Brian Kerrigan

Peoples’ Self-Help Housing Corporation (PSHH) invites the public to attend a free foreclosure prevention workshop on Wednesday, March 11th at 6:30 p.m. in the Community Building at Dahlia Court Apartments, at 1300 Dahlia Court, in Carpinteria. The workshop will be conducted in Spanish and English simultaneously.

The workshop is open to Santa Barbara and Ventura area homeowners who wish to learn more about the foreclosure process and what other options may be available besides foreclosure to resolve their current situation. Participants will learn strategies to preserve homeownership and avoid foreclosure. Workshop attendees needing further assistance will be able to set up appointments with bi-lingual PSHH housing counselors.

Workshops are facilitated by Brian Kerrigan, Housing Counselor for Peoples’ Self-Help Housing (PSHH). A graduate of the University of Massachusetts-Amherst, Kerrigan holds a degree in business administration/finance and most recently worked as a loan officer for Chase Bank. CONTINUED »

National Association of Realtors

The following is a statement by National Association of Realtors® President Charles McMillan:

“NAR’s 1.2 million members are eager to help make President Obama’s Making Home Affordable plan a reality. We are pleased that the president released the guidelines today for refinancing and mortgage loan modifications and that the guidelines will be implemented immediately to help struggling homeowners as well as millions of eligible homeowners who have stayed current in their mortgage payments.

“Housing stabilization must be the key component of any federal recovery plan. Helping families keep their homes is critical to this effort and for the health of our economy and communities across the country.

“NAR has long called for a multipronged approach to address the housing and economic crisis. Allowing eligible homeowners to refinance or modify their loans will help millions of families avoid foreclosure. This in turn will support the housing recovery by slowing the growth in inventory due to foreclosures. Lowering unsold inventory will help stabilize home prices and values. We believe that the incentives the loan modification plan offers to borrowers and loan servicers will encourage additional loan modifications, reducing the default rate. CONTINUED »

National Association of Realtors

A sustained lack of credit and the economic slump will depress the commercial real estate market this year, according to a forward-looking index and forecast for the commercial real estate sectors published by the National Association of Realtors®.

Lawrence Yun, NAR chief economist, said all components of the index declined. “The credit crunch has especially hammered down some components of NAR’s commercial leading indicator,” he said. “A lack of commercial credit is a serious threat to the overall economy. The Federal Reserve needs to use the Term Asset-Backed Securities Loan Facility (TALF) to provide liquidity and support for commercial mortgage-backed securities.”

The Commercial Leading Indicator for Brokerage Activity1 fell 6.0 percent to an index of 109.2 in the fourth quarter from a downwardly revised reading of 116.1 in the third quarter, and is 9.1 percent lower than an index of 120.1 in the fourth quarter of 2007. NAR’s track of the commercial leading indicator dates back to 1990. CONTINUED »

A severe lack of credit threatens commercial real estate and poses significant risks for the whole economy, according to a National Association of Realtors® work group.

Organized by NAR’s Realtors® Commercial Alliance, the Commercial Economic Stimulus Work Group has developed a plan to address high-priority issues like lack of credit to avoid further losses in the commercial real estate markets and identify strategies in alignment with other real estate stimulus activities as a part of the national economic recovery plan.

“Most lenders have withdrawn from the market and there is no secondary market for commercial mortgages,” said NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth. “If lenders cannot meet the growing demand for credit to refinance performing commercial real estate loans which are due to mature soon, a wave of defaults could worsen the current credit crisis. Policymakers must act swiftly to enact measures to restore credit capacity.” CONTINUED »

National Association of Realtors

The National Association of Realtors® today announced its support for new legislation introduced by House Financial Services Committee Chairman Barney Frank, D-Mass., that is designed to ease loan modifications and improve refinancing options for America’s troubled homeowners by revamping the HOPE for Homeowners program.

“HOPE for Homeowners, was designed to help families refinance into safer, more affordable mortgages, in many cases helping those families avoid a devastating foreclosure,” said NAR President Charles McMillan. “Despite being well-intentioned, the HOPE for Homeowners program has had limited success. Lenders have found the program difficult to participate in because of many of the program’s constraints. This legislation, H.R. 703, is expected to make the program more lender-friendly, while preserving the benefits to homeowners. It would also limit risks to the FHA fund and to the American taxpayer. This is important legislation and we hope Congress will move forward with it.” CONTINUED »

National Association of Realtors

Existing-home sales rose unexpectedly while inventory declined, led by a surge of sales in the West, according to the National Association of Realtors®.

Existing-home sales – including single-family, townhomes, condominiums and co-ops – jumped 6.5 percent to a seasonally adjusted annual rate1 of 4.74 million units in December from a downwardly revised pace of 4.45 million units in November, but are 3.5 percent below the 4.91 million-unit pace in December 2007.

For all of 2008 there were 4,912,000 existing-home sales, which was 13.1 percent below the 5,652,000 transactions recorded in 2007. This is the lowest volume since 1997 when there were 4,371,000 sales.

Lawrence Yun, NAR chief economist, said home prices continue to fall significantly. “It appears some buyers are taking advantage of much lower home prices,” he said. “The higher monthly sales gain and falling inventory are steps in the right direction, but the market is still far from normal balanced conditions. Buyers will continue to have an edge over sellers for the foreseeable future.” CONTINUED »

National Association of Realtors

The drop in mortgage loan limits for conventional financing at the end of 2008 is hurting home sales and trade-up activity in higher price ranges across the country, according to the National Association of Realtors®.

The latest existing-home sales data shows transactions under $400,000 are 3 percent below a year ago. However, sales of homes priced at $750,000 or more have declined a whopping 47 percent.

Outside of FHA, Fannie Mae and Freddie Mac, mortgages that do not have government backing are still experiencing a credit crunch. Buyers who need jumbo mortgages must pay interest rates that are nearly 2 percentage points higher than conventional financing; as a result, the high-end market is not moving.

Lawrence Yun, NAR chief economist, said restoring higher mortgage loan limits is critical to this part of the market. “Buyers in higher price ranges are at a severe disadvantage because they have to pay higher interest rates,” he said. “Lower loan limits are having a pronounced impact on trade-up activity at the upper end of the market, which depends more on large downpayments to keep mortgage amounts below the maximums for conventional financing.”

While homes above $750,000 are considered luxurious in many areas, they are modestly sized homes in the midprice ranges of many high-cost markets. “However, the lower mortgage limits for conventional loans mean upper middle-class home buyers in much of the country, including many areas in the Midwest and South, also have to pay higher interest rates,” Yun said. “As a result, we are seeing a universal stalling of sales in higher price ranges across the country.” CONTINUED »

National Association of Realtors

After holding fairly stable for a year, pending home sales declined in the face of job losses and an eroding economy, according to the National Association of Realtors®.

The Pending Home Sales Index,* a forward-looking indicator based on contracts signed in November, fell 4.0 percent to 82.3 from a downwardly revised reading of 85.7 in October, and is 5.3 percent below November 2007 when it was 86.9. The current index is the lowest since the series began in 2001.

Lawrence Yun, NAR chief economist, said a weakening was inevitable. “Mounting job losses and very weak consumer confidence deterred home buyers from signing contracts in November,” he said. “December’s housing market activity could be comparably lower due to ongoing problems in the economy, so a real estate-focused stimulus plan is urgently needed.”

Yun said the outlook will depend heavily on the stimulus package. “With a proper real-estate focused stimulus measure, home sales could rise more than expected, by more than 10 percent to 5.5 million in 2009, and easily begin to stabilize home prices in many parts of the country. Stable home prices will, in turn, lessen foreclosure pressures and lay the foundations for a solid economic recovery as the nation’s 75 million homeowners regain confidence,” he said.

The impact of mortgage interest rates declining to near 50-year lows in December is not reflected in current data.

The PHSI in the Northeast dropped 7.2 percent to 63.2 in November and is 14.6 percent below a year ago. In the Midwest the index fell 6.7 percent to 74.2 and is 10.1 percent below November 2007. The index in the South declined 2.2 percent to 85.3 in November and is 12.7 percent below a year ago. In the West, the index was down 2.4 percent to 101.2 but remains 19.3 percent higher than November 2007. CONTINUED »

National Association of Realtors

Existing-home sales – including single-family, townhomes, condominiums and co-ops – fell 8.6 percent to a seasonally adjusted annual rate¹ of 4.49 million units in November from a downwardly revised level of 4.91 million in October, and are 10.6 percent below the 5.02 million-unit pace in November 2007.

Lawrence Yun, NAR chief economist, expected a decline. “The quickly deteriorating conditions in the job market, stock market, and consumer confidence in October and November have knocked down home sales to another level. We hope the home sales impact from the stock market crash turns out to be short-lived, as was the case in 1987 and 2001,” he said.

“It is, therefore, imperative to provide incentives for homebuyers to get back into the market. It also depends on how effectively Congress and the new administration can help facilitate the short sales process and unclog the mortgage pipeline – impediments remain for some buyers with good credit,” Yun said. Watch a video of Lawrence Yun providing commentary on the data.

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to 6.09 percent in November from 6.20 percent in October; the rate was 6.21 percent in November 2007. Last week, Freddie Mac reported the 30-year rate fell to 5.19 percent – the lowest on record since the series began in 1971.

NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth, said it’s crucial to enact sufficient housing stimulus to spark an economic recovery. “We need more than low interest rates to encourage enough buyers to enter the market and meaningfully draw down inventory, which would stabilize home prices – that, in turn, would help the economy to recover,” he said.

“We should extend the first-time buyer tax credit to all homebuyers and eliminate the repayment feature, and make permanent the higher loan limits that are vital in high-cost markets – the faster we do this, the faster housing and the economy can recover,” McMillan said.

McMillan said NAR is grateful that the Treasury, the Federal Housing Finance Agency and the Federal Reserve have been working to bring interest rates down on most mortgages to historic lows. CONTINUED »

Santa Paula, Ca – A colorful “Toyland” themed float, creatively fashioned into a flat bed trailer to replicate Santa’s sleigh by local Troop Real Estate personnel was an eye-catcher at the recent Santa Paula Christmas Parade.
Scott Dunbar, manager of the Santa Paula and Fillmore offices of Troop, said the “sleigh” was chock full of toys and was ridden by company agents and staff. He added that this was the fourth consecutive year that the local Troop offices have entered a float in the widely-viewed parade, each time featuring a different theme.
Dunbar reported that the parade can be viewed throughout December on Adelphia cable channel 10, and was broadcast live on radio and TV.
“Special Holiday thanks go to our dedicated agents and staff for their participation and hard work building the float,” said Dunbar. He singled out Dale King, Stuart Monteith, Cynthia Dunbar, Fred Davis, Katie Rodriguez, Sean Morris, Tracy Poynter and their families.
About Troop Real Estate, Inc.

Established in 1987, Troop Real Estate, Inc. is reportedly Ventura County’s largest brokerage and has perennially been a leader in the county’s residential market for the number and dollar volume of listings sold. The company, with approximately 650 seasoned sales professionals, provides the full range of residential, property management, REO, commercial, financial, new homes, escrow, estate homes and relocation services.
Troop offices are located in Simi Valley, Simi/Wood Ranch, Simi (Commercial), Thousand Oaks, Westlake Village, Moorpark, Camarillo, Channel Islands, Ventura, Santa Paula, Fillmore, Ojai and Bakersfield.

National Association of Realtors

Critical to boosting the economy is the need to stem the rising tide of foreclosures and boost homebuyer confidence in the housing market, the National Association of Realtors® told Members of Congress today. In a letter sent to Congress, NAR advocates prompt action by Congress and the current administration to pass a housing stimulus package to help stabilize the housing market, setting the stage for the U.S. economy to begin recovery.

“As home values continue to decrease in many markets and job losses escalate, homeowners needing to refinance their mortgage or sell their home are left with few options and are sometimes forced to walk away from their mortgage responsibilities,” said NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth. “This increased inventory further fuels decreases in home values exacerbating the housing and economic crisis, not to mention the crisis to many families and communities.”

NAR tells Congress that to stop the downward cycle a federal mortgage interest buy-down program is needed and should come from the Treasury Department’s Troubled Asset Relief Program. “The buy-down program would complement the loss mitigation elements of TARP and provide an incentive to buy homes, which will reduce the housing inventory. This in turn will stabilize home values, lessen foreclosure pressure, boost home sales activity and breathe new life into our nation’s economy,” said McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth.

Last month NAR shared suggestions for rebuilding the housing market with Congress and the administration, and encouraged the Treasury Department to incorporate parts of its Four-Point Plan for stimulating and stabilizing the housing market. “Housing has always led our economy out of downturns, and lower interest rates coupled with foreclosure mitigation are key ingredients to stabilizing the housing markets and preserving homes and communities,” McMillan said. CONTINUED »

National Association of Realtors

For the second year in a row, Realtors® report that exterior remodeling projects return the most money as a percentage of cost, as detailed in the 2008 Remodeling Cost vs. Value Report.

On a national level, wood deck additions and all types of siding replacements – upscale fiber cement, midrange vinyl, and upscale foam-backed vinyl – returned more than 80 percent of project costs upon resale. Of these, the most profitable project was upscale fiber cement siding, which recouped 86.7 percent of costs, followed by wood decks at 81.8 percent, midrange vinyl siding at 80.7 percent, and upscale foam-backed vinyl siding at 80.4 percent.

“Because today’s buyers have much more to choose from in the way of inventory, any home for sale must make a positive first impression,” said National Association of Realtors® President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth. “As a trusted source for real estate information, Realtors® understand what attracts and motivates their buyer clients, which is why the results of this year’s Cost vs. Value report underscore the importance of curb appeal in the buyer’s eye.”

The 2008 Remodeling Cost vs. Value Report compares construction costs with resale values for 30 midrange and upscale remodeling projects comprising additions, remodels and replacements in 79 markets across the country, expanding from 60 markets last year. Data are grouped into nine U.S. regions, following the divisions established by the U.S. Census Bureau. This is the 11th consecutive year that the report, which is produced by Hanley Wood, LLC, was completed in cooperation with REALTOR Magazine, as Realtors® provided their insight into local markets and buyer home preferences within those markets.

In addition to wood decks and siding, window replacements and kitchen remodels also returned a relatively high percentage of remodeling costs on a national basis. All types of window replacements – upscale and midrange wood and upscale and midscale vinyl – returned more than 76 percent of costs. A major midrange kitchen remodel returned 76.0 percent of project costs, while a minor midrange kitchen remodel returned 79.5 percent of costs. CONTINUED »

Declaring that this year’s annual “Turkey-A-Thon” sponsored by Troop Real Estate to provide Thanksgiving meals to Ventura County’s needy “is having far greater impact than ever before,” Troop Agent and Event Director Alex Gandel said company agents, affiliates and clients “stepped up huge” to help feed over 5000 people this year.
Commenting during Troop’s 10th Annual “Turkey-A-Thon” held on Nov. 24, Gandel said: “We knew going in this year that it was going to be difficult to raise money because our event began as real estate agent-driven program, and the charitable groups told us their pantries were bare. With economic conditions and the real estate industry experiencing difficulty, not only are the recipients having a tough time, but those who have traditionally given are hurting.
“Despite this, “ Gandel said, “our agents stepped up big time, along with the entire community, so that we were able to provide turkey dinners and all the trimmings for over 5000 needy individuals throughout Ventura County this year. We are having greater impact this year because of conditions, and folks are making things go further.”
He added that Troop has now fed over 50,000 people during the “Turkey-A-Thon’s decade-long tenure.
Working with Care & Share, the Moorpark Food Pantry, Food Share and the Boys and Girls Club, Troop distributed Thanksgiving meals at their Simi Valley, Moorpark, Ventura, and Santa Paula/Fillmore offices. Bob Harrison, western regional manager, said Troop’s Ventura office distributed enough meals for some 1800 of the 5000 people fed. The company’s Santa Paula/Fillmore offices distributed enough for 200 people of the total throughout the Santa Clara Valley via the Boys and Girls Club, according to manager Scott Dunbar.
Along with 12-14 pound Turkeys, young and elderly alike received five-pound bags of potatoes, stuffing, canned goods, including cream of mushroom soup, green beans, cranberry sauce, plus a bag of rolls.
“Watching the massive effort of our Troop people and witnessing the joy on the faces of young families and the elderly alike, many of whom walked with the aid of walkers, I’m proud to say I’m part of the Troop family,” Gandel said.
Gandel paid special praise to agent Dedree Hoyt, event coordinator, for “her ongoing tireless efforts down to the last detail to make this program succeed. Without Dedree it never would have happened this year.”
He concluded by stating, “It’s truly amazing how one little idea can grow over the years to assure that those facing some of their darkest hours are going to enjoy a holiday meal,” said Gandel, who expressed appreciation to Albertson’s and Von’s markets in Simi Valley and Ventura, respectively, for their support.
About Troop Real Estate, Inc.
Established in 1987, Troop Real Estate, Inc. is reportedly Ventura County’s largest brokerage and has perennially been a leader in the county’s residential market for the number and dollar volume of listings sold. The company, with approximately 650 seasoned sales professionals, provides the full range of residential, property management, REO, commercial, financial, new homes, escrow, estate homes and relocation services.
Troop offices are located in Simi Valley, Simi/Wood Ranch, Simi (Commercial), Thousand Oaks, Westlake Village, Moorpark, Camarillo, Channel Islands, Ventura, Santa Paula, Fillmore, Ojai and Bakersfield.

Realtors® feel strongly about giving back to their communities, volunteering countless hours to people and organizations that need a helping hand. The five individuals that the National Association of Realtors® has named as this year’s REALTOR® Magazine Good Neighbor Awards recipients embody this extraordinary commitment to improving the lives of those around them, from enhancing children’s access to education and health care to reducing homelessness and supporting breast cancer care.

The 2008 Good Neighbor Award winners are Lei Barry, Keller Williams Real Estate, Blue Bell, Pa., Inter-Faith Housing Alliance and Hope Gardens; Scott and Robin Gwaltney, Coldwell Banker at Your Service Realty Ltd., Rochester, Minn., Rochester Better Chance; Reita Hutson, John Hall and Associates, Scottsdale, Ariz., Gabriel’s Dream Inc.; Caroline McCartney, GSH Real Estate Corp., Norfolk, Va., St. Jude Children’s Research Hospital; and Sheila Stevens, Prudential Georgia Realty, Suwanee, Ga., The Sport of Giving Inc.

“Realtors® play an important leadership role in building strong communities,” said NAR President Dick Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach, Calif. “These five Good Neighbor Awards winners exemplify the compassion and commitment of thousands of other Realtors who volunteer in their communities and help so many others. I’m pleased to honor these exceptional professionals.”

The Good Neighbor Awards have been awarded annually since 2000 and are presented by NAR’s REALTOR® Magazine. Winners will receive a $10,000 grant for their charity and a $2,000 Lowe’s gift card, and will be profiled in the November issue of REALTOR® Magazine, www.realtor.org/realtormag. The five winners will also receive a crystal trophy and the right to use the Good Neighbor Awards logo on their Web site and in promotional materials. The recipients will be presented with their awards at the 2008 REALTORS® Conference & Expo in Orlando, Fla., in November; 25,000 Realtors and guests are expected to attend the conference. CONTINUED »

National Association of Realtors

Pending home sales activity surged as buyers took advantage of low home prices and affordable interest rates, according to the National Association of Realtors®.

The Pending Home Sales Index,1 a forward-looking indicator based on contracts signed in August, jumped 7.4 percent to 93.4 from an upwardly revised reading of 87.0 in July, and is 8.8 percent higher than August 2007 when it stood at 85.8. The index is at the highest level since June 2007 when it stood at 101.4.

Lawrence Yun, NAR chief economist, said home buyers were responding to improved affordability. “What we’re seeing is the momentum of people taking advantage of low home prices, with pending home sales up strongly in California, Nevada, Arizona, Florida, Rhode Island and the Washington, D.C., region,” he said. "It’s unclear how much contract activity may be impacted by the credit disruptions on Wall Street, but we’re hopeful most of the increase will translate into closed existing-home sales.”

The PHSI in the West surged 18.4 percent to 109.5 in August and remains 37.8 percent above a year ago. In the Northeast the index jumped 8.4 percent to 79.8 and is 2.0 percent higher than August 2007. The index in the Midwest rose 3.6 percent to 84.5 in August and is 6.6 percent above a year ago. In the South, the index increased 2.3 percent to 96.0 but is 2.1 percent below August 2007.

Yun notes the unusual timing of contract activity in August. “Home buyers in July were hampered by overly stringent lending criteria in the months before the government takeover of Fannie and Freddie,” he said. “August shows some unleashing of pent-up demand before the credit crisis accelerated in September.”

He cautioned that the sampling size for pending home sales is smaller than the track on existing-home sales, so there is more volatility in the forward-looking series. “We need to see just how much of this gain holds up,” Yun said. CONTINUED »

National Association of Realtors

The National Association of Realtors® was joined by Department of Housing and Urban Development Secretary Steve Preston today as NAR launched its new Federal Housing Administration Toolkit. Realtors® can use the toolkit to help buyers obtain safe and affordable FHA-backed mortgages.

“As the leading advocate for homeownership, NAR is pleased to have a long-established working relationship with HUD and FHA,” said Pat V. Combs, NAR immediate past president. “The new toolkit will help Realtors® educate consumers about FHA updates and changes and the great benefits of using these programs.”

FHA loans offer low downpayments, competitive interest rates, and greater flexibility than most conventional mortgages. In addition, the Housing and Economic Recovery Act of 2008 made increased FHA loan limits permanent, allowing more buyers in high-cost areas to obtain FHA-backed mortgages.

“FHA offers a safe alternative to many of the subprime and exotic loans that caused much of today’s market turmoil, and the program is easier to use than ever before,” Combs said. “Recent revisions to the FHA program will enable more families to achieve their dreams of homeownership, and will allow others to refinance their mortgage at terms that will allow them to keep their home.”

The FHA Toolkit includes a video of frequently asked questions, a flash media presentation of FHA programs, brochures and other reference guides and links to other useful resources. For more information about recent changes to FHA programs, visit the FHA Resources section of www.REALTOR.org.

Also in attendance at today’s presentation was Illinois Association of Realtors® President Pat Callan and NAR Region 7 Vice President John Veneris.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.2 million members involved in all aspects of the residential and commercial real estate industries.

National Association of Realtors

Existing-home sales were down in August following a healthy gain in July as tight mortgage credit curtailed activity, according to the National Association of Realtors®. Sales rose in the Midwest and South but fell in the Northeast and West.

Nationally, existing-home sales – including single-family, townhomes, condominiums and co-ops –declined 2.2 percent to a seasonally adjusted annual rate1 of 4.91 million units in August from an upwardly revised pace of 5.02 million in July, but are 10.7 percent below the 5.50 million-unit pace in August 2007.

NAR President Richard F. Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach, Calif., said the pendulum in the mortgage market has swung too far. “The difficulty in obtaining a mortgage increased over past couple months, making it more challenging for creditworthy borrowers to find financing,” he said. “Our hope is that overly tight lending criteria can be loosened with reasonable standards and credit so that sales activity can catch up with demand. Interest rates have already declined, but there is a serious question as to whether a cash infusion by the U.S. Treasury into Wall Street would help consumers by improving mortgage funding.

“We urge Congress to restore access to sound mortgage credit so people have the ability to make and keep a long-term investment in the American dream of homeownership. Congress needs to take care of Main Street and not just bail out Wall Street.”

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage rose to 6.48 percent in August from 6.43 percent in July; the rate was 6.57 percent in August 2007. However, last week the 30-year fixed had dropped to 5.78 percent.

Lawrence Yun, NAR chief economist, said the recent drop in interest rates is an immediate impact of recent government action. “August sales reflect higher interest rates before the government takeover of Freddie Mac and Fannie Mae, and the sudden drop in mortgage interest rates over the past couple weeks is improving housing affordability,” he said. “With higher loan limits and a beefing up of the FHA program, all the mechanisms have been falling into place to increase mortgage availability. CONTINUED »

National Association of Realtors

In response to growing consumer demand for green homes and building practices, the National Association of Realtors® has introduced a new Green designation for Realtors®. The designation will help home buyers and sellers who care about energy efficiency and environmentally sound building practices identify Realtors® who can help them meet their green home goals.

“As energy costs rise along with concern for the environment, homeowners are looking for innovative ways to save money and live responsibly,” said NAR President Richard F. Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach, Calif. “Realtors® who earn the Green designation will add value to the real estate transaction with their knowledge of resource-efficient building materials and processes, as well as their understanding of simple actions that can reduce energy and water waste.”

Forty percent of Realtors® report that green building is important to their business and clients, while 87 percent believe it will be of even more interest a year from now. NAR is engaged in various green building issues through initiatives like the Smart Growth Action Grants Program that helps Realtor® associations create livable communities. In addition, many state and local Realtor® associations are developing programs to teach members about energy-efficient and environmentally conscious home features.

The First Green Designation Core Course will be held Nov. 5-6, 2008, at the 2008 REALTORS® Conference & Expo in Orlando, Florida. To earn the designation, Realtors® must complete the core course plus one elective. The program is designed to help Realtors®:

• Understand what makes a property green

• Explain to clients and customers the cost benefits of green building features and practices

• Distinguish between industry rating and classification systems

• List and market green homes and buildings

• Discuss the financial grants and incentives available to homeowners

• Guide buyers in purchasing resource-efficient homes

For more information about the designation, or to register for the course, visit www.greenresourcecouncil.org or e-mail greendesignation@realtors.org.

National Association of Realtors

Existing-home sales rose in July to the highest level in five months, although sales have hovered in a relatively narrow range over the past 11 months, according to the National Association of Realtors®.

Existing-home sales – including single-family, townhomes, condominiums and co-ops – increased 3.1 percent to a seasonally adjusted annual rate¹ of 5.00 million units in July from a downwardly revised level of 4.85 million in June, but are 13.2 percent lower than the 5.76 million-unit pace in July 2007.

NAR President Richard F. Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach, Calif., said the up-and-down pattern may break soon. “We hope the new tools in the hands of home buyers from the recently enacted housing stimulus package will spark a sustained sales uptrend in the months ahead,” he said. “Buyers who’ve been on the sidelines should take a closer look at what’s available to them now in terms of financing and incentives. Given some of the inventory on the market, we also strongly encourage buyers to get a professional home inspection.”

The national median existing-home price3 for all housing types was $212,400 in July, down 7.1 percent from a year ago when the median was $228,600.

Lawrence Yun, NAR chief economist, said home prices in some regions could soon increase. “Sales have picked up significantly in several Florida and California markets. Home prices generally follow sales trends after a few months of lag time,” he said. “Still, inventory remains high in many parts of the country and will require time to fully absorb. We expect more balanced conditions in 2009 and will eventually return to normal long-term appreciation patterns.”

Analysis of NAR price data since 1968 shows home prices normally rise 1 to 2 percentage points above the overall rate of inflation, building wealth over the typical period of homeownership.

Total housing inventory at the end of July rose 3.9 percent to 4.67 million existing homes available for sale, which represents an 11.2.-month supply² at the current sales pace, up from a 11.1-month supply in June. The rise in supply results from a sharp increase in condo inventory; the single family supply declined.

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage rose to 6.43 percent in July from 6.32 percent in June; the rate was 6.70 percent in July 2007.

Single-family home sales rose 3.1 percent to a seasonally adjusted annual rate of 4.39 million in July from 4.26 million in June, but are 12.4 percent below the 5.01 million-unit level a year ago. The median existing single-family home price was $210,900 in July, down 7.7 percent from July 2007.

Existing condominium and co-op sales increased 3.4 percent to a seasonally adjusted annual rate of 610,000 units in July from 590,000 in June, but are 18.6 percent below the 749,000-unit pace in July 2007. The median existing condo price4 was $223,400 in July, which is 2.7 percent below a year ago.

Regionally, existing-home sales in the West jumped 9.7 percent in July to a level of 1.13 million and are 0.9 percent higher than July 2007. The median price in the West was $273,200, down 22.2 percent from a year ago.

In the Northeast, existing-home sales rose 5.9 percent to an annual pace of 900,000 in July, but are 11.8 percent below a year ago. The median price in the Northeast was $278,700, which is 4.9 percent lower than July 2007.

Existing-home sales in the Midwest increased 0.9 percent to an annual rate of 1.12 million in July, but are 17.0 percent lower than July 2007. The median price in the Midwest was $175,400, up 1.0 percent from a year ago.

In the South, existing-home sales slipped 0.5 percent to an annual pace of 1.85 million in July, and are 18.1 percent below a year ago. The median price in the South was $179,300, down 3.5 percent from July 2007.

National Association of Realtors

The softening of economic conditions in recent months should impact commercial real estate markets in the months ahead, according to a forward-looking index for the commercial real estate sectors published by the National Association of Realtors®.

The Commercial Leading Indicator for Brokerage Activity¹ slowed 0.9 percent to an index of 117.9 in the second quarter from a reading of 119.0 in the first quarter, and is 2.1 percent lower than the record 120.5 in the second quarter of 2007; NAR’s track of the index dates back to 1990.

Lawrence Yun, NAR chief economist, said commercial real estate activity, as measured by net absorption and the completion of new commercial buildings, is projected to weaken over the next six to nine months. “The pace of decline has intensified due to job cuts and very sluggish economic activity since the beginning of the year, particularly in those industries requiring commercial building spaces,” he said. “We anticipate the weakest commercial brokerage activity in nearly three years as a result.”

Members of the Society of Industrial and Office Realtors® indicate in their SIOR Commercial Real Estate Index, a separate attitudinal survey of approximately 600 local market experts,² that they anticipate a lower level of business activity in the upcoming quarters.

Analysis of the SIOR index implies that office and industrial market conditions are excellent for tenants and purchasers, but significantly less favorable for landlords and sellers.

NAR’s commercial leading indicator is a tool to assess market behavior in the major commercial real estate sectors. That index incorporates 13 variables that reflect future commercial real estate activity, weighted appropriately to produce a single indicator of future market performance, and is designed to provide early signals of turning points between expansions and slowdowns in commercial real estate.

The 13 series in the index are industrial production, the NAREIT (National Association of Real Estate Investment Trust) price index, NCREIF (National Council of Real Estate Investment Fiduciaries) total return, personal income minus transfer payments, jobs in financial activities, jobs in professional business service, jobs in temporary help, jobs in retail trade, jobs in wholesale trade, initial claims for unemployment insurance, manufacturers’ durable goods shipment, wholesale merchant sales, and retail sales and food service.

More than 80,000 NAR members offer commercial services, and 60,000 of those are currently members of the Realtors® Commercial Alliance, NAR’s commercial division.