Weekly Market Activity Report

For the first time in ten months—and only the second time in the last two years—the number of purchase agreements (pending sales) signed for our most recent weekly activity set was slightly ahead of one year ago. There were 714 purchase agreements signed for the week ending May 17, which is 1.7 percent higher than one year ago. A hearty 27.5 percent of these sales were mediated by a financial institution as a foreclosure or short sale.

Over the last three months, the number of pending sales is still down 10.3 percent compared to 2007, and the number of new listings is down 13.9 percent for the same time period. The total number of homes for sale is 700 units behind this time last year—a year-over-year fall of 2.0 percent, a gap which should only widen as sellers continue to cut back on new listings.

Click the logo below or click here for this week's full report. Visit Market Info for more research reports.

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MAAR Blog – Full Stream Ahead!

We're always talking about cool stuff over at our blog. In addition to reposting desirables for immediate gratification, like the Weekly Market Activity Report and our monthly press releases, we raise awareness on other topics of REALTOR® interest, including:

Video Killed the Radio Star
Video Killed the Radio Star: Have a thing against reading a lot of small text about a lot of complicated numbers? Yeah, we understand. So now we're doing a monthly version of our market activity report...on video! In fact, we have a whole collection of videos now on YouTube.

MSAE Expo
The 52nd Annual Meeting & Technology EXPO of the Midwest Society of Association Executives (MSAE) just passed through town. We collected some hardware at the well-organized and highly worthwhile event.

Policy and a Pint
The Citizens League and 89.3 The Current put on a cool discussion about the mortgage industry that might just change the way you get both newbies and veterans to be an active part of the business environment

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News from NorthstarMLS

Looking for Lakeshore or Other Properties in the Alexandria Area?
The Greater Alexandria Area Association of REALTORS® has joined the MLS Co-op and made all of their Active status listings available for search. To find a property in their area, log on to the MLS Co-op. After logging into the Co-op, click the "GAAAR" tab. You will automatically be taken into the Residential search screen. Other property types (including Lakeshore Residential) are available from the maroon submenu below the GAAAR tab.

Elevator/Lift, 2nd Floor Laundry, School District Changes
If a property has an elevator or more simple lift equipment, you may now indicate this on NorthstarMLS by selecting it under the "Accessible" data field. Also, you may now indicate when the laundry is on the second floor by selecting 2nd Floor Laundry on the "Special Search" field. These additions are not yet reflected on the listing input forms or ZipForms but will be added there soon. Also, we have made School District selection in Home Base easier. Now when you select a County, the School District list automatically narrows to display only the districts in that county.

Don't Use the Word "password" in Your NorthstarMLS Password
When setting your NorthstarMLS password, please do not use the word "password," even combined with numbers and other letters. If you do, it will automatically expire again within 4 days. For an unauthorized user trying to get through any company's system security, "password" is the most likely to get them in unless it is not allowed to be used. NorthstarMLS appreciates your understanding and willingness to use any other letter/number combination except "password," your first name or your last name.

Wisconsin School District Number Changes
School District numbers for some Wisconsin districts have been changed on NorthstarMLS from the 9000 numbers (used just for MLS) to the actual school district numbers used by the state. The new numbers are available for listing input in Home Base and for search on Matrix. NorthstarMLS is in the process of updating all existing Wisconsin listings. The number changes are:

2611 Hudson (was 9001)
2422 Saint Croix Central (was 9003)
231 Baldwin-Woodville Area (was 9005)
5432 Somerset (was 9006)
2198 Glenwood City (was 9007)
3962 New Richmond (was 9008)
4893 River Falls (was 9002)
1659 Ellsworth (was 9004)
4165 Osceola (was 9009)

Source: Regional Multiple Listing Service (RMLS)

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New Issue of Real Estate Insights Now Available

The May 2008 issue of NAR's Real Estate Insights (REI) is now available. REI is produced by NAR Research and is chock full of timely real estate market research information. In addition to NAR's economic summaries (pages 4–5), page 8 begins an article on national home price activity. A summary of NAR's recent 2008 NAR Member Profile research begins at page 10.

Real Estate Insights: Web version | PDF version

Source: National Association of REALTORS®

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Public Affairs

Brooklyn Park – Water and Inspections
According to Gary Brown, Director of Engineering for the City of Brooklyn Park, the city is several days out in getting to Point of Sale inspections. One of the main reasons is because the sellers or the seller's REALTORS® are not checking to see if the water is turned on in the home being inspected.

The City of Brooklyn Park can't perform the inspection nor can they turn the water on from a liability standpoint. If the home froze over the winter and the pipes have leaks, they can't be responsible for the damage to the home once the water is turned on. While this may seem to be a miniscule issue, it is causing the inspections to back up.

There are typically two valves associated with water service; the one in the street is turned on/off by the city for nonpayment or because the house was determined to be vacant, and the one in the basement next to the meter which is turned off the majority of the time. The City of Brooklyn Park would like to remind REALTORS® to go in the house and turn on a faucet to be sure the water is on before setting up an inspection.

Source: City of Brooklyn Park

Preliminary Central Corridor Design Plans Available for Review
Preliminary design plans for the Central Corridor light rail line will be the subject of a series of public hearings beginning May 29 and continuing for several weeks thereafter. To view a copy of these plans, click here. To view a copy of the plans in person, visit one of the sites on this list. For more information about the May 29 joint public hearing to be convened by the Ramsey and Hennepin County Rail Authorities and MnDOT, click here.

REALTORS® Return from Capitol Hill
Last week, REALTORS® from across the nation descended upon Washington, DC for NAR's Midyear Legislative Meetings and Trade Expo, and on Saturday, May 17, the Board of Directors of the National Association of REALTORS® met to move forward on key real estate issues. Here is a quick breakdown of just some of the important topics covered.

National Property Repository "Proof" Okayed
Directors gave the go-ahead for NAR staff to negotiate with a technology provider to deliver a "proof of concept" working model for a national library/archive of all real estate parcels in the United States. The library is intended to arm REALTORS® with a broker-controlled, member-only accessed, one-stop repository of property information to compete against the current availability of such information from a variety of online sources–all of which are accessible to consumers.

Immigration Statement of Principles Approved
To enable the association to represent the interests of real estate while federal immigration issues are debated in Congress, the directors adopted a statement of principles on immigration. NAR supports the right of foreign citizens to acquire and own real estate and supports the free flow of international capital for real estate and opposes laws that would impede that flow. The directors also approved support of a federal resolution on securing borders to prevent illegal immigration while allowing for the flow of legal immigrants to accommodate the labor needs of the economy.

MLS Provisions Recognize Short Sales
In changes to the association's multiple listing issues and policies, new MLS model rules enable practitioners to alert one another to potential short sales and put them on notice about the sharing of any reduction in gross listing commission required by a lender. MLSs are given the authority to decide whether or not their participants have to disclose reasonably-known short sales. Another MLS policy change gives MLSs discretionary authority to enable participants to offer cooperative compensation through the MLS as a percentage of the net sale price. The net sale price is the gross price minus buyer upgrades in new construction and seller concessions.

2009 National Officers Elected
The board elected the association's national officers for 2009. They are Charles McMillan, CIPS, Irving, TX, President; Vicki Cox Golder, CRB, Tucson, AZ, President-Elect; Ronald Phipps, CRS, GRI, Warwick, RI, First Vice-President; and James Helsel, Jr., CRE, CCIM, Lemoyne, PA, Treasurer.

Strong RPAC Contributions Reported
RPAC is on its way toward meeting the $10 million fund-raising goal set for this year by NAR President Dick Gaylord. As of April 30, REALTORS® donated $4,559,853. North Dakota is the first state to reach 160 percent of the fair-share goal, Veissi said. Twelve states and territories have already met their RPAC goals.

Membership Count Expected to Dip
NAR has budgeted for a 2009 membership of just under 1.2 million members, a small drop from 2008, and for a 2010 membership of just over 1.2 million members. The association annual dues of $80 will remain unchanged.

Realtor.com Changes Create More Value
Many enhancements have been made to NAR's official property listing website. These include an increase in the number of photos per listing (from one to four) for the basic free listings available to all REALTORS®, and neighborhood and school information for each listing. For the fee-based premium listings, practitioners can now get up to 25 high-definition photos and the addition of videos as part of a listing detail page.

Sources: Ramsey County; National Association of REALTORS®

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Education and Professional Development

Take the Code of Ethics Class Online for Free!
You DO NOT have to pay any online vendor for this class! Go to www.realtor.org and click Education. After passing the course, you will automatically be credited with having completed your Quadrennial Ethics requirement for 2005–2008 and receive 3 FREE continuing education credits approved for you by your local association, MAAR.

Upcoming MAAR classes listed below. Start your registration process here.

The Power of REALTORS® to Protect the Lakes
and Streams of the Minnehaha Creek Watershed
May 28, 1:00 p.m. – 4:00 p.m.
Do you sell lakeshore, stream, pond or wetland property? Does water quality affect property values? As a REALTOR®, where do you find specific information about lakes and streams? How clean is the lake or stream? What information should you share with new and potential lakeshore property owners? If any of these questions pertain to you or your business, this is your class.
Credits: 3
Location: The PDC@RFC, 4450 W 76th St, Edina, MN 55435
Tuition: $36 REALTOR®, $72 Non-REALTOR®

Creating Opportunities:
Featuring the PBS Film, The House We Live In
May 28, 1:00 p.m. – 4:00 p.m.
Film, popcorn and CEs! In this session, we will view the PBS feature film The House We Live In. This film will help clear away the biological underbrush and make visible the underlying social, economic, and political conditions that disproportionately channel advantages and opportunities for many communities. Following the film, there will be a conversation about Fair Housing, a discussion of diversity and what it takes to respect cultural differences while building a more just and equitable society.
Credits: 3
Location: MAAR Office, 5750 Lincoln Drive, Minneapolis, MN 55436
Tuition: $36 REALTOR®, $72 Non-REALTOR®

eEssentials 5 – Making Your Point with PowerPoint
May 29, 9:00 a.m. – noon
PowerPoint gives you the tools to create impressive and informative visual presentations. You will learn about inserting photographs, changing presentation design, colors, slide transitions, auto-play and more.
Credits: 3
Location: The PDC@RFC, 4450 W 76th St, Edina, MN 55435
Tuition: $36 REALTOR®, $72 Non-REALTOR®

Challenges of the Condo/Townhouse Sale
May 29, 9:00 a.m. – 1:00 p.m.
There is a different set of issues and challenges real estate professionals face when working within common-interest communities like condos and townhouses. Are you aware of what documents are required to complete the transaction? What rights do buyers have with regards to community documents? What are the state-regulated timelines and requirements when selling these types of properties? This class is designed to provide answers to questions such as these. Leave with a wealth of tips and information you will be able to use in your next condo/townhouse sale.
Credits: 4
Location: MAAR Office, 5750 Lincoln Drive, Minneapolis, MN 55436
Tuition: $48 REALTOR®, $96 Non-REALTOR®

Understanding Foreclosure in Minnesota
June 2, 9:00 a.m. – 1:00 p.m.
This course is designed to give you the skills as a REALTOR® to properly list and sell properties that are on the "brink" or in foreclosure. You will learn about the many issues involved when foreclosure is imminent or already in progress.
Credits: 4
Location: MAAR Office, 5750 Lincoln Drive, Minneapolis, MN 55436
Tuition: $48 REALTOR®, $96 Non-REALTOR®

Essentials V – Effective and Ethical Marketing in Real Estate
June 2, 9:00 a.m. – noon
Marketing and prospecting are two of the most crucial tasks for business success. In this class, we work to bring the two together in the world of real estate. REALTORS® advertise themselves to prospect for new clients and they advertise property to benefit a client. In both cases, there are national and state guidelines on advertising; however, there is no reason to feel confined. We will explore marketing tips and creative solutions to grow your business.
Note: This class will meet your 1-hour Fair Housing requirement.
Credits: 3
Location: The PDC@RFC, 4450 W 76th St, Edina, MN 55435
Tuition: $36 REALTOR®, $72 Non-REALTOR®

Essentials VI – Sustaining a Consumer-Focused Real Estate Business
June 2, 1:00 p.m. – 4:00 p.m.
The odds of long-term business sustenance are not in the favor of the new agent. This class is designed to help you beat the odds. You will receive an understanding of federal and state Fair Housing Laws and explore ways toward a successful business. Business plans and successful routines will be covered.
Credits: 3
Location: The PDC@RFC, 4450 W 76th St, Edina, MN 55435
Tuition: $36 REALTOR®, $72 Non-REALTOR®

Real Estate Math: Statistics
June 3, 1:00 p.m. – 4:00 p.m.
Certainly you have been asked if it is a "buyer" or "seller" market. How about "Where are interest rates going?" Do you know how many years the Twin Cities real estate market saw depreciation in the last 40 years? This class is not your typical boring statistics class. It will provide an arsenal of information you can use when working with the public. Learn about sources of information and tools that will help you answer those oh-so-common questions.
Credits: 3
Location: MAAR Office, 5750 Lincoln Drive, Minneapolis, MN 55436
Tuition: $36 REALTOR®, $72 Non-REALTOR®

eEssentials 6 – So You Found Me on the Web, Now What?
June 5, 9:00 a.m. – noon
With more than 90 percent of all buyers using the web as part of their home-buying process, simply having a website isn't enough. This course will review steps to acquiring and establishing a website. Then it will explore website issues surrounding content and what users look for in real estate websites. If you have a website or want to have one, this class is a must.
Credits: 3
Location: The PDC@RFC, 4450 W 76th St, Edina, MN 55435
Tuition: $36 REALTOR®, $72 Non-REALTOR®

Limit Your Exposure
SPF 30 Sunscreen for Your Business
June 5, 9:00 a.m. – 1:00 p.m.
This course is all about disclosure and foreclosure. There are many new statutory disclosures and this course will guide you through the maze. With foreclosures topping the charts, you will learn about short sales, priority and timelines in the foreclosure process.
Credits: 4
Location: MAAR Office, 5750 Lincoln Drive, Minneapolis, MN 55436
Tuition: $48 REALTOR®, $96 Non-REALTOR®

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REALTORS®, Department of Justice Agree on MLS Policy

NAR has reached a favorable settlement with the U.S. Department of Justice, resolving the litigation between them over the display of listings from the MLS on brokers' virtual office Web (VOW) sites. The final order validates NAR's long-standing Internet data exchange (IDX) policy and strengthens the membership rules governing multiple listing services.

The order caps a three-year long battle between NAR and the Justice Department, which filed a lawsuit against the association in 2005 calling it anti-competitive for brokers to have unlimited say in where, and how, their clients' listings are displayed on other brokers' VOWs.

The final order expressly provides that NAR does not admit any liability or wrongdoing, and NAR will make no payments in connection with the settlement. The terms of the agreement preserve and strengthen the MLS as a means for broker-to-broker cooperation intended to serve real estate professionals who list or sell property in that MLS. "This will ensure that MLSs are used for what they were originally intended to do, which is help real estate professionals find buyers for people who want to sell their homes," said Laurie Janik, NAR general counsel.

NAR will be reinstating an updated version of its VOW policy, which governs the use of MLS data for brokers who offer brokerage services online by requiring customers to register with the brokerage before they can search for homes. That policy was rescinded in 2005 when certain provisions were challenged by DOJ. The revised policy continues to protect the rights of sellers who do not want their property or their property's address displayed on the Internet, and also protects sellers from having false information about their listings appear on the VOWs of a member of the MLS. Among other things, the revised policy requires brokers hosting others' MLS data on their site to turn off features—such as home value estimates and blogs—surrounding a listing at the request of the seller.

The agreement requires MLSs and local associations that operate MLSs to pass and implement the amended VOW policy within 90 days of the court's approval of the final order.

More about the settlement and related issues is at realtor.org.

Source: National Association of REALTORS®

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REALTOR® of the Year Nominations Now Being Accepted

MAAR would like to recognize one of its members as "REALTOR® of the Year." It is our way of showing appreciation to members for their volunteerism to our association as well as for any involvement with the national and state associations.

Please provide complete and accurate information. For this award, involvement in local association activity will receive the greatest consideration. The MAAR REALTOR® of the Year selection panel will recommend one member as REALTOR® of the Year to the Board of Directors for approval. Current President, President-Elect and Immediate Past-President of MAAR are not eligible.

Additional criteria can include anything that makes the REALTOR® candidate stand apart, including involvement with nonprofit groups, offices held, committee work, special assignments, other business ventures, civic activity, and charity work.

Click here or on the image for a one-page form that you can return to Amy Ransom at amyr@mplsrealtor.com or 5750 Lincoln Drive, Edina, MN 55436. Deadline: September 30, 2008

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More on Foreclosure, Short Sales, and the Mortgage Industry

Foreclosure Prevention Workshops
St. Paul and the Minnesota Home Ownership Center are sponsoring a series of foreclosure prevention workshops for people who are concerned about making mortgage payments, know someone who is in trouble or just want more information. Two similar workshops last fall drew more than 250 people each.

Mortgage lenders and community-based organizations will be available to offer free advice and answer questions, and attendees will be able to hear short presentations on legal rights and the foreclosure process.

Future scheduled workshops:
Thursday, June 5: 4:30–8:30 p.m., Eagan Community Center, 1501 Central Pkwy, Eagan

Call the Home Ownership Center at 651.659.9336 or go to www.hocmn.org for more information. St. Paul mortgage foreclosure prevention counselors are available at 651.266.6626 or www.stpaul.gov/foreclosure. Renters with foreclosure questions can call HOME Line at 612.728.5767.

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Be a Hero to Your Clients
Listingbook™ is Coming to NorthstarMLS

Designed to complement NorthstarMLS, Listingbook offers a unique set of client servicing tools that benefit REALTORS® by increasing profitability, productivity and professional service. Listingbook Agent Essentials(SM) will be available to all REALTORS® as a member benefit at no additional cost.

Listingbook's Client Manager gives the agent a secure gateway for their buyers and sellers to access the MLS™ listings by invitation only. Clients are empowered with the information they need to make smart decisions.

Listingbook works for you 24/7, so you don't have to, acting as your personal assistant. Save time while making your communications easier, your clients happier, your relationships stronger and your business more efficient.

Automatically supply reliable, personalized, current market information, and interact with buyers while guiding and monitoring their activity. At the same time, keep anxious sellers calm in today's market with Listingbook's listing retention
and price reduction tools.

Listingbook was designed from the ground up by agents for agents to save you time and provide you with the high level of service that builds client-for-life relationships. For more information, contact Todd Swanson at tswanson@listingbook.com or 651.492.4222 or visit www.listingbook.com.

Source: Listingbook LLC

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