Pittsburgh Condo Deal Puts Banks Into Residential Real Estate (02/24)
WASHINGTON (February 24, 2006) – In a letter delivered last week to the chief counsel of the Office of the Comptroller of the Currency, the president of the National Association of Realtors® responded to the recent defense by the OCC of its approvals permitting national banks to engage in new real estate and commercial activities. NAR President Thomas M. Stevens of Vienna, Va., raised additional concerns with the OCC’s approval letter that gives a national bank, PNC, the right to build, own and market 32 residential condominiums in downtown Pittsburgh despite the longstanding congressional prohibition against mixing banking and commerce.
“It seems strange to us that the OCC would permit a national bank to breach limitations imposed by the National Bank Act simply to achieve a target return on its investment. Such a rationale will inevitably lead to allowing national banks to engage in virtually any type of commercial activity that enables national banks to achieve a reasonable economic return, if there is some physical or temporal relationship to bank premises,” Stevens wrote.
RealtorsŪ Seek To Testify Against Wal-Mart Bank's Application Because It Mixes Banking and Commerce (02/24)
WASHINGTON (February 24, 2006) – The National Association of Realtors® today announced it will actively oppose the application for federal deposit insurance by Wal-Mart Bank, a proposed Industrial Loan Company (ILC) headquartered in Salt Lake City, and requested the opportunity to testify at upcoming hearings. The Federal Deposit Insurance Corp. has scheduled public hearings in April in the Washington, D.C., area, and the Kansas City, Mo., metro area on Wal-Mart Bank’s application. NAR said it was opposing Wal-Mart’s application for the same reason that it has opposed permitting national banks to broker real estate—that banking and commerce should not be mixed.
REALTORŪMAGAZINES GOOD NEIGHBOR AWARDS SEEK ENTRIES; GRANTS INCREASED TO $10,000 (02/22)
WASHINGTON (February 22, 2006) -- REALTOR® Magazine, the official publication of the National Association of Realtors®, is seeking nominations for its seventh annual Good Neighbor Awards. The program recognizes Realtors® whose extraordinary commitment to volunteer work has helped make their community a better place to live.
In November, five winners will be announced in REALTOR® Magazine and will be recognized at the 2006 REALTORS® Conference & Expo in New Orleans. Each winner will receive travel expenses to the convention, national media exposure for their community cause, and a $10,000 grant—up from $7,500 last year. In addition to the winners, five honorable mentions will each receive a $2,500 grant. Last year’s program drew more than 300 entries.
NAR LAUNCHES LEADING INDEX FOR COMMERCIAL REAL ESTATE MARKET (02/09)
WASHINGTON (February 22, 2006) – The National Association of Realtors® launched a new leading indicator for the commercial real estate market today that shows an increase in commercial brokerage activity can be expected over the next six to nine months.
David Lereah, NAR’s chief economist, said the new index shows the broad recovery in commercial real estate markets will continue. “In fact, the index increased in nine of the last ten quarters – this trend implies that commercial activity of net absorption and the completion of new buildings will remain solid through the third quarter of this year.”
NAR President Seeks to Discuss Bank Powers with Secretary Snow (02/08)
WASHINGTON (February 7, 2006) – The president of the National Association of Realtors® today asked Treasury Secretary John Snow to discuss with him recent regulatory initiatives that are a significant challenge to maintaining one of our nation’s most fundamental economic policies—the separation of banking and commerce.
In a letter to Snow, NAR President Thomas M. Stevens said Realtors® are extremely concerned over three December rulings by the Office of the Comptroller of the Currency (OCC) that allow three of the largest national banks in the nation to invest in the development of office buildings, hotels, residential condominiums, and even a windmill farm.
“The inevitable result of the OCC’s actions will be authorization of national banks—and, through “wild card” statutes, many state banks—to become actively involved in real estate development and brokerage activities. We believe such authorization would defy the intent of Congress,” said Stevens. He said NAR has asked the OCC to reconsider its rulings and is urging Congress to conduct hearings and take action to address the OCC’s continued efforts that breach the wall separating banking and commerce and threaten to destabilize the nation’s banking system.
Fourth Quarter State Existing-Home Sales Third-Highest on Record (02/08)
WASHINGTON (February 15, 2006) – Total existing-home sales, including single-family and condo, were at the third-highest pace on record in the fourth quarter of 2005. In addition, 24 states showed increases in sales activity over the same period in 2004, according to the National Association of Realtors®.
The latest report on total existing-home sales shows that nationwide the seasonally adjusted annual rate* was 6.90 million units in the fourth quarter, up 0.3 percent from the 6.88 million-unit level in the fourth quarter of 2004 but 4.7 percent below the record pace of 7.24 million units in the third quarter of last year. The second highest sales rate was 7.22 million in the second quarter of 2005.
METRO HOME-PRICE APPRECIATION STAYS HOT ACROSS COUNTRY (02/08)
WASHINGTON (February 15, 2006) – Numerous metropolitan areas showed double-digit annual home price appreciation in the fourth quarter, although the overall pace of growth has cooled slightly, according to the latest survey by National Association of Realtors®. In addition, annual appreciation in metro area condo prices was mostly in the double-digit range.
The association’s fourth-quarter metro area single-family home price report, covering 145 metropolitan statistical areas,* shows a record 72 areas with double-digit annual increases in median existing single-family home prices and only six areas posting price declines. The previous record for areas showing double-digit price appreciation was 69 metros in the third quarter of 2004.
Home Sales in 2006 to be Slower but Sustainable (02/07)
WASHINGTON (February 7, 2006) – Home sales this year are expected to stay below the peak levels in 2005 but will remain historically strong, according to the National Association of Realtors®.
David Lereah, NAR’s chief economist, said the sales slowdown has already occurred. “Right now, home sales are a little lower than projected, but they can be sustained around current levels,” Lereah said. “Sometimes people lose sight of the fact that real estate is cyclical. Even so, sales will continue at a historically high pace with modestly higher interest rates as the year progresses, and 2006 is forecast to be the third strongest year on record.”
Existing-home sales are likely to decline 4.7 percent to 6.74 million this year, down from a record 7.07 million units in 2005, while new-home sales are expected to fall 8.5 percent to 1.17 million from a record 1.28 million in 2005; both sectors would see their third best year after the totals for 2005 and 2004. Housing starts are seen at 1.87 million units in 2006, down 9.3 percent from 2.06 million last year.
One of the new spots, called “Don’t Try This At Home,” explains how choosing a Realtor® to sell a home is a smart financial decision since home sellers make more money when they rely on the expertise of a real estate professional. Homes sold by a real estate agent sell for 16 percent higher on average than those sold by an unrepresented seller, according to NAR’s 2005 Profile of Home Buyers and Sellers.
The spot, which debuts today on national radio networks, also reminds folks that not all agents are Realtors®. The ads help differentiate Realtors® from others in the real estate business with the tag line, “Ask if your agent is a Realtor®, a member of the National Association of Realtors®.”
“NAR’s Public Awareness Campaign helps millions of home buyers, home sellers and commercial business owners understand the benefits of working with a Realtor®,” said NAR President Thomas M. Stevens of Vienna, Va. “This year’s campaign showcases the fact that homes sold by a professional can sell for a lot more than homes sold by owners with no professional representation. Realtors® have the knowledge and experience to help consumers price a home accurately and navigate the intricate details surrounding a real estate transaction.”
NAR Providing Consumer Protection Information To Home Buyers and Sellers (02/03)
WASHINGTON (February 6, 2006) – To mark National Consumer Protection Week, the National Association of Realtors® has compiled guidance and advice to help consumers navigate the complex waters of the real estate transaction and protect themselves and their investment along the way.
“While homeowners across the country, and along with them, the nation’s economy, have benefited from the recent real estate boom, the market has also seen an increase in the incidence of mortgage fraud and lending practices that put many consumers at risk,” said 2006 NAR President Thomas M. Stevens, senior vice president of NRT Inc., from Vienna, Va. “Our Realtor® members subscribe to a Code of Ethics that requires them to eliminate practices that may damage the public or that might discredit or dishonor the real estate profession. NAR is committed to helping consumers protect themselves and their housing investment.”
Guidance and recommendations to help home buyers and sellers identify and protect themselves from harmful practices is available at www.Realtor.org under “This Week’s Hot Topics.” Home buyers can learn how to protect their credit history, use online resources without falling victim to predators, and educate themselves about mortgages and lending practices that might put them at financial risk. Home sellers can glean safety tips for showing a home and advice regarding the fine print of a purchase contract. Materials also explain how Realtors can help protect both buyers and sellers in any real estate transaction.
NAR Praises President for Backing Health Care for Small Businesses (02/02)
WASHINGTON (February 1, 2006) – The National Association of Realtors® applauds President Bush for calling on Congress to make sure “individuals and small-business employees can buy (health) insurance with the same advantages that people working for big businesses now get” during last night’s State of the Union address.
The president signaled his strong support for small business health plans and leveling the playing field for individuals and small business employees in a separate health care press release yesterday. U.S. Senate Health, Education, Labor and Pensions (HELP) Committee Chairman Mike Enzi (R-Wyo.) is working toward marking up the Health Insurance Marketplace Modernization and Affordability Act of 2005, S. 1955. The bill will allow small businesses and self-employed workers to band together through a trade or professional association to negotiate health insurance coverage for association members. The U.S. House of Representatives passed small business health plan legislation with bipartisan support last July. Realtors sent more than 150,000 letters to members of Congress last year urging them to enact small business health plans, which is one of NAR’s top priorities.
NAR Asks New Fed Chair To Maintain Separation of Banking & Commerce (02/02)
WASHINGTON (February 2, 2006) – The separation of banking and commerce is one of our nation’s most fundamental economic policies, the president of the National Association of Realtors® said today in a hard-hitting letter to Ben Bernanke, the new chairman of the Federal Reserve Board of Governors.
Realtors® are specifically troubled about several regulatory actions that would lead to the mixing of banking and commerce. NAR is deeply concerned about the pending application before the Federal Deposit Insurance Corp. (FDIC) from Wal-Mart for an industrial loan company (ILC) charter.
“When commercial firms are allowed to engage in banking, the bank functions under an inherent and irreconcilable conflict of interest,” said NAR President Thomas M. Stevens of Vienna, Va.
The Pending Home Sales Index,* based on contracts signed in December, was down 3.0 percent to a level of 116.4 from 120.0 in November, and is 5.5 percent below December 2004. Pending sales have trended steadily down from a record index of 129.2 last August.
The index is based on pending sales of existing homes. A sale is listed as pending when the contract has been signed and the transaction has not closed, but the sale usually is finalized within one or two months of signing. An index of 100 is equal to the average level of contract activity during 2001, the first year to be examined, and was the first of five consecutive record years for existing-home sales.
January 2006
NAR President Asks Comptroller to Stop Bank Real Estate Projects (01/19)
WASHINGTON (January 30, 2006) – A federal bank regulator has set in motion a process that will inevitably lead to national banks becoming actively involved in real estate development and brokerage--activities that will increase banks’ exposure to risk and threaten the safety and soundness of America’s banking system--the president of the National Association of Realtors® charged today.
In a letter to the Comptroller of the Currency, NAR President Tom Stevens said that by approving three recent bank real estate deals—including one that allows Union Bank of California to take a 70 percent equity stake in a windmill farm—the regulator is violating the National Bank Act and the regulator’s own past rulings and regulations. The two other projects are a Ritz Carlton Hotel in Charlotte being developed by Bank of America and a mixed used project in Pittsburgh that includes a hotel and four floors of condominiums developed by PNC Bank.
RealtorsŪ Partner With CommunitiesOn Smart Growth Efforts (01/18)
WASHINGTON (January 27, 2006) – Because of their commitment to the communities they serve, Realtors play an important role in smart growth and community revitalization efforts, leaders from the National Association of Realtors® recently explained at the 5th Annual New Partners for Smart Growth conference being held January 26-28 in Denver.
“Realtors® don’t just sell homes – we sell communities and neighborhoods,” said NAR Vice President and Liaison to Government Affairs Henry Ray Jr. “Thousands of Realtors® around the country partner with community leaders everyday to revitalize neighborhoods. Realtors® care deeply about improving communities through smart growth initiatives. Growth patterns, economic development and quality-of-life issues are crucial to the success of communities.”
Total existing-home sales – including single-family, townhomes, condominiums and co-ops – were down 5.7 percent to a seasonally adjusted annual rate1 of 6.60 million units in December from an upwardly revised pace of 7.00 million in November. Sales were 3.1 percent lower than a 6.81 million-unit level in December 2004.
Home Buyer & Seller Survey Shows Rising Use of Internet, Reliance on Agents (01/14)
WASHINGTON (January 17, 2006) – Technology is transforming how Americans buy and sell homes in unexpected ways, including how they work with real estate agents and brokers, according to one of the largest surveys of real estate consumers ever conducted. The study was released today by the National Association of Realtors®.
Nine out of 10 home buyers use a real estate agent in the search process, but use of the Internet to search for a home has risen dramatically over time, increasing from only 2 percent of buyers in 1995 to 77 percent in 2005; it was 74 percent in 2004. The next largest source of information for buyers is a yard sign, mentioned by 71 percent of buyers.
NAR and Worldwide ERCŪ Report Strong Referral and Relocation Activity (01/13)
WASHINGTON (January 11, 2006) – More than 40 percent of all real estate firms participate in some type of referral program, and one-fifth of all firms have their own affinity programs to generate leads. That and other benchmarking information on different types of referral programs, including affinity, corporate relocation and Internet lead generation, can be found in the 2005 Profile of Referral and Relocation Activity, jointly released by the National Association of Realtors® and Worldwide ERC®, the association for workforce mobility.
Advertising, firm affiliation and years of experience are all mainstays of the real estate profession, and many buyers and sellers select an agent based on previous experience with that agent. Even so, the survey shows that a significant share of a firm’s business results from referral relationships: from another broker or agent, from an employer seeking to relocate some of its employees, or an affinity relationship with a particular firm.
NAR Questions OCC Expansion of Bank Powers (01/12)
WASHINGTON (January 10, 2006)—Expanded authority to engage in real estate development activities granted to two of the nation’s largest banking conglomerates by the Office of the Comptroller of the Currency last month brings national banks uncomfortably close to being allowed to engage in commercial real estate brokerage and puts them in conflict with the Gramm-Leach-Bliley Act, the National Association of Realtors® said today.
NAR President Tom Stevens said the association plans to file a Freedom of Information Act (FOIA) request to determine whether the OCC has quietly authorized other banks to engage in real estate activities that may violate the letter or spirit of GLB, as well as the National Bank Act, and bring banks one step closer to engaging in commercial real estate brokerage.
Housing Market to "Normalize" in 2006 (01/11)
WASHINGTON (January 10, 2006) – The key word for the housing market in 2006 is balance, with a return to a more normal rate of price growth, according to the National Association of Realtors®.
David Lereah, NAR’s chief economist, said current trends in the housing sector are healthy. “We don’t need to break a record every year for the housing market to be good – in fact, cooling sales are necessary for the long-term health of this vital sector,” Lereah said. “A modest slowdown in home sales, coupled with improvements in housing inventory, means the market is in the process of normalization. That will help to bring balance between home buyers and sellers, yet sales will remain historically strong.”
After setting a fifth consecutive annual record, projected to 7.10 million units for 2005, * existing-home sales are forecast to ease by 4.4 percent to 6.79 million this year, which would be the second highest on record. New-home sales, which should be a record 1.29 million for 2005, are expected to decline 6.0 percent to 1.21 million in 2006 – that also would be the second best year in history. Total housing starts for 2005 are seen at 2.07 million units – the highest since setting a record 1972 – with a 6.6 percent slowing to 1.94 million this year.
REBT Joins List of Realtor Secure Organizations (01/10)
WASHINGTON (January 6, 2006) –Real Estate Business Technologies Inc., a transaction management system company based in Los Angeles, has achieved REALTOR® Secure certification from the National Association of Realtors® . REALTOR® Secure recognizes organizations using the best online security practices in the industry.
REBT is the developer of Relay, an advanced transaction management system (TMS) that streamlines the work flow and collaboration between consumers, professionals and clients in the real estate transaction. REBT successfully demonstrated that it met REALTOR® Secure program requirements and has the best practices in place to protect real estate, employee, and customer information from internal and external threats and to prevent business interruptions.
“We see TMS continuing to have a larger role in the real estate transaction. Realtors®’ use of TMS technology, like REBT’s Relay, makes the real estate transaction more efficient and secure for both Realtors and consumers. Information security within a real estate transaction is vitally important and makes the customer more comfortable throughout a process that is already an important emotional transition,” said Mark Lesswing, NAR vice president and director of NAR’s Center for REALTOR® Technology. “We are pleased that vendors like REBT demonstrate their commitment to security and protecting confidential information.”
Pending Home Sales Index Slowing (01/06)
WASHINGTON (January 5, 2006) – Pending home sales, a leading indicator for the housing sector, slowed for the third consecutive month and demonstrates that a market transition is firmly in place, according to the National Association of Realtors®.
The Pending Home Sales Index,* based on contracts signed in November, slipped 2.5 percent to a reading of 120.6 from 123.7 in October, and is 2.5 percent lower than November 2004.
The index is derived from pending sales of existing homes. A sale is listed as pending when the contract has been signed but the transaction has not closed; pending home sales typically are finalized within one or two months of signing.
David Lereah, NAR’s chief economist, said the index remains at a high level. “Although pending home sales are trending down from a record in August, the index remains well above a mark that is considered to be historically strong,” he said. An index of 100 is equal to the average level of contract activity during 2001, the first year to be examined, and was the first of five consecutive record years for existing-home sales.
December 2004
Commercial Real Estate Market Demand is Growing (12/14)
Growth in the U.S. economy and a rise in exports will raise demand for commercial real estate space over the next two years, with increases in various commercial sectors already seen this year, according to the National Association of Realtors® COMMERCIAL REAL ESTATE QUARTERLY.
Housing Market To End Year on Strong Note (12/07)
Stronger than expected home sales and higher median prices have caused the National Association of Realtors® to revise upward its year-end forecast. Existing-home sales are expected to jump 7.9 percent to 6.58 million* in 2004, well above last year's record.
NAR Honors Members of Congress With Legislative Leadership Awards (12/06)
The National Association of Realtors announced that it is honoring 16 members of Congress with the organization's Legislative Leadership Award for the 108th Congress. Awarded every two years, the tribute recognizes outstanding leadership in supporting legislation to help more families achieve the American dream of homeownership.
November 2004
Housing Wealth Has Greater Effect Than Stocks, New Study Shows (11/30)
Housing wealth has a more immediate impact on consumer spending than stock wealth and has sustained the U.S. economy since the beginning of this decade, shows a new study produced by the Joint Center for Housing Studies of Harvard University and Macroeconomic Advisers, LCC, and commissioned by the National Association of Realtors®.
NAR Building to Fly POW/MIA Flag (11/12)
The National Association of Realtors has agreed to fly the POW/MIA (Prisoners of War/Missing in Action) flag over its new Washington headquarters three blocks from the U.S. Capitol. The flag was raised today, the day after Veterans Day, at the new building at 500 New Jersey Ave., NW.
NAR Installs New Officers for 2005 (11/08)
Al Mansell, a Realtor from Salt Lake City, was installed as 2005 president of the National Association of Realtors at the association's Board of Directors meeting during the REALTORS Conference & Expo here.
Coloradan Ronald Myles Named 2004 Distinguished Service Award Recipient (11/08)
Ronald L. Myles, a Realtor from Denver, was named a 2004 recipient of the prestigious Distinguished Service Award by the National Association of Realtors . The announcement was made here during the annual REALTORS Conference & Expo. Nearly 23,000 Realtors and guests are attending the November 5-8 convention.
Virginian Stephen Hoover Named 2004 Distinguished Service Award Recipient (11/08)
Stephen A. Hoover, a Realtor from Roanoke, Va., was named a 2004 recipient of the prestigious Distinguished Service Award by the National Association of Realtors . The announcement was made here during the annual REALTORS Conference & Expo. Nearly 23,000 Realtors and guests are attending the November 5-8 convention.
Study Shows Latinos Looking for 'Trusted Advisers' to Help in Homebuying (11/08)
More than half of Latino home buyers report that one of their chief barriers to homeownership is finding a trustworthy adviser who can guide them through the home buying process, according to a study released at the National Association of Realtors®' annual Conference & Expo.
Communities Benefit With Financing of Commercial Infill Development (11/07)
Good planning and a willing community can make it easier to successfully redevelop commercial property in urban and central business "infill" areas, speakers told a real estate forum at the annual National Association of Realtors® Conference & Expo.
NAR Survey Confirms First-Time Buyers Are Fueling the Housing Market (11/06)
A large pool of first-time homebuyers, who account for four out of ten home purchases, provide liquidity to the housing market and make it easier for existing owners to trade up or trade down, according to a new survey of home buyers and sellers released today by the National Association of Realtors® .
New Leading Indicator For the Real Estate Sector to Be Launched in 2005 (11/05)
A new and accurate measure of the housing market, reflecting the current level of existing-home sales based on real estate contracts, will be launched next year. The announcement was made at the National Association of Realtors annual REALTOR® Conference & Expo.
Commercial Rents to Rise as Vacancies Decline (11/05)
General improvements in the commercial real estate sectors are expected over the next two years, according to a forecast released at a commercial real estate forum during the annual National Association of Realtors® Conference & Expo.
Home Sales Momentum to Carry Into 2005 (11/05)
Expectations for home sales have continued to rise with strong records projected for this year and historically high home sales in 2005, according to a forecast released today by the National Association of Realtors® at NAR's annual REALTOR® Conference & Expo.
NAR 2005 President Mansell to Focus on FamilyTime (11/05)
Building stronger families will be a primary focus for the incoming president of the National Association of Realtors®, and NAR has created a new multimedia tool called FamilyTime designed to help Realtors® and their customers find more time to spend with their families.
Housing Affordability Off In Third Quarter (11/01)
General housing affordability conditions remained favorable during the third quarter, even with a decline that resulted largely from higher home prices.
October 2004
NAR Public Awareness Campaign Attracts New Members (10/29)
Network television and radio advertisements sponsored by the National Association of Realtors® are an important reason that most new members have joined NAR in the past two years, according to a new membership survey.
Buyer's Home Feature Preferences Reflect Lifestyles (10/28)
Younger buyers care more about closeness to schools, parks and playgrounds, while older buyers are more interested in a bedroom on the main level and prefer single-story homes, according to a new survey on home buyer preferences.
February 2006