1997 Highlights
January
Andrew Cuomo succeeds Henry Cisneros as secretary of U.S. Department of Housing and Urban Development.
Amre Inc., operated as Century 21 Home Improvements, shuts its doors, letting some 3,000 employees go and liquidating its assets under Chapter 11 bankruptcy protection.
The Henry Co. merges with The Prudential Metro Group, REALTORS®, to form The Prudential Alliance, REALTORS®, in St. Louis.
NAR establishes Large Brokerage Advisory Council.
February
The Counselors of Real Estate, an NAR affiliate, releases a survey ranking industrial real estate as the best investment for 1997, followed by suburban office space and apartments.
NAR Midwinter Business Meetings: HUD Undersecretary Nicolas Retsinas encourages REALTORS® to lead reform of federal Real Estate Settlement Procedures Act. At same meetings, NAR Board of Directors approves special funding for a campaign to reform the 1974 law.
National Realty Trust (now NRT), acquisition arm of HFS Inc., announces plans to move from Mission Viejo, Calif., to Parsippany, N.J., HFS’ headquarters.
March
REALTOR® family debuts One Realtor Place®, an Intranet site for members, at www.REALTOR.COM. Nearly 14,000
REALTORS® register in the first month. Simultaneously, Today’s REALTOR® launches Today’s REALTOR® Online at the site.
Federal Trade Commission drops an eight-year investigation of NAR Code of Ethics.
HomeLife, Newport Beach, Calif., acquires Red Carpet Real Estate and National Real Estate.
R. Layne Morrill, NAR’s president-elect, testifies before a Senate committee in support of legislation to simplify the process for canceling private mortgage insurance.
Robert T. Moles, president and CEO of Contempo Realty, Santa Clara, Calif., is named president of Century 21 Real Estate Corp. Contempo becomes part of C-21.
Coldwell Banker Residential Affiliates Inc. releases a home price comparison index that shows Oklahoma City to be the country's most affordable area (average price: $99,333) and Beverly Hills the most expensive (average price: $766,250).
Terrence M. “Terry” McDermott, 54, CEO of the American Institute of Architects in Washington, D.C., is named executive vice president of NAR to succeed the retiring Almon R. “Bud” Smith on Sept. 1.
NAR reports existing single-family home sales rate of 4.26 million units for February, the second-highest rate ever recorded by NAR.
Richard Woodbury, chairman of NAR’s Public Policy Coordinating Committee, testifies before a House committee in favor of a capital gains tax cut.
April
In Chicago, HUD kicks off series of homebuyer fairs.
One Realtor Place® has 18,000 users.
REALTOR.COM and USA TODAYOnline announce a partnership making REALTOR.COM the exclusive source of real estate listings at USA TODAY's online classifieds area.
REALTOR.COM and NBC sign an agreement making REALTOR.COM the exclusive real estate site in the NBC Interactive Neighborhood (NBC-IN).
May
About 4,000REALTORS® visit their senators and representatives during Midyear Business Meetings in Washington, D.C.
IHFS announces intentions to merge with marketing giant CUC.
REALTOR.COM and America Online's Digital City announce a partnership making REALTOR.COM the exclusive source of real estate listings at Digital City.
One Realtor Place® has 23,500 registered users.
June
NAR President Russell K. Booth joins House Speaker Newt Gingrich in building a Habitat for Humanity house in Washington, D.C., to kick off National Home Ownership Week.
In its annual compensation survey, Today’s REALTOR® reports NAR members’ median gross income from real estate rose about 14 percent--from $33,600 in 1995 to $38,300 in 1996. The median for female members went up 16 percent from 1995 to 1996.
Realty World, Irvine, Calif., announces it has stopped focusing on franchise sales and has formed a small-broker network.
One Realtor Place® has 27,000 registered users.
July
NAR reports a second-quarter housing affordability index of 125.5, which means that a family earning the median income has 125.5 percent of the income needed to buy the median-priced home.
Real Estate Connect 97: The Commerce and Technology Summit is held in San Francisco.
REALTOR.COM and Classifieds2000 announce a partnership agreement to distribute REALTOR.COM property listings throughout the Classifieds2000 Network.
One Realtor Place® has 30,319 registered users.
August
President Clinton signs the Taxpayer Relief Act into law.
Mason-McDuffie Real Estate, Walnut Creek, Calif., joins the Prudential Real Estate network.
NAR reports record-breaking level of existing single-family home sales for August.
In a meeting with HUD Secretary Andrew Cuomo, NAR President Russell K. Booth pounds home the need for RESPA reform.
One Realtor Place® has 32,980 registered users.
September
NRT buys Cornish & Carey Residential Inc., of Palo Alto, Calif., for Coldwell Banker Residential Brokeragein northern California.
Days after the Cornish & Carey purchase, NRT buys The Prudential Jon Douglas Co., of Beverly Hills, Calif., also for Coldwell Banker Residential Brokerage.
In its monthly existing-home sales report, NAR forecasts 4.10 million existing-home sales for 1997, which would top last year's record 4.09 million.
REALTOR.COM announces it will soon be supplying industry news through the PointCast Business Network.
HUD Secretary Andrew Cuomo issues letter to Congress saying he'll delay RESPA employee compensation rule as long as fundamental RESPA reform is progressing on a reasonable schedule.
One Realtor Place® has 36,259 registered users.
Costco, a discount retailer in Issaquah, Wash., introduces a program that offers consumers cash rebates off real estate
commissions.
October
REALTOR.COM posts its 1 millionth property listing.
Insignia Financial Group Inc., Greenville, S.C., acquires Realty One, based in Cleveland.
NRT buys Barbara Sue Seal Properties Inc., Portland, Ore., for Coldwell Banker.
House Speaker Newt Gingrich dedicates two Habitat for Humanity houses in Washington, D.C., to mark start of “The House That Congress Built: In Your Congressional District.”
Vice President Al Gore announces that the national homeownership rate rose to 66 percent for the third quarter of 1997--the highest rate in history, according to HUD.
One Realtor Place® has 38,668 registered users.
U.S. House of Representatives passes NAR--supported property rights bill that allows owners who feel their rights have
been violated in land use disputes to take their case directly to federal courts.
NAR reports that existing-home sales reached a record-breaking pace in September--a seasonally adjusted annual rate of 4.32 million, up 7.5 percent from a year ago.
Liberty Mutual Group joins NAR’s REALTOR RewardsTM program, with new group rates on property and casualty insurance for NAR members.
November
Roach Wheeler Inc. finalizes merger with Fox & Lazo Inc., REALTORS®, to form Fox & Roach, REALTORS®, based in Devon, Pa.
At REALTORS® Annual Convention & Trade Exposition in New Orleans, NAR launches its home page as part of www.REALTOR.COM.
Also at convention, R. Layne Morrill is inducted as president of NAR.
