In each Economic Update, the Research staff analyzes recently released economic indicators and addresses what these indicators mean for REALTORS® and their clients. Today’s update discusses new home sales.
- New home sales fell sizably in July. The latest figure of 394,000 (annualized sales rate) is 13 percent below the prior month’s level, though still up from one year ago.
- New home sales measure contract signings and not closings. By contrast, existing home sales released earlier in the week, which had spiked upward to the highest level in 4 years, measures closings. The fact that contract signing is coming down on new home sales likely reflects higher mortgage rates. Another factor is the still very sluggish level of new home construction. Simple math of low new home construction means fewer new home sales. This is reflected in essentially 50-year low inventory levels, as even falling new home sales is not leading to any measurable gains in unsold inventory.
- Meanwhile, the median price of a new home rose by 8.3 percent from one year ago. Tight inventory and higher construction costs are pushing up prices. The gap between new home price and existing home price is still abnormally high. Therefore, there is still further room for existing home prices to catch up.
- The prospect for new home sales is still up, despite the latest month’s tumble. The reasoning is simple. There is a broad housing shortage. Only homebuilders can genuinely relieve the inventory conditions. Whatever builders are building are selling, despite again the one month hiccup. Therefore housing starts will rise over the next two years for sure. More new home construction, then naturally, more new home sales. The only bottleneck at the moment is the difficulty of obtaining construction loans.
REALTOR® confidence about the outlook for real estate markets over the next six months fell across the single-family, townhouse, and condominium markets in July. A confluence of factors tempered REALTOR® optimism: higher mortgage rates, rapid price gains amid a slow economic recovery, lack of inventory in many areas, and stringent credit conditions. REALTORS® ascribed the low volume of condominium sales to lack of FHA financing, with many condominiums not being FHA-approved. The Indexes for buyer and seller traffic also declined in July, additional indicators of market deceleration.
What Does This Mean for REALTORS®? The decline in REALTOR® confidence is probably temporary as the market adjusts to interest rates, a lack of inventory, and a leveling off of prices. The economy continues its slow but positive expansion along with the creation of additional jobs (a major driver of housing demand). Recent concerns about an over-heated housing recovery or, alternatively, a housing market slipping back into decline appear to be irrelevant based on available data.
- The strongest improvements in median sale prices over the four-quarter period ending in June of 2013 were dominated by markets from the Sun Belt and Atlanta. These markets experienced some of the largest price declines following the subprime bust and economic recessions which were followed with a subsequent spike in foreclosures.
- While investors in lower-priced properties in these markets led the early increases in home purchases and price growth in 2011, steady price appreciation in these markets has helped to attract additional investors and first-time homebuyers into the fray, spreading the price appreciation and stability to other portions of the market.
- Several of the markets that experienced price declines are in states with a judicial foreclosure which take additional time relative to non-judicial states and create uncertainty for lenders. This uncertainty has weighed on price recovery in judicial states.
- Additional information on price dynamics is available in the Local Market Reports for the 2nd quarter of 2013.
In each Economic Update, the Research staff analyzes recently released economic indicators and addresses what these indicators mean for REALTORS® and their clients. Today’s second update discusses the latest numbers from the FHFA house price index.
- FHFA released monthly and quarterly home price data today covering prices through the second quarter and June. The purchase-only data, based solely on repeat prices from purchase transactions, showed a 2.1 percent rise in the second quarter from the first quarter, the eighth consecutive quarter of increasing prices.
- Monthly data showed that prices were up 0.7 percent from May to June, the 17th month of consecutive increase, and up 7.7 percent from June 2012 to June 2013. By comparison, NAR reported that the price of the median home sold increased 13.4 percent from June 2012 to June 2013 and showed that the gains continued in July. FHFA data from July will be available next month.
- In the quarterly release, FHFA has more localized data. This month’s release showed that from a year ago, price gain was the fasted in Nevada, California, Arizona, Oregon, and the District of Columbia. Four other states had double digit gains in home prices from one year ago. All states showed gains. Those states with the smallest price gains were Kentucky, New Jersey, Alaska, New York, and New Mexico.
- FHFA also publishes metro area data. For the year, Las Vegas and Stockton-Lodi, CA each had price gains of 26.6 percent as measured by the purchase-only index available for the 100 most populated MSAs. Only two of the 100 most populated MSAs saw slight declines in prices from one-year ago; Syracuse, NY and Columbia, SC each saw declines of less than 1 percent.
- For the year ending in June, the top twenty metro areas by home price appreciation out of the 401 covered as measured by purchases and refinance data were in 7 states: California, Arizona, Nevada, Oregon, North Dakota, Florida, and Idaho. Stockton-Lodi, CA topped the list with a 19.4 percent gain in home prices from one year ago. Phoenix and Las Vegas rounded out the top three. While there were no price declines at the state level, some metro areas did see slight declines. The metro areas with the biggest decline in home prices in the last year was Norwich-New London, CT where prices slipped 3.36 percent. Gulfport, MS and Rockford, IL rounded out the bottom 3.
In each Economic Update, the Research staff analyzes recently released economic indicators and addresses what these indicators mean for REALTORS® and their clients. Today’s update discusses the latest leading economic indicators.
- The leading economic indicators are pointing to continued expansion in the economy. In July, the indicator index rose 0.6 percent and the pace of increases over recent months appears to be accelerating. This is good news for GDP growth and job growth prospects.
- Though there was a slight pullback in consumer sentiment and weekly average work hours, the rise in new durable goods orders, housing permits, and the stock market (in July) more than made up for the broad index to point to better economic times ahead. Moreover, the spread between short-term and long-term interest rates are widening, which generally has been a better economic outlook. These measurements are reasonably consistent with NAR’s projection of 2 million net new jobs this year and a slightly higher number next year. More jobs are needed for higher home sales in a rising interest rate environment.
- The leading economic indicators for China have been rising a bit faster, 1.4 percent in July. The Chinese economy will therefore likely move a bit faster than the U.S. economy.
- Though the leading indicators are good for a short-term outlook of 12 to 18 months, they are clueless about the longer-term forecast.
- China, for example, had been growing fast but will undoubtedly slow as copy-cat technological improvements dry out. Moreover, China faces a long-term problem that will be very hard to overcome. It is a culture of favoring sons over daughters. A highly distorted sex ratio at birth in the past decade will result in about 30 million more young men in their twenties than young women of the same age in a few years. Are social unrest and fighting on the horizon in China?
- The tragic story of Anne Boleyn is a good illustration of why you should not discount daughters. King Henry VIII fell madly in love with Anne while he was married to another woman. After a complicated separation of England from the Catholic Church, the King later lawfully married Anne. But when she couldn’t produce a male heir, the King had Anne on the chopping block (and subsequently re-married four more times). Anne, however, did leave behind one important legacy: her daughter Elizabeth. The Virgin Queen, as Elizabeth eventually found a way to the throne, set the conditions for Britain to rule the waves over the next 300 years and oversaw an empire where the sun never set. Never underestimate a daughter’s potential for greatness.
In each Economic Update, the Research staff analyzes recently released economic indicators and addresses what these indicators mean for REALTORS® and their clients. Today’s update discusses mortgage rates and affordability.
- The average rate on 30-year mortgage looks to hit 4.7 percent very soon.
- The 10-year Treasury has inched higher this week ahead of tomorrow’s release of minutes from the most recent meeting of the Federal Reserve Governors. Light August trading volume and a dearth of economic data this week have added to the uncertainty.
- Traders of Treasuries and mortgage backed securities are concerned about the timing of the Fed’s imminent winding down of its program to purchase these securities. Most bets are for September, while a few are for the beginning of 2014.
- The end of the Fed’s program would result in higher rates for home buyers. But how will it impact home purchases? The answer is it depends.
- The US has experienced periods of rising rates before without a decline in home sales volumes both in mid and late 1970s as well as in 1994 and 1999 through 2000. However, as rates spiked above 10% in the early 1980s, home sales fell to their lowest levels in nearly a decade. The good news is that rates are not likely to rise to 17%.
- Rising mortgage rates combined with higher home prices will erode affordability, which is at record lows. However, affordability is still strong and will remain so with modestly higher rates or prices and there are many homebuyers who have not been able to participate in the market in recent years due to tight lending conditions. Income growth does need to improve over the long-term though.
In each Economic Update, the Research staff analyzes recently released economic indicators and addresses what these indicators mean for REALTORS® and their clients. Today’s update discusses state level employment.
- Job growth has been the fastest in Utah, Arizona, and Georgia in the past 12 months to July, all expanding at double the national growth rate. Utah has already recovered all the job losses that occurred during the recession and is charting new highs. Arizona and Georgia still have further to go before surpassing their peaks.
- Happy to see the very hard hit state of Michigan generating jobs, though it will not reach its prior peak anytime soon.
- The states in the upper Great Plains had very low unemployment rates. North Dakota in particular had the lowest unemployment rate in the country with only 3 percent of adults unable to find jobs. Many years of steady job growth are contributing to such a low jobless rate.
- The unemployment rate was the highest in Nevada and Illinois with more than 9 percent without jobs. Georgia still has a high unemployment rate of 8.8 percent, but at least the Peach State is quickly adding jobs which will lower the unemployment rate in the upcoming months. Nevada is adding some jobs. Illinois, unfortunately, was the only state with a high unemployment rate and very low job creation. Therefore, the high unemployment rate will stick around a while longer in Illinois.
- The Chicago area, comprising more than two-third of Illinois jobs, was one of the fastest growing cities at the turn of the last century. That is, around the year 1900, Chicago was the railroad center of the country and anyone with good business ideas happily moved to the city. The Great Migration from the Deep South was also occurring as jobs with good wages were plentiful. Many of the great buildings in Chicago are a testament to those fast growing times. Today, Chicago is no longer the Second City despite having a great comedy theater by that name (LA took that spot). Chicago could easily drop to fourth, behind Dallas-Ft. Worth by the next decade if job growth does not meaningfully pick up.
In each Economic Update, the Research staff analyzes recently released economic indicators and addresses what these indicators mean for REALTORS® and their clients. Today’s update discusses housing starts.
- New home construction rose in July to 896,000 (annualized pace), up 6 percent over the month and showing a decent gain of 21 percent from a year ago. The monthly gain was in multifamily and not in single-family new units, though both property types are up from one year ago.
- Even with the increase, housing starts are still well below the long-term average of 1.5 million new units each year. In other words, do not expect any notable relief to the housing inventory shortage any time soon. Another good 50 percent increase in new home construction is needed to help relieve the inventory shortage conditions.
- The inventory of newly constructed homes is essentially at a 50-year low. Months’ supply – how many months it would take to exhaust the inventory at the current sales pace – is also bumping into low figures. Whatever the builders are constructing is getting sold. Yet, more building activity is not taking place.
- Because of excessive government regulation arising from the Dodd-Frank financial regulatory law and the uncertainty related to international capital rules (Basel III), construction loans have been very difficult to come by. Many small-time local home builders, therefore, have all but thrown in the towel. But the big builders who can tap Wall Street funds like Toll Brothers and Lennar are smiling. Less competition from small home builders will no doubt lead to an environment of more tacit collusion among large builders. A case of the revenge of economic laws on American consumers because of excessive government regulation?
- From consumers’ perspective, inventory will continue to remain tight in most of the country. Multiple bidding is not going away in those markets with acute shortages, even with rising mortgage rates.
- At least new homes are built for durability in the U.S., providing the basis for wealth building for U.S. homeowners and their inheritors. In Japan, homes typically get demolished after 30 or 40 years with zero value at the end, other than the land value. Part of the reason is a culture of wanting to experience renewal. But it could also be due to the very high inheritance tax in Japan. Why leave something behind if the government is essentially going take a big chunk of your asset?
In each Economic Update, the Research staff analyzes recently released economic indicators and addresses what these indicators mean for REALTORS® and their clients. Today’s update discusses the consumer price index (CPI).
- Consumer prices are on the rise, though slowly. The latest consumer price index (CPI) increased by 2.0 percent from one year ago (very manageable inflation and nothing to worry about). It also means that social security checks will get bumped up by roughly 2 percent next year. For those working, wages are a hair below inflation, with the wage rate rising 1.9 percent from one year ago. Though only a bare difference, it is a psychological blow to workers in not getting ahead of inflation.
- Rents rose by 2.8 percent, a continuing slow squeeze on renters to empty their wallets. Meanwhile the fuzzy figure of owner-equivalent rent (the hypothetical of what the homeowners would pay in rent if they were renting out their home) rose by 2.2 percent. Falling vacancy rates and fewer inventories of homes for sale assure that the housing component of inflation will tick higher in upcoming months. Home prices have been rising at a double-digit rate of appreciation but are not included in the CPI for the same reason that stock prices are not included as they are considered investment assets.
- Quite a measurable decline in medical service fees has been one key reason for the broader tame inflation figures. The latest increase was 2.6 percent compared to 4 to 6 percent annual gains in the past decade. Should the medical fees somehow revert back to higher inflation on top of rising housing rent costs, then inflation will get uncomfortable and will force the Federal Reserve to quickly raise interest rates. So far, inflation is not a concern, but it bears close monitoring.
- One huge negative consequence of rising inflation for the housing market, if or when it occurs, is that banks will have to charge higher mortgage rates in order to compensate for the loss in purchasing power of the returned money. Recall in the 1970s and early 1980s, mortgage rates were very high because inflation was high. Another negative worth watching is that the Federal Reserve will have to report a loss on its huge accumulation of bond purchases. (Econ 101: higher interest rate on a bond lowers the price of the bond). Though not a consequential event in terms of economic impact or the amount lost, there will be a political firestorm about why the Fed is losing money. This theatric show can be expected in 2015 or 2016.
- Foot traffic provides a strong indication of future home sales. SentriLock, LLC. provides NAR Research with monthly data on the number of showings.
- Foot traffic eased 2% over the 12-month period ending in July in the area covered by the Maine Real Estate Information Systems. July was the first month of a year-over year decline after three consecutive increases.
- Mortgage rates jumped at the end of June rising nearly a full percentage point to average roughly 4.5% in July. Rates along with low inventories likely drove this months decline, however current rates are historically low and affordability is strong.
In each Economic Update, the Research staff analyzes recently released economic indicators and addresses what these indicators mean for REALTORS® and their clients. Today’s update discusses retail sales.
- Consumers are shopping, with retail sales rising by 5.4 percent from one year ago in July. Motor vehicle sales were boosted by 11 percent, while furniture/home furnishing stores notched up 3 percent. Food service and drinking places recorded 4 percent expansion.
- No doubt the recovery in the housing sector is providing the impetus for broader consumer spending. With home sales up 15 percent and home prices up 13 percent, spending on carpets, lawn care, moving trucks, and such naturally rises. Increases in housing wealth provide the confidence to spend more and help the economy.
- Buying stuff gives a boost to happiness for many people, even if temporarily, according to research. To this end, there will be even more happiness in upcoming months since the housing market recovery will continue and consumers will, therefore, shop more. Based on feedback loops of consumer spending, jobs, housing, and such, the economy should expand by better than 2 percent in the second half of this year, leading to 2 million net new jobs in 2013.
- But before getting carried away with shopping, we should be mindful of difference between temporary and lasting happiness. Here’s an example out of history: Empress Sisi is an iconic figure in Germany and Austria. She was considered by many to be the most beautiful person of her time. She lived in grand palaces and could buy anything she wanted. But in great contrast to her youthful and happy energetic days of running around freely as an ‘insignificant’ person, she became increasingly melancholy after being chosen as the wife of an Emperor. Her free spirits evidently died in the royal courtly life leading to a tragic end to her life. This story is a simple reminder for us that the best things in life, such as taking a walk in the park with a special person, cannot be purchased and are free and priceless.
In each Economic Update, the Research staff analyzes recently released economic indicators and addresses what these indicators mean for REALTORS® and their clients. Today’s update discusses the federal budget deficit.
- The federal budget deficit continues to shrink. For the month of July, the deficit was $98 billion. Though large, it is down from $117 billion this time last year. The 12-month cumulative deficit is also shrinking.
- The reason for a smaller-sized deficit is that the housing market is recovering nicely and contributing to economic growth. As more people work, more pay taxes and fewer receive government benefits. Sequestration of automatic government spending cuts is also helping reduce the deficit. In addition, the profits from Fannie and Freddie are turned over to the government since these organizations have been effectively nationalized.
- Though it is good news that deficit is falling, it is still a deficit (too much spending in relation to tax revenue) and still very high by historical standards. Only faster economic growth can eventually help turn a deficit into a surplus – as happened during the late 1990s.
- In today’s world economy, Germany is the only notable economy with virtually no deficit. That is due to low unemployment in the country. Munich in particular has only a 2 percent unemployment rate, with Bavarian Motor Works (otherwise known as BMW) cranking out cars for exports. Germany did have high unemployment a decade ago and was known as the sick man of Europe. However, the labor market reform which permitted companies to easily fire workers led entrepreneurs to aggressively hire workers (Companies do not like to hire if they cannot fire). In addition, unemployment benefits were sizably reduced. The consequent job creations are contributing to a healthy German economy.
- The falling U.S. deficit is good news for homebuyers. Lower budget deficit will mean less pressure for the interest rates to rise quickly over time.
The Federal Reserve released its survey of senior loan officers (SLOOS) earlier this week. On its face, the survey suggests a modest loosening of credit for prime and non-traditional lending. However, the picture is a little more mixed for those groups and credit for borrowers with less than pristine credit remains tight.
Respondents to the SLOOS survey indicated an improvement in mortgage lending to prime and non-traditional borrowers. However, lending to subprime borrowers tightened from last quarter.
While respondents indicated a loosening of prime borrowing, this may not represent an expansion of credit to the market as opposed to a shift from FHA backing to conventional backing. As depicted below, the share of mortgages backed by either Fannie Mae or Freddie Mac that had a down payment less than 10% bottomed at 8% in 2010. Rising foreclosures put pressures on private mortgage insurers some of which became illiquid over this period and stopped issuance of new policies as a result. However, this trend reversed course in 2012 before rising sharply in 2013. The excellent performance of loans made in recent years has helped these companies to recapitalize as problematic older loans aged off company books. Furthermore, some companies restructured or received new infusions of capital, while a few new, freshly capitalized companies entered the industry. As a result, private insurers reintroduced support for lower downpayment mortgages and/or reduced pricing for it. Combined with better prospects for the market in 2013, the effect has been an increased willingness of lenders to originate loans for backing by the GSEs since pricing has improved and the counterparty risk from a weak or insolvent mortgage insurer has declined significantly. In short, if a borrower goes into default, the lender can count on the mortgage insurer to cover the cost. This change and improved pricing has shifted originations to the GSEs rather than to the Ginnie Mae which securitizes loans that are insured by the FHA. The shift from the FHA to private MIs helps elligible borrowers as private mortgage insurance rates are significantly lower.
While this shift signals a thaw in originators’ and insurers’ perception of risks, the change does not impact lending down the credit spectrum, so the credit box as a whole remains tight. Recent trends in FICOs and DTIs of purchase mortgages in the conventional market bear out this trend as the average FICO on conventional and FHA purchase originations remain significantly higher than prior to the period of loosened credit standards.
An interesting insight from the SLOOS this quarter is that lenders have become modestly more willing to originate non-traditional mortgages, which includes ALT-A or limited documentation, interest only, ARMs with multiple payment options, longer terms than 30-years or other such features. This is partly a reflection of new specialized entrants into the servicing industry. However, with home prices rising sharply and affordability softening, this might reflect consumers seeking to stretch their dollars. Many of these feastures would fall into the non-QM space, which sadles lenders with significantly more legal liability. It has been argued that few lenders would originate in this space, but it appears that a niche market has developed though its size is not clear. This trend may reflect close relationships between particular originators and specialty services, which would help to mitigate risk through information sharing and high touch with the borrower.
Finally, the SLOOS survey included several special questions this quarter regarding lenders’ willingness to originate in the 2nd quarter of 2013 as compared to the average for the entire period from 2005 to present. In general, lenders are near or slightly more conservative than the midpoint of this period. However, the difference in willingness to lend was notably tighter outside of the large banks, even for originating FHA product which provides a 100% backstop for these originators.
The housing market is on the rebound while the glacial pace of regulatory reform of housing finance is beginning quickening and the mortgage market is beginning to thaw. As a result, private capital is returning in the form of mortgage insurers, but private securitizations remain anemic in number and skewed to pristine borrowers, while lenders remain cautious against oversight and litigation. As rates rise, lenders are likely to push the credit box wider as higher rates and limited refinancing make purchase lending more profitable. However, until then access remains tight.
Proximity to the home country, the presence of relatives, friends and associates, job and education opportunities, and climate and location appear to be important considerations to prospective buyers. This information is based on the National Association of REALTORS® 2013 Profile of International Home Buying Activity, which captures transactions of respondents in the 12 months ended March 2013.
Arizona is one of the major destinations of international clients. About 66 percent of the reported international purchases for property in Arizona were from Canadian buyers.
There is a good chance of having a foreign buyer, whose expectations and needs may differ from those of U.S. buyers. The site http://www.realtor.org/global provides a substantial amount of information that may be of help to REALTORS® not experienced in dealing with international clients.
At the national level, housing affordability is down due to higher home prices even though mortgage rates are still historically low. What is affordability like in your market?
- Housing affordability is down for the month of June in the U.S. as prices reach their highest level since August of 2007. Mortgage rates, as measured by the FHFA monthly survey based on June home sales closing, ticked up a notch this month, bringing down affordability in June.
- Mortgage rates are still lower than a year ago and incomes are higher, but with inventory shrinking that will cause prices to increase which will continue to bring affordability down.
- By region, affordability is down from one month ago in all regions, with the Midwest seeing the biggest drop. From one year ago, affordability is down in all regions. The West had the biggest drop in affordability because it had the biggest price gain at 18.5%.
- Affordability will probably decline again next month as the rise in mortgage rates affects July closings. Affordability could strengthen in the months beyond that, if prices retreat from their seasonal peak enough to offset higher mortgage rates. However, if many buyers are looking to buy now to lock in historically low mortgage rates before they rise further, prices may not retreat as much as is typical. While affordability is down from its recent record highs, this June marks the 3rd most affordable June on record since the index was started in 1971.
- Check out the full data release here.
- The Housing Affordability Index calculation assumes a 20 percent down payment and a 25 percent qualifying ratio (principle and interest payment to income). See further details on the methodology and assumptions behind the calculation here.
Approximately 18 percent of respondents who reported a sale in May sold a distressed property, substantially down from levels a few years ago, but unchanged from April. REALTORS® continued to report strong demand for REOs from investors. [Source: June REALTORS® Confidence Index Survey]
What Does this Mean for REALTORS®?
The major market problem now is lack of home inventory: problems with distresseed real estate have declined significantly. The reported”Shadow Inventory” and expected problems have not shown up in the market to any signficant degree—and the market could absorb a significant increase in inventory if it did show up. Right now the major market problem is the lack of home inventories for sale.
- Foot traffic can give a strong indication of future home sales. SentriLock, LLC. provides NAR Research with monthly data on the number of showings.
- Foot traffic in the area covered by the Shasta Association of REALTORS® rose 2% in July of 2013 compared to a year earlier. July was the second consecutive month of year-over-year gains following four months of consecutive declines in foot traffic.
- Traffic may ease due to higher mortgage rates since May, but that trend has not developed here yet.
International buyers are generally upscale when buying a residential property in the U.S. Based on information in the 2013 Profile of International Home Buying Activity, which covers the 12-month period ending March 2013, the mean price of reported international purchases was $354,193, compared to a nationwide mean price for all home sales of $228,383.
The international non-resident client is likely to be substantially wealthier than the median domestic buyer, may be looking for a trophy property, and is probably looking for a property to be purchased after having met essential living needs. The international residential client may be looking for a property in a specialized niche, for example, a larger property suitable for multi-generational living, or a property that establishes the individual’s presence and standing in the community.
What Does This Mean to REALTORS®?
There is a good chance of having a foreign buyer, whose expectations and needs may differ from those of U.S. buyers. The site http://www.realtor.org/global provides a substantial amount of information that may be of help to REALTORS® not experienced in dealing with international clients.
- Foot traffic can provide great insight into the direction of future home sales. SentriLock, LLC. provides NAR Research with monthly data on the number of showings.
- Foot traffic in the area covered by the Pismo Coast Association of REALTORS® was 14% lower in July of this year than the same time in 2012.
- However, traffic has been consistently lower in 2013 reflecting tight inventories and the inability of new inventories or construction to meet demand.
This summer, NAR Research premiered a series of free webinars that took an in-depth look at several of our most popular surveys and profiles. Manager of Member and Consumer Survey Research Jessica Lautz led the webinars and discussed the highlights of each report. In case you missed any of this summer’s webinars, we have posted direct links below to the playbacks/downloads:
- Overview of the latest Profile of Home Buyers and Sellers
- Overview of the 2013 Profile of Home Buyers and Sellers Generational Trends Report
- Overview of the 2013 Home Features Survey
- Overview of the 2013 Commercial Member Profile, and the 2013 Member Profile
- Overview of the 2013 Investment and Vacation Home Buyers Survey