A rule taking effect March 1 could hit you if you recruit salespeople to join your brokerage. The key is what you offer your recruits as part of your offer. The Federal Trade Commission’s “Business Opportunity Rule” is about making sure that companies that offer a business opportunity in exchange for a fee are offering [...] Click Here To View More
Freddie Mac: No on Deficiency Judgments
The secondary mortage market company Freddie Mac has updated its bulletin to servicers of Freddie Mac mortgage loans to make clear that they aren’t to pursue a deficiency judgment against a borrower after a short sale or deed-in-lieu of foreclosure if the transaction was processed in accordance with Freddie Mac’s guidelines. In a deficiency judgment, [...] Click Here To View More
Multifamily Housing Demand to Outpace Production
By Erica Christoffer, Multimedia Web Producer, REALTOR® Magazine Developers of multifamily homes should be relishing in the fact that demand is incredibly strong. But in reality, developers are struggling to build new apartments because financing is so hard to come by. The National Association of Home Builders is forecasting the construction of 208,000 multifamily residences [...] Click Here To View More
WARNING: Mortgage Debt Forgiveness Act Expires End Of 2012!
One of the most helpful laws on the books for underwater home owners is set to expire at the end of this year. At this point, NAR expects to make a strong push to get it extended because the law will likely be needed in the years ahead as lenders undertake more loan modifications for [...] Click Here To View More
3.8% Real Estate Transfer Tax Starting In 2013 Part of Health Care Bill?
Tax time is nearing and once more rumors are circulating on the Internet and by e-mail that the health care reform law enacted two years ago includes a 3.8 percent transfer tax on real estate starting in 2013. That rumor is not true and NAR has material available to explain how that 3.8 percent tax [...] Click Here To View More
Budget Again Includes Unpopular Curb on MID, Other Deductions
The value of the mortgage interest deduction (MID) and other itemized deductions for wealthier households would be trimmed in the fiscal 2013 budget proposal President Barack Obama released yesterday, but as in the previous three years, the proposal is expected to attract little support in Congress. As in previous years, the budget would reduce the [...] Click Here To View More
Study Calls Today’s Market Good Time to Buy
Researchers from several universities have just completed a paper that looks at what they call the hurdle rate. This is the point at which it’s equally smart to rent or buy if your only criterion is to build wealth. Based on today’s hurdle rate, it’s a better time to buy than to rent, because you [...] Click Here To View More
REALTORS® in the House
Scott Louser, 2012 NAR Vice President and Liaison to Government Affairs and state legislator from North Dakota, talks about the value of having REALTORS® in public office and involved in public advocacy work. brightcove.createExperiences(); Click Here To View More
Foreclosure Settlement: Billions to Owners
The $25 billion settlement between the U.S. government and state attorneys general and the country’s five biggest banks for foreclosure processing problems that came to light about 18 months ago gives lenders three years to provide financial relief to financially troubled home owners. NAR doesn’t have a position on the settlement, but its leadership has [...] Click Here To View More
Small-Home Trend Reverses as More High-End Buyers Enter the Market
By Erica Christoffer, Multimedia Web Producer, REALTOR® Magazine Single-family home starts were at a 40-year-low in 2011, with just 429,000 homes built. That’s also a 75 percent decrease from a peak of 1.7 million starts in 2005. But today’s new-home buyer may surprise you. Let’s start by looking at a few builder and consumer statistics [...] Click Here To View More
Fannie Mae Rolls Out Online-only REO Offers
If you’re working with a buyer who’s interested in submitting an offer for a Fannie Mae REO, you’ll have to do it online. The secondary mortgage market company last week launched an all-online system for submitting offers on its inventory of foreclosed homes. Here’s how Fannie describes it on its HomePath website: “Making an offer [...] Click Here To View More
Plant Now to Harvest Later
by Steve Brown, First Vice President, National Association of REALTORS® NAR recently held its 2012 REALTOR Party Policy and Advocacy Conference in Washington, DC. The purpose was to give our members the opportunity to prioritize NAR’s policy agenda for the upcoming year. Our members listed their top public priorities for 2012 in five broad areas [...] Click Here To View More
Washington Report, Feb. 6, 2012: Obama Administration Unveils Plan to "Heal the Housing Market"
In this issue: Fish and Wildlife Service to Increase Focus on Listing Species as Endangered; Obama Administration Unveils Plan to "Heal the Housing Market"; FHFA Seeks Applicants to Pre-qualify for REO to Rental Plan; NAR Spearheads Industry Effort to ... Click Here To View More
Lawrence B. Simons: Advocate for Housing
The housing industry lost a good friend last month with the passing of Lawrence B. Simons, a developer, lawyer, and long-time advocate for affordable housing. He was 87 and he passed away in Hilton Head, S.C., where he lived. Simons served as FHA commissioner and assistant secretary for housing at HUD during the Carter administration, [...] Click Here To View More
Fed Chairman on Housing Recovery
NAR appreciates remarks made by Ben Bernanke in support of homeowners and the struggling housing market in testimony before Congress. Click Here To View More
NAR Supports Efforts to Assist Housing Market
President Obama's plan would help eligible, underwater homeowners who are current on their mortgage payments to refinance or modify their loan. Click Here To View More
Bernanke to Congress: Weak Housing Not Just Market Phenomenon
Federal Reserve Board Chairman Ben Bernanke told the U.S. House Budget Committee last week that tight mortgage conditions are preventing a stronger economic revovery because their adverse effect on home buyers is keeping inventory levels high, damping appreciation, and holding back new construction. “Although low interest rates on conventional mortgages and the drop in home [...] Click Here To View More
Century 21 Goes Big for the Big Game
One of the best things about any Super Bowl telecast is the ads. And this year advertisers will pay a whopping $3.5 million for 30 seconds of air time for the largest television audience all year. Century 21 will be the only real estate franchise advertising for the big game and will debut three ads during [...] Click Here To View More
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