Weekly Market Activity Report

For the week ending May 23, there were 1,103 pending sales, which was down slightly from the week prior due to the Memorial Day weekend holiday. Despite the low-cal dip, the mark is still 27.2 percent higher than last year at this time. Of the week's sales, 43.2 percent were lender-mediated foreclosures and short sales. In week-by-week, year-over-year comparisons, sales are expected to be higher than last year for the remainder of the year.

Heavy sales and soft growth in new listings equate to no growth in the supply of homes for sale this spring—the time of year that typically shows the largest increases. There are currently 26,453 active listings, lagging 19.6 percent behind this time in 2008.

This week's edition of the MAAR Weekly Market Activity Report features a new Supply-Demand Ratio for June 2009 of 5.04, which means that there will be 5.04 houses per buyer during the month. This is an astounding 33.4 percent drop compared to June 2008.

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

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HUD Announces Guidance for Use of Tax Credit on FHA Loans

Last month at NAR's Housing Summit in Washington, DC, U.S. Department of Housing and Urban Development (HUD) Secretary Shaun Donovan announced a program that would allow borrowers to use the first-time homebuyer tax credit for a downpayment or closing costs on an FHA-insured mortgage.

The details of the program were announced on June 1 in Mortgagee Letter 2009-15. Government entities and instrumentalities of government may provide a second mortgage. Currently, just ten state housing finance agencies offer a product buyers can use that will effectively monetize the tax credit for downpayment purposes. Minnesota is NOT YET on this list, but we are working toward this as quickly as possible. The required 3.5 percent downpayment may also be a gift from a family member, employer, or a nonprofit, charitable organization.

The original guidance permitted lenders and HUD-approved nonprofits and lenders to offer bridge loans via second lien financing or short-term loans. Guidance released today allows lenders to offer the monetized tax credit for downpayments in excess of 3.5 percent, closing costs and interest rate buy downs. Mortgage industry leaders have indicated that this type of product may not be immediately available to consumers. Lenders need time to develop documentation for what will effectively be personal loans to buyers. We will keep you informed.

Full HUD News Release  |  Mortgagee Letter 2009-15

Sources: U.S. Department of Housing and Urban Development; The Washington Report, National Association of REALTORS®

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MAAR on TV

Last Friday, MAAR President-Elect Brad Fisher was a panelist on TPT's "Almanac: At the Capitol." The topic: you guessed it, housing, with specific conversationing around foreclosures, short sales and the Case-Shiller Index. Right out of the gate, Brad was asked if we'd hit bottom yet.

Click the Image Below or Click Here to Watch the Video

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Monthly Skinny Video for May 2009

The May 2009 Monthly Skinny Video is online now! The latest edition is narrated by our Immediate Past-President, Kevin Knudsen (aka "K-Kanood" or "K2").

YouTube version  |  High-Quality MPG version

Please feel free to share this whenever and however you'd like. For other great stuff like this, visit our market insight blog, also called "The Skinny," by clicking here.

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2009 Renewal Information from the Department of Commerce

Postcards containing information necessary for license renewal were mailed by the Department of Commerce to all individuals and companies who are scheduled to renew by June 30, 2009. Step-by-step instructions, given by the Department of Commerce, are shown below.

IMPORTANT: Renewals are performed online at www.pulseportal.com.

Real Estate Company and Agents Mass License Renewal
Renewing a broker, salesperson, or real estate company license is done through the Real Estate Company and Agents Mass License Renewal Process described below.

If you have not already done so, create an account with Pearson VUE. To create an account, go to www.pulseportal.com.

From the "Choose a state to begin" drop-down menu, select "Minnesota." From the "Choose a board to continue" drop-down menu, select "Real Estate." Under "Licensing Services," click on "Register for an Account." Enter your State ID and PIN and follow the instructions on the screen that appears. If you don't remember your State ID and PIN, contact the Minnesota Department of Commerce Licensing Division at 651.296.6319 or send an e-mail to Licensing.Commerce@state.mn.us with NEED STATE ID AND PIN as the subject. In the body of the message, include your company name, company license number, primary broker name, and primary broker license number. Please understand that high call volumes during peak times may lead to difficulty in getting through on the phone, and high e-mail volumes may lead to significant delays in receiving a response. Please be patient.

Go to www.pulseportal.com.

Do not use your browser's "Back" button at any point in the process, or you will lose all of the data that you have entered to that point and will need to start over from the beginning. In addition, please note that you may have received a postcard even if your company license does not need to be renewed until 2010. The postcard was sent to you because you have a broker or salesperson whose license you may want to renew.

1. From the "Choose a state to begin" drop-down menu, select "Minnesota."
   
   
2. From the "Choose a board to continue" drop-down menu, select "Real Estate."
   
   
3. Under "License Renewals," click on "Company and Agents Mass License Renewal." This will call up the "Login" screen.
   
   
4. Enter your User Name and Password and click the "Login" button.
   
   
5. Next to "License Type," click the "Real Estate Company" radio button, then click the "Submit" button. (This will only appear if your company license needs to be renewed.)
   
   
6. You will be presented with a list of all the salespersons associated with your company whose licenses are up for renewal. Click the checkboxes next to each salesperson whose license you would like to renew, then click the "Submit" button.
   
   
7. The "Attestation" screen will appear. Click the "I Agree" button.
   
   
8. The list of renewed licenses will appear. Click the "Submit" button.
   
   
9. The Credit Card Information screen will appear. Enter all requested information. (Note: If your mailing address is in the United States, you do not need to enter anything in the "Country" field.) Click the "Continue" button.
   
   
10. Verify your information on the next screen. If something needs to be added or corrected, click the "Back" button (the one on the page, not the one for your browser). If everything is correct, click the "Submit Credit Card Info" button.
    
    
11. The confirmation page will appear. Please write down the Confirmation ID number and print the page for your records. The Confirmation ID number can be used to check the status of your renewal. Note: If you do not print the page for your records and click the "Main Menu" button, a dialog box will appear that asks you to print the page for your records. Do not click the "OK" button in this box unless you do not want to print the page. Clicking the "OK" button in this box will take you to the Main Menu page.

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Do You Think You're a Leader?

Be a NAR Director
An awesome blossom is available to you right now via MAAR. Applications for NAR Directors are now being accepted. If you have an interest in being a voice for real estate on a national stage, then display your interest by contacting Donnie Brown at donnieb@mplsrealtor.com or 952.988.3133 by Friday, June 5.

Note: The actual application is still in development. If you contact Donnie, she'll make sure you get an application when it is ready for distribution.

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Broker Support Series – Next Meeting is Friday, June 12

Friday, June 12, 9:30 a.m. – 11:00 a.m.
Social Networking, Blogging, Websites
A panel discussion to guide you through the how and why of social media. Location: MAAR office.

MAAR is pleased to host a successful series of broker monthly meetings on managing your broker business. The 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.

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May 2009 Issue of Real Estate Insights

Real Estate Insights (REI) is produced by NAR Research and is full of timely real estate market research information. In addition to NAR's economic summary (page 4), pages 9–11 present a summary of the REALTOR® Member Profile, where you can compare yourself with your peers.

Real Estate Insights: Web version | PDF version

Source: National Association of REALTORS®

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Public Affairs

Columbia Heights to Reconsider Point of Sale
The Economic Development Authority (EDA), which includes every member of the city council and two members of the public in Columbia Heights, voted on May 27 to direct staff to re-open dialogue with stakeholders and the general public to discuss re-introducing a point-of-sale (POS) ordinance.

Members and staff cited two primary reasons for restarting this process. First, they stated the public was misinformed and did not understand the ordinance when it was unanimously defeated last July at the urging of citizens. Second, they cited the need to protect the housing stock and the public for health and safety reasons.

The point was especially emphasized for those would-be buyers who are assumed to be less experienced with the home-buying experience. The POS ordinance primarily focused on health, safety and minimum property maintenance issues is now being called "Heights Housing Protection Program."

The EDA approved an extended schedule by which it intends to educate and inform the public. A meeting with REALTORS® is tentatively scheduled for June 22. | SCHEDULE

Making Home Affordable
The Obama Administration has introduced a comprehensive Financial Stability Plan to address the key problems at the heart ofthe current crisis and get our economy back on track. A critical pieceof that effort is Making Home Affordable, a plan to stabilize ourhousing market and help up to 7 to 9 million Americans reduce their monthly mortgage payments to more affordable levels.

The Home Affordable Refinance Program gives up to 4 to 5 million homeowners with loans owned or guaranteed by Fannie Mae orFreddie Mac an opportunity to refinance into more affordable monthly payments. The Home AffordableModification Program commits $75 billion to keep up to 3 to 4 million Americans in their homes by preventingavoidable foreclosures. | LEARN MORE

Source: Making Home Affordable

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Education and Professional Development

Upcoming Classes
June 8, 1 p.m.–4 p.m., Real Estate Math: Mortgages – SOLD OUT!
June 11, 1–4 p.m., Matrix (held at PDC @ RFC) – SOLD OUT!

More classes available! Click the Calendar at www.mplsrealtor.com.

Many of our classes are sold out. If you want to think about earning your CE credits online, then we have GREAT NEWS for you! EPD has partnered with TWO online education vendors to offer our members even more options regarding online education classes. | CHECK IT OUT

Online Discount Expiration Date Extended
Due to their popularity, MAAR has negotiated on behalf of our members with our online vendor Hondros Learning to extend the deadline for the Hondros Learning education discount codes. The discount codes are now valid until June 30, 2009!

All of our Hondros Learning online courses are approved for Minnesota CE credit. MAAR uploads these classes to the Department of Commerce and they will show up in your education history if you log into MAAR's website.

Register now and take $5.00 off each individual course or $10.00 off a package. Simply use one of the discount codes listed below during checkout. | GET STARTED

New Online Education Vendor: The CE Shop

With 1 Hour Agency, 1 Hour Fair Housing Options!
EPD is proud to announce a new partnership with The CE Shop to bring our valued members another choice in online education. The CE Shop offers great topics at competitive prices, including a one-hour Agency course and a one-hour Fair Housing course. Receive $10.00 off any training course offered through our partnership with The CE Shop by using the promotional code "PAYTEN" through our online course catalog.

Classes taken through The CE Shop are uploaded to the Department of Commerce by The CE Shop and will NOT show up in your education history if you log into MAAR's website.

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Next Yo Pro Squaretables Event – Thursday, June 18

Thursday, June 18 | Yo Pro Squaretables
2:30 p.m. – 4:00 p.m. at MAAR office
(happy hour option to follow at Spasso)

Squaretable Topics
• Zoe Liston, "Facts About Appraisals in Our Current Market"
• Terry McDonough, "Selling Your Listings Contract for Deed"
• Greg Sax, "The Value of Free: Click Marketing Makes You Tick"
• Steven Logreira, "The 5 Crucial Things You Must Know When Working on a Short Sale"

"Squaretables" is the name of our quick-hit information and networking event geared toward young professionals (and welcome to all). The format is fairly fast and fun. You check out one table for about 20 minutes, take what you need, ask what you want to ask, move on to the next table, take some more, and so on.

Why Squaretables? Because our tables aren't round. Attendance is limited by the size of our room. Register early with Aubray Olson at aubrayo@mplsrealtor.com or 952.988.3120 or find us on Facebook. This free event tends to fill up fast.

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International Council Event – Thursday, June 18

Spanish Wine Tasting and Cooking Event
Save the Date for Thursday, June 18, for a fantastic cultural presentation on Spain. We'll taste wine, eat Paella cooked by a private chef and learn about Spain's culture, traditions and, of course, the real estate market.

Date: Thursday, June 18
Time: 6 p.m. to 9 p.m.
Location: 7620 Bush Lake Dr, Bloomington, MN 55438*
Cost: $25.00

Register at www.mplsrealtor.com or contact Linda Stoeckicht at lindas@mplsrealtor.com.

* Location is a private home (Listing #3657474)

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News from NorthstarMLS

St. Cloud Area to Join NorthstarMLS
and End Duplication Costs and Complexity
The St. Cloud MLS Board of Directors voted to discontinue their separate MLS system and to merge with NorthstarMLS as their association's MLS provider. All of the St. Cloud area's listings, both active and off-market, will be on NorthstarMLS effective June 22. This will result in many benefits for real estate professionals and their clients in both the St. Cloud area and the NorthstarMLS service area.

By eliminating the redundancy of a separate overlapping MLS, costs will be greatly reduced and efficiency will increase. No more dual MLS fees, dual listing input, dual sets of rules/fines, or having to switch back and forth between two completely different systems to do business. They will also gain the benefits of belonging to a larger MLS, such as enhanced (and wider area coverage) public tax records, WEBForms, group copyright protection, data standardization tools, List Assist automated quality control and compliance administration, REsearch MLS, SafeMLS security, continued use of BookAShowing, etc.

For current NorthstarMLS members, particularly those doing business in the north and west metro areas, you will now have access to ALL of the listings in the St. Cloud area, not just a portion. We also have more effective cooperation by all belonging to the same MLS.

NorthstarMLS looks forward to serving the members of the St. Cloud Area Association of REALTORS®.

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Next Women's Council of REALTORS® Event – Wednesday, June 10

Creating Curb Appeal on Any Budget
Ever had that "out of this world" listing from the inside but less than attractive outside? What do you do? We all know even the best house on the market isn't likely to get a visit if it isn't inviting from the street. Join the Women's Council of REALTORS® for an informative poolside lunch (weather permitting) to learn curb appeal tips for any budget featuring Teresa Elsbernd of Home Reflections, Inc. Save your spot early as space is limited to 40 attendees. | MORE INFO & REGISTRATION

Date, Times, Location:
Wednesday, June 10, 2009
Networking @ 11:00 a.m.; Lunch @ 11:30 a.m.; Program @ 11:45 a.m.
5880 Minnetonka Dr, Shorewood, MN 55331 | MAP

Directions:
Hwy 7 west (toward Excelsior) to Hwy 19
North on Hwy 19 to Minnetonka Rd
South on Minnetonka Rd to 5880 Minnetonka Dr

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The REALTOR® – Summer 2009 Issue

The magazine's in the mail but you don't have to wait. It's also available...

RIGHT HERE!

Click the "RIGHT HERE" link or on the image to the left to view our new "flippy book" version of The REALTOR®. We're not sure if that's the proper term, but we like it. If you're all teched up and you no longer need a print copy in the mail, send a message to...

notice@mplsrealtor.com

that says...

"no print magazine"

...in the subject line.

Note from the Editor – I can still smell the ink on the latest issue of The REALTOR®, and the errors are already being noted. Two things:

1) Page 10: We tried to give a print publication plug to the new Mineapolis–Saint Paul initiative supported by the Family Housing Fund, the City of Minneapolis, the City of Saint Paul, and a diverse and committed advisory committee of public, private, and nonprofit organizations. LiveMSP celebrates and promotes city living and the neighborhoods of Minneapolis and Saint Paul. LiveMSP.org is a new online resource for residents and others seeking to move to the two cities. Did you get that? It's www.LiveMSP.org. We had it as dot-com.

2) Page 25: eClosed. The MAAR office will be closed on Friday, July 3 in observance of the Independence Day holiday. Not Monday. (Note to self: Don't copy last year's material and assume it's okay.)

Oh, one final thing on Page 25. I finished eClosed with "Rocky IV!" Why? Well, not only is it a very patriotic movie, but because on July 4, 1997, when I was living in Milwaukee, Wisconsin, I was walking to dinner with some friends visiting from Minnesota when someone sitting on a porch across the street shouted "Happy 4th!" to us. I didn't really hear the person, so I asked one of my companions, "Did he just say 'Rocky IV'?" My friend thought this misheard phrase was hilarious and shouted back to the holiday revelers, "Rocky IV!" They were stunned into silence, and a catchphrase was born.

– End Note from the Editor

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Green is Good

Green By Design
How to plan and build healthy, sustainable, affordable housing and communities in Minnesota.

Register for the 4th annual statewide Green by Design conference and training aimed at providing housing developers, builders, contractors, architects, city planners, environmentalists, funders, and other professionals the tools needed to build energy efficient, healthy, and sustainable housing. Multiple tracks will be offered, including sessions by local and national experts that focus on various elements of the Green Communities criteria (a set of nationally recognized green affordable housing standards) and other related topics. Examples of successful green building projects, including both multifamily and single-family developments, new construction and rehabilitation, will be highlighted throughout the conference.

Topics of interest include:
Residential Green Building • Minnesota Housing Green Funding Requirements • Green Rehabilitation • Ensuring Healthy Homes and Communities • Green Opportunities and Issues Surrounding the Foreclosure Crisis • Sustainable Land Use Planning • Equitable Green Economic Development • Green Building Materials • Energy Conservation and Climate Protection Strategies • Rural and Urban Greening Strategies • and other great topics on green building, design, and public policy.

Save the dates: June 10 and 11, 2009
Evening program: June 10 • Conference sessions June 11
The Depot • Minneapolis • www.mngreencommunities.org/gbd

Source: Minnesota Green Communities

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NAR's REALTOR Benefits® Program

NAR has partnered with industry leaders to provide you with value-added offers and significant savings on products and services you use on a daily basis as part of the REALTOR Benefits® Program.

Take a few minutes to browse this month's REALTOR Benefits® Newsletter which is full of news, resources, and unique promotions designed to help you both professionally and personally. Things like:

• New REALTORS® Federal Credit Union
• New Limited Medical Insurance Program
• Xerox Introduces New First-Of-Its-Kind Color Printer
• Up to 50% on eNeighborhoods PowerSuite

And don't forget about the "Right Tools. Right Now." campaign that includes several great member deals throughout the year with new deals being added every month. An e-mail was sent by NAR last week providing members the opportunity to download a few free eProducts, including "Save Now With the Homebuyers' Tax Credit," "Homebuyers' $8,000 Tax Credit Promotional Letter" and "It's a Great Time to Buy!"

Check www.REALTOR.org/RightTools each month for new additions and resources.

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Next Free Seminar with RealEstateHomePages.com is June 5

JOIN US... for our informative 2 hour seminar to grow your business, automate your marketing, and preview the best website and property search system in the Twin Cities. Sign Up Below.	SEMINAR INCLUDES Full Training on Website Options Search Engine Optimization Lead Capture Drip Email and Much More!
Friday June 5 Click Here to Sign Up Today! MAAR at Real Financial Center 4450 W, 76th St. Edina, MN 9:30-11:30am Directions
WEBSITE FEATURES Google Map Property Search 100% Editable Lead Capture Search Engine Friendly Unlimited Pages Free Local Phone Support No Contracts $39.95 Includes website and MLS Search

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