| |
|
|
NAR's Pending Home Sales Index dropped 8.5 percent in February compared to the same month last year and rose 0.7 percent since January. David Lereah, NAR's chief economist, said unusually bad weather in February may be a factor in the index. "We also may be seeing some fallout from a decline in subprime lending. Problems in the subprime mortgage market will become more apparent over time, and they will modestly depress the overall level of market improvement we expect as the year progresses."Read more>
| |
Tighter lending criteria and fallout from the subprime loan debacle will lead to a healthier housing market with greater assurance that owners can handle mortgage adjustments, but higher loan standards will slow the housing recovery, according to NAR's latest forecast. David Lereah, NAR’s chief economist, said the changes are necessary for the long-term health of the housing market. "We want to people to be able to stay in their homes with mortgage terms they understand and can handle," he said. "Simply stated, a loan with the lowest monthly payment probably isn’t in your best interests – borrowers need to understand worst-case scenarios. If you’re in a mortgage you aren’t comfortable with, now is an excellent time to refinance, if you can, with historically low rates on safer conventional loans."
See the numbers>
Read the news release>
|
|
|
|
David Lereah's new book, All Real Estate is Local will tell you that many unconventional factors help determine the health of a local real estate market. "Each housing market has a unique DNA," Lereah says. Mobile technology, like Blackberrys, has helped to boost smaller metropolitan housing markets like Raleigh-Durham, N.C. A generous selection of Early-Bird Specials may draw retirees to certain areas, like Delay Ray Beach, Fla. And, if Oprah Winfrey decides to devote her show to your hometown, well, property values are likely to rise there, too. Read more>
| |
|
Provide valuable market insights from the trenches by participating in NAR's monthly Real Estate Practitioners Survey (REPS). We'll send you an e-mail once a month with five brief questions about your market expectations. We'll also include a link to results of the latest survey. Send an e-mail to Wannasiri Chompoopet to: Participate.>
| |
|
Half of all REALTORS® are affiliated with an independent, non-franchised firm; the typical REALTOR® has been with the same firm for four years and one-quarter of the typical practitioner's business is based on referrals from past customers. Find out all this and more in NAR's new Member Profile, coming to the REALTOR.org Store soon. Watch for it!>
|
|
|
Economic Issues and Residential Trends Forum | May 17 | 08:00 AM - 10:00 AM
This session will kick off with NAR’s Chief Economist David Lereah, who will discuss the impact of the subprime fallout on housing and the economy, as well as provide his latest industry forecast. Then, you'll hear from Anne Randolph, publisher of Lore Magazine, a lifestyle publication focused on people in the real estate industry, and a partner in Murray Consulting, a firm specializing in advising real estate businesses. She'll provide insights into consumer expectations in today's home buying and selling process and what that means for real estate professionals. Take home valuable tools to help you assess and succeed in your local market! Add to Your Midyear Meeting Event Planner.>
| |
Economic Issues and Commercial Trends Forum | May 17 | 1:00 PM - 3:00 PM
Learn what the future holds for the nation's commercial real estate market -- as well as snapshots of some of the most remarkable local markets -- from NAR Chief Economist David Lereah. Lereah will provide insights into market fundamentals and vulnerabilities. In addition, you'll get an international perspective from Julian Josephs, president of the International Real Estate Federation (known by its French acronym, FIABCI). Josephs will discuss how and why foreign tenants are attracted to U.S. commercial space. Don't miss this opportunity to invest in your commercial real estate knowledge bank. Add to Your Midyear Meeting Event Planner.>
| |
May 17 | 2:00 PM - 3:30 PM
Interpreting the vast amounts and types of housing data can sound like a daunting task. NAR Research's Senior Economist Lawrence Yun will take the mystery out and show you how to utilize housing data to boost your everyday business. This data can help you be a local market expert as well as increase your bottom line. Learn best practices for analyzing housing statistics and effectively communicating them to your buyers and sellers and the media. Add to Your Midyear Meeting Event Planner.>
|
|
|
|
NAR Research hosts the association's Strategic Planning Committee, which reviews the mission, values and direction of the association each year. Take a look at the most current Strategic Plan for NAR, published in November in 2006. Download your own copy, and/or request printed copies in quantity. Read more.>
|
Report compiled by NAR's Research Division.
Questions about this report? Contact Research at ljohnson@realtors.org. |
| | |
