Housing Finding the Bottom 2012
March 27, 2012 by admin
Filed under NAR, Positive Real Estate
From John Burns :Over the last 3 months, prices are up in 90 of the 97 markets we analyzed. The average price increase over the last 3 months is 1.1%, or a 4.5% annual rate.
- Prices have been trending up nationally since January .
- In the last 3 months, 90 of 97 markets we analyzed appreciated.
- More markets have turned positive recently, with 93 of the 97 markets we analyzed showing appreciation over the last month.
- No other major price index has picked up on this trend yet. The National Association of Realtors did report last week that median price was up in February, but their short-term trends have been historically volatile and unreliable because of sensitivity to mix shift and seasonality (e.g., false uptick in November 2011).
NAR is reporting year over year increase of sales in February of 9.2%.
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Home sales? All signs positive
– Sales of existing homes fell 0.9 percent in February after an upward revision to the prior month, as improving job prospects, cheaper homes and warm weather led to the best start to the year since the bursting of the …
www.pittsburghlive.com
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Million Dollars Homes Selling
March 31, 2011 by admin
Filed under NAR, Positive Real Estate
Image via Wikipedia
A Russian billionaire purchased for $100 million a French chateau-style mansion in Silicon Valley. This is the highest known price paid for a single-family home in the U.S.
The purchase of the 25,500-square-foot home in Los Altos Hills, Calif., illustrates the strength of the upper end sales across the country.
The National Association of Realtors has recently reported that homes priced at or above $1 million were up 3.9 percent in February accounting 2 percent of all sales.
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NAR Supports the Growth of Small Businesses
August 2, 2010 by admin
Filed under Home Resales, Investors, Mortgages, NAR, Pending Home Sales, Positive Real Estate, Positive Real Estate Brokerages, Real Estate Articles
- Image via Wikipedia
“As the leading advocate for private property rights, NAR believes it is critical for Congress to act soon and to get capital flowing to small businesses and to the commercial real estate market,” Jim Helsel, treasurer of the National Association of Realtors, told the House Committee on Financial Services. He explained that raising the SBA loan limits and allowing the SBA 504 loans to be used to refinance property can help ease the liquidity crisis in the commercial sector. He went on to articulate that the NAR strongly supports the H.R. 3380 because it is projected to raise the credit union member business lending cap from 12.25 percent to 25 percent of total assets. Small regional and community banks make up for close to half of the small business loans issued in the United States. Needless to say, available credit unions increase the credit accessible by small businesses.
Source: NAR
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NAR Breaks Down the Bailout Benis
February 13, 2009 by admin
Filed under NAR, Positive Real Estate
Dear Fellow REALTOR®,
Here’s our take on the Stimulis Bill and Treasury announcements made this week. We look at the Stimulis package AND the Treasury’s package holistically, in compliment with each other – mostly because that’s how the Obama team is looking at it. Your representatives, the NAR Board of Directors, asked us in November to do 4 things (with an unspoken but clearly understood mandate to PRESERVE what we already have). Here they are: 1) get loan limits raised for high cost areas, 2) make the $7,500 tax credit NOT a loan, 3) try to find ways to push interest rates down (which are higher than they should be due to systemic risk right now) by 200 basis points, and 4) help provide solutions to the foreclosure/short sale problem.
So here’s what we have achieved: 1) the loan limits will be raised to $727,000 in high cost areas, 2) the tax credit will be raised to $8,000 with NO payback [a true credit], 3) interest rates have come down 125-150 basis points, and 4) the bill has over $50 billion in it for foreclosure mitigation, with Geitners Treasury plan signaling that the second half of TARP and TALF will be used to mitigate foreclosures through a government guarantee, drive down interest rates by buying another $200-300 billion of mortgage paper from the GSES’s thereby freeing them up to do the same with new mortgages, and Fannie has just agreed to lift the cap of 4 investment properties eligible for loans and raise it to 10.
In addition, we preserved what we have – which some tend to forget is always on the table when these negotiations start up again – mortgage interest deductability, real estate tax deductability, and the $250,000/$500,000 cap gains exclusion (an overall package worth more than $100 billion and for some a very attractive funding source for their pet projects).
We did make a run at the $15,000 credit — and we would have loved to have gotten that or the Homebuilders $22,000 credit idea as well as their 5 year loss carryback deal, but they were considered too rich for this program. What it did do though is totally take the debate off of whether a tax credit should be reinstated at all (it expired last year) and whether it was a true credit or a repayable loan, and kept the conversation on how much it should be. It also kept the debate off of ‘what we are willing to give up to get a $15,000 tax credit’ and kept the debate again, on how much it should be. It’s pretty hard to complain when they give you what you ask for and you lose something you never had.
While we study the Treasury specifics on their major role in providing the rest of the housing solution — there is much more to come and we are working diligently with the Administration to help ‘unclog the pipeline’ and get capital flowing into housing again.
Sincerely,
Charles McMillan, CIPS, GRI
2009 NAR President
