SRCAR Connect

Archive for March 14th, 2007

MLS Citation Class Scheduled

Join the Southwest Riverside County Association of REALTORS/MLS on Friday, March 16, 2007 at 9:30 a.m. for a MLS Citation/Rules & Regulations Class at our office in Murrieta. This class is FREE to all members. Your instructor for this 2 hour class will be SRCAR/MLS Legal Counsel John Giardinelli. This class will also be offered later in the year.Please join us on Friday and learn how NOT to receive a citation/fine. It will be well worth your two hours of time.For additional information, please call the Association office at 951-894-2571.

Posted by admin on March 14, 2007 at 4:10 pm under Uncategorized.
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Parking for Events at SRCAR

<shape id="_x0000_s1026" style="MARGIN-TOP: 1.95pt; Z-INDEX: 1; MARGIN-LEFT: 0px; WIDTH: 2in; POSITION: absolute; HEIGHT: 108.85pt" type="#_x0000_t75"><imagedata o:title="MCBD07195_0000[1]" src="file:///C:\DOCUME~1\nancy\LOCALS~1\Temp\msohtml1\01\clip_image001.wmz"></imagedata></shape>By now you must have been aware, that parking at the Association office in Murrieta has become a problem when the Association is hosting meetings and seminars for its members. In accordance with our lease, the Association as with most businesses has limited numbers of parking spots available for their use and for use by the business’ customers. In order for the Southwest Riverside County Association of REALTORS® to continue being a good neighbor with our fellow tenants on McAlby Court, we ask that you PLEASE park in the designated spots (facing Adams) or on the streets (either McAlby Court or Adams) when you come to the Association office for meetings or events. If a large group is expected, please don’t be surprised if a member of the SRCAR staff is outside helping to direct you on where to park. Your continued cooperation with the Association is greatly appreciated. In addition, we ask that the parking spots directly in front of the Association’s suite, be left available for members coming to the office to do quick business (less than 15 minutes). Thank you. Nancy Donahue Jones, CAE, RCE, PMNChief Executive Officer

Posted by admin on March 14, 2007 at 4:09 pm under Uncategorized.
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New Legal Article from CAR

Member Legal Services has published a revised legal article, <a title="blocked::http://www.car.org/index.php?id=MzY3MTM=" href="http://www.car.org/index.php?id=MzY3MTM=">Mortgage Fraud: Avoiding Price Inflation Schemes</a> (March 14, 2007). It is available on Legal's <a title="blocked::http://www.car.org/index.php?id=Ng== 
http://www.car.org/index.php?id=Ng==" href="http://www.car.org/index.php?id=Ng==">What's New</a> and the <a title="blocked::http://www.car.org/index.php?id=NTgz 
http://www.car.org/index.php?id=NTgz" href="http://www.car.org/index.php?id=NTgz">Legal Articles</a> pages on C.A.R. Online. There have been no substantive changes to the article; however links to the two relevant federal cases, U.S. v. Niro and U.S. v. Bush, have been added. In addition, both of these cases are now summarized on the <a title="blocked::http://www.car.org/index.php?id=MzA2MjI=" href="http://www.car.org/index.php?id=MzA2MjI=">Real Estate Cases</a> page of Legal Online with links to the actual cases.

Posted by admin on March 14, 2007 at 3:59 pm under Uncategorized.
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NAR International News as of March 14, 2007

<table width="530"><tbody><tr><td class="sectionheader">FOREIGN INVESTMENT </td></tr><!– Itemheader –><tr><td class="itemheader"> Worldwide FDI Inflows Up 34% for 2006 </td></tr><!– Story –><tr><td class="blacktext" width="500">Global foreign direct investment (FDI) inflows grew in 2006 for the third consecutive year reaching US$1.2 trillion, according to United Nations agency UNCTAD. The total is a 34% increase from 2005, although short of the record US$1.4 trillion set in 2000. The <a title="blocked::http://go-to.realtor.org/h/U1J6P/ORY13/E4/TKB70" href="http://go-to.realtor.org/h/U1J6P/ORY13/E4/TKB70">United Nations Conference on Trade and Development (UNCTAD)</a> says that the continued rise in FDI largely reflects high economic growth and strong economic performance in many parts of the world, including in both developed and developing countries. Increased corporate profits (and resulting higher stock prices) boosted the value of the cross-border mergers and acquisitions that constitute a large share of FDI flows. Continued liberalization of investment policies and trade regimes added further stimulus, although in Africa and Latin America there were some notable changes in economic policy towards a greater role for the state, as well as changes in policies that directly concern foreign investors or industries. FDI flows to developed countries in 2006 rose by 48%, well over the levels of the previous two years, reaching US$800 billion. The U.S. recovered its position as the largest single host country for FDI in the world, overtaking the United Kingdom, the top FDI recipient in 2005. <a title="blocked::http://go-to.realtor.org/h/97OKF/ORY13/E4/TKB70" href="http://go-to.realtor.org/h/97OKF/ORY13/E4/TKB70">Read the full UNCTAD press release.</a> </td></tr><!– End of story –><!– Itemheader –><tr><td class="itemheader"> Office Markets Strong Worldwide </td></tr><!– Story –><tr><td class="blacktext" width="500">The annual <a title="blocked::http://go-to.realtor.org/h/FKZ9H/ORY13/E4/TKB70" href="http://go-to.realtor.org/h/FKZ9H/ORY13/E4/TKB70">MIPIM Commercial Property Marketing show</a> is underway this week where thousands of professionals converge on Cannes, France to view a showcase of the world's newest developments–including from the office market. In its inaugural edition of <a title="blocked::http://go-to.realtor.org/h/VLR6K/ORY13/E4/TKB70" href="http://go-to.realtor.org/h/VLR6K/ORY13/E4/TKB70">Global InvestmentView</a> (Year End 2006), <a title="blocked::http://go-to.realtor.org/h/AM0Y9/ORY13/E4/TKB70" href="http://go-to.realtor.org/h/AM0Y9/ORY13/E4/TKB70">CB Richard Ellis Group</a> reports that investment in office buildings continues to surge around the globe, with markets in Asia and Europe experiencing the most significant increases in activity in 2006. Cross border investment also increased, as competition among investors, yield compression, and a limited pool of desirable assets led investors to broaden their geographic search for opportunities. For 2006, six out of 12 major global markets posted more than 30% year-over-year increases in office investment volume. Beijing recorded $3.7 billion in activity over 2005's $2.1 billion, and in Singapore the investment more than doubled to $4.4 billion from $1.9 billion. London led the European markets with $27.6 billion of investment, followed by Paris nearly doubling to $21.2 billion. U.S. markets kept pace, with the New York investment market trading $23.3 billion of office properties in 2006, up 31% from $17.7 billion in 2005. Middle Easterners were the biggest foreign investors in the U.S., with more than $5 billion in acquisitions, replacing the Australians, the largest foreign investors in 2005. <a title="blocked::http://go-to.realtor.org/h/NJDUA/ORY13/E4/TKB70" href="http://go-to.realtor.org/h/NJDUA/ORY13/E4/TKB70">Global InvestmentView</a> reports on global investment values worldwide, cross-continental investment, and trends in yields and capitalization rates. The new semi-annual report can be downloaded for free. </td></tr></td /></tr /></td /></tr /></td /></tr /><!– End of story –><!– Section header –><tr><td class="sectionheader"> CULTURALLY CORRECT </td></tr><!– End of story –><!– Itemheader –><tr><td class="itemheader"> Match Marketing Techniques to the Audience </td></tr><!– Story –><tr><td class="blacktext" width="500">REALTORS® targeting young homebuyers might want to get creative with the video recording feature on their digital cameras and walk through the home just like a buyer would when taking an in-person tour, and then post the walking tour on <a title="blocked::http://go-to.realtor.org/h/62G43/ORY13/E4/TKB70" href="http://go-to.realtor.org/h/62G43/ORY13/E4/TKB70">YouTube</a>, the popular free video sharing website. YouTube enables practitioners to advertise for free, rather than spend hundreds of dollars on Web listings, virtual tours, and professionally produced videos. <a title="blocked::http://go-to.realtor.org/h/VLR60/ORY13/E4/TKB70" href="http://go-to.realtor.org/h/VLR60/ORY13/E4/TKB70">REALTOR® Magazine Online</a> reports that a growing number of real estate agents are using YouTube, hoping to get an edge on their competitors. YouTube was named <a title="blocked::http://go-to.realtor.org/h/EXAQ9/ORY13/E4/TKB70" href="http://go-to.realtor.org/h/EXAQ9/ORY13/E4/TKB70">TIME Magazine's "Invention of the Year" for 2006</a>, and was acquired by Google in November 2006 for $1.65 billion in Google stock. YouTube definitely appeals to a specific audience–stereotypically younger, tech savvy types. Older, more conservatives clients may less likely to respond, and those without Internet access won't be able to view your marketing efforts at all. Know you targeted client(s) and tailor your marketing efforts appropriately. </td></tr><!– End of story –><!– Itemheader –><tr><td class="itemheader"> Business Card Etiquette </td></tr><!– Story –><tr><td class="blacktext" width="500">In the U.S., the exchange of business cards is a fairly casual activity; a handy way to provide basic business contact information. Not so in many other parts of the world–perhaps most notably, Asia–where a much greater importance is given to the exchange of business cards and there are clear dos and don'ts to keep in mind. Paper stock, color, content and presentation can all impact the impression you make when providing your business card to a colleague or a potential client. <a title="blocked::http://go-to.realtor.org/h/TUS8P/ORY13/E4/TKB70" href="http://go-to.realtor.org/h/TUS8P/ORY13/E4/TKB70">Read tips on business card etiquette for Japan, China and India.</a> </td></tr></td /></tr /></td /></tr /></td /></tr /></td /></tr /></td /></tr /></td /></tr /><!– End of story –><!– Section header –><tr><td class="sectionheader"> GLOBAL MARKETS </td></tr><!– Itemheader –><tr><td class="itemheader"> WTO Welcomes Vietnam </td></tr><!– Story –><tr><td class="blacktext" width="500">After 11 years of preparation, including eight years of negotiation, <a title="blocked::http://go-to.realtor.org/h/U1J8A/ORY13/E4/TKB70" href="http://go-to.realtor.org/h/U1J8A/ORY13/E4/TKB70">Vietnam joined the World Trade Organization (WTO)</a> in January. The southeast Asian nation is WTO's 150th member, signaling its emergence as one of the world's fastest-growing economies. The country's economic growth topped 8% last year and inbound FDI reached a record US$10 billion. In the past two decades Vietnam has gradually implemented free-market reforms, winning praise from foreign investors whose interest in the country has been growing. In November '06, the <a title="blocked::http://go-to.realtor.org/h/WTF0Z/ORY13/E4/TKB70" href="http://go-to.realtor.org/h/WTF0Z/ORY13/E4/TKB70">U.S. Trade and Development Agency</a> honored Vietnam with its <a title="blocked::http://go-to.realtor.org/h/VLR69/ORY13/E4/TKB70" href="http://go-to.realtor.org/h/VLR69/ORY13/E4/TKB70">"Country of the Year" award</a> award, citing the country's "ongoing adoption of modern governance practices, improved investment regulations, and liberalization of the financial services arena." Investors should proceed cautiously as the government continues to exercise direction over many large, state-owned companies and ranks low on the scale of transparency (<a title="blocked::http://go-to.realtor.org/h/ZGP22/ORY13/E4/TKB70" href="http://go-to.realtor.org/h/ZGP22/ORY13/E4/TKB70">Jones Lang LaSalle's Transparency Index</a>). CB Richard Ellis makes available a free download of a <a title="blocked::http://go-to.realtor.org/h/EXA9U/ORY13/E4/TKB70" href="http://go-to.realtor.org/h/EXA9U/ORY13/E4/TKB70">Property News & Views</a> publication. <a title="blocked::http://go-to.realtor.org/h/30TMR/ORY13/E4/TKB70" href="http://go-to.realtor.org/h/30TMR/ORY13/E4/TKB70">Amberland</a>, an overseas property investment resource, offers an overview on buying property in Vietnam. Other information sources include <a title="blocked::http://go-to.realtor.org/h/161Z9/ORY13/E4/TKB70" href="http://go-to.realtor.org/h/161Z9/ORY13/E4/TKB70">IRED</a>, the <a title="blocked::http://go-to.realtor.org/h/GD7JF/ORY13/E4/TKB70" href="http://go-to.realtor.org/h/GD7JF/ORY13/E4/TKB70">Index of Economic Freedom</a> and the <a title="blocked::http://go-to.realtor.org/h/4CHMW/ORY13/E4/TKB70" href="http://go-to.realtor.org/h/4CHMW/ORY13/E4/TKB70">CIA World Factbook</a>. </td></tr><!– End of story –><!– Itemheader –><tr><td class="itemheader"> Mexico: A Key Market for U.S. REALTORS® </td></tr><!– Story –><tr><td class="blacktext" width="500">It is estimated that a million Americans own property in Mexico (representing 25% of all Americans living abroad), which is not surprising given the 2,000 mile border shared by the two countries and the burgeoning second-home market. Real estate transactions with Mexico are not just outbound. Nearly 40% of all immigrants into the U.S. are Mexican. In addition to buying property here, they send billions of U.S. dollars to Mexico annually in the form of remittances, which is one of Mexico's top three income generators. An estimated 20% of remittances are being invested in real estate, further supported by the fact that the real estate market in Mexico has opened up dramatically in recent years with the introduction of mortgage financing. The NAFTA free trade agreement translates into dramatic increases in trade and economies that are increasingly interlinked and Mexico is the U.S.'s largest trading partner. REALTORS® can increase their understanding of this important market with a new online course, <a title="blocked::http://go-to.realtor.org/h/7A8W1/ORY13/E4/TKB70" href="http://go-to.realtor.org/h/7A8W1/ORY13/E4/TKB70">"Doing Business in Mexico,"</a> which teaches the basics of real estate transactions in Mexico when foreigners are involved, and presents opportunities and trends in the Mexican residential market. NAR members can also have a direct tie into the Mexican organized property market by <a title="blocked::http://go-to.realtor.org/h/MSKUZ/ORY13/E4/TKB70" href="http://go-to.realtor.org/h/MSKUZ/ORY13/E4/TKB70">becoming a member</a> of <a title="blocked::http://go-to.realtor.org/h/MSKP8/ORY13/E4/TKB70" href="http://go-to.realtor.org/h/MSKP8/ORY13/E4/TKB70">Asociacion Mexicana de Profesionales Inmobiliarios (AMPI)</a>, NAR's association alliance in Mexico. Download the <a title="blocked::http://go-to.realtor.org/h/161A4/ORY13/E4/TKB70" href="http://go-to.realtor.org/h/161A4/ORY13/E4/TKB70">one-page membership application</a>. </td></tr></td /></tr /><!– Story –><tr><td class="blacktext" width="500"></td></tr></td /></tr /></td /></tr /></td /></tr /><!– End of story –><!– Section header –><tr><td class="sectionheader"> BUSINESS RESOURCES </td></tr><!– Itemheader –><tr><td class="itemheader"> Rocky Mountain Region Hosts '07 Resort Symposium </td></tr><!– Story –><tr><td class="blacktext" width="500">Vail, Colorado is the site of the <a title="blocked::http://go-to.realtor.org/h/VLR63/ORY13/E4/TKB70" href="http://go-to.realtor.org/h/VLR63/ORY13/E4/TKB70">2007 NAR Resort Symposium</a> (June 24-26). This event brings together resort and second-home specialists for education and networking. Registration limited to 350 participants and past Symposiums have sold out, so interested REALTORS® should register early. <a title="blocked::http://go-to.realtor.org/h/JE4FX/ORY13/E4/TKB70" href="http://go-to.realtor.org/h/JE4FX/ORY13/E4/TKB70">Review program schedule.</a> or <a title="blocked::http://go-to.realtor.org/h/4CHM6/ORY13/E4/TKB70" href="http://go-to.realtor.org/h/4CHM6/ORY13/E4/TKB70">download registration form.</a> </td></tr><!– End of story –><!– Itemheader –><tr><td class="itemheader"> International a Growing Percent of Relocations </td></tr><!– Story –><tr><td class="blacktext" width="500">A <a title="blocked::http://go-to.realtor.org/h/YB3VB/ORY13/E4/TKB70" href="http://go-to.realtor.org/h/YB3VB/ORY13/E4/TKB70">survey of U.S.-based corporate relocation firms</a> conducted in 2006 by <a title="blocked::http://go-to.realtor.org/h/SP9B5/ORY13/E4/TKB70" href="http://go-to.realtor.org/h/SP9B5/ORY13/E4/TKB70">Atlas World Group</a> found that 39% experienced an increase in the number of international relocations in 2005 compared to 2004, and 30% said they expected to see further increases in 2006. <a title="blocked::http://go-to.realtor.org/h/7A8WE/ORY13/E4/TKB70" href="http://go-to.realtor.org/h/7A8WE/ORY13/E4/TKB70">Inman News (2/15/07)</a> cited Cris Collie, EVP of Worldwide ERC®, saying "international relocation volumes are increasing at a faster pace following post-9/11 stagnation, [and that] it's not just U.S. expatriates. Australians are moving into Thailand, Singaporeans into mainland China. Business has just become global business." In 2005, NAR partnered with <a title="blocked::http://go-to.realtor.org/h/62G4P/ORY13/E4/TKB70" href="http://go-to.realtor.org/h/62G4P/ORY13/E4/TKB70">Worldwide ERC®</a>, to survey REALTORS® and ERC brokers on referral and relocation activities. Findings show that 40% of real estate firms participate in some type of referral program, with most of those firms participating in employer relocation programs. <a title="blocked::http://go-to.realtor.org/h/97OKX/ORY13/E4/TKB70" href="http://go-to.realtor.org/h/97OKX/ORY13/E4/TKB70">Read survey highlights</a>, or <a title="blocked::http://go-to.realtor.org/h/U1J6Z/ORY13/E4/TKB70" href="http://go-to.realtor.org/h/U1J6Z/ORY13/E4/TKB70">order full report</a>. A 2006 survey of relocation professionals by <a title="blocked::http://go-to.realtor.org/h/B5CYC/ORY13/E4/TKB70" href="http://go-to.realtor.org/h/B5CYC/ORY13/E4/TKB70">GMAC Global Relocation Services</a> found the United States, United Kingdom, China, Germany, and Belgium to be the most active destinations for relocation, while China, India, and Singapore were named as the most popular emerging destinations. <a title="blocked::http://go-to.realtor.org/h/U1J8C/ORY13/E4/TKB70" href="http://go-to.realtor.org/h/U1J8C/ORY13/E4/TKB70">Request a complimentary PDF of the Global Relocation Trends Survey.</a> </td></tr></td /></tr /></td /></tr /></td /></tr /><!– Story –><tr><td class="blacktext"></td></tr></tbody></table>

Posted by admin on March 14, 2007 at 7:52 am under Uncategorized.
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Legal News from NAR

<table width="507"><tbody><tr><td class="sectionheader">LEGAL </td></tr><!– Itemheader –><tr><td class="itemheader"> Brokerage Liable for Sexual Harassment </td></tr><!– Story –><tr><td class="blacktext" width="500">A salesperson who alleged sexual harassment from another sales associate can file a lawsuit under Title VII, the federal statute that bars discrimination in the workplace, because the associate's relationship with the brokerage had the characteristics of an employee relationship, the United States Court of Appeals for the Ninth Circuit ruled, affirming the trial court decision in a short proceeding that didn't include oral arguments. The Nevada Association of REALTORS®, which joined NAR in contributing financial support to the defense of the brokerage, has filed a petition with the Ninth Circuit seeking a rehearing en banc. In an en banc hearing, all members of the appellate court would sit for oral arguments. For more info, <a title="blocked::http://go-to.realtor.org/h/2OLY4/PFIOQ/SN/K2F81" href="http://go-to.realtor.org/h/2OLY4/PFIOQ/SN/K2F81">click here.</a> </td></tr><!– End of story –><!– Itemheader –><tr><td class="itemheader"></td></tr><!– Story –><tr><td class="blacktext" width="500"></td></tr><!– End of story –><!– Itemheader –><tr><td class="itemheader"> Mortgage Fraud: Recognizing the Signs </td></tr><!– Story –><tr><td class="blacktext" width="500">Read about the increasing dangers real estate brokers face from mortgage fraud in a brochure from NAR's Risk Management Committee, <a title="blocked::http://go-to.realtor.org/h/5VBQJ/PFIOQ/SN/K2F81" href="http://go-to.realtor.org/h/5VBQJ/PFIOQ/SN/K2F81">click here.</a> </td></tr><!– End of story –><!– Itemheader –><tr><td class="itemheader"> Managing Listing Content Toolkit </td></tr><!– Story –><tr><td class="blacktext" width="500">Learn how to secure and manage the contractual and intellectual property rights of listing content in a comprehensive toolkit developed by NAR, <a title="blocked::http://go-to.realtor.org/h/MSK8C/PFIOQ/SN/K2F81" href="http://go-to.realtor.org/h/MSK8C/PFIOQ/SN/K2F81">click here.</a> </td></tr><!– End of story –><!– Itemheader –><tr><td class="itemheader"> "Minimum Service Laws" Document Center </td></tr><!– Story –><tr><td class="blacktext" width="500">View documents from states that have embarked on the process of defining the "minimum services" a real estate licensee must provide to their clients, <a title="blocked::http://go-to.realtor.org/h/PFICO/PFIOQ/SN/K2F81" href="http://go-to.realtor.org/h/PFICO/PFIOQ/SN/K2F81">click here</a> Please do not reply to this email – this mailbox is for distribution purposes only. <!– Story –></td></tr><tr><td class="blacktext"></td></tr></tbody></table>

Posted by admin on March 14, 2007 at 7:48 am under Uncategorized.
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NAR ISSUE UPDATES

<table width="507"><tbody><tr><td class="sectionheader">ISSUE UPDATES </td></tr><!– End of story –><!– Itemheader –><tr><td class="itemheader"> House Committee OKs Gulf Coast Recovery Housing Bill </td></tr><!– Story –><tr><td class="blacktext" width="500">Last week the House Financial Services Committee approved a bill to assist hurricane evacuees with rental housing and provide support for landlords who provided evacuees with housing. The "Gulf Coast Hurricane House Recovery Act of 2007," H.R. 1227, also provides flexibility for the use of already allocated funds and provides new oversight of existing programs. NAR joined a coalition of housing groups in writing a letter of support . The bill is expected on the House floor in the next few weeks. </td></tr><!– End of story –><!– Itemheader –><tr><td class="itemheader"> Lawmakers Seek to Delay HUD Language Guidance </td></tr><!– Story –><tr><td class="blacktext" width="500">More than a dozen lawmakers have requested HUD to suspend its guidance on a federal order requiring recipients of federal assistance to make notices available in languages other than English to help people with limited English proficiency. The HUD guidance covers companies and organizations administering assistance such as Section 8 rental subsidies, public housing, and HOME and CDBG block grants, which are used for affordable housing and community development. NAR has expressed concern over administrative burdens posed by the HUD guidance, which implements a federal executive order signed several years ago. NAR will be publishing an FAQ on the guidance shortly. To view HUD info on its guidelines, <a title="blocked::http://go-to.realtor.org/h/R3Q25/PFIOQ/SN/K2F81" href="http://go-to.realtor.org/h/R3Q25/PFIOQ/SN/K2F81">click here.</a> </td></tr><!– End of story –><!– Itemheader –><tr><td class="itemheader"> Joint Effort on RESPA Education Launched </td></tr><!– Story –><tr><td class="blacktext" width="500">In the first of what NAR is aiming to make a regular event in partnership with state associations, NAR and the Maryland Association of REALTORS® will hold an education session on federal Real Estate Settlement Procedures Act (RESPA) rules April 17 at the La Fontaine Bleu in Glen Burnie, Md., 9 a.m. -12 p.m. NAR is looking to partner with other state associations to put together similar sessions. For REALTORS® attending the 2007 Midyear Legislative Meetings & Expo in Washington in May, NAR will be holding its "RESPA Realities" session, which also covers the RESPA rules. That session will be held May 15 at 8 a.m. For more info on the Midyear Meetings, <a title="blocked::http://go-to.realtor.org/h/C4V33/PFIOQ/SN/K2F81" href="http://go-to.realtor.org/h/C4V33/PFIOQ/SN/K2F81">click here.</a> </td></tr><!– End of story –><!– Itemheader –><tr><td class="itemheader"> Lawmakers Look at Housing-Transportation Links </td></tr><!– Story –><tr><td class="blacktext" width="500">NAR shared its findings on consumer preferences for housing and transportation options at a House Appropriations Subcommittee hearing last week. The hearing looked at the links between housing and transportation in building sustainable communities. </td></tr></tbody></table>

Posted by admin on March 14, 2007 at 7:45 am under Uncategorized.
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NAR NEWS

<table width="507"><tbody><tr><td class="sectionheader"></td></tr><!– Itemheader –><tr><td class="itemheader"> Housing Recovery Likely this Year; Timing Unclear </td></tr><!– Story –><tr><td class="blacktext" width="500">Unusual weather patterns and problems in the subprime lending market are creating challenges in assessing housing market conditions, but a recovery is likely this year, NAR forecasts. "Our goal each month is to fine-tune the forecast based on the latest housing data and a variety of economic indicators, but extraordinary weather variations are skewing home sales and clouding the picture," says NAR Chief Economist David Lereah. "Underlying trends point to a housing recovery in 2007, but it will take a couple of months for us to get a better handle on it. Existing-home sales are expected to slowly improve from what appears to be the cyclical low last fall, but we think there will be some additional pain in the new-home market, which hopefully will start to rise later in the year." Existing-home sales are projected at 6.42 million this year and 6.66 million in 2008, compared with 6.48 million last year. For more info, <a title="blocked::http://go-to.realtor.org/h/VLRM6/PFIOQ/SN/K2F81" href="http://go-to.realtor.org/h/VLRM6/PFIOQ/SN/K2F81">click here.</a> </td></tr><!– End of story –><!– Itemheader –><tr><td class="itemheader"> NAR Supports Independent Regulator for Fannie, Freddie </td></tr><!– Story –><tr><td class="blacktext" width="500">NAR has testified that creating a strong regulatory structure that preserves the housing mission of the government-sponsored secondary mortgage market makers, Fannie Mae and Freddie Mac, will strengthen the housing finance system and it emphasized the important role housing plays in the nation's economy. "We have opposed, and will continue to oppose, legislative proposals that could reach beyond safety and soundness regulation and diminish the housing mission of the government-sponsored enterprises," testified Thomas M. Stevens, immediate past president of NAR. In addition to creating a strong regulator, NAR encouraged Congress to maintain the focus on the GSEs' important housing mission, provide a streamlined new program approval process, oppose statutory limits on GSEs' portfolio size, and authorize regional adjustments to conforming loan limits for high-cost areas. For more info, <a title="blocked::http://go-to.realtor.org/h/8Z6SC/PFIOQ/SN/K2F81" href="http://go-to.realtor.org/h/8Z6SC/PFIOQ/SN/K2F81">click here.</a> </td></tr></tbody></table>

Posted by admin on March 14, 2007 at 7:34 am under Uncategorized.
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