News and Updates

Weekly Market Activity Report

The Twin Cities housing market continues to post strong pending sales figures as fall progresses. For the week ending October 31, there were 826 pending sales. That's down from the week before but 42.9 percent greater than the same week last year.

The extension and expansion of the tax credit means that first-time home buyer activity will remain strong, but don't bank on the same blockbuster numbers we have seen this year. If you were a potential first-time buyer who was qualified to purchase in 2009, odds are good that you already bought. The fact that the income limits have been raised for eligibility does help since it widens the credit's availability.

The $6,500 credit for second-time buyers will spur some sellers to put their homes on the market who had previously been on the fence. New listings will likely strengthen this winter and into early 2010 as a result.

Some updated numbers for this month:

• Days on Market is still shrinking, down to 128. That's 9.4 percent below last October.
• The Percent of Original List Price Received at Sale bumped up to 94.6.
• The Housing Affordability Index increased to 202, up 25.5 percent over 2008.

VIEW FULL REPORT | VIEW MORE RESEARCH REPORTS

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First-Time Home Buyer Tax Credit Extended and Expanded

President Obama signed the Unemployment Insurance Bill, which contains the Homebuyer Tax Credit extension and expansion. Yesterday, the United States House of Representatives, by a vote of 430-12, joined the Senate in passing the bill. Click links below or click here for more details.

KARE-11 TV talked with MAAR President Steve Havig about what the tax credit means for the housing market.

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NAR News

The National Association of REALTORS® (NAR) is going in BIG in 2010. It's all over realtor.org, it'll be the talk of the town at NAR's convention and expo this week in San Diego, and the blogworld and twitterverse are all blowed up over it. This is what our beloved parental unit is up to:

REALTORS® Property Resource™
NAR has announced REALTORS® Property Resource™(RPR), an online real estate library/archive that will provide real estate professionals with data on every property in the United States. It will include information on every parcel of real property including public record information, details of prior transactions, MLS-provided information, zoning information, transfer tax information and other relevant information. The initiative will be based on the collaborative efforts of REALTORS® and the real estate community, including MLSs. | VIEW NEWS RELEASE

HouseLogic.com
On November 12, NAR will launch HouseLogic.com, a new consumer website meant to be a go-to resource for buyers, sellers and REALTORS® alike. The site was designed to provide homeowners with a resource to help them manage their homes wisely and to help REALTORS® extend their relationship with consumers through the entire lifecycle of homeownership. The HouseLogic site will be promoted to consumers in earnest beginning in February 2010. Until that time, the site is in beta and is being promoted primarily to the REALTOR® community, giving NAR members the opportunity to explore the site and provide feedback to houselogic@realtors.org.

Sources: National Association of REALTORS®, Southern Twin Cities Association of REALTORS®

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2010 Membership Renewals are Due on December 1, 2009

The annual REALTOR® membership dues has moved entirely over to eBilling. Printed statements WILL NOT be snail mailed. Do we have your correct email address? You can easily find out:

1) Visit mplsrealtor.com
2) Click the "My Account" tab (at the top)
3) Log in and select "Review or Change Member Personal Information" to check and update your email on the spot.

Dues statements have officially been emailed to the email address on record.

CLICK HERE to view all information on the 2010 dues renewal, including policy on terminations and reinstatement fees, Foundation contributions, RPAC contributions and Bylaws.

We appreciate your membership!

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The 100+ – October 2009 Update

Our tracking tool for local housing market activity has been updated with data through September 2009.

GO TO THERE

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Housing Supply Outlook – November 2009

The November Housing Supply Outlook is available.

Takeaway #1: The market segment that has the lowest months supply of homes for sale? Single-family detached homes under $120,000, which have 2.0 months of supply—an extreme seller's market.

Takeaway #2: The segment with the highest months supply? Single-family detached homes above $1,000,000, which have 37.6 months of supply. Things look even more extreme when you remove new construction properties from the equation—previously-owned homes in this category have 40.5 months of supply. In other words, it's a tough time to be a seller in the luxury market.

Takeaway #3: Sales are up from a year ago for every property type. The biggest growth in sales can be seen in the single-family detached segment, up 19.2 percent from a year ago.

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Economic and Market Watch Report – Q3 2009

The Regional MLS published their latest quarterly Economic and Market Watch Report. | VIEW

Source: Regional Multiple Listing Service (RMLS)

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High-Cost Loan Limits Extended

Legislation extending temporary FHA, Freddie Mac, and Fannie Mae loan limits was signed into law as part of a "continuing resolution" budget bill. The loan limits, set at 125 percent of local area media income and capped at $729,750, are extended until December 31, 2010. The loan limits were set to expire at the end of 2009 and would have dropped significantly, making mortgage financing harder to get for more borrowers at a time when housing sales are showing signs of recovery. "These higher loan limits will help motivate qualified home buyers to purchase in high-cost markets," said NAR President Charles McMillan in a statement thanking Congress for its quick action.

Source: National Association of REALTORS®

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DisplayKEY and SupraNET Compatibility with Windows 7

Most real estate agents update their DisplayKEY using the telephone line cradle. These agents are not affected by Windows 7, but, just so you know, the DisplayKEY is compatible with Windows 7.

The minority of agents who update their DisplayKEY through a USB connection on their PC will need to reinstall the USB drivers for the DisplayKEY if they are upgrading to Windows 7. For support, contact Agent Support at 1.877.699.6787 Option 3 > Option 2 > Option 8 or...

VIEW INSTRUCTIONS HERE

The SupraNET tools are being tested to ensure that they are fully compatible with Windows 7. If you intend to use SupraNET and/or the Supra Transaction Machine on a PC, please wait for further notification before upgrading or replacing it with Windows 7.

Source: GE Security

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NAR's REALTOR® Magazine Announces 5 Good Neighbor Award Winners

For the 10th year, REALTOR® Magazine is honoring outstanding REALTORS® who volunteer time and energy to improve the quality of life in their communities. Five finalists will be highlighted in the November/December issue of REALTOR® Magazine, and guess what...Cindy Johnson of Dona Christensen Realty in Woodbury is a winner for her work with The Arc of Minnesota! Cindy will receive a $10,000 grant and will travel to the NAR Conference & Expo in San Diego where she shall receive her award during the General Session on Saturday, November 14.

For more than 20 years, Johnson has been a volunteer advocate and lobbyist at the local, state and national level for The Arc, an organization that helps people with intellectual and other disabilities get the individual services they need to live a full life. Motivated by her own experience as the mother and sister of people with disabilities, her passion is to enable people to live, learn, work and play in their own communities rather than be doomed to life in an institution. Johnson successfully lobbied to prevent $50 million in cuts to services for 57,000 disabled Minnesotans. Her role as national public policy chair impacts 15 million people nationwide.

VIEW FULL PRESS RELEASE FROM NAR ABOUT CINDY JOHNSON

Source: National Association of REALTORS®, REALTOR® Magazine

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Survey

Q1 – Did the $8,000 Tax Credit Affect Your Business in 2009?

Click here to take the new Q1 survey now!

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Departments

Public Affairs

Fannie Mae Announces Deed-for-Lease Program
On November 5, Fannie Mae announced its new Deed-for-Lease Program (D4L) that allows eligible borrowers facing foreclosure (or their tenants) to stay in their primary residences. Under D4L, the borrower transfers ownership of the property to the lender through a deed in lieu of foreclosure and the borrower (or the tenant) signs a lease for up to 12 months. The program is designed for borrowers who don't qualify for other workout solutions, including modifications, or who do not meet their obligations under the modification. The purpose of the program is to minimize displacement of families and deterioration of neighborhoods that often occurs when homes are left vacant. The rent may not exceed 31 percent of the family's gross income. Fannie reserve the right to market the property during the lease term and may sell it to an investor subject to the lease.

VIEW FANNIE MAE STATEMENT

Source: National Association of REALTORS®

Coon Rapids: Downpayment Assistance Program Passes
The Coon Rapids City Council voted unanimously to approve a Coon Rapids Mortgage Assistance Foundation recommendation for a new downpayment assistance loan program. This program will rehabilitate housing stock and provide incentives for home buyers to purchase and occupy a home in Coon Rapids as their principal residence.

Details: Coon Rapids Mortgage Assistance Foundation (CRMAF) has allocated a total pool of $300,000 to be available for downpayment assistance loans. The funds will be administered directly by Cheryl Bennett, CRMAF staff. The funds are provided in the form of a second mortgage. No payments are required; no interest is assessed unless the loan is repaid within the first three years after closing. The repayment is prorated between years 4–10 and is forgiven after 10 years. Loans are reserved for downpayment assistance only at 3.5% of acquisition costs up to $6,000. Funds must be used in conjunction with an FHA 203K mortgage to purchase a single-family detached property (within the city of Coon Rapids) with at least $10,000 in repairs.

Rehab or renovation work must be completed by a state-licensed contractor and work completed within six months of closing. The borrower must occupy the property as their principal homesteaded residence. There are no income requirements. Buyers need not be first-time home buyers. The loan is available for all properties and not foreclosures only.

REALTORS® are encouraged to learn more about this program and utilize it.

Source: North Metro REALTORS® Association

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Yo Pro

Presents Toys for Tots
MAAR's Yo Pro (Young Professionals) group is organizing its second annual Toys for Tots donation! If you would like a decorated donation box personally delivered to your office, please contact Aubray Erhardt at aubrayo@mplsrealtor.com. She will connect you with a friendly Yo Pro member who will drop off the box and pick it up at a later date. They will handle transporting the gifts to KARE-11 TV on December 11. The Yo Pro who supplies the most toys will speak on behalf of MAAR on KARE-11 TV. Last year the winner was Matt Loskota.

Event: Yo Pro Toys for Tots
Date: Friday, December 11
Time: 9:30 p.m. – 10:30 p.m.
Location: KARE-11 TV, 8811 Olson Memorial Hwy, Golden Valley, MN

Yo Pro at the NAR Convention in San Diego on Twitter!
Members of NAR's Young Professional Network Minneapolis Chapter, Yo Pro, will be heading to the NAR convention in San Diego and will log highlights on Twitter. From special sessions, classes and NAR announcements that will impact us all, to a Reba McEntire concert review, follow along in real time @MaarYoPro. Find out first if the YoPros win NAR's Young Professional Network's Chapter of the Year on Friday night!

New to Twitter and don't know what we're talking about? Start a free Twitter account and "follow"@MaarYoPro.

Experienced user? Follow @MaarYoPro and use #ypn and #nar09. Follow @MaarYoPro for event announcements and Squaretable meetings as well! Questions? aubrayo@mplsrealtor.com.

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Education and Professional Development

Earn the Designation That Gives You the Edge: NAR's Green Designation
With NAR's Green Designation program you'll gain an in-depth education on green real estate principles and practices, be able to access new markets, increase your customer base, get help with referrals and prospecting, and receive ongoing marketing support. You will have the answers to some of the most pivotal questions in today's real estate market.

To earn the designation, you will need to attend the 2-day Green Core Course and a 1-day elective. Choose from the Green Residential Elective or the Green Commercial Elective (offered Spring 2010).

December 7 – 8, 9:00 a.m. – 4:00 p.m. Green Core Course, 12 CE
Cost: Early Bird Discount: $249, valid through December 1. Regular Price is $299
If you have a 2009 $99 Unlimited CE Pass, call to register and receive an additional 10% discount!
VIEW FLYER

December 15, 9:00 a.m. – 4:00 p.m., Green Residential Elective Course, 6 CE
Cost: Early Bird Discount: $69, valid through December 8. Regular Price is $99
If you have a 2009 $99 Unlimited CE Pass, call to register and receive an additional 10% discount!
VIEW FLYER

VIEW FULL FALL CALENDAR

CALL EPD AT 952.908.2602

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Events

Broker Support Series

Friday, Nov. 13, 9:30 a.m. – 11:00 a.m.

Building A Sale-able Real Estate Business
Typically, independent contractors and real estate brokers do not believe their business is saleable. We will discuss two simple strategies that will help make your business saleable when you are ready.

MAAR is pleased to host a successful series of broker monthly meetings on managing your broker business. This free event will be held at the MAAR office. Register with Linda Stoeckicht at lindas@mplsrealtor.com or 952.988.3157.

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Virtual RE BarCamp – Tuesday, November 17

Be part of a first-of-its-kind Virtual Real Estate BarCamp!

Date: Tuesday, November 17
Time: 11:00 a.m. – 6:00 p.m. Central Time
Information & Registration

What is a BarCamp?

It is an ad-hoc gathering born from the desire for people to share and learn in an open environment. It involves intense discussions, demos and lots of interaction from attendees. It is entirely user/attendant created in that the program is developed by the attendees at the event, using big whiteboards upon which a schedule is put together in the morning. It can be rewritten or overwritten by attendees to optimize the day's events. The goal of BarCamp is to reach out to new people who will increase the common intelligence about new technologies and to create opportunities for cross-fertilization between people and new ideas.

What is Virtual Real Estate BarCamp?

• In place of a rented venue, the event will be held online.
• In place of breakout sessions in rooms, there will be simultaneous webinars throughout the day.
• In place of hallways, folks will be chatting on Twitter, Facebook, Backnoise and TomatoChat.
• In place of traveling, you will be able to attend from your home or office.
• In place of an impromptu calendar, presentation slots will be filled in the lead-up to the event.
• Attendance is unlimited (and still FREE!).

So as not to lose the social aspect of the BarCamp atmosphere, volunteers around the country are encouraged to organize In-Real-Life (IRL) meet-ups for immediately after the online event. Sponsorship donations will help fund the Social Media Happy Hour style gatherings, so please let the organizers know if you would like to help by volunteering your time to organize a local meet-up. As the calendar of sessions and IRL events come together, updates are being given through the RE Virtual BarCamp Twitter feed and Facebook Fan Page.

Suggestions for a Successful, In-Office RE BarCamp

• Projector screens and a strong audio source.
• Separate rooms for the separate webinar channels (3).
• A tech-savvy assistant or manager to ensure a smooth operation.
• Computers dedicated to social media avenues (Facebook, Twitter, TomatoChat.com) allowing the office to get into the national conversation.
• Pizza and refreshments.
• After-event meet-up. Plan an off-location meet-up to have a drink together and meet other participants from your community.

Virtual RE BarCamp Website | Facebook | Twitter

Of note: Minneapolis will be hosting an in-person RE BarCamp in 2010!

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CURA Housing Forum – Friday, November 20

Planning for Affordable Housing in the Suburbs:
Perspectives on Comp Plan Updates

Date and Time: Friday, November 20, 2009, Noon – 1:30 p.m.
Location: L-110 Honeywell Auditorium, Carlson School of Management, 321 19th Avenue S, Minneapolis, MN 55455
(West Bank Campus) Parking available in nearby ramp.

Presenting Speaker:
Guy Peterson, Metropolitan Council
Ed Goetz, University of Minnesota
Jodi Nelson, Metropolitan Interfaith Coalition for Affordable Housing (MICAH)

What are communities throughout the Twin Cities metro area planning to do to meet the region's need for low- and moderate-income housing? December 2008 was the "due date" for the most recent round of comprehensive plan updates. Presenting speakers will provide their perspectives on the housing plans that have been submitted by communities throughout the region. The Metropolitan Council is the agency responsible for reviewing updated plans; Guy Peterson of the Council will talk about the process from the Council's viewpoint. Ed Goetz will provide a summary of an analysis of the housing plans in 35 suburban communities. MICAH was involved in advocacy efforts in many communities during the period when the plans were being written. Jodi Nelson will talk about MICAH's efforts.

RSVP required by November 18 to 612.625.9040 or curahf@umn.edu. CURA Housing Forums are free of charge and open to the public.

To sign up for CURA Housing Forum notices, go to www.cura.umn.edu or email your request to curahf@umn.edu.

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Reference

MongoFAX – Yes, It Really is Free

Visit MongoFAX at the National Association of REALTORS®
Conference and Expo in San Diego! Booth 2111