Week of June 8, 2009
 |
 |
 |
 |
 |
 |
Get on Up!
MAAR can get your
advertising message to
those you want to reach.
buy ad space | ad policy
|
Let's start this freshly soaked week with June's Months Supply of Inventory of 7.6 months, a healthy 26.9 percent behind last June, when we were at 10.4 months of supply. The drop in supply has been brought about by weak new listings and strong home sales. New listings continue to underperform vs. 2008, with 1,566 for the week ending May 30, down 10.6 percent from this time last year. Pending sales remain strong despite a Memorial Day dip, with the 917 sales for the most recent reporting week representing a 14.9 percent increase over 2008. The June Housing Affordability Index of 199 dropped 20 points from last month due to a recent rise in mortgage rates and an uptick in May's median sales price brought about by an increase in traditional (non-lender-mediated) sales activity. Only 41.3 percent of the pending sales from the past two weeks have been lender-mediated foreclosures and short sales; the first several months of 2009 saw 45 to 60 percent lender-mediated sales activity. | VIEW THIS WEEK'S FULL REPORT
|
||||
Guidance for Use of Tax Credit on FHA Loans
Currently, just 10 state housing finance agencies (HFAs) offer a product buyers can use that will effectively monetize the tax credit for downpayment purposes. Generally, these programs offer tax credit advances with second liens on the home being purchased. The second lien may be "soft" (silent) or require monthly payments but may not result in cash back to the borrower and may not exceed the total amount needed for the downpayment, closing costs and prepaid expenses. The 10 states offering these programs are Colorado, Delaware, Idaho, Kentucky, Missouri, New Jersey, New Mexico, Ohio, Pennsylvania and Tennessee. Other states, including Minnesota, are developing programs so members are encouraged to regularly follow up with their respective HFA. For all other states where such programs do not exist, the tax credit may not be used to fund the 3.5 percent downpayment required for FHA loans. As always, the 3.5 percent downpayment may be a gift from a family member, employer or nonprofit, charitable organization. FHA-approved nonprofit organizations and FHA-approved lenders may monetize the 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. NAR Info on 2009 First-Time Home Buyer Tax Credit Sources: The Washington Report, National Association of REALTORS® |
||||
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 available on our website. | SEE FULL INSTRUCTIONS IMPORTANT: Renewals are performed online at www.pulseportal.com. |
||||
Broker Support Series – Next Meeting is Friday, June 12
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. |
||||
Thursday, June 18 | Yo Pro Squaretables Squaretable Topics "Squaretables" is the name of our quick-hit information and networking event geared toward young professionals (and welcome to all). The format is fast and fun. Check out one table for about 20 minutes, take what you need, ask what you want, move to next table, take 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. |
||||
International Council Event – Thursday, June 18
|
||||
GE Supra DisplayKEY Annual Billing
Questions? Three options: Call Supra at 1.877.699.6787, call MAAR Member Services at 952.933.9020 or email info@mplsrealtor.com. | VIEW FEE INFORMATION |
||||
Next Women's Council of REALTORS® Event – Wednesday, June 10
Creating Curb Appeal on Any Budget
Directions: |
||||
|
Although similar to other complex HUD programs, NSP brings important differences. REALTORS® are strongly encouraged to attend an information session:
The programs being covered will include: a homebuyer "incentive" assistance of $10,000 for households at or below 120% of the Area Median Income (AMI) with additional access to home buyer affordability assistance of up to an additional $20,000 for households at or below 80% of AMI. Also, either in combination or stand alone, homebuyer rehabilitation assistance of $25,000 for households at or below 120% of AMI. For planning purposes, if you will be attending, please RSVP to Tonja West-Hafner, Principal Planning Analyst with Hennepin County at tonja.west-hafner@co.hennepin.mn.us or 612.348.2599. Tonja can also be contacted with further questions. | VIEW PRINTABLE FLYER MAAR's Vice-President of Public Affairs, Bill Gerst, will be in attendance at the June 12 session. Source: Hennepin County
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
|
||||
Education and Professional Development
Online Discount Expiration Date Extended
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
With 1 Hour Agency, 1 Hour Fair Housing Options! 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. |
||||
Three Factors Influence Choice of Real Estate Agents
Source: NAR Weekly Newsletter for 6/3/2009; Baylor University |
||||
|
Lane Larson of RE/MAX Results in Plymouth was recently named one of NAR's "30 under 30" for 2009.
Source: REALTOR® Magazine |
||||
|
Do you want to be a real estate expert on HGTV? If so, you needed to act fast for one of the two opportunities that were available to MAAR members. We posted info for the TV show "Bang for Your Buck" on MAAR's Facebook page last week. You have more time for an opportunity to be the expert on "House Hunters." | VIEW DETAILS NOTE: You must read the casting information. Good luck! |
||||
|
MAAR will hold a membership meeting on Thursday, June 18, 11:00 a.m. in conjunction with the Board of Directors meeting to consider changes to the association bylaws. Any member interested in discussing the changes is encouraged to attend the meeting. Please respond to Bill Gerst at billg@mplsrealtor.com if you plan to attend the membership meeting. | VIEW PROPOSED BYLAWS CHANGES |
||||
The REALTOR® – Summer 2009 Issue
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. Whoops: The MAAR office will be closed on Friday, July 3 in observance of the Independence Day holiday. Not Monday. (Editor's note to self: Don't copy last year's material and assume it's okay.)
|
||||
|
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.
Source: Minnesota Green Communities  |
||||
Annual REALTOR® Technology Survey
You can expect to see a blog post here of the results in early August 2009. Source: Center for REALTORS® Technology, National Association of REALTORS® |
||||
|
|
If you know
a member who is not receiving enotes, please forward
their email addresses to info@mplsrealtor.com.
To unsubscribe, send an
email to unsubscribe-enotes@mplsrealtor.com with REMOVE in the subject line. Allow 14 days to process the request. Send replies and news ideas to MAAR's Communications Manager, G. Sax.
© 2009 Minneapolis
Area Association of REALTORS®.
All rights reserved.