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Potential home buyers waiting for even more new inventory to hit the market may be waiting a long time. For the week ending March 15, there were almost 300 fewer properties put on the market in the Twin Cities than during the same week in 2007—a decline of 12.0 percent. And the number of new listings on the market in the last three months is 6.9 percent behind the same time one year ago. So while total inventory remains high, the frenzied peak of seller activity appears to be behind us.
The number of newly signed purchase agreements jumped significantly from the previous week; and for the same time period comparison last year was down only 8.9 percent. While this is a positive indication that buyers may be beginning to recognize the tremendous opportunities available, we are by no means out of the woods yet. Let's at least hope we're out of the snow.
Click the logo below or click here for this week's full report. Visit Market Info for reports as far as the eye can see.
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MAAR is sending a REALTOR® member who is committed to servicing the emerging markets communities to NAR's Midyear Meetings in Washington, DC. All expenses are paid by MAAR! Applicants must demonstrate their commitment to serving the emerging markets communities with efforts to increase homeownership among diverse communities in Minnesota. Applicants must submit a copy of their business plan with this scholarship application.
Eligibility: Applicants who are passionate about closing the homeownership gap, immigration issues, community/civic involvement, inclusion and diversity issues, and international real estate markets are encouraged to apply for the Emerging Markets Services Scholarship.
The application deadline for this scholarship is this Friday, March 28! | Apply here now!
If you have questions regarding the scholarship or application, please contact Donnie Brown at 952.988.3133 or donnieb@mplsrealtor.com.
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 HUD on March 14 published long-awaited proposed regulations on the Real Estate Settlement Procedures Act. The rules include a mandatory four-page Good Faith Estimate (GFE) and a modified HUD-1/1A; a required "closing script" to be read orally at settlement; enhanced disclosures; and new rules concerning volume discounts, average cost pricing, and "required use."
The rules have a 60-day public comment period expiring on May 13. NAR will be filing comments.
For more info contact Scott Rinn 202.383.7508.
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Last week, OFHEO, Fannie Mae and Freddie Mac announced a major initiative to increase liquidity in support of the U.S. mortgage market. The initiative is expected to provide up to $200 billion of immediate liquidity to the mortgage-backed securities market.
This means that there should be more money available for mortgage lending, something our market desperately needs. Remember just a few months back when lenders were tripping over each other to borrow you money? That all changed last August at the onset of the subprime meltdown. Investors quickly went into hiding and money has been hard to find for any kind of securitized loan, including mortgages.
Think of the $200 billion this way: With the median home price bordering on $200,000, this new money infused into the market will provide for more than 1,000,000 new mortgages, or some 15–20 percent of this year's home sales.
Simply put, the initiative increases liquidity in the housing market by providing hard-to-find funding for new mortgages. It will provide the capital to help the GSEs fund their newly increased lending limits and aid in their servicing of the jumbo mortgage market. Combined with the recent increase in FHA mortgage lending limits, it is one more step in stimulating buyer activity in a depressed housing market.
(Read more housing market insights like this at "The Skinny," MAAR's new blog.)
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 As our real estate community is continually met with a challenging market, MAAR recognizes the need to establish programs and services specific to the needs of brokers and managers.
To reinforce this effort, MAAR is developing a series of "Broker Only" continuing education classes. We would like to invite brokers to participate in a light brunch focus group in developing course curriculum.
Please consider participating in the creation of a new course for brokers facilitated by Nancy Scott and Rodolfo Trujillo:
Date: Thursday, April 10, 2008
Time: 10:00 a.m. to noon
Location: PDC@RFC, 4450 W 76th St, Edina, MN 55435
Contact Linda Stoeckicht by April 7, 2008 at 952.988.3157 or lindas@mplsrealtor.com to register for the focus group.
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 Ask the Expert: Be the Complainant, Not the Respondent
on an Ethics/Professional Standards Complaint
Format: Lunch and Conversation
Date: Friday, April 11, 2008
Time: 11:45 a.m. to 12:45 p.m.
Location: PDC@RFC, 4450 W 76th St, Edina, MN 55435
(Located off France Ave and W 76th St)
Do you have a question about an ethical issue but don't feel comfortable asking your broker or co-agents?
Well, here is your chance to have a candid conversation with the expert, Jim Dattalo, about Ethics and Professional Standards. This will be a very informative and energetic dialogue, so bring your questions and concerns to the meeting...
Lunch provided, but RSVP is required! Contact Donnie Brown at donnieb@mpslrealtor.com.
Invite a co-agent or coworker and bring plenty of business cards for networking!
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Ann Nelson, a 71-year-old real estate agent from Cambridge, Wisconsin, was found dead inside a home she had been showing last Tuesday. She was found next to a smoldering mattress in a smoke-filled rural home in the town of Oakland, which is about 25 miles east of Madison. The autopsy concluded that Nelson died of smoke inhalation, but she also had blunt force head injuries. It didn't take long for authorities to find the suspect, a 34-year-old man from Brookfield, Illinois, and to get a confession out of him.
This incident provides a stark reminder of the risks associated with being a REALTOR®. We urge all of our members—rather, all REALTORS®—to follow all safety precautions all the time. There is no "sometimes." Safety is an all. The vast majority of real estate business dealings are safe, but you should be fully prepared to make them all safe all the time.
The Wisconsin Association of REALTORS® has already issued a safety reminder stating, "Please do not let your guard down—your safety is primary!" We concur and follow suit with our easterly neighbors. It doesn't matter if you are a man or woman, 25 or 65, showing urban or suburban or rural. Please don't take your personal safety in stride. Please familiarize yourself with our safety awareness resources.
News sources: Gannett Wisconsin Media; AP
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 As craigslist grows in popularity, we thought it worthwhile to make note of a recent ruling regarding craigslist posts. The online classified and community site has been declared simply a "messenger" and is not liable for discriminatory ads posted on the site by its users. This was determined by a three-judge panel for the 7th Circuit U.S. Court of Appeals. The judges upheld a November 2006 ruling by a U.S. District Court, which found that craigslist is considered an "interactive computer service" under federal law, and is not a publisher. read more
What REALTORS® must realize is that while craigslist is not liable for what is communicated, the person that is placing the posting is, meaning REALTORS® will be held accountable for the information that they publish.
Source: Inman News
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MAAR Public Affairs Task Force
 The MAAR Public Affairs Task Force will meet on Thursday, March 27, 1:00 p.m., at our office, 5750 Lincoln Drive. Issues to be discussed at the meeting include inspections and boarded/vacant building fees in Minneapolis, foreclosures and point-of-sale inspections in Brooklyn Park, massing (infill housing) concerns in Edina, open house signs in Eden Prairie, foreclosures in general, a regional transportation update, state real estate issues on the MNAR agenda, and Legislative Impact Day. Plus, new ideas and concerns anyone may want to discuss.
If you are interested in local and regional public affairs, please feel free to attend the task force meeting. Better yet, contact Bill Gerst at billg@mplsrealtor.com and have your name added to our task force roster.
 Call for Action: Permanent Loan Hike Needed
Higher FHA loan limits, passed as part of the 2008 National Economic Stimulus package, are set to expire at the end of the year. AEs: Now is the time for your members to contact their members of Congress in support of FHA reform legislation that includes realistic and permanent increases in the loan limits. Your members can respond to NAR's Call for Action on FHA reform at the REALTOR® Action Center.
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Let's Get Ethical!
Up to this point, only 47.4 percent of our membership is up to date on Code of Ethics. If the quadrennial were to end with the lamb of March, half of our membership would be mired in a NAR-sanctioned debacle. It's a good thing the quadrennial doesn't end until December. It's a good thing you have no fewer than 7 more chances to take a Code of Ethics class at one of several convenient locations we have established from April to November. It's a good thing you're not a procrastinator...right? Good. We thought so.
Your next opportunity to put this requirement behind you will be April 8 in Brooklyn Park. Consult the education calendar for details on this and other dates and times. Don't let the NAR 2008 Quadrennial Ethics Requirement knock you down to all fours. You can do this thing!
Remember, start your registration process here for all MAAR classes...
Sold on Westonka!
March 26, 8:30 a.m. – 11:30 a.m. (registration limit: 40)
Westonka Schools used to be the "Best Kept Secret on Lake Minnetonka," but the word is out: Westonka is one of the state's top-performing school districts; Standard & Poor's recognized Westonka as an "academic outperformer;" and open enrollment into the district has tripled in recent years. If you sell homes in this area, you'll want to attend this workshop to get the latest information to help your clients become "sold on Westonka."
Credits: 3 (just approved!)
Location: Shirley Hills Primary School, 2450 Wilshire Boulevard, Mound, MN
Tuition: $36 REALTOR®, $72 Non-REALTOR®
Innovative Marketing (ABR® Elective)
March 26, 9:00 a.m. – 4:00 p.m.
Increase your awareness of how significantly the home-buying process has changed in the past decade. Learn how to develop useful strategies for marketing your services to any home buyer. Tie together your knowledge of home buyer needs, awareness of marketing principles and a solution-oriented approach to serving buyer clients. This course explores the buyer-counseling session in great detail and looks at marketing opportunities and points of differentiation. Meets the elective requirement for the ABR® designation.
Credits: 6
Location: MAAR Office, 5750 Lincoln Drive, Minneapolis, MN 55436
Tuition: $129 REALTOR®
NorthstarMLS Listing Input: HomeBase
March 26, 9:00 a.m. – 11:00 a.m.
Would you like to learn how to properly and efficiently enter a listing? In this class, you will learn:
• Important listing input rules and regulations
• Where the upload area is and how to access it
• Required fields vs. optional fields
• Where to enter your supplemental information
• How to make changes
• Which changes you don't have access to
• Tour/Open House function
Credits: 2
Location: The PDC@RFC, 4450 W 76th St, Edina, MN 55435
Tuition: $24 REALTOR®, $48 Non-REALTOR®
Call 952.988.3153 with additional questions. REALTOR® owned, REALTOR® operated.
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 It's true. Just by attending a vibrant Twin Cities REALTOR® Expo and taking advantage of plentiful CE opportunities, you could win a lease on a new Toyota Prius and other fabulous prizes.
From Denny Hecker: 2 car leases on a new Toyota Prius
Everyone receives a $25 gift cards to:
• Bellanote
• r.Normans and
• Advantage Rent a Car
Purchase tickets for additional chances to win a car lease at the Wishes and More booth.
From Luther Brookdale Chevrolet: win 1 of 6 remote starts – one every hour starting at 11 a.m.!
Also every half hour: T-shirts, watches, and car first-aid kits!
Register at www.tcrealtor.org today!
Exhibit at the Expo: Show 'Em Whatcha Got
The REALTOR® Expo 2008 is just one month away! Now is the time to register for great placement within the tradeshow if you or someone you know has a product, program or service ready to showcase to REALTORS®. Real estate companies welcomed—one booth per company. For registration information, click here or contact Amy Ransom at amyr@mplsrealtor.com.
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 For a full, detailed look at how changing supply-demand dynamics are affecting various price ranges and property types in our regional housing market, take a look at the March Housing Supply Outlook. You won't find anything with this much detail on the Twin Cities housing market anywhere else.
Contact MAAR Research Manager, Jeff Allen, at jeffa@mplsrealtor.com or 952.988.3126 if you have questions or comments about this research tool.
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 WCR SPRING FLING LUNCHEON
Experience colorful cultures at the gem in the heart of Minneapolis, the Global Midtown Market!
 The April meeting is WCR’s annual fundraising event and promises to be very FUN and INFORMATIVE. Val Vargas, President of the Hispanic Chamber of Commerce, will share information about how the Hispanic community makes purchasing decisions, particularly in the world of real estate.
You’ll also have an opportunity to taste delicious and gorgeous food from a variety of cultures through an intercontinental buffet lunch. It will be an adventurous treat for your taste buds!
 In addition to their special speaker, they will have a vendor fair with business-related and nonbusiness vendors, raffle items, and a grand prize worth $250—all for just $35!
(Proceeds to benefit St. Joseph Home for Children and to provide educational opportunities for WCR members.)
Date and Time: Wednesday, April 9, 11:00 a.m. – 1:30 p.m.
Itinerary: 11:00 a.m. to noon (social hour/vendor fair); noon to 1:30 p.m. (lunch/program)
Location: Midtown Global Market – Lake St and Chicago Ave, Minneapolis
(free parking validation in Midtown Exchange Range for up to 3 hours)
Cost: $35; TICKETS MUST BE ORDERED AND PAID FOR IN ADVANCE
WCR is not able to sell tickets at the door.
To reserve your spot, contact Jan Jakobitz at jan@WeDeliverHomes.com or 952.270.2617. Tickets available until Friday, March 28.
For more information about WCR, check out the local and national websites.
Source: Women's Council of REALTORS®
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 NorthstarMLS is working diligently on 2008 tax data updates, which will be made available as soon as possible. Timing depends upon how quickly each county provides the complete information. For each of the 20 counties, NorthstarMLS must:
- Formally request the data and allow reasonable (legally allowed) time for response.
- Review the data files as received for completeness and changes. Any changes may require extra programming time, and every county is different.
- Once a county's data file is ready, it is loaded into a test system for review to ensure there are no problems. If there are problems, it's back to the drawing bard with the county; if the data's good, it is uploaded to NorthstarMLS and made available to you!
Both NorthstarMLS and MAAR understand that updated tax data is important to the services you provide to your customers. Be assured that we will be doing everything possible to expedite the process. Also remember that we update our tax records regularly throughout the year with sales updates. Watch this News screen for announcements when county tax updates become available.
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 The University of St Thomas offers its Commercial Real Estate Specialist Program again this year.
This is an intensive program that provides a wealth of knowledge for those interested in advancing their real estate careers and/or business development skills to the next level.
Entrance into the program is competitive and space is limited.
The application deadline is March 28!
Classes are scheduled Tuesday and Thursday, May 1–June 3.
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 After 25 years as MNAR's Chief Lobbyist, Glenn Dorfman is passing the torch at MNAR. Glenn has been invited back for Legislative Impact Day (LID) and will address Minnesota's REALTORS® one final time. Governor Pawlenty has agreed to speak, as well as House Minority Leader Marty Seifert, Senate Tax Chair Tom Bakk and Senate Minority Leader David Senjem. It should be a lively day in Saint Paul.
Join the Minnesota Assocation of REALTORS® for the annual LID and stay for the afternoon reception for fan favorite and Rick Kupchella's first call, Glenn "The Dorf" Dorfman.
When: Thursday, April 3, 2008
Where: Crowne Plaza Hotel, 11 Kellogg Blvd., St. Paul, MN
View a Printable Flyer
LID Schedule of Events
9:00 a.m., Arrival, check-in and coffee/refreshments
10:00 a.m., 2008 Legislative Update presented by Susan Dioury and Christine Berger (2.0 hours CE pending)
12:00 p.m., Lunch Break - box lunch included
12:30 p.m., MN Legislative Leadership Update presented by House and Senate Majority/Minority Leaders (2.0 hours CE pending)
2:00 p.m., Parting remarks by Glenn Dorfman
3:00 p.m., Adjournment
MNAR Reception in Honor of Glenn Dorfman
3:30 p.m., Arrival, hors d'oeuvres buffet
4:45 p.m., Program "Glenn Dorfman: This is Your Life"
6:30 p.m., Adjournment
Due to the special events at LID and the reception, advance registration for both events is required. Registrations will be accepted on a first come, first serve basis and both events are expected to sell out quickly.
Costs:
LID – $50 (includes materials, 4.0 hours CE pending, lunch and refreshments)
Reception – $25 (includes hors d'oeuvres; cash bar also available)
Advance, separate registration for one or both events required. Register now!
Source: Minnesota Association of REALTORS®
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 Five winners will receive $10,000 grants and national publicity
REALTOR® Magazine, the official publication of NAR, is seeking help in identifying nominees for the 2008 Good Neighbor Awards. The program—now in its ninth year—recognizes REALTORS® whose extraordinary commitment to community service has helped make their communities better places to live.
In November, five winners will be announced in REALTOR® Magazine and will be recognized at the 2008 REALTORS® Conference & Expo in Orlando. Five winners will receive a $10,000 grant for their community cause, travel expenses to the convention and extensive publicity to benefit their cause. In addition to the winners, five honorable mentions will receive $2,500 grants.
Eligible activities include any volunteer work that helps improve the quality of life in a community. Entry form, rules, judging criteria, and profiles of past winners are available here. Deadline for entry is Friday, May 23, 2008.
Source: National Association of REALTORS®
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