Weekly Market Activity Report

Sellers in the Twin Cities housing market continue to cut back on their output, while simultaneously we appear to have finally found the bottom for buyer activity. New listings for the week ending May 31 were a healthy 23.0 percent behind the same week in 2007, a drop of 522 units. For the same time period, pending sales increased by 4.9 percent over last year—the largest year-over-year increase in 117 weeks, and only the third recorded increase in that time. So even though home sales are still low by historical standards, they're not falling any further for the time being.

This week's edition of the MAAR Weekly Market Activity Report features update figures for two metrics. Days on Market Until Sale increased slightly to 159, up 27.9 percent from a year ago, and Percent of Original List Price Received at Sale increased slightly to 92.6 percent. Expect the Percent of Original List Price Received at Sale to show further increases during the summer months, when sellers are more likely to receive offers that are closer to their asking prices than in winter.

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 Considers Bylaw Changes

A membership meeting will be held on Thursday, June 19, 10:45 a.m., at the MAAR office located at 5750 Lincoln Drive to consider amendments to the MAAR bylaws. All members are invited to participate. Amendments recommended for approval by the Executive Committee include adding a new honorary membership category, establishing annual dues for REALTOR® Emeritus members and adding a section allowing electronic transaction of business.

Several other amendments are required by the National Association of REALTORS® and require an affirmative vote from the MAAR Board of Directors.

This link (click here) references the bylaws to be voted on by the membership in green text. The required changes to be considered by the Board of Directors are underlined in red. If you plan to attend the membership meeting, please rsvp to Bill Gerst at billg@mplsrealtor.com or 952.988.3141.

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Lights, Cameras, REALTORS®! MAAR Is Looking For REALTOR® ACTORS!

Auditions June 23–27 for New MAAR Professional Video!
In both local and national polls of REALTORS®, promoting professionalism is high on the list of wants from REALTORS® of their associations. We hear you. Our existing professionalism resources are either proving difficult to locate on our website (hint: click here) or are outdated. We made a professionalism video several years back that we share in orientation, but it's starting to show its age.

In an effort to punch up our professionalism video for the classroom and for our website, we are making a brand new video. We have settled on an excellent video production company and an exciting concept, and we are now ready to put the call out to members to be involved in what should be an enjoyable experience. If you win a part, your face is certain to be in front of working REALTORS® and other real estate professionals for years to come.

We are offering most of the voice and acting roles to members through an audition process at the MAAR office during the week of June 23–27. Our talent search will include the parts of professional REALTOR(S)®, homeowner(s), buyer(s), narrator and possibly other smaller parts. If you fancy yourself an actor, we want to hear from you. Please contact Linda Stoeckicht at 952.988.3157 or lindas@mplsrealtor.com to sign up for an audition.

Final note: All parts are volunteer and all shooting is tentatively scheduled for a single date between July 14 and 28. Although we are unable to pay you, we can feed you on the day of the shoot. Every production worth its salt has a good food spread, and we won't disappoint on that level.

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Invitation to Next Broker Support Meeting

Who's in Charge?
Date and Time: Friday, June 13, 9:30 a.m. to 11:00 a.m.
Location: MAAR Office, 5750 Lincoln Drive
Register with: Linda Stoeckicht at lindas@mplsrealtor.com
or 952.988.3157. Brokers and managers welcomed. No cost.

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Advertising With MAAR

New! MAAR has unveiled a variety of advertising and sponsorship opportunities now available online, in print and at our events. Our website (www.mplsrealtor.com), weekly online newsletter (enotes), bimonthly newsletter (The REALTOR®), annual education and professional development catalog (The Source), popular market information products, and our events are all fair game for your advertising message. Check us out and spread the word!

view advertising possibilities  |  view advertising policy

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News from NorthstarMLS – New Fields Coming

New Fields Coming for Foreclosures and Manufactured Homes
Both of these fields are required to be completed on all new listings starting when the fields are added to the NorthstarMLS database (scheduled for this Wednesday). If you edit an existing listing after the implementation, you will be required to complete these fields before saving the listing.

The first field is "In Foreclosure/Lender Owned?"

• This will initially be an agent-only field (not available on Customer reports or on public websites through Broker Reciprocity).
• Options are: Yes, No and Not Disclosed.
• For NorthstarMLS, "Foreclosure" is defined as the homeowner being served official notice of foreclosure by a governing entity (does not include notice of default from the lender when payments are late).
• If you select "Yes," you certify that you have permission from the seller to disclose that the property is in foreclosure.
• This field is being added in response to the large increase in foreclosure status properties and agents' desire to more easily search them when the seller has agreed to disclose it. Our goal is to initially keep this information on the MLS simple and rely on agents to communicate with each other regarding the details.

The second field is "Manufactured Home (Yes/No)"

• Options are Yes or No.
• For NorthstarMLS, a property is defined as a Manufactured Home if there is a VIN (vehicle identification number) attached to the structure.
• This has become an increasingly requested field as home buyers want to know this information.

The online listing input forms will be revised to include these new fields within the next couple of weeks.

Source: Regional Multiple Listing Service (RMLS)

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Civic College – Learn the Ropes on Running for Office

REALTORS® have a long history of contributing to the communities where they work and live. They serve on the boards of community and nonprofit organizations and as local elected officials, and they volunteer with a host of groups and activities. If you are thinking about running for public office (legislature, county board, city council, school board) in either 2008 or 2009, we would like to make you aware of the Civic College program.

The Civic College program provides Minnesota REALTORS® with the tools andresources to put their passion for community service into action. It both challenges and equips selected participants to provide real leadership to their communities. This is not a partisan program but rather a "get you elected" program for people with a desire to serve in a public office. You will be given tools and training in building coalitions, public speaking, working with the media and other relevant topics to make such leadership a reality.

There is no charge for member participants for the Civic College course, but space is limited and interested parties must undergo a competitive selection process to participate. View the Session 1 agenda here to get an idea of the depth of this program's training. Contact Chris Galler at cgaller@mnrealtor.com or 952.912.2663 for more information.

The first class begins on June 11 and it runs for five sessions every other week (June 25, July 9, July 23, August 6 and concluding August 29). All of the meetings start at noon and will be conducted at 5750 Lincoln Drive in either the MNAR or MAAR conference room. Lunch will be provided.

Source: Minnesota Association of REALTORS®

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Section 8 Voucher Waiting List Opens for First Time in 5 Years

The Minneapolis Public Housing Authority (MPHA) Section 8 Housing Choice Voucher Program is opening its waiting list to new applicants for the first time since May of 2003.

The MPHA has automated their waiting list processes; Section 8 Housing Choice Voucher (HCV) applications will be available to the public online for two days only: Thursday, June 12 beginning at 12 a.m. through Friday, June 13 ending at 11:59 p.m. The website is www.mphaonline.org. Scroll over to the Section 8/ HCV Program tab, find the Section 8 Waitlist link and complete the application online.

Applicants who do not have a computer will still be able to fill out applications online at a participating library or obtain a paper application to mail in. Information about the waiting list process can be obtained by calling the Section 8 HCV Wait List Information Line at 612.335.4404.

Source: Press Release, Congressman Keith Ellison

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Public Affairs

City of Bloomington
The city of Bloomington would like to remind all members about the Time-of-Sale Housing Inspection Program. All properties for sale in the city, including single-family, two-family, and multiple dwellings, townhouses, condominiums and mobile homes, are required to have a time-of-sale housing evaluation prior to listing the property for sale, and have a copy of the resulting evaluation report available for review by all potential buyers. view letter to REALTORS® and closers

Source: City of Bloomington

City of Brooklyn Park
The city of Brooklyn Park has amended its point-of-sale housing inspection ordinance to allow the buyer to accept responsibility for repair of hazardous items prior to occupancy.

An escrow equal to 150 percent of the estimated cost of the repairs must be established. The amendment will take effect on July 7.

For information, contact the building inspections division at 763.488.6379.

Source: City of Brooklyn Park

REALTOR® Call for Action!
NAR is urging the Senate to act to make permanent the increased FHA and GSE loan limits in the economic stimulus package. The increased FHA/GSE loan limits will continue to provide a much-needed infusion of stability into the housing market and provide a source of safe and affordable mortgage options for homeowners.

The House has already done its part by passing legislation to enact reform proposals that make FHA/GSE increases permanent. Similar legislation is now awaiting action on the Senate floor.

• Please be sure to add comments@realtoractioncenter.com to your email safe list to ensure receipt.
• When you receive the Call for Action (CFA), be sure to respond as soon as you can.
• Encourage others to respond via the "Tell-A-Friend" feature. (Do not forward the CFA email you receive as it is encoded with your personal information.)

Go to the REALTOR® Action Center (www.realtoractioncenter.com) to send your letters. If you have questions about the FHA legislation, please contact Megan Booth at mbooth@realtors.org or 202.383.1222. Questions about GSE loan limits can be directed to Jeff Lischer at jlischer@realtors.org or 202.383.1117.

Source: National Association of REALTORS®

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Education and Professional Development

The Education Season is Winding Down
Be sure to get signed up for classes as soon as you can. The spring schedule is nearly complete! All remaining classes are shown below.

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

Real Solutions for Real Problems in Real Estate
June 10, 1:00 p.m. – 5:00 p.m.
While many real estate transactions go smoothly, there are always those that don't. Many times, conflicts that occur in real estate are avoidable with just a little extra work. Learn some of the most common conflicts in real estate transactions and helpful tips on ways to avoid them. In addition, learn how to prevent agency-related conflicts.
Note: This class will meet your 1-hour Agency requirement.
Credits: 4
Location: MAAR Office, 5750 Lincoln Drive, Minneapolis, MN 55436
Tuition: $48 REALTOR®, $96 Non-REALTOR®

Wake Up, Shift Happens!
June 11, 9:00 a.m. – noon
The only constant in our real estate market is change, and the only way to be prepared is to understand the reasons behind the changes. Get the answers to such questions as "When will buyers come back?" and "Why are there so many listings?"
In an interactive, small-group setting, you will investigate:
• Recent shifts in the Twin Cities real estate market
• Projections for the Twin Cities real estate market
• Changes in today's real estate consumer
You'll walk away feeling like a budding economist armed with the answers to the important questions of a changing, shifting real estate market.
Credits: 3
Location: MAAR Office, 5750 Lincoln Drive, Minneapolis, MN 55436
Tuition: $36 REALTOR®, $72 Non-REALTOR®

Identity Theft
You, Your Business and Your Client
June 11, 1:00 p.m. – 4:00 p.m.
There are countless new victims of identity theft each day. Learn ways in which identity theft has an impact on the real estate transaction. Gain useful knowledge of the FACTA Act, including what you are required to do as a business person when it comes to protecting the identity of your customers. Explore case studies of real identity theft victims. You will leave with helpful tips on ways you and your customers can protect against identity theft.
Credits: 3
Location: MAAR Office, 5750 Lincoln Drive, Minneapolis, MN 55436
Tuition: $36 REALTOR®, $72 Non-REALTOR®

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No MAAR CE for RECampus Online Classes

IMPORTANT NOTICE: As of August 1, 2007 MAAR no longer issues CE credit for classes offered by RECampus. Unfortunately, members are still visiting the RECampus website, selecting Minneapolis as the administrative association, taking the RECampus classes and then requesting CE sheets.

In some cases, members are even completing classes that we have never heard of or have never had approval through the Minnesota Department of Commerce (which makes it impossible for us to issue CE).

We are working to find a resolution with RECampus, but for now we ask that members no longer visit RECampus for online courses. MAAR is no longer a partnering vendor and cannot issue CE for these classes. Thank you for your attention.

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Price Declines Continue (esp. in CA, NV, FL) Says OFHEO

U.S. home prices fell in the first quarter of 2008 according to the Office of Federal Housing Enterprise Oversight (OFHEO) seasonally-adjusted purchase-only house price index. The index, which is based on data from home sales, was 1.7 percent lower on a seasonally-adjusted basis in the first quarter than in the fourth quarter of 2007. This decline exceeded the 1.4 percent price decline between the third and fourth quarters of 2007 and is the largest quarterly price decline on record.

Over the past year, prices fell 3.1 percent between the first quarter of 2007 and the first quarter of 2008. This is the largest decline in the purchase-only index's 17-year history. OFHEO's all-transactions House Price Index (HPI), which includes data from home sales and appraisals for refinancings, showed less weakness than the purchase-only index. The all-transactions HPI fell 0.2 percent in the latest quarter and was flat over the four-quarter period.

The map below is on page 21 of the report and is a good snapshot of the state of the U.S. real estate market. Monthly price trends are shown on pages 8 and 9 and are provided for months through March 2008. view the full report

Source: Office of Federal Housing Enterprise Oversight (OFHEO)

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Listingbook Launch and Broker Lunch Set for June 18!
Listingbook™ Introduction and Quickstart Training Sessions, June 24–26

On June 18, you'll be able to get your free Agent Account. Go to www.listingbook.com and click on "An Agent?" Listingbook is provided to you as a member service of MAAR. Save these dates:

Listingbook Introduction Luncheon
(for brokers & sales managers only)

June 18, 11:00 a.m. – 1:00 p.m.
Embassy Suites Minneapolis Airport,
7901 34th Ave S, Bloomington, MN 55425
Please RSVP to tswanson@listingbook.com

Listingbook Introduction and Quickstart Training Sessions
(open to all members)

June 24: Embassy Suites Minneapolis Airport, 7901 34th Ave S, Bloomington, MN 55425
June 25: Holiday Inn St. Paul East, 2201 Burns Ave, St. Paul, MN 55119
June 26: National Sports Center, Schwan Event Center, 1700 105th Ave NE, Blaine, MN 55449

Listingbook™ is designed by agents for agents from the ground up to save you time and provide you with the highest level of service that builds client-for-life relationships. Contact Todd Swanson for more information or to arrange an office presentation at 651.423.1369 office, 651.492.4222 mobile or tswanson@listingbook.com.

Source: Listingbook LLC

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"Opportunity Knocking" First-Time Homebuyer Events

Prospective first-time homebuyers can take advantage of "Home Ownership Month" by attending one of three sessions for first-time homebuyers called "Opportunity Knocking: Get the Facts for First Time Homebuyers" sponsored by the Minnesota Home Ownership Center, Bremer Bank and Freddie Mac. "Opportunity Knocking" is an opportunity for potential first-time buyers to:

• Learn about the home-buying process
• Visit with lending and real estate professionals
• Discover home-buying resources and services

The first 30 households to attend each event will receive a $25 gift card to Festival Foods.

And every attendee will receive $10 off Home Stretch courses for first-time homebuyers.

This IS NOT a marketing event. It's a great opportunity to share information with prospective buyers and to reconnect with past clients who may know someone thinking of buying a home.

Thursday, June 12
6:00 p.m. – 7:30 p.m.
Roseville Library, Meeting Room
2108 Hamline Ave N, Roseville, MN 55113

Tuesday, June 17
4:00 p.m. – 5:30 p.m.
Richfield Community Center, Richfield Room
7000 Nicollet Ave S, Richfield, MN 55423

Saturday, June 21
11:00 a.m. – 12:30 p.m.
Brookdale-Hennepin Area Library, Meeting Room C
6125 Shingle Creek Pkwy, Brooklyn Center, MN 55430

Source: Minnesota Home Ownership Center

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New RealEstateHomePages.com Seminar on June 19

RealEstateHomePages.com is offering REALTOR® website seminars free of charge. Some features of the website program:

• 100% ease-of-use editable website—if you can use a text editor, you can edit your entire website.
• Add unlimited pages with no additional cost.
• A Google map search that displays properties and also allows clients to save their searches. The website will then email the client updates on a daily basis.
• Free marketing on Find Minnesota Homes.com portal website.
• The featured Listing page automatically takes your listings and puts them live on your website. It will also update the listing to Sold status. No work is required on your end.

Seminar also covers valuable tips on drip email, lead generation and search engine optimization.

Date and Time: Thursday, June 19, 9:30–11:30 a.m.
Location: The PDC@RFC, 4450 W 76th St, Edina, MN 55435
Register

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Apartment & Condominium Summit, June 25

The Real Estate Communications Group and the Minnesota Real Estate Journal present the Apartment & Condominium Summit on June 25 at the Golden Valley Country Club, 7001 Golden Valley Road, Golden Valley MN 55427. This event will focus on both the apartment and condominium industries' development, investment and legal issues in today's current real estate market. This summit provides an excellent networking opportunity with other real estate professionals and industry leaders.

Date: Wednesday, June 25
Time: 7:15 a.m. (registration and breakfast buffet); 8 a.m. – noon (program)
Location: Golden Valley Country Club, 7001 Golden Valley Rd., Golden Valley, MN 55427
Cost: $109 special rate; $139 after June 17
Credits: 4 hours of real estate CE credits (pending)
Program Details & Registration

For registration info, contact Stephanie Awe, sawe@recg.com, 952.405.7785, or click here.

Source: Real Estate Communications Group

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Field Guide to REALTOR® Income

"Cash rules everything around me. C.R.E.A.M.
Get the money. Dollar, dollar bill y'all."

– Wu-Tang Clan

How much does the typical REALTOR® earn in a year? The material listed here includes research studies from NAR's Research division, reader surveys by REALTOR® Magazine, and other sources offering details about the income of agents and brokers and what determines how much they make. cheggitout

Source: National Association of REALTORS®, F. Heller, Manager, Virtual Library & Archives

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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.

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.

Webcast on NAR-DOJ Settlement
NAR General Counsel Laurie Janik will detail NAR's settlement of the antitrust lawsuit in a webcast Monday, June 16, 1–2 p.m., Central Time. The webcast will also cover the proposed revised VOW policy and a new definition for MLS participation. Participants can earn five points toward their REALTORS® association Certified Executive (RCE) Applicant Data Form and one point toward RCE recertification. Registration information will appear in the June 11 INS. For more information, contact AE and Leadership Development staff at 312.329.8514.

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

Source: National Association of REALTORS®

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