Tax Credit Legislation Discussed in Senate
The tentative tax credit agreement of yesterday has changed. The Senate is still negotiating the terms of the credit and how to proceed. A new agreement on extending and expanding the tax credit has now been introduced as a separate, standalone bill. The Senate voting procedure on this bill is still undecided. It could be voted upon separately from the Unemployment bill or still included, and the timing of the votes is still up in the air. But the good news is that we are still very much in the mix. Stay tuned!
Wednesday, October 28, 2009
Tuesday, October 27, 2009
Tax Credit Extention Getting Closer
This just in from NAR...
FROM: NAR President Charles McMillan,
NAR Government Affairs Senior Vice President Jerry Giovaniello
DATE: 27 October 2009
RE: Tax Credit Extension and Expansion
The United States Senate is expected to vote, later today, on a bill to extend Unemployment Insurance benefits. This bill will contain the Dodd - Lieberman - Isakson Amendment to Extend and Expand the $8,000 First Time Homebuyer Tax Credit.
The Extended and Expanded Tax Credit will contain the following provisions:
Amount: $8,000
Eligibility: ALL HOME BUYERS (Step-up buyers will have to have lived in their current home for SEVEN* years to be eligible)
Income Limits: $125,000 for single filers/$225,000 for joint filers
Time Frame: December 1, 2009 to April 30, 2010 plus 60 Day extension if binding contract is in place by April 30, 2010
*The 7 year ownership requirement is designed to lower the "score" or cost of the tax credit. This is still open to change. The Congressional Budget Office is going to "score" the cost of 3 year and 5 year requirements. We are continuing to push for step-up buyers to be required be in their current home for three year period.
NAR will be monitoring the progress and any potential changes to the bill. NAR will send out a notice when the legislation is voted on tonight--regardless of how late into the night or early into the morning the debate continues.
FROM: NAR President Charles McMillan,
NAR Government Affairs Senior Vice President Jerry Giovaniello
DATE: 27 October 2009
RE: Tax Credit Extension and Expansion
The United States Senate is expected to vote, later today, on a bill to extend Unemployment Insurance benefits. This bill will contain the Dodd - Lieberman - Isakson Amendment to Extend and Expand the $8,000 First Time Homebuyer Tax Credit.
The Extended and Expanded Tax Credit will contain the following provisions:
Amount: $8,000
Eligibility: ALL HOME BUYERS (Step-up buyers will have to have lived in their current home for SEVEN* years to be eligible)
Income Limits: $125,000 for single filers/$225,000 for joint filers
Time Frame: December 1, 2009 to April 30, 2010 plus 60 Day extension if binding contract is in place by April 30, 2010
*The 7 year ownership requirement is designed to lower the "score" or cost of the tax credit. This is still open to change. The Congressional Budget Office is going to "score" the cost of 3 year and 5 year requirements. We are continuing to push for step-up buyers to be required be in their current home for three year period.
NAR will be monitoring the progress and any potential changes to the bill. NAR will send out a notice when the legislation is voted on tonight--regardless of how late into the night or early into the morning the debate continues.
Monday, October 26, 2009
Keeping Busy and Building Your Business
The current market has its challenges in our real estate industry, but I think I have found the silver lining in all of this! Quite simply, I have been keeping busy working on ways to make my business better and more productive. How you ask? The answer: I am more involved in my industry.
I have been taking more classes that are offered at ACAR from our Education Department. I even took a CORE class and I am not due for it this year. But, why not? Our industry is changing so rapidly that I felt it was in my best interest to be more knowledgeable about not only legal but the technology changes & challenges we now face. I took the NAR Green designation class for a new designation that is actually one of my passions.
I bookmark real estate news web sites and make a point to read them daily. I go to other news web sites that give me an overall picture of not only the Treasure Valley but our country. What happens in other states may or may not happen here, but it is invaluable to know before a client or customer asks. And, I visit the NAR web site more often that I ever have before http://www.realtor.org/.
I volunteer more. I have found volunteering for ACAR committees is rewarding, fun, and the networking is fantastic. I enjoy working with other volunteers and the great staff we have at ACAR because I can see, firsthand, the results of our efforts. I could write something about each committee, but I want you to go to our website instead http://www.myacaronline.com/. Take a look. Ask yourself, what is my passion? Figure out what committee would answer that question. Is it Education? Communications? Events that we produce such as Circle of Excellence? REALTOR® Outreach, which works to promote our industry in the community through programs & projects such as Rake Up Boise and Paint the Town? Have you thought about helping on the Agent2Agent committee (this is a fun group!). Do you have the skills for a Budget & Finance committee? Does Political Affairs pique your interest?
I think you get the picture: there are all sorts of opportunities to get involved or further your education, which furthers your career. After all, you never stop learning….and what better way to learn than directly from your industry and your peers!
Laurie Barrera, President Elect 2010
Group One
I have been taking more classes that are offered at ACAR from our Education Department. I even took a CORE class and I am not due for it this year. But, why not? Our industry is changing so rapidly that I felt it was in my best interest to be more knowledgeable about not only legal but the technology changes & challenges we now face. I took the NAR Green designation class for a new designation that is actually one of my passions.
I bookmark real estate news web sites and make a point to read them daily. I go to other news web sites that give me an overall picture of not only the Treasure Valley but our country. What happens in other states may or may not happen here, but it is invaluable to know before a client or customer asks. And, I visit the NAR web site more often that I ever have before http://www.realtor.org/.
I volunteer more. I have found volunteering for ACAR committees is rewarding, fun, and the networking is fantastic. I enjoy working with other volunteers and the great staff we have at ACAR because I can see, firsthand, the results of our efforts. I could write something about each committee, but I want you to go to our website instead http://www.myacaronline.com/. Take a look. Ask yourself, what is my passion? Figure out what committee would answer that question. Is it Education? Communications? Events that we produce such as Circle of Excellence? REALTOR® Outreach, which works to promote our industry in the community through programs & projects such as Rake Up Boise and Paint the Town? Have you thought about helping on the Agent2Agent committee (this is a fun group!). Do you have the skills for a Budget & Finance committee? Does Political Affairs pique your interest?
I think you get the picture: there are all sorts of opportunities to get involved or further your education, which furthers your career. After all, you never stop learning….and what better way to learn than directly from your industry and your peers!
Laurie Barrera, President Elect 2010
Group One
Hanging With the Cool Kids
Remember how much fun that was in HS?
This Friday, ACAR's 2010 President, Jim Paulsen and 2010 president-Elect, Laurie Barrera will be making ACAR Committee appointments for 2010. You read about it in the Bulletin last week, and lots of you responded by going to our new website and filling out the Committee Volunteer Form.
There's still time for you to say: "I want to have some fun and help my association" (at the same time).
There are two really good reasons to join an ACAR Committee...
First...Its a great way to expand your REALTOR SOI. Find out, in a team work setting, who you're most comfortable working with. This is probably someone you'd likely do well working a RE deal with in the future. Its also a good way to declare your own worth to some other REALTORS you'd like to get referrals from.
Second...Its a fun way to do good work. Planning special events for REALTORS is one of the key things we do. Whether its the Annual Member Appreciation; Circle of Excellence or the Stan Thomas Give Back Golf Tournament...all are great events that require REALTOR leadership.
Some of my best friendships in Boise have come from working with many of you on Paint-the-Town or Agent2Agent. There's nothing that feels better that the fatigue of a long day working on a Habitat House. Please accept this invitation to join us.
All you need to do is say "I want an ACAR job" and we'll do the rest.
What do you say? Want to hang with the cool kids again?
This Friday, ACAR's 2010 President, Jim Paulsen and 2010 president-Elect, Laurie Barrera will be making ACAR Committee appointments for 2010. You read about it in the Bulletin last week, and lots of you responded by going to our new website and filling out the Committee Volunteer Form.
There's still time for you to say: "I want to have some fun and help my association" (at the same time).
There are two really good reasons to join an ACAR Committee...
First...Its a great way to expand your REALTOR SOI. Find out, in a team work setting, who you're most comfortable working with. This is probably someone you'd likely do well working a RE deal with in the future. Its also a good way to declare your own worth to some other REALTORS you'd like to get referrals from.
Second...Its a fun way to do good work. Planning special events for REALTORS is one of the key things we do. Whether its the Annual Member Appreciation; Circle of Excellence or the Stan Thomas Give Back Golf Tournament...all are great events that require REALTOR leadership.
Some of my best friendships in Boise have come from working with many of you on Paint-the-Town or Agent2Agent. There's nothing that feels better that the fatigue of a long day working on a Habitat House. Please accept this invitation to join us.
All you need to do is say "I want an ACAR job" and we'll do the rest.
What do you say? Want to hang with the cool kids again?
Tuesday, October 20, 2009
2010 Dues - Answers to Your Questions!
Ugh... it's that time again-- dues billing! There have been a number of calls about the dues and we wanted to answer them as best as we can:
1. When is the due date?
This year, you'll notice at the bottom of your statement that we have provided a variety of payment options.
Payment Option A: Pay in full on or before December 15th, and you'll receive a free Lunch & Learn Class through ACAR worth 2 CE and a lunch.
Payment Option B: Pay installments over the course of 75 days with the first payment of $130 due by December 15th, 2009. Subsequent payments can be made over the next 75 days but must be paid in full no later than March 1, 2010. Contact our membership department at 376-0363 for more details.
Payment Option C: If you have not paid in full by December 31, 2009 or made arrangements for installment payments, you will be subject to a $100 late fee. Dues must be received in full by March 1, 2010 to retain your REALTOR® privileges.
2. Why are the dues so high?
As a local association, we collect dues on behalf of the state and the national association. In September of 2009, the IAR Board of Directors, including State Directors representing local boards, voted to raise the dues for the Idaho Association of REALTORS®. The increase resulted in an increase of $28.50 over last year.
The increase of dues is to ensure that REALTOR® services can continue with the same quality of service. With decreased membership in recent years, the association has experienced a decrease in revenue. The association has been working off of their reserves for the last 2 years, but has come to a point where it is necessary to increase dues in order to maintain the level and quality of service.
Services provided by the Idaho Association of REALTORS® include:
* The REALTOR® Forms such as the representation agreements and the purchase and sale agreements;
* Representation in the legislature, which has resulted in the first time home buyer tax credits, and the tax deductibility of mortgage interest
* The legal hotline which allows brokers and REALTORS® to ask basic legal questions without having to retain counsel
* Professional Standards administration for more than 18 local boards in Idaho
* Affordable education, such as the Short Sale and Foreclosure Course being offered in November for only $15
* An annual convention that allow you to network with colleagues from around the state and receive the entire CE you would need in a license renewal cycle.
Breakdown of percentages:
42% of dues to IAR
27% to NAR
31% to ACAR
If you still have questions about the dues increase, you can contact the Idaho Association at 342-3585.
If you have questions about what benefits ACAR offers, click here.
3. Do I have to pay "RPAC"?
No. This is a voluntary contribution to the REALTOR® Political Action Committee. If you do not wish to contribute, you do not have to pay.
4. What is "RPAC"?
RPAC is the REALTOR® Political Action Committee who is responsible for endorsing candidates that support the REALTOR® Cause. To learn more about what they do, click here.
Need to pay your 2010 Dues Bill? You can pay on our website >> HERE.
1. When is the due date?
This year, you'll notice at the bottom of your statement that we have provided a variety of payment options.
Payment Option A: Pay in full on or before December 15th, and you'll receive a free Lunch & Learn Class through ACAR worth 2 CE and a lunch.
Payment Option B: Pay installments over the course of 75 days with the first payment of $130 due by December 15th, 2009. Subsequent payments can be made over the next 75 days but must be paid in full no later than March 1, 2010. Contact our membership department at 376-0363 for more details.
Payment Option C: If you have not paid in full by December 31, 2009 or made arrangements for installment payments, you will be subject to a $100 late fee. Dues must be received in full by March 1, 2010 to retain your REALTOR® privileges.
2. Why are the dues so high?
As a local association, we collect dues on behalf of the state and the national association. In September of 2009, the IAR Board of Directors, including State Directors representing local boards, voted to raise the dues for the Idaho Association of REALTORS®. The increase resulted in an increase of $28.50 over last year.
The increase of dues is to ensure that REALTOR® services can continue with the same quality of service. With decreased membership in recent years, the association has experienced a decrease in revenue. The association has been working off of their reserves for the last 2 years, but has come to a point where it is necessary to increase dues in order to maintain the level and quality of service.
Services provided by the Idaho Association of REALTORS® include:
* The REALTOR® Forms such as the representation agreements and the purchase and sale agreements;
* Representation in the legislature, which has resulted in the first time home buyer tax credits, and the tax deductibility of mortgage interest
* The legal hotline which allows brokers and REALTORS® to ask basic legal questions without having to retain counsel
* Professional Standards administration for more than 18 local boards in Idaho
* Affordable education, such as the Short Sale and Foreclosure Course being offered in November for only $15
* An annual convention that allow you to network with colleagues from around the state and receive the entire CE you would need in a license renewal cycle.
Breakdown of percentages:
42% of dues to IAR
27% to NAR
31% to ACAR
If you still have questions about the dues increase, you can contact the Idaho Association at 342-3585.
If you have questions about what benefits ACAR offers, click here.
3. Do I have to pay "RPAC"?
No. This is a voluntary contribution to the REALTOR® Political Action Committee. If you do not wish to contribute, you do not have to pay.
4. What is "RPAC"?
RPAC is the REALTOR® Political Action Committee who is responsible for endorsing candidates that support the REALTOR® Cause. To learn more about what they do, click here.
Need to pay your 2010 Dues Bill? You can pay on our website >> HERE.
Thursday, October 15, 2009
What's New from the Boise Valley Economic Partnership
Council met this morning. Every segment of Valley commerce is there: cities, counties, airport, power, commercial, builders Realtors, finance, chambers of commerce...you get the idea.
We've been hosting a site visit a week for last month. Mood is that once the credit becomes available, more companies will "pull the trigger" on expansion(in Boise).
Project update - as of last week the German company (700 employees) is still trying to decide. They were just involved in big acquisition (took over another company) and had to put US project on hold. We are still one of only two locations in consideration.
A Fortune 50 company is looking at a build-to-suit site here. They would bring 500 jobs.
BVEP legislative priorities are to work with counties to improve tax abatement process.
Also working to reduce corp tax rates. Gonna be tough with this budget.
BVEP has strategy to reverse tech sector employment contraction. We need to expand the work being done at BSU to create renewed interest. BSU is a national force in 3 research areas...smart materials, sensors and geophysics. But we need to expand lab and research
Some of the projects they are researching include: adding dna to ceramics (nanotech); creating ceramic fuel cells that make hydrogen for cars.
BSU is the single largest geophysics research project on earth's shallow surface. Huge interest area for oil companies.
The Chamber is hosting an Economic Outlook Forum on Nov 10 with BSUs Pres.
We've been hosting a site visit a week for last month. Mood is that once the credit becomes available, more companies will "pull the trigger" on expansion(in Boise).
Project update - as of last week the German company (700 employees) is still trying to decide. They were just involved in big acquisition (took over another company) and had to put US project on hold. We are still one of only two locations in consideration.
A Fortune 50 company is looking at a build-to-suit site here. They would bring 500 jobs.
BVEP legislative priorities are to work with counties to improve tax abatement process.
Also working to reduce corp tax rates. Gonna be tough with this budget.
BVEP has strategy to reverse tech sector employment contraction. We need to expand the work being done at BSU to create renewed interest. BSU is a national force in 3 research areas...smart materials, sensors and geophysics. But we need to expand lab and research
Some of the projects they are researching include: adding dna to ceramics (nanotech); creating ceramic fuel cells that make hydrogen for cars.
BSU is the single largest geophysics research project on earth's shallow surface. Huge interest area for oil companies.
The Chamber is hosting an Economic Outlook Forum on Nov 10 with BSUs Pres.
Social Media Rules of Engagement
Give More Than You Take The more you contribute to conversations and discussions, the more people will recognize your name and what you stand for. Over time you will establish credibility and build value. Remember the well-known adage; the more you care, the more you share.
Respect Be respectful of the community, the members, the group’s overall goals, etc. Social Media is a participatory sport and that means that you are one of many. People can chose to communicate with you or they can chose to ignore you. Treat others as you want to be treated.
Listen Listening and receiving comments and feedback are two of the greatest strengths of Social Media. They represent first-hand interaction with your customer. By listening to them you gain unfiltered feedback about your products and market.
Respond When people comment or leave messages for you it’s only polite to respond in a timely fashion. By responding you are validating to the online community that you are an individual that values and acknowledges others. This adds to your credibility as an individual.
Build Relationships It’s called social networking for a reason. Make sure you build relationships with everyone that communicates with you; establish conversations, ask questions, respond to questions, etc. Discussions and relationships encourage people to return to your page, thereby building a meaningful community.
Be Authentic and Transparent Be sincere and honest; be yourself. With Social Media displaying your profile, message and comments it is critical to your success that you are genuine and dependable.
Do Not Become a Nuisance It’s generally agreed that spamming is bad, but it’s also important to avoid becoming a Keyboard Gangster, Envelope Pusher or a Social Saboteur. More about these different type in my new Social Media Report.
Collaborate Social Media is a collective medium. This means that it uses the knowledge or wisdom of the whole group; not just a single individual. For that reason, information obtained in Social Media on Wikis or reviews is seldom entirely wrong. On the other hand, it’s often not 100% right. As a result, there is a strong need to work together, updating and constantly adding value to improve the quality of the content.
Add Value Every member of a community must contribute his or her fair share. What is your contribution? Remember that contributions come in many different shapes and actions: providing information, being a resource, answering questions and redistributing information.
Consider Opportunities in the Long Tail In Social Media, every service offering has some degree of value. It’s not always wise to just focus on the few services that command a high frequency of interest among a few niche groups and the requisite competition that introduces other service providers. As technology continues to erode communication barriers, value will also come from the many niche groups in “the tail” that demonstrate interest in services that conventional (competing) service providers would otherwise consider having little value.
Respect Be respectful of the community, the members, the group’s overall goals, etc. Social Media is a participatory sport and that means that you are one of many. People can chose to communicate with you or they can chose to ignore you. Treat others as you want to be treated.
Listen Listening and receiving comments and feedback are two of the greatest strengths of Social Media. They represent first-hand interaction with your customer. By listening to them you gain unfiltered feedback about your products and market.
Respond When people comment or leave messages for you it’s only polite to respond in a timely fashion. By responding you are validating to the online community that you are an individual that values and acknowledges others. This adds to your credibility as an individual.
Build Relationships It’s called social networking for a reason. Make sure you build relationships with everyone that communicates with you; establish conversations, ask questions, respond to questions, etc. Discussions and relationships encourage people to return to your page, thereby building a meaningful community.
Be Authentic and Transparent Be sincere and honest; be yourself. With Social Media displaying your profile, message and comments it is critical to your success that you are genuine and dependable.
Do Not Become a Nuisance It’s generally agreed that spamming is bad, but it’s also important to avoid becoming a Keyboard Gangster, Envelope Pusher or a Social Saboteur. More about these different type in my new Social Media Report.
Collaborate Social Media is a collective medium. This means that it uses the knowledge or wisdom of the whole group; not just a single individual. For that reason, information obtained in Social Media on Wikis or reviews is seldom entirely wrong. On the other hand, it’s often not 100% right. As a result, there is a strong need to work together, updating and constantly adding value to improve the quality of the content.
Add Value Every member of a community must contribute his or her fair share. What is your contribution? Remember that contributions come in many different shapes and actions: providing information, being a resource, answering questions and redistributing information.
Consider Opportunities in the Long Tail In Social Media, every service offering has some degree of value. It’s not always wise to just focus on the few services that command a high frequency of interest among a few niche groups and the requisite competition that introduces other service providers. As technology continues to erode communication barriers, value will also come from the many niche groups in “the tail” that demonstrate interest in services that conventional (competing) service providers would otherwise consider having little value.
Idaho Conference on Housing is Next Week
Join us for lively discussions with our workshop panelists and speakers, including Idaho's First Lady Lori Otter, member of the Idaho Meth Project Advisory Council, on dealing with crime and drugs in your community at the 2009 Idaho Conference on Housing at the Doubletree Hotel Boise-Riverside on October 19 and 20, 2009.
Friday, October 16 at 2:00p.m. will be the last opportunity to register online!
Registration Fees:
$125 Nonprofit/government
$175 Regular
Workshops and Presentations Include:
* Housing Crisis and Statewide Housing Conditions
* Housing Fraud: What it Means to you
* Neighborhood Stabilization - What's being done in your community
* Mayors Weigh in on the Link between Housing, Transportation, and Economic Development
* Experts will discuss what the future trends and key issues will be in Idaho
* And much more...click here to view the complete agenda.
Friday, October 16 at 2:00p.m. will be the last opportunity to register online!
Registration Fees:
$125 Nonprofit/government
$175 Regular
Workshops and Presentations Include:
* Housing Crisis and Statewide Housing Conditions
* Housing Fraud: What it Means to you
* Neighborhood Stabilization - What's being done in your community
* Mayors Weigh in on the Link between Housing, Transportation, and Economic Development
* Experts will discuss what the future trends and key issues will be in Idaho
* And much more...click here to view the complete agenda.
Tuesday, October 13, 2009
First Time Home Buyer Tax Credit-Is The End Near?
The National Association of Home Builders today reported that: “Washington turned a sharper focus last week on extending the current $8,000 tax credit for first-time buyers beyond its Nov. 30 expiration date and expanding it to a wider circle of principal home buyers”.
On Oct. 5, White House Press Secretary Robert Gibbs, said that “there has been quite a bit of success” with the home buyer tax credit, and he added that the President is considering extending it to strengthen the economy and create jobs.
NAHB estimates conservatively that the current tax credit has been responsible for some 200,000 additional home sales since early this year, resulting in a net increase of 187,000 jobs. Extending the tax incentive through Nov. 30, 2010 and making it available to all income-qualified purchasers of a principal residence would result in an additional 383,000 home sales and generate 347,000 new jobs in the coming year, according to NAHB economists.
A Meeting in the Oval Office The New York Times reported on Oct. 7 that extending the credit was briefly mentioned in a meeting that day in the Oval Office between President Obama and Democratic congressional leaders Rep. Nancy Pelosi, (Calif.), speaker of the House, and Sen. Harry Reid (Nev.), the Senate majority leader. Congressional aides indicated that a tax credit extension is being viewed as an option for stimulating the economy and job creation and extending it beyond first-time buyers is being considered.
In a statement following the White House meeting, Reid said that, “we need to continue working toward ensuring that more families can stay in their current homes and continue efforts to strengthen the housing market by extending the tax credit.”
The New York Times story also cited warnings from Mark Zandi, chief economist at Moody’s Economy.com, that allowing the tax credit to expire would slow the sales of new homes not facing foreclosure just as sales of foreclosed homes are expected to pick up, which would put downward pressure on home prices.
“The economic recovery will not evolve into a self-sustaining economic expansion and risks unraveling back into recession until house prices stop falling,” Zandi said in an interview.
On Oct. 5, White House Press Secretary Robert Gibbs, said that “there has been quite a bit of success” with the home buyer tax credit, and he added that the President is considering extending it to strengthen the economy and create jobs.
NAHB estimates conservatively that the current tax credit has been responsible for some 200,000 additional home sales since early this year, resulting in a net increase of 187,000 jobs. Extending the tax incentive through Nov. 30, 2010 and making it available to all income-qualified purchasers of a principal residence would result in an additional 383,000 home sales and generate 347,000 new jobs in the coming year, according to NAHB economists.
A Meeting in the Oval Office The New York Times reported on Oct. 7 that extending the credit was briefly mentioned in a meeting that day in the Oval Office between President Obama and Democratic congressional leaders Rep. Nancy Pelosi, (Calif.), speaker of the House, and Sen. Harry Reid (Nev.), the Senate majority leader. Congressional aides indicated that a tax credit extension is being viewed as an option for stimulating the economy and job creation and extending it beyond first-time buyers is being considered.
In a statement following the White House meeting, Reid said that, “we need to continue working toward ensuring that more families can stay in their current homes and continue efforts to strengthen the housing market by extending the tax credit.”
The New York Times story also cited warnings from Mark Zandi, chief economist at Moody’s Economy.com, that allowing the tax credit to expire would slow the sales of new homes not facing foreclosure just as sales of foreclosed homes are expected to pick up, which would put downward pressure on home prices.
“The economic recovery will not evolve into a self-sustaining economic expansion and risks unraveling back into recession until house prices stop falling,” Zandi said in an interview.
Monday, October 12, 2009
September Numbers Are In - And They're Good!
It is clear that buyers are getting the message.
I attended a “Finally Home” first time buyer seminar for 3 evenings last week. Gary Archer, the instructor, said: “There will never be a time in your life when real estate is a better buy.”
By the way, do your buyer clients the best favor you can. Get them in the Finally Home program. I Tweeted from class: “We think they know so much more than they really do”. I’m standing by that.
Sales in September were up 4% over August ‘09 and up 8% over September ’08.
So far in ’09 month over month sales have been up 8 months out of 9. Total monthly volume for September is nearly 2 ½ times what it was last January.
Median price in September slipped to $165,000 from Augusts’ $171,872. Most of this is from the number of short sales that closed.
Inventory fell to its lowest number since June ’06. Our highest inventory number was 5198 in July ’07. We are nearly one-third less than that record amount. Compared to September ’08 we are 15% less. Translating that into months of inventory on hand; we are at less than 7 months. (combined new and resale). This is 50% reduction from January ’09.
We have traditionally defined “market equilibrium” as 6 months of available inventory.
Measuring the impact of the first time home buyer tax credit; NAR recently reported that this category of buyer typically accounted for 45-48% of total sales. Nationally, the number is now over 50% of all sales.
In Ada County, sales of homes under $160,000 account for 32% of all inventory. This is up 20% from January ’09.
In September 45% of all sales were houses under $160,000.
In this price category, inventory is even scarcer. Inventory of new homes under $160,000 is at 4.35 months. Inventory of existing homes under $160,000 is at 4.6 months.
Short sales in September were 15% of all sales. REO sales in September accounted for just over 18% of total sales. This is down slightly from August and down 14% from our high in March.
Pending sales continue to forecast a solid future. At the end of September there were 975 pending sales.
Now, if we can just get Congress to do the right thing and extend the First Time Home Buyer Tax Credit, we're going to continue this recovery.
I attended a “Finally Home” first time buyer seminar for 3 evenings last week. Gary Archer, the instructor, said: “There will never be a time in your life when real estate is a better buy.”
By the way, do your buyer clients the best favor you can. Get them in the Finally Home program. I Tweeted from class: “We think they know so much more than they really do”. I’m standing by that.
Sales in September were up 4% over August ‘09 and up 8% over September ’08.
So far in ’09 month over month sales have been up 8 months out of 9. Total monthly volume for September is nearly 2 ½ times what it was last January.
Median price in September slipped to $165,000 from Augusts’ $171,872. Most of this is from the number of short sales that closed.
Inventory fell to its lowest number since June ’06. Our highest inventory number was 5198 in July ’07. We are nearly one-third less than that record amount. Compared to September ’08 we are 15% less. Translating that into months of inventory on hand; we are at less than 7 months. (combined new and resale). This is 50% reduction from January ’09.
We have traditionally defined “market equilibrium” as 6 months of available inventory.
Measuring the impact of the first time home buyer tax credit; NAR recently reported that this category of buyer typically accounted for 45-48% of total sales. Nationally, the number is now over 50% of all sales.
In Ada County, sales of homes under $160,000 account for 32% of all inventory. This is up 20% from January ’09.
In September 45% of all sales were houses under $160,000.
In this price category, inventory is even scarcer. Inventory of new homes under $160,000 is at 4.35 months. Inventory of existing homes under $160,000 is at 4.6 months.
Short sales in September were 15% of all sales. REO sales in September accounted for just over 18% of total sales. This is down slightly from August and down 14% from our high in March.
Pending sales continue to forecast a solid future. At the end of September there were 975 pending sales.
Now, if we can just get Congress to do the right thing and extend the First Time Home Buyer Tax Credit, we're going to continue this recovery.
Friday, October 9, 2009
Cap and Trade Bill Misinformation
There is an email recirculating from months ago about the impacts of H.R. 2454 (Cap and Trade bill) that is NOT based on complete reports. Most of these claims are addressed in a series of myths/facts at realtor.org. Please feel free to refer to: http://www.realtor.org/government_affairs/gapublic/american_clean_energy_security_act to get acccurate information.
The Idaho Association of REALTORS(r) are also offering additional input to NAR about the bill prior to being addressed in the Senate.
The Idaho Association of REALTORS(r) are also offering additional input to NAR about the bill prior to being addressed in the Senate.
Tax Credit Call For Action Update
Tax Credit Call for Action Update
The Call for Action (CFA) urging Congress to “extend and expand” the homebuyer tax credit is still open.
Nationally, just under 143,000 REALTORS® have taken action which is a 14.1% response rate. We are on track to reach our goal of 15% very soon! Targeted messaging and The Broker Involvement Program are both helping to build our response rates and we hope they will continue to grow. Please make sure all of your colleagues have responded so we can reach our goal. Take action now.
A lot of news outlets are talking about the homebuyer tax credit and it’s got a lot of people chatting. National Public Radio (NPR) recently ran a great piece on the debate over the extension of the tax credit. To read about it and listen to the story, please go to the NPR website:
http://www.npr.org/templates/story/story.php?storyId=113586552&ft=1&f=2.
The Call for Action (CFA) urging Congress to “extend and expand” the homebuyer tax credit is still open.
Nationally, just under 143,000 REALTORS® have taken action which is a 14.1% response rate. We are on track to reach our goal of 15% very soon! Targeted messaging and The Broker Involvement Program are both helping to build our response rates and we hope they will continue to grow. Please make sure all of your colleagues have responded so we can reach our goal. Take action now.
A lot of news outlets are talking about the homebuyer tax credit and it’s got a lot of people chatting. National Public Radio (NPR) recently ran a great piece on the debate over the extension of the tax credit. To read about it and listen to the story, please go to the NPR website:
http://www.npr.org/templates/story/story.php?storyId=113586552&ft=1&f=2.
Homebuyer Tax Credit Best Tool for Sustaining Housing Recovery, Says NAR
Washington, October 07, 2009
The best available tool for sustaining the still-fragile housing market is the $8,000 homebuyer tax credit, and it is essential that Congress extend the credit into 2010, the National Association of Realtors® testified at a hearing of the U.S. House Small Business Committee today.
The tax credit expires November 30.
NAR Regional Vice President Joseph L. Canfora, a broker-owner with Century 21 Selmar Realty in East Islip, N.Y., also told the panel that a major stumbling block for consumers has been the implementation of appraisal processes spurred by the Home Valuation Code of Conduct, which is causing delays in closings, as well as cancelled sales that led to artificially low existing-home sales numbers for August, reported last month.
“The credit is working,” Canfora said, pointing out that the 355,000 to 400,000 transactions directly attributable to the credit made a significant dent in the housing inventory and will help to stabilize home prices. Further, the credit has provided a huge indirect benefit to local governments, shoring up property tax bases in particularly hard-hit areas.
Further, NAR data has estimated that every home purchase pumps into the recovering economy about $63,000 – the equivalent of one new job added to the employment figures.
But, Canfora said, the threat of more foreclosures coming to the market caused by mortgage rate resets, job losses, and by lender’s unburdening themselves of additional properties to take advantage of today’s more stabilized prices could disrupt the fragile recovery.
In a “normal” market, optimal housing inventory is about six to seven months, he said. When the tax credit was enacted in February, inventory was 9.1 months. Because of the spurt in homes sales since then due to the tax credit, inventory declined to 8.2 months in August, closer to “normal” than at any time since 2007.
In urging Congress to extend the credit, Canfora said, “The more robust the credit and the greater its duration, the greater the chance that the housing market can perform its traditional role of helping the economy move out of a recession.”
“But problems arising from the implementation of the HVCC may reverse the market’s positive momentum at a time when the real estate industry is just starting to show signs of a rebound in many markets,” Canfora said. According to an NAR survey of its members, approximately 40 percent of Realtors® report having lost at least one sale since May 1 because of appraisal problems due to the HVCC rules. Twenty percent say they have lost more than one sale.
The culprit, he said, was that appraisal management companies, which have gained prominence because of the HVCC, have assigned appraisers to areas where they lack geographic competence. That has resulted in unreliable appraisals. It is not uncommon that second and third appraisals have to be done to ascertain fair market value. Appraisal fees have also risen and are being passed on to consumers.
Both Fannie Mae and Freddie Mac have issued guidance on appraisals, but NAR is calling upon the mortgage giants and the Federal Housing Administration to issue a consolidated guidance that should be codified and incorporated into the existing policy to ensure proper information on appraisals is available to the real estate industry.
FHA Commissioner David H. Stevens has asked FHA staff to explore that recommendation with Fannie and Freddie. Last month, Stevens reaffirmed FHA appraisal policy, taking into consideration the unintended consequences that have burdened Fannie and Freddie, and issued two Mortgagee Letters focusing on appraisal changes. The policy reaffirms appraiser independence and geographic competence.
The FHA announcement also included timely steps to protect taxpayers: implementing credit policy changes to enhance risk management; hiring a chief risk officer for the first time in the agency’s history; and shifting responsibility for mortgage brokers away from taxpayers to the lenders who use mortgage brokers.
Canfora told the committee that FHA has performed remarkably well through the housing crises, compared to Fannie and Freddie. “That’s because FHA has never strayed from the sound underwriting and appropriate appraisals that have traditionally backed up their loans.”
“The reason the FHA capital reserve ratio fell below 2 percent had nothing to do with FHA’s current business activities. It is simply a reflection of falling housing values in their portfolio.” He cited an FHA announcement that a 2009 audit will show that even if FHA does nothing, the cap reserves are expected to rise back to that required level within a few years. He also pointed out that FHA total reserves are not in as dire straits as some have reported since the cap reserve fund is not the only FHA reserve fund – FHA also has a separate cash reserve that is higher that it has even been – and the combined assets total $30.4 billion.
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.
# # #
The best available tool for sustaining the still-fragile housing market is the $8,000 homebuyer tax credit, and it is essential that Congress extend the credit into 2010, the National Association of Realtors® testified at a hearing of the U.S. House Small Business Committee today.
The tax credit expires November 30.
NAR Regional Vice President Joseph L. Canfora, a broker-owner with Century 21 Selmar Realty in East Islip, N.Y., also told the panel that a major stumbling block for consumers has been the implementation of appraisal processes spurred by the Home Valuation Code of Conduct, which is causing delays in closings, as well as cancelled sales that led to artificially low existing-home sales numbers for August, reported last month.
“The credit is working,” Canfora said, pointing out that the 355,000 to 400,000 transactions directly attributable to the credit made a significant dent in the housing inventory and will help to stabilize home prices. Further, the credit has provided a huge indirect benefit to local governments, shoring up property tax bases in particularly hard-hit areas.
Further, NAR data has estimated that every home purchase pumps into the recovering economy about $63,000 – the equivalent of one new job added to the employment figures.
But, Canfora said, the threat of more foreclosures coming to the market caused by mortgage rate resets, job losses, and by lender’s unburdening themselves of additional properties to take advantage of today’s more stabilized prices could disrupt the fragile recovery.
In a “normal” market, optimal housing inventory is about six to seven months, he said. When the tax credit was enacted in February, inventory was 9.1 months. Because of the spurt in homes sales since then due to the tax credit, inventory declined to 8.2 months in August, closer to “normal” than at any time since 2007.
In urging Congress to extend the credit, Canfora said, “The more robust the credit and the greater its duration, the greater the chance that the housing market can perform its traditional role of helping the economy move out of a recession.”
“But problems arising from the implementation of the HVCC may reverse the market’s positive momentum at a time when the real estate industry is just starting to show signs of a rebound in many markets,” Canfora said. According to an NAR survey of its members, approximately 40 percent of Realtors® report having lost at least one sale since May 1 because of appraisal problems due to the HVCC rules. Twenty percent say they have lost more than one sale.
The culprit, he said, was that appraisal management companies, which have gained prominence because of the HVCC, have assigned appraisers to areas where they lack geographic competence. That has resulted in unreliable appraisals. It is not uncommon that second and third appraisals have to be done to ascertain fair market value. Appraisal fees have also risen and are being passed on to consumers.
Both Fannie Mae and Freddie Mac have issued guidance on appraisals, but NAR is calling upon the mortgage giants and the Federal Housing Administration to issue a consolidated guidance that should be codified and incorporated into the existing policy to ensure proper information on appraisals is available to the real estate industry.
FHA Commissioner David H. Stevens has asked FHA staff to explore that recommendation with Fannie and Freddie. Last month, Stevens reaffirmed FHA appraisal policy, taking into consideration the unintended consequences that have burdened Fannie and Freddie, and issued two Mortgagee Letters focusing on appraisal changes. The policy reaffirms appraiser independence and geographic competence.
The FHA announcement also included timely steps to protect taxpayers: implementing credit policy changes to enhance risk management; hiring a chief risk officer for the first time in the agency’s history; and shifting responsibility for mortgage brokers away from taxpayers to the lenders who use mortgage brokers.
Canfora told the committee that FHA has performed remarkably well through the housing crises, compared to Fannie and Freddie. “That’s because FHA has never strayed from the sound underwriting and appropriate appraisals that have traditionally backed up their loans.”
“The reason the FHA capital reserve ratio fell below 2 percent had nothing to do with FHA’s current business activities. It is simply a reflection of falling housing values in their portfolio.” He cited an FHA announcement that a 2009 audit will show that even if FHA does nothing, the cap reserves are expected to rise back to that required level within a few years. He also pointed out that FHA total reserves are not in as dire straits as some have reported since the cap reserve fund is not the only FHA reserve fund – FHA also has a separate cash reserve that is higher that it has even been – and the combined assets total $30.4 billion.
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.
# # #
Tax Credit Extension Still Un-Certain
This yesterday from DSNews ("new and up-to-date information for the Default Servicing Professional")
White House Won't Commit to Homebuyer Tax Credit; Economists Remain Split
10/07/2009 By: Adam Weinstein
As the clock winds down on the popular $8,000 tax credit for new homebuyers, the White House has remained mum on whether it will be extended, and analysts are at loggerheads over the credit’s impact on housing markets.
The tax benefit for first-time purchasers – an emergency measure that was approved as part of the federal government’s stimulus to the ailing residential housing sector – is set to expire on Nov. 30. But despite appeals by trade advocacy groups to extend the credit, the White House said this week that it hadn’t made a decision on the matter.
The credit “helped the economy” and led to “quite a bit of success,” White House Press Secretary Robert Gibbs told reporters Tuesday. To that he would only had that President Barack Obama was considering an extension of the credit as one of many possible proposals to stimulate economic output and employment.
But some economists say the credit’s effect on the beleaguered housing industry has been exaggerated. Paul Dales, a researcher at Capital Economics, said the policy’s expiration was unlikely to reverse the recent housing recovery. He took issue with a National Association of Realtors study that estimated the tax credit was directly responsible for 350,000 home sales since January – about half the national total sold in that time. In fact, the real figure was closer to 225,000 units, or roughly 30 percent of all sales, Dales said.
“Overall, the government’s initiatives have kick-started the housing market, but they do not explain all of the recovery,” he said. “If we are right in thinking that the tax credit accounts for around 30 percent of the increase in home sales, then around 70 percent must be due to other more longer-lasting factors, such as the plunge in housing valuations and the fall in mortgage rates to historically low levels.”
That hasn’t stopped mortgage and housing groups, like the NAR, from advocating that the credit stay in place. The National Association of Home Builders has gone even farther, lobbying to expand a longer term tax credit to all home buyers.
Congress is expected to begin work soon on a bill to extend the tax credit. Though the potential bill’s fate is unclear, inside sources have told reporters that the likeliest outcome, due to federal budget reservations, is a 6-month continuance of the policy.
White House Won't Commit to Homebuyer Tax Credit; Economists Remain Split
10/07/2009 By: Adam Weinstein
As the clock winds down on the popular $8,000 tax credit for new homebuyers, the White House has remained mum on whether it will be extended, and analysts are at loggerheads over the credit’s impact on housing markets.
The tax benefit for first-time purchasers – an emergency measure that was approved as part of the federal government’s stimulus to the ailing residential housing sector – is set to expire on Nov. 30. But despite appeals by trade advocacy groups to extend the credit, the White House said this week that it hadn’t made a decision on the matter.
The credit “helped the economy” and led to “quite a bit of success,” White House Press Secretary Robert Gibbs told reporters Tuesday. To that he would only had that President Barack Obama was considering an extension of the credit as one of many possible proposals to stimulate economic output and employment.
But some economists say the credit’s effect on the beleaguered housing industry has been exaggerated. Paul Dales, a researcher at Capital Economics, said the policy’s expiration was unlikely to reverse the recent housing recovery. He took issue with a National Association of Realtors study that estimated the tax credit was directly responsible for 350,000 home sales since January – about half the national total sold in that time. In fact, the real figure was closer to 225,000 units, or roughly 30 percent of all sales, Dales said.
“Overall, the government’s initiatives have kick-started the housing market, but they do not explain all of the recovery,” he said. “If we are right in thinking that the tax credit accounts for around 30 percent of the increase in home sales, then around 70 percent must be due to other more longer-lasting factors, such as the plunge in housing valuations and the fall in mortgage rates to historically low levels.”
That hasn’t stopped mortgage and housing groups, like the NAR, from advocating that the credit stay in place. The National Association of Home Builders has gone even farther, lobbying to expand a longer term tax credit to all home buyers.
Congress is expected to begin work soon on a bill to extend the tax credit. Though the potential bill’s fate is unclear, inside sources have told reporters that the likeliest outcome, due to federal budget reservations, is a 6-month continuance of the policy.
Tuesday, October 6, 2009
Foreclosure Prevention - 90% Successful - Free to Homeowner
Neighborhood Housing Services Offers FREE Foreclosure Prevention Counseling
I recently became Chair of NHS's Housing Solutions Committee. The Committee oversees an amazing, and mostly unknown program to help homeowners. Called "Foreclosure Prevention Counseling", its really much more. NHS is able to do loan modifications (where possible), as part of an overall foreclosure prevention program. And...its FREE...and it has a 90% success rate (of avoiding foreclosure)!
Designed for homeowners who are behind, or anticipate becoming behind, in mortgage payments on their primary residence.
Available to all Idaho residents for their primary residence
NO COST for housing counseling services
We will work with you and your lender toward modification
NHS is a nonprofit, HUD-approved housing counseling agency.
Call us at (208) 343-4065 x119 or email home@nhsid.org
Here are four documents about the program
1. Two-sided color brochure for homeowners
2. Short Description of the Foreclosure Prevention Program
3. Homeowner Intake Packet - to initiate the program
Beware of foreclosure rescue and loan modification scams! Contact the U.S. Department of Housing & Urban Development at 800-569-4287 to verify that a company is legitimate and reputable before you work with them.
Mortgage Resources to Grow their Client Base
The number of products and services offered through Right Tools Right Now continues to grow.
Just released are three new Mortgage e-Products...
Traditional Mortgages: Understanding Your Options
This brochure helps consumers consider a variety of mortgage options including traditional fixed-rate mortgage and adjustable-rate mortgage (ARM).Order your copy for FREE
Specialty Mortgages: What Are the Risks and Advantages?
A consumer oriented brochure that outlines the risks and advantages of non-standard types of mortgages.
Order your copy for FREE
Learn About FHA Mortgages
This brochure outlines the changes to FHA, how to qualify for an FHA mortgage, and other resources available from FHA, HUD, and NAR.
Order your copy for FREE
Every REALTOR® who wants to sell more homes will benefit from the FHA Toolkit and information on FHA loans, which includes video FAQs and guides to major FHA-insured loan programs - all you need to help clients find the right FHA-insured loans. More new resources will e added every month, check back often!
Just released are three new Mortgage e-Products...
Traditional Mortgages: Understanding Your Options
This brochure helps consumers consider a variety of mortgage options including traditional fixed-rate mortgage and adjustable-rate mortgage (ARM).Order your copy for FREE
Specialty Mortgages: What Are the Risks and Advantages?
A consumer oriented brochure that outlines the risks and advantages of non-standard types of mortgages.
Order your copy for FREE
Learn About FHA Mortgages
This brochure outlines the changes to FHA, how to qualify for an FHA mortgage, and other resources available from FHA, HUD, and NAR.
Order your copy for FREE
Every REALTOR® who wants to sell more homes will benefit from the FHA Toolkit and information on FHA loans, which includes video FAQs and guides to major FHA-insured loan programs - all you need to help clients find the right FHA-insured loans. More new resources will e added every month, check back often!
Monday, October 5, 2009
Realtor.com meet Facebook...
If you don't believe social media is impacting real estate then take a look around.
Realtor.com is now directly interfacing with Facebook! And, its free! All you have to do is sign up for the application!
Your listings on your Facebook page... automatically!
What will they think of next?
NAR Brings National Housing Conference to Boise
Mark your calendar and plan to join your colleagues from around the region on Thursday, December 3 from 10:00 a.m. to 3:00 p.m. for a free one-day forum on employer-assisted housing (EAH) hosted by the National Association of REALTORS® and the National Housing Conference.
EAH is often described as a win-win-win tool because employers, employees and the community each benefit. As the nation continues to seek solutions to the housing crisis facing our country, EAH presents itself as one tool, among many, to help working families live in an affordable home near their workplace. EAH also helps to attract and retain productive, stable workforces and revitalize neighborhoods.
Join us at the Boise Centre (850 W. Front Street) for this one-day event to learn how you can be a part of a solution! Here is just a sampling of what the program will cover:
· Learn how to create and sustain an EAH program in your community.
· Understand the importance of advancing EAH through local and regional partnerships.
· Explore workforce housing issues from the perspective of employers.
· Hear from other practitioners and advocates managing successful EAH strategies.
You won’t want to miss this opportunity to learn from workforce housing experts, connect with your peers from the region, and share your story in a dynamic learning environment!
Register online today at https://216.64.136.11/exchweb/bin/redir.asp?URL=http://boise2009forum.eventbrite.com! Staying overnight? See details below on booking a discounted room at The Grove Hotel in downtown Boise!
Who Should Attend
The principal goal of the Bring Workers Home regional forum is to expand awareness of EAH as a proven housing solution among state and local leaders—including REALTORS®, REALTOR® association staff, business leaders, state legislators, city council members, other elected and appointed officials, and human resource and employee benefit professionals. This regional forum will also provide learning opportunities for housing planners, economic & community developers, practitioners and advocates.
Please feel free to share this announcement with interested colleagues!
Special Training Opportunity---Home from Work™ Class
Maximize your regional forum experience—participate in the Home from Work™ continuing education credit class on Friday, December 4 from 9:00 AM to 12:00 PM.
Designed for real estate professionals, this class will help you understand the benefits of employer-assisted housing and how to work with employers to assist them to implement an EAH benefit plan at their workplace.
Dates and Times
Bring Workers Home: 2009 Eastern Regional Forum on Employer-Assisted Housing
Thursday, December 3, 2009
10:00 AM to 3:00 PM
Home from Work™ Class
Friday, December 4, 2009
9:00 AM to 12:00 PM
Event Location and Sleeping Room Availability
The Bring Workers Home Forum and the Home from Work Class will take place at:
Boise Centre 850 W. Front StreetBoise, ID
Staying overnight? A discounted block of sleeping rooms is available at The Grove Hotel (245 S. Capitol Blvd.) The Grove Hotel is adjacent to Boise Centre and rooms are available for $109/night. To take advantage of this offer please book your room by November 18 by calling 1-888-961-5000 and referencing "National Housing Conference."
Registration Instructions
Register online today at https://216.64.136.11/exchweb/bin/redir.asp?URL=http://boise2009forum.eventbrite.com! There is no fee to participate in either event; however, space is limited. You are encouraged to register as soon as possible to confirm your participation. Registration will close on November 13.
Questions?
Please contact Lynn Ross at the National Housing Conference at lross@nhc.org.
EAH is often described as a win-win-win tool because employers, employees and the community each benefit. As the nation continues to seek solutions to the housing crisis facing our country, EAH presents itself as one tool, among many, to help working families live in an affordable home near their workplace. EAH also helps to attract and retain productive, stable workforces and revitalize neighborhoods.
Join us at the Boise Centre (850 W. Front Street) for this one-day event to learn how you can be a part of a solution! Here is just a sampling of what the program will cover:
· Learn how to create and sustain an EAH program in your community.
· Understand the importance of advancing EAH through local and regional partnerships.
· Explore workforce housing issues from the perspective of employers.
· Hear from other practitioners and advocates managing successful EAH strategies.
You won’t want to miss this opportunity to learn from workforce housing experts, connect with your peers from the region, and share your story in a dynamic learning environment!
Register online today at https://216.64.136.11/exchweb/bin/redir.asp?URL=http://boise2009forum.eventbrite.com! Staying overnight? See details below on booking a discounted room at The Grove Hotel in downtown Boise!
Who Should Attend
The principal goal of the Bring Workers Home regional forum is to expand awareness of EAH as a proven housing solution among state and local leaders—including REALTORS®, REALTOR® association staff, business leaders, state legislators, city council members, other elected and appointed officials, and human resource and employee benefit professionals. This regional forum will also provide learning opportunities for housing planners, economic & community developers, practitioners and advocates.
Please feel free to share this announcement with interested colleagues!
Special Training Opportunity---Home from Work™ Class
Maximize your regional forum experience—participate in the Home from Work™ continuing education credit class on Friday, December 4 from 9:00 AM to 12:00 PM.
Designed for real estate professionals, this class will help you understand the benefits of employer-assisted housing and how to work with employers to assist them to implement an EAH benefit plan at their workplace.
Dates and Times
Bring Workers Home: 2009 Eastern Regional Forum on Employer-Assisted Housing
Thursday, December 3, 2009
10:00 AM to 3:00 PM
Home from Work™ Class
Friday, December 4, 2009
9:00 AM to 12:00 PM
Event Location and Sleeping Room Availability
The Bring Workers Home Forum and the Home from Work Class will take place at:
Boise Centre 850 W. Front StreetBoise, ID
Staying overnight? A discounted block of sleeping rooms is available at The Grove Hotel (245 S. Capitol Blvd.) The Grove Hotel is adjacent to Boise Centre and rooms are available for $109/night. To take advantage of this offer please book your room by November 18 by calling 1-888-961-5000 and referencing "National Housing Conference."
Registration Instructions
Register online today at https://216.64.136.11/exchweb/bin/redir.asp?URL=http://boise2009forum.eventbrite.com! There is no fee to participate in either event; however, space is limited. You are encouraged to register as soon as possible to confirm your participation. Registration will close on November 13.
Questions?
Please contact Lynn Ross at the National Housing Conference at lross@nhc.org.
Friday, October 2, 2009
Guess Who's Ditching Their Mortgages...Really?
A study of 24 million credit files by national credit bureau Experian and consulting company Oliver Wyman has shown that home owners with high credit scores are 50 percent more likely to deliberately walk away from a mortgage than lower-scoring borrowers.
The industry calls these “strategic defaults” and their numbers grew to 588,000 in 2008, double the total in 2007, and well beyond most earlier estimates.
The study determined:
Strategic defaulters tend to go straight from paying their mortgages dependably to not paying at all.
Strategic defaulters are heavily concentrated in negative-equity markets like California and Florida.
Two-thirds of strategic defaulters have only one mortgage.
Most likely to default are home owners with large balances and the highest credit ratings.
Piyush Tantia, an Oliver Wyman partner and a principal researcher on the study, said strategic defaulters "are clearly sophisticated” and look on the decision to default as a business strategy. "Well, I'm $200,000 in the hole on my house, and yes, I'll damage my credit," Tantia says of defaulters.
The industry calls these “strategic defaults” and their numbers grew to 588,000 in 2008, double the total in 2007, and well beyond most earlier estimates.
The study determined:
Strategic defaulters tend to go straight from paying their mortgages dependably to not paying at all.
Strategic defaulters are heavily concentrated in negative-equity markets like California and Florida.
Two-thirds of strategic defaulters have only one mortgage.
Most likely to default are home owners with large balances and the highest credit ratings.
Piyush Tantia, an Oliver Wyman partner and a principal researcher on the study, said strategic defaulters "are clearly sophisticated” and look on the decision to default as a business strategy. "Well, I'm $200,000 in the hole on my house, and yes, I'll damage my credit," Tantia says of defaulters.
Thursday, October 1, 2009
ACAR Green Task Force Update
Our Energy Audit on the ACAR building was facilitated and completed in June by Eco Edge and a detailed report was delivered to the Task Force in July.
Our first meeting’s focus with Sharon Patterson of Eco Edge was to develop a sustainability policy for ACAR with the intent to communicate to membership, staff and clients a commitment to improving environmental, social and economic sustainability over time through specific goals and objectives.
Our green sustainability policy is designed to work in tandem with ACAR’s Mission Statement to ensure that we are promoting responsible property development while protecting private property rights. Our sustainability policy states:
The Ada County Association of REALTORS® is committed to setting an example of environmental and social responsibility for the real estate profession and the public in Ada County with observance to the protection of private property rights for all. This commitment to sustainability starts with our office and extends to our membership and the community. We will provide members with education on the value of sustainable properties and green buildings and with the tools and resources to conduct their businesses in a more environmentally responsible manner that betters the communities in which we live.
Our next two meetings focused on digesting the results, and deciding what recommendations we felt were the most important to tackle. The process involves assigning Project Champions for each task, to research costs, vendors, possible grant money, and execution.
The recommendations and tasks at hand include correcting disconnected ducts, correcting distribution of insulation in attic, installation of carbon monoxide detectors, considering bathroom occupancy sensors, replacing cleaning products with products that meet GreenSeal criteria, replacing kitchen products with recycled products, purchasing alternative drinks, replacing lights with CFL and apply for a grant with Idaho Power to replace the fluorescent lighting. We have only just begun, but it is a great start to make our building better and more efficient.
You may have noticed we now have a Green Tip on our e-bulletins, too!
Our Green Task Force is to be commended for their work and dedication: thank you to Alicia Ralston, Alicia Reinhard, Holly Tastad-Pozel, Jan Higginbotham, Jill Giese, Jody Hinton, Judy Luce, Karyn Williams, Lydia Richards, Tempe McFarlane and from ACAR staff, Susan Hansen.
Laurie Barrera, REALTOR®, GREEN, EcoBroker Certified
2009 Green Task Force Chair
Our first meeting’s focus with Sharon Patterson of Eco Edge was to develop a sustainability policy for ACAR with the intent to communicate to membership, staff and clients a commitment to improving environmental, social and economic sustainability over time through specific goals and objectives.
Our green sustainability policy is designed to work in tandem with ACAR’s Mission Statement to ensure that we are promoting responsible property development while protecting private property rights. Our sustainability policy states:
The Ada County Association of REALTORS® is committed to setting an example of environmental and social responsibility for the real estate profession and the public in Ada County with observance to the protection of private property rights for all. This commitment to sustainability starts with our office and extends to our membership and the community. We will provide members with education on the value of sustainable properties and green buildings and with the tools and resources to conduct their businesses in a more environmentally responsible manner that betters the communities in which we live.
Our next two meetings focused on digesting the results, and deciding what recommendations we felt were the most important to tackle. The process involves assigning Project Champions for each task, to research costs, vendors, possible grant money, and execution.
The recommendations and tasks at hand include correcting disconnected ducts, correcting distribution of insulation in attic, installation of carbon monoxide detectors, considering bathroom occupancy sensors, replacing cleaning products with products that meet GreenSeal criteria, replacing kitchen products with recycled products, purchasing alternative drinks, replacing lights with CFL and apply for a grant with Idaho Power to replace the fluorescent lighting. We have only just begun, but it is a great start to make our building better and more efficient.
You may have noticed we now have a Green Tip on our e-bulletins, too!
Our Green Task Force is to be commended for their work and dedication: thank you to Alicia Ralston, Alicia Reinhard, Holly Tastad-Pozel, Jan Higginbotham, Jill Giese, Jody Hinton, Judy Luce, Karyn Williams, Lydia Richards, Tempe McFarlane and from ACAR staff, Susan Hansen.
Laurie Barrera, REALTOR®, GREEN, EcoBroker Certified
2009 Green Task Force Chair
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