GlarStar Blog

HUD is requiring that loan originators provide borrowers with a standard Good Faith Estimate that clearly discloses key loan terms and closing costs and that closing agents provide borrowers with a new HUD-1 settlement statement. New RESPA regulations were published November 17, 2008 and are scheduled to take full effect on January 1, 2010. The “New RESPA Rule FAQs” were comprised from industry questions and are posted to facilitate implementation of these new requirements

http://www.hud.gov/offices/hsg/ramh/res/respa_hm.cfm

GLAR Market Update -      Home Sales in the Greater Lakes Region continued their recent hot streak
once again in December.  There were 144 closed sales during the month,
up 23.1 percent from last December. That means the region finished 2009 with
2,079 sales-up 6.4 percent from 2008.  

Supply was a different story for the year, as the 5,792 new listings represented
a drop of 7.5 percent from 2008.
  
Strong sales and falling supply have helped bring the Months Supply of Inventory
down to 19.6, a decline of 6.8 percent from a year ago and a sign that the market
is moving slowly back towards equilibrium.

The passing of the home-buyer tax credit’s intitial expiration date hasn’t yet slowed the urgency of home buyers in the Greater Lakes region, as November saw a continuation of the strong sales we’ve seen in previous months. There were 245 closed sales during the month, up 59.6 percent from a year ago. New Listings were also up 18.7 percent. The Median Sales Price for the month was $134,850, dipping 3.0 percent from the same month last year. Year to date, the median sales price has fallen 9.9 percent from a year ago. Falling prices have combined with still-low mortgage rates to create a favorable affordability picture.

 REALTORS CHART A WINNING COURSE WITH 20,000 REALTORS^® IN SAN DIEGO 

            Baxter November 20, 2009 – Twelve members of  The Greater Lakes Association of REALTORS  joined 20,000 Realtors^® in San Diego during the 2009 REALTORS^® Conference & Expo, “Chart a Winning Course,” held November 13-16.  Conference attendees are:  Sandy Arildsen (C21 Brainerd Realty); Rob Birkeland (Larson Group Real Estate); Tim Bosch (Weichert REALTORS Tower Properties); Kevin Goedker (Goedker Realty); Carrie Lee (Larson Group Real Estate); Sue McAllister (United Country McAllister Realty); Sheila Holley (Edina Realty); Diane Pogatchnik (Keller Williams Brainerd Realty); Rebecca Sellnow (RE/MAX Lakes Area Realty); Dinah Sundberg (Edina Realty); Marvin Strong (Keller Williams Realty Brainerd Lakes) and Janie Weston, CEO of the Greater Lakes Association of REALTORS.

            Attendees assembled at the National Association of Realtors^® annual conference to address industry issues affecting Realtors^® nationwide and to invest in education and networking for their local businesses. The various forums, classes, exhibits and workshops provided attendees with the pertinent information and skills necessary to prepare themselves for today’s industry challenges and opportunities.

 Charles McMillan, NAR’s 2009 president, praised his fellow members for their resiliency in the face of a challenging year for real estate.  “Realtors^® handle hundreds, if not thousands, of real estate transactions over the course of their careers, and understand the real estate market is cyclical,” said McMillan.  “They’ve been there every step of the way to ensure potential buyers are well informed about the once-in-a-lifetime opportunities available to them in this market – low interest rates, lots of inventory, affordable prices and, of course, and the recently extended and expanded home buyer tax credit.”

 Days before the conference, Congress voted to extend the home buyer tax credit through April 30, 2010, and expand it to include current homeowners.  Realtors^® welcomed the news and are hopeful about the impact of the expanded tax credit to help stabilize home prices. According to an NAR survey, first-time home buyers made up 47 percent of all transactions in the past year, the highest on record dating back to 1981. 

 It was noted that the incentive has already spurred national home sales and more than 2 million home buyers are expected to take advantage of it this year. “Congress’ decision will enable many more families to achieve the dream of homeownership and take advantage of current low interest rates and affordable prices.”  

NAR launched a new Short Sale and Foreclosure Resource Program during the conference. The program is designed to strengthen Realtor^® expertise in handling distressed properties by giving them stronger knowledge and greater resources to help families on both sides of the transactions. Through this certification and other programs, NAR is working to help streamline short sales and help more families avoid foreclosure.

 Realtors^® also examined the impact of the Home Valuation Code of Conduct on the nation’s real estate recovery efforts. NAR has been calling for a moratorium to address the unintended consequences of HVCC and its implementation and believe accurate, timely appraisals are necessary for successful real estate transactions. Both Realtors^® and appraisers report HVCC has adversely affected the appraisal process and was the cause of many lost sales.

 A highlight of the conference was an address by former Secretary of State Condoleezza Rice who shared her perspectives on current world events that helped contextualize the global economic crisis and set the framework for Realtors^® as they focused on real estate recovery during the week.

 During the conference, Vicky Cox Golder, from Tucson, Ariz., was installed as the 2010 NAR president.  Touting her theme, “On the Rise,” Cox Golder called on all members to prepare for the dawning of a new day for real estate in America.

 More than 400 exhibitors displayed the latest in professional development services, “green” products and services, Internet advertising and other state-of-the-art industry tools at the conference’s Expo.       

            The Greater Lakes Association of REALTORS represents 650 members in Aitkin, Cass, Crow Wing, Hubbard, Mille Lacs, Morrison, and Todd Counties.

 The National Association of Realtors^®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.2 million members involved in all aspects of the residential and commercial real estate industries.

GLAR Market Update
There were strong home sales in the Greater Lakes region once
again in October.  For the month there were 242 closed sales,
up 14.7 percent from a year ago as low mortgage rates and the
federal tax credit for home buyers spurred activity.
With the home buyer tax credit extended and expanded, we can
expect that first-time home buyer activity will remain strong,
but don’t bank on the same blockbuster numbers we say this year.
If you were a potential first-time home buyer who was qualified to
purchase in 2009, odds are pretty dang good that you already bought.
The fact that the income limits have been raised for eligibility does
help since it widens the credit’s availability.
The $6,500 credit for second-time buyers will spur some sellers
in the low-to-mid price ranges to put their homes on the market
who had previously been on the fence.  New listings will likely
increase this winter and into early 2010 as a result

The National Association of REALTORS holds an Annual Conference each year.  This year the Conference and Expo is in San Diego, California, November 12 – 16.  Thirteen members of the Greater Lakes Association of REALTORS will be attending; Sandy Arildsen, Diane Pogatchnik, Marv Strong, Rob Birkeland, Kevin Goedker, Rebecca Sellnow, Sue McAllister, Sheila Holley, Carrie Lee, Tim Bosch, Dinah Sundberg.