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 For the week ending January 31, new listings continue at a lower level than seen last year, clocking in at 1,635—a 15.3 percent drop. Conversely, pending sales continue to raise sand with 673 recorded for this week's report—25 percent above last year. Basically, this is all welcome news. Having fewer listings on the market, combined with an increase in pending sales, helps to reduce the Months Supply of Inventory to 13.5 percent when compared to last year at this time—down from 8.9 to 7.7 months. This means it will take the current supply of houses for sale 7.7 months to sell (on average).
The Percent of Original List Price Received at Sale continues to fall, with the January figure of 89.5 sitting at 1.6 percent less than 2008. It's important to consider sales prices of foreclosure homes and how they affect this figure.
Our new Housing Affordability Index jumped to 202 in February. This is a new record and means that the median family income is 202 percent of what is necessary to qualify for the median-priced home. Again, we must consider how the sales prices in the lender-mediated market are affecting this figure, but we can say with some confidence that there are a number of very attractive buying opportunities in the local housing market. If we are able to maintain these trends, we'll be well on our way to killing the blues. And to this current market malaise, we'll be singing "gone, gone, gone (done moved on)."
Click the logo below or click here for this week's full report. Visit Market Info for more research reports.
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Our annual publication is bursting with research and analysis for the Minneapolis–St. Paul metropolitan area housing market. We know you've been waiting patiently for it.
- More maps
- Better charts
- Organized tables
- Quick analysis
VIEW THE REPORT
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"Every person is a new door to a different world." – from the movie Six Degrees of Separation
 Looking for Love – or At Least Clients – Online
Do you wonder what Facebook and social networking are all about? Want to learn what social networking can do to help you grow your business? Hear true stories from your colleagues who have had success using online social networking as part of their prospecting plan.
 Enjoy speaker Chelsie Foty, Marketing Specialist at the Minneapolis Area Association of REALTORS® (MAAR). Chelsie is responsible for handling the online social network initiatives at MAAR. One hour of CE credit approved.
Date and Time: Wednesday, February 11 from 11:00 a.m. to 1:00 p.m.
- 11:00 a.m. to 11:30 a.m. – networking
- 11:30 a.m. to Noon – lunch
- Noon to 1:00 p.m. – program
 Feel free to pass this invitation on to others! Bring a guest! The WCR meeting includes lunch and program afterward. Cost is $20 for WCR members and $25 for nonmembers. You can join at the meeting.
Date: Wednesday, February 11
Time: 11:00 a.m. to 1:00 p.m.
Location: REAL Financial Center (PDC@RFC)
Address: 4450 W 76th St, Edina, MN 55435
WCR is an organization open to all real estate agents and real estate-related affiliates such as mortgage companies, title companies, etc., both men and women. ALL ARE WELCOME! To reserve your spot at our meeting, contact Jan Jakobitz at jan@WeDeliverHomes.com or 952.270.2617. We hope to see you there! For more information about WCR, check out our local and national websites at www.twincitieswcr.org and www.wcr.org.
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*
Yo Pro professional network's second Squaretables event – Thursday, February 12.
Event: Yo Pro Squaretables
Date: Thursday, February 12
Time: 2:30 p.m. – 4:00 p.m.
(happy hour option to follow at Scoreboard Bar & Grill in Minnetonka)
Location: MAAR Office, 5750 Lincoln Drive, Edina, MN 55436
Cost: Open Source (i.e., Free)
Squaretables Topics:
Nobu Hata – "Your Listings and You Tube, Flickr and other FREE Rich Media"
Jessica Monroe – "Greening Up Your Business"
Heidi Peterson – "Legal Update"
Ryan Henke – "Benefits of an S-Corporation for a Real Estate Agent and Passive Loss Rules for Rental Properties"
Friend us on Facebook for further details about Yo Pro. Existing Yo Pros will hear about this via the usual online methods. You can preregister or receive more information about this event and other Yo Pro activities from Aubray Olson at aubrayo@mplsrealtor.com or 952.988.3120. Seating is limited, so if you want to participate, contacting Aubray sooner is better! Membership in this group is open to all.
* Because we don't have round tables.
Yo Pro Becomes First Official Chapter of NAR's Young Professionals Network (YPN)!
As a chapter, Yo Pro members will be eligible for YPN's Chapter of the Year award, which will be given to one chapter each year during the annual REALTOR® Conference & Expo.
We will be announced as an official chapter on the YPN Lounge blog this week at www.realtor.org/ypnlounge.
NAR has created a new web page with basic information created for our group that will be linked from the YPN website. I WANT TO GO TO THERE
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 MAAR hosts a successful series of broker monthly meetings on managing your broker business. These broker support meetings are held every second Friday of scheduled months from 9:30 a.m. to 11:00 a.m. at the MAAR office. Events are free unless otherwise noted. Register with Linda Stoeckicht at 952.988.3157 or lindas@mplsrealtor.com.
February 13: Sales Meeting Topics & Training
We will begin our series this year with topics and ideas for your office meetings combining training and other motivation techniques to get your agents into the office. | VIEW FLYER
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 SAFEMLS®: It's Time to Get Ready!
NorthstarMLS is starting implementation of the SAFEMLS® security system to protect our MLS data.
February 20–March 20: Scheduled deployment times for all NorthstarMLS subscribers. The goal is to make this transition as easy as possible on all subscribers.
CLICK HERE or see below to view deployment dates, times and locations for MAAR members to pick up their SAFEMLS token:
 Important: You must personally pick up your SAFEMLS® token and show a photo ID. If you cannot make your scheduled day and time, please select a different location and day, but be aware that you may experience longer wait times. It is NOT necessary to contact MAAR or RMLS to reschedule. There will be make-up times scheduled and posted after March 9.
There is NO COST to any member who has paid 2009 annual dues. You must be an active member to receive a token. During this transition time, you may continue to use your old password or your new SAFEMLS® token.
March 20: Final SAFEMLS® cutover date. Your old MLS password will not work after this date. You must begin using the new SAFEMLS® security system.
Far too many people (consumers, nonsubscriber real estate licensees, businesses, etc.) are gaining unauthorized access to your MLS data, thus the reason for this new security measure. | VIEW ALL PAST SAFEMLS COMMUNICATIONS
Tuesday, February 17: Marriott Minneapolis SW, 5801 Opus Parkway, Minnetonka
9:00 a.m. A – D
10:30 a.m. E – I
Noon J – M
1:30 p.m. N – 0
3:00 p.m. S – Z
Monday, February 23: Marriott Minneapolis SW, 5801 Opus Pkwy, Minnetonka
9:00 a.m. A – D
10:30 a.m. E – I
Noon J – M
1:30 p.m. N – R
3:00 p.m. S – Z
Monday, March 2: Earl Brown Heritage Center, 6155 Earle Brown Dr, Minneapolis
9:00 a.m. A – D
10:30 a.m. E – I
Noon J – M
1:30 p.m. N – R
3:00 p.m. S – Z
Tuesday, March 3: Earl Brown Heritage Center, 6155 Earle Brown Dr, Minneapolis
9:00 a.m. A – D
10:30 a.m. E – I
Noon J – M
1:30 p.m. N – R
3:00 p.m. S – Z
Wednesday, March 11: Marriott Minneapolis SW, 5801 Opus Pkwy, Minnetonka
9:00 a.m. A – D
10:30 a.m. E – I
Noon J – M
1:30 p.m. N – R
3:00 p.m. S – Z
New Matrix Login Screen Coming Soon
Effective Wednesday night, February 11, there will be a new screen for logging in to NorthstarMLS Matrix as shown below. Initially, this screen will only be for logging in to Matrix. After this log-in screen is implemented for all systems, you will soon be able to move among them (Matrix, Home Base, REsearch, etc.) without having to log in separately to each one.
As with the current Matrix log-in screen, there are two sections: One for those who have picked up and enrolled their new SAFEMLS® token and one for those who are still using their password that they created on Home Base. The dual log-in option will continue to be available until March 23 when NorthstarMLS cuts over exclusively to SAFEMLS®.
Source: NorthstarMLS
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 The February Housing Supply Outlook just hit the Internets. Here's a quick breakdown of some key trends to watch:
Compared to one year ago, the Months Supply of Inventory continues its steady decline. The February number is 7.7 months, down a healthy 13.8 percent from last February. Increased buyer demand for foreclosures and short sales has been a crucial stimulant to bringing our oversupply problem down in the last year.
Condominium sales continue to look anemic. Compared to one year ago, sales are down 22.9 percent overall, and down 44.8 percent in the new construction category. The number of condos for sale has also declined, but not enough to reign in the months supply from rising to 11.8 months, up 16.6 percent from last year.
The price ranges above $500,000 are the only ranges where months supply is increasing. Sales in these segments have dropped at a faster rate in the last year than the inventory of homes for sale.
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 Visit with representatives from more than 100 nonprofit organizations and find the perfect fit for you or your group. Discover opportunities to give as little as two hours or as much as two years. You'll find it all at the Volunteer Expo.
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 "Rally in the Rotunda"
Date: Thursday, March 19, 2009
Location: Crowne Plaza Hotel - 11 Kellogg Blvd, St. Paul & The State Capitol
Cost: $50 in advance, $65 at the door
It's back to the basics this year! With so many issues to be covered, it's time to get back to the Capitol to have our voices heard. If you or your business are affected by foreclosures, land use reforms, mortgage registry and deed tax issues, or sales tax on services—just to name a few—you may want to join REALTORS® from around the state at Legislative Impact Day!
The day will begin at the Crowne Plaza Hotel for a 2-hour Legislative Update from the MNAR Staff. Then REALTORS® will bus up to the Capitol for a "Rally in the Rotunda" and a visit with legislators. Then it's back to the Crowne Plaza for a Debriefing Reception.
LID Schedule of Events
9:30 am: Arrival, check-in, coffee & rolls – Crowne Plaza Hotel, 11 Kellogg Blvd, St. Paul (carpooling encouraged)
10:00 a.m.–Noon – 2009 Legislative Update (2.0 hours of CE pending) presented by:
Chris Galler, Chief Operating Officer, MNAR
Christine Berger, Vice President of Governmental and Regulatory Affairs, MNAR
Heather VanValkenburg, Director of Governmental Affairs, MNAR
Noon–1:00 p.m. – Lunch on your own & buses to the Capitol
1:00-2:00 p.m. – Rally in the Rotunda – Legislative leaders & the Governor are invited
2:00-3:00 p.m. – Visit with Legislators
3:00-4:00 p.m. – Buses back to the Crowne Plaza Hotel
4:00-4:30 p.m. – Reception & Capitol Debriefing
To register for this event, go to www.mnrealtor.com. You will need to know your NRDS number to register. Advance registration is required. Walk-ins will be taken on a "space available" basis. Registration includes 2.0 hours of CE (pending), morning coffee and rolls, buses to the Capitol, reception with appetizers and cash bar.
Contact Carrie Andersen at candersen@mnrealtor.com with further questions.
Source: Minnesota Association of REALTORS®
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Housing Stimulus
is the Key to
Unlocking America's Economy
a note from the President of the
National Association of REALTORS®
I
have heard from many members and clients about how frozen
markets are affecting our businesses. Your elected leadership
and the NAR staff have been working day in and day out with the
new Congress and administration to ensure that your concerns
about revitalizing housing are central to the economic stimulus
package.
Now it is your turn. Make our
united voice heard in Washington that a housing recovery is the
key to Unlocking America’s Economy. Click the "Take Action" button and contact your members
of Congress today.
Charles McMillan
2009 NAR President
Send a letter to the following
decision maker(s):
Your
Congressperson
Your Senators
Below is the sample
letter:
Subject: Reviving the real estate market must be the focus of
the Stimulus plan to be sent to the President
Dear [decision maker name],
The current economic crisis is the result of problems in the
nation's housing markets. Efforts to boost the overall economy
will be wholly ineffective if the Economic Stimulus bill that
goes to the President does not include provisions focused on
stabilizing real estate markets.
Both the House and
Senate versions include provisions that are consistent with a
housing plan that REALTORS® have advocated for several months. A
few more changes are needed. Provisions offered by the National
Association of REALTORS® that must be included are:
- The $15,000 home buyer tax credit that was proposed by Senators
Isakson, Lieberman and Dodd.
- Permanent FHA, Fannie Mae and Freddie Mac loan limits that match the levels enacted in
2008.
- Increased resources for foreclosure mitigation efforts to stem the flood of foreclosures.
Housing has always lifted our economy out of past economic downturns. Let's
get housing moving now so that the economy can recover. Please
support the inclusion of these critical provisions in any
economic stimulus bill sent to the President.
Thank you
for your hard work.
[your name here]
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Action! |
What's At
Stake:
Congress is debating the America Recovery
Reinvestment Act, the latest in a series of economic stimulus
measures considered by Congress.
NAR is urging Congress to include the following
provisions in the economic stimulus legislation being debated
this week:
- Include a $15,000 home buyer tax credit available to all buyers, eliminate repayment requirements and extend the credits availability thru 2009.
- Restore the FHA, Fannie Mae and Freddie Mac loan limits to their 2008 level and make them permanent.
- Provide increased resources for foreclosure mitigation efforts.
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Brooklyn Center
Brooklyn Center updated their website a couple of days ago with more information on both the grants and the vacant building ordinances. Note: The ordinance for vacant buildings in now in effect.
Source: City of Brooklyn Center
Senate Action on Stimulus Bill
On February 4, the United States Senate unanimously passed a bipartisan amendment, offered by REALTOR® Champions, Senators Johnny Isakson (R-GA) and Joe Lieberman (ID-CT) to the Economic Stimulus Bill creating a $15,000 tax credit to individuals who purchase a home in the next year.
Specifically, the Isakson-Lieberman amendment to the pending economic stimulus bill would provide a direct tax credit to any homebuyer who purchases any home. The amount of the tax credit would be $15,000 or 10 percent of the purchase price, whichever is less. Purchases must be made within one year of the legislation's enactment, and the tax credit would not have to be repaid.
The amendment would allow taxpayers to claim the credit on their 2008 income tax return. It also seeks to prevent misuse by only allowing purchases of a principle residence and by recapturing the credit if the home is sold within two years of purchase. The amendment would sunset the current $7,500 housing tax credit on the date of enactment.
While the final details of the Stimulus Bill are still being debated, this amendment represents a tremendous step forward in NAR's efforts to stabilize housing markets around the nation. Because of the efforts of REALTORS®, we expect the final Economic Stimulus Bill will contain several major housing provisions. We will continue to update you as the bill progresses through the legislative process.
Source: National Association of REALTORS®
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 The Source
The 2009 course catalog, The Source, is finished and available online! A copy will be mailed to you in/as part of the Spring 2009 issue of The REALTOR® which will be getting printed this week.
We have added 75+ CE credits in new classes and evening classes this year. March classes are now listed on our website, and the rest of the months will soon follow. Our website, www.mplsrealtor.com is always the best place to go for new class information. You can also check the course schedule, sign up for classes, and even print your own receipts online. It’s the simplest way to go. We may even be adding classes that do not make it into the print catalog, so watch enotes and check the website for updates.
 Unlimited CE PASS
This year you can purchase our Unlimited CE Pass* for $99. The pass allows you to take an unlimited number of classes during 2009. In addition, you will receive the following benefits:
- 10% discount on NAR courses (ABR, Green Designation, etc.)
- First notice of new courses as they are announced through the year
- Periodic discounts on MAAR store items
- And more!
You can purchase the $99 Unlimited CE Pass* at any time during the year, but those who purchase one by March 1 will be entered into a drawing for a $100 gas card. Call the EPD team at 952.908.2602 to purchase your Unlimited CE Pass*.
* The only exceptions are NAR designation courses, online classes and MAAR special events.
 Work on Your CE Requirements Online From Home!
Why wait 'til March to take classes? Many members are taking advantage of our online classes. Save gas money and reduce your drive time. Earn continuing education credits in the comfort of your own home at hours convenient to you. Work on your continuing education anywhere with an Internet connection.
All Hondros Learning online courses are approved for Minnesota CE credit.
Click here to get started (select "Real Estate Continuing Education").
 Do You Still Need to Take Your Code of Ethics?
We still have a few members that need to complete the NAR Code of Ethics requirement. If this is you, your membership is now suspended and will be until you notify MAAR that you have completed the training. As a suspended member, you still have access to the NAR website to complete your Code of Ethics training online for FREE. Complete the training here! To expedite the change from suspended to active status, please forward your proof of course completion to the Education and Professional Development team via fax to 952.908.2612.
If you have not completed the training by March 1, your membership status will change from suspended to terminated (in accordance with NAR guidelines).
We currently have a list of those who STILL NEED TO MEET the Ethics requirement on our website.
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"Never Ending Change – Be Aware! Be Prepared!"
More than 3,000 industry leaders and thousands of additional REALTORS® rely on the annual Trends Report to give them a clear vision of how to operate their businesses going forward. Learn about the top 10 business trends in real estate—live and in person with Stefan Swanepoel! The 2009 Trends Report will be available for purchase at the event, and Stefan will be available for book signing.
Date: March 4, 2009
Time: 9:00 a.m. – 3:00 p.m.
Location: Marriott Southwest
Cost: Only $25.00! Three speakers, 5 CE credits!
PRINTABLE FLYER | REGISTRATION FORM
 On the Undercard:
The State of the Real Estate
presented by MAAR CEO, Mark Allen
A local and national outlook of market indicators, the role of the progressive REALTOR® and how the industry is responding to today's consumer options. Answering the what and where of a changing housing market.
Shift Happens
presented by MAAR Research Manager, Jeff Allen
Local market statistics and how to work with the tools by which we track them. Answering the how and why of residential real estate, from the history of the boom and the reasons for the bust.
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 CURA Housing Forum
The Unraveling of the American Dream: Foreclosures in the Immigrant Community of Minneapolis
Date: Friday, February 20, 2009
Time: Noon – 1:30 p.m.
Location: Carlson School of Management,
Honeywell Auditorium, Room L-110, University of MN, West Bank
Presenting Speaker: Ryan Allen, Assistant Professor, Humphrey Institute
Program: Immigrant households represent an increasingly important component of new homeowners in Minneapolis, but we know little about how the foreclosure crisis has affected them. Using data from the Hennepin County Sheriff's Office and the Minneapolis Public Schools, Ryan Allen has identified which foreclosed properties between the years 2006 and 2008 were inhabited by immigrant households. Research results suggest that immigrant homeowners have been disproportionately affected by foreclosures in Minneapolis. This forum will highlight the research findings of this project and consider the implications of these findings on future foreclosure prevention strategies.
RSVP required by February 18 to 612.625.2086 or curahf@umn.edu. CURA Housing Forums are free of charge and open to the public. To sign up for CURA Housing Forum notices visit www.cura.umn.edu or email your request to curahf@umn.edu.
Source: Center for Urban and Regional Affairs
 African Development Center Closes Deal on Sharia Compliant Mortgage
Here's some great economic news (for a change)...the African Development Center (ADC) recently announced that they closed their first New Markets Mortgage–Sharia Compliant Mortgage.
It's the first deal of its kind in the country with a community economic development organization as the lead agency. It allows new homeowners to finance their home purchase while staying faithful to Muslim law, which prohibits charging or paying interest.
ADC worked with Minnesota Housing and Devon Bank of Chicago to secure the financing. The buyer completed the Homestretch program and counseling through ADC and closed on a 3-bedroom, 2-bath home in late January. The family who went through this process perfectly represents a segment of the housing market that is underserved but for which homeownership is still possible through the right partnerships and hard work. | MORE
Source: African Development Center of Minnesota
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 Our most recent Q1 survey garnered some interesting results reminiscent of today's political landscape: split down the middle. The question that was posed:
Q1. Are you a page flipper or a mouse clicker? Do you prefer reading MAAR's publication, The REALTOR® in a print format or in an online, interactive flip publication that looks like this?
The results!
I prefer the print version |
40.5% |
I prefer the online flipbook version |
40.5% |
I want them both |
18.1% |
I don't want either of them |
0.9% |
Lawyers representing both the print and online mediums are already calling for a recount while the candidates are calling for more financial assistance from supporters.
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We are pleased to announce the release of the Q4 2008 Update to "Foreclosures and Short Sales in the Twin Cities Housing Market." | VIEW REPORT
 Foreclosures and short sales are showing early signs of slowing. During the fourth quarter of 2008, there were 4.3 percent fewer new lender-mediated listings than in the third quarter. That's the first quarter-to-quarter decrease since 2003.
As an added bonus to this report, we have released a new interactive data tool that allows you to sort neighborhoods and cities within the Minneapolis/Saint Paul region.The effects of lender-mediated properties on the submarkets within our larger metropolitan area are quite varied. | TAKE A LOOK
We talk more about the interactive tool on our blog | VIEW BLOG POST
ACCESS INTERACTIVE DATA TOOL | VIEW Q4 2008 UPDATE
We welcome your feedback. Please contact Jeff Allen, MAAR Research Manager, at jeffa@mplsrealtor.com to share your thoughts.
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 The Minnesota Association of REALTORS® Forms Committee has just adopted a Short Sale Contingency Addendum. The form is ready to be released and has a date of February 2009.
Contact Erica Forman at eforman@mnrealtor.com or Heidi Peterson at hpeterson@mnrealtor.com if you have any questions pertaining this form.
Source: Minnesota Association of REALTORS®
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As of January 1, 2009, all new applicants for Broker and Designated REALTOR® membership are required to participate in a 3-hour Broker Orientation Program within 90 days of application. All membership services will be terminated for new brokers/designated brokers who fail to complete the program within 6 months of application.
There is no cost for the Broker Orientation program and 3 CE credits will be distributed to all attendees upon completion. Broker Orientation will be available once each quarter beginning March 11, 2009. Broker and Designated REALTORS® who became members prior to January 1, 2009 are grandfathered and are not required to participate in the new Broker Orientation Program. | READ MORE
Note: the Broker Orientation Program is open invite and available to all current MAAR Brokers, Office Managers and Office Administrators at no additional cost with 3 hours of CE credit if applicable to the attendee. Please contact MAAR's membership department at 952.933.9020 or donnab@mplsrealtor.com for registration.
Next Orientation Opportunity
March 11, 2009, 9:00 a.m. to noon
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Attend the next InternetCrusade® Technology Workshop featuring the e-PRO® Certification course, the only technology course offered and endorsed by NAR.
- Discover the four essential elements of a successful website strategy.
- Learn easy ways to differentiate yourself from the competition.
- Find out how to leverage the power of a permanent email address.
You don't have to be a technology expert to attend this program. Get in tune with the wants and needs of today's Internet-empowered buyers and sellers. Start working smarter. Enroll at this FREE workshop and receive a $25 discount from the normal $359 fee and an 8-month enrollment (instead of 6 months) for this online course.
Click here to sign up or call 1.866.377.0627 (toll free).
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NAR
On Thursday, February 12, from 6:00 p.m. to 8:00 p.m., NAR's Internet connection is getting upgraded. During this time, systems such as NRDS and e-commerce will not be available. Due to this downtime, anyone trying to log in to do Code of Ethics will not be able to. MAAR's online store will be disabled during the downtime as well, since no credit card processing can occur at that time.
GE Security
On Friday, Febuary 13, from 9:30 p.m. to Sunday, Febuary 15, at 12:30 p.m., GE Security will be conducting routine maintenance at their data center. During this time, SupraNET, Agent Web Pay and IVR will not be available. Keyholders will be able to eSYNC, get voice updates and log into KimWeb during the maintenance period. Supra Keyholder Support will be available to provide assistance for any keyholder who needs to update their key at 877.699.6787.
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The event is intended to spur excitement and positive energy in the challenging real estate industry that we are in. And hopefully someone might even be able to do a deal. | NEWS RELEASE | REGISTER
Source: Real Estate Communications Group; Minnesota Real Estate Journal
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