NAR Newsletter
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Oct./Nov. 2007 |
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Realities is a monthly E-newsletter created especially for industry thought leaders and specialists by the National Association of REALTORS®. Write to us with your feedback and suggestions for future stories. To unsubscribe, click here. |
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Real Estate Is a Solid Long-Term Investment
There is much misinformation in the media these days about the real estate market. If you only read the national newspapers, you would think it’s a terrible time to buy or to sell a home. This has led to confusion among purchasers and sellers who deserve much better context to make such decisions.
read more>>. |
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House Passes Mortgage Cancellation Tax Relief Act
The U.S. House of Representatives passed the Mortgage Cancellation Tax Relief Act, H.R. 3648, by a vote of 386 to 27. Since the early 1990s, NAR has advocated for repeal of the current law, which forces individuals to pay an income tax when they have had a loan forgiven or have had to foreclose because of their inability to pay their mortgage.
read more>>.
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REALTORS® Support National Flood Insurance Program
In testimony before the Senate Banking Committee, the National Association of REALTORS® expressed support for reforming and expanding the National Flood Insurance Program (NFIP). The NFIP helps protect homeowners, renters and commercial property owners from losses sustained from flooding.
read more>>.
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2007 REALTORS® Conference
More than 30,000 REALTORS® are expected to attend the event from Nov. 13-16 in Las Vegas, this year titled “No Limits.” REALTORS® will be joined by industry experts, lawmakers, federal agency officials and other guests for a program that addresses the many issues facing today’s residential and commercial real estate markets.
Some of the important subjects that will be reviewed include a discussion on Economic Issues and Residential Real Estate Trends with leading economists; Land Use, Property Rights and Environmental Forum; and Mortgage Lending Issues, which will review the current subprime market and how to ensure we don’t face this again in the future. |
REALTORS® Make a Difference in Las Vegas Community
Continuing in the spirit of community building from last year’s experience in New Orleans, NAR and Greater Las Vegas Association of REALTORS® (GLVAR) members will complete two new homes with Habitat for Humanity Las Vegas. Additionally, volunteers will work on facility renovation projects with The Children's Service Guild.
read more>>.
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 NAR projects existing-home sales in 2007 will total 5.78 million, the fifth highest on record. That's comparable to 2002, the second year of the housing boom, which closed with 5.63 million existing-home sales.
That's competition: According to a study to be released in November, 70 percent of sellers in 2007 said they negotiated their agent's commission; 39 percent said the agent brought up that the commission is negotiable, 31 percent said the seller brought it up.
A good long-term investment: Typical sellers in 2007 have been in their homes for six years. A typical seller who purchased six years ago with a 10 percent downpayment is seeing a 43 percent return on their cash outlay.
The national median existing home price this year is projected at $219,000—43 percent higher than the 2001 median of $153,100.
Source: National Association of REALTORS®
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© Copyright NATIONAL ASSOCIATION of REALTORS®
Headquarters: 430 North Michigan Avenue, Chicago, IL 60611
DC Office: 500 New Jersey Avenue, NW, Washington, DC 20001-2020
1-800-874-6500
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