The articles on this page are samples of media coverage related to the Power of 'R' messages.
(July 20, 2014) The city has done well to build fundamentals such as co-working spaces, networking and mentorship to guide young startups as they get off the ground. “But I do think there are some areas where we fall short,” said Constance Freedman, managing director of Second Century Ventures, a Chicago-based venture fund for the real estate industry. Chiefly, she and other Chicago venture capitalists say, Chicago needs to get better at building young companies into self-sustaining firms.
(July 15, 2014) Housing affordability is taking a giant hit as home prices continue to rise, even if it is at a slower pace. As a whole, affordability is nationally down from 179.3 in May 2013 to 159.3 in May 2014, the National Association of Realtors said.
(July 15, 2014) The Chinese are on the move. In 2013, Chinese buyers snapped up $11 billion worth of properties in the United States, capturing second place (at 12 percent of all foreign buying) behind Canadians for the first time, according to the National Association of Realtors’ Profile of International Home Buying Activity. In the first quarter of 2014, Reuters reported that Chinese investors had even overtaken the first-place Russian expatriates in the purchase of Manhattan condos.
(July 14, 2014) NAR has launched a $35 million national consumer marketing campaign that will promote both Realtors and its official consumer website, realtor.com. The new campaign, “Real People,” features ads across TV, digital, radio and mobile channels and was designed to complement realtor.com’s “Accuracy Matters” campaign launched in May. NAR’s campaign targets homebuyers and sellers aged 25 to 54.
(July 10, 2014) Steve Brown, the president of NAR, said that Castro is the right person to lead HUD. “Mayor Castro’s vision for strong communities and affordable housing is the right fit for HUD, which has helped make the dream of homeownership a reality for millions of Americans,” Brown said. “We are encouraged by his record of achievements to revitalize the city center in San Antonio and his commitment to public engagement and collaboration. We look forward to working with Mayor Castro as he transitions into his new role as HUD secretary.”
(July 10, 2014) The real estate industry has jumped on drones as a way to promote properties for sale. But with the FAA slow to move on regulating the devices, the National Association of Realtors wants its members to slow their roll. At the moment, the National Association of Realtors is discouraging its members from using drones until regulations are in place, citing a 2007 FAA ban.
(July 1, 2014) While the National Association of Realtors support the Federal Housing Administration's (FHA) efforts to reduce mortgage insurance premiums for first-time buyers through its new Homeowners Armed with Knowledge (HAWK) counseling program, it is concerned that the fees borrowers will have to pay for counseling will offset the savings generated through the program.
(June 29, 2014) A growing number of homebuyers are bringing an unusual tactic to the negotiating table: an all-cash offer. “Since the supply of distressed properties has thinned out, we expected the all-cash sales would be falling, but that’s not the case,” said Lawrence Yun, chief economist of the National Association of Realtors, which recently released a survey showing the share of investors has dropped from 24 percent in 2012 to 19 percent last year and the first quarter of this year. “It implies that there’s plenty of cash sloshing around.”
(June 19, 2014) Down-on-their-luck homeowners who avoid foreclosure through short sales or loan forgiveness could owe the IRS big bucks because partisan wrangling is holding up extension of a popular tax break designed to help them. "We're talking about people who are financially distressed and simply don't have the wherewithal to pay this tax liability," says Steve Brown, president of the National Association of Realtors. "If they had the money, they wouldn't be in distress." The NAR sees the tax break's expiration as especially bad news for short sales, which Realtors consider crucial to helping the still-shaky housing sector recover. "
(June 18, 2014) “Banks at this point are reluctant to lend to borrowers with lower FICO scores. They mention in meetings with us consistently their concerns about putback risk, and I think they are -- it is difficult for any homeowner who doesn't have pristine credit these days to get a mortgage. I think that is one of the factors that is causing the housing recovery to be slow,” said Fed Chairwoman Janet Yellen. That sounds good to Steve Brown, president of National Association of Realtors, who said, “Tight credit is keeping qualified buyers on the sideline, slowing economic growth. NAR will continue to support efforts to increase liquidity in the mortgage market.
(June 18, 2014) The National Association of Realtors is warning that brokers who do not act in the best interests of their clients and fail to disclose the pros and cons of marketing strategies such as “coming soon” advertising may be exposing themselves to legal and professional liability. In an article posted on the trade group’s website, NAR General Counsel Katherine Johnson listed the steps that brokers and agents should take to ensure that their clients are able to make an “informed determination” of whether a “limited” marketing campaign is in their best interests, and that they are in compliance with state real estate license laws and regulations, MLS policies and the Realtor Code of Ethics.
(June 12, 2014) A proposed rule from the Consumer Financial Protection Bureau should require appraisal management companies to follow minimum standards when performing appraisal reviews, according to the National Association of Realtors. In a letter to five federal agencies, including the CFPB, the 1 million-member trade group said lenders and AMCs must have a system in place to judge the quality of the appraisals being received. “At present, appraisal reviews can range from sending work overseas with a checklist, which does not qualify as a review, to full Standard 3 field reviews that cost hundreds of dollars. There is no standard procedure,” wrote NAR President Steve Brown.
NATIONAL MORTGAGE NEWS
(June 11, 2014) Things are looking up for VA lending as specialists in the product redouble their efforts to get the word out and other low-down-payment products grow more expensive. A sharp increase in Federal Housing Administration mortgage insurance premiums is making VA more competitive, according to Megan Booth, senior policy representative at the National Association of Realtors. "There is not a Realtor alive today that thinks FHA is better deal" for veterans, Booth said. "That is helping the VA grow and it will continue to help the VA grow."