2&om_ntype=RMODaily