NAR's Midyear Legislative Meetings were held in Washington, D.C. from May 10-15th. Attached are notes from the various sessions I attended, and here are a few sound-bites:
From David Stevens, FHA Commissioner: Will the tax credit be extended? No. We will see significant issues from the commercial market situation that will impact our shaky recovery.
From the Real Estate Symposium REALTOR Town Hall Meeting: The market is now fragile, precarious. Real estate is still on life support from the government, but the government is starting to pull the tubes. It's a test.
There's a disconnect when the federal government gives an $8,000 tax credit - tax payers are paying for it. Political obligations are part of what got us into trouble in the first place. We're delaying getting down to where we need to be to allow a natural flow of buyers getting into the market.
From Challenges and Solutions to Strengthening U.S. and Global Capital Markets: HAMP is really just foreclosure delay. Letting dead bodies pile up outside the morgue doesn't mean they're alive.
From Lawrence Yun, Chief Economist for NAR: After the tax credit we need job creation. We need household formation. We need mobility and we need jumbo loans.
Dr. Mark Zandi, Moody's: House prices aren't going anywhere quickly. There will be further price weakness over the next 6-12 months due to foreclosures.
From the Regional Caucus, Region 1. 2018 NAR conference will be in Boston.
Friday, May 28, 2010
Friday, May 21, 2010
Friday Facts May 21, 2010
INMAN NEWS:
From an article by Bernice Ross:
NAR reports that more homes came on the market in March than were sold. Altos Research cited rising inventory as the biggest concern for the housing market this year. Rising inventory tends to encourage sellers to lower listing prices, thereby preventing the market from stabilizing.
On the other hand, TRULIA REPORTS:
An early sign of stabilization in the national housing market can be seen in the drop in the number of current home listings that have been reduced at least once from 27% in April 2009 to 20% in April 2010.
TOP 9 DO-IT-YOURSELF GREEN HOME IMPROVEMENTS:
From an article by Bernice Ross:
- Gen X and Gen Y want to remain anonymous until they decide the time is right to work with an agent.
- A recent study from Conscom revealed very surprising stats. Of the 6.3 million unique visitors to Trulia, 92 out of 100 do not visit Realtor.com
- Today’s buyers and sellers don’t want to have to register to receive information.
- Blogging keeps them engaged, builds their trust, and motivates them to work with you. It allows them to “stalk” you.
- Younger buyers have no use for “expertise”. Instead, they believe in their ability to do it themselves. They are information hungry and will research multiple website prior to contacting an agent.
NAR reports that more homes came on the market in March than were sold. Altos Research cited rising inventory as the biggest concern for the housing market this year. Rising inventory tends to encourage sellers to lower listing prices, thereby preventing the market from stabilizing.
On the other hand, TRULIA REPORTS:
An early sign of stabilization in the national housing market can be seen in the drop in the number of current home listings that have been reduced at least once from 27% in April 2009 to 20% in April 2010.
TOP 9 DO-IT-YOURSELF GREEN HOME IMPROVEMENTS:
This comes from a nationwide HomeGain survey of real estate agents advising sellers to:
- Plant trees and shrubs
- Replace air filters
- Green home staging
- Weather strip and caulk doors and windows
- Install programmable thermostats
- Install low flow shower heads
- Use auto turn-off power strips
- Install CFL or LED lights
- Paint with low VO paint
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