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News and Updates

Weekly Market Activity Report – Week of December 7, 2009

Dues Were Due on December 1, 2009

Short Sales News – HAFA Guidelines and Short Sales Webinar

Two Talks – Net•Working and Resourceful Marketing for REALTORS®

KIMVoice Changes

MAAR's Got Live Chat!

WCR's "Men of Real Estate" Calendar Available at MAAR Store

The REALTOR® – Winter 2009 Issue Now Available in Print and Online

Enforcement "Restraint" Promised on New GFE, HUD-1

Survey

Please Fill Out Our 2009 MAAR Membership Survey (Three Cash Prizes Available!)

Departments

Public Affairs – Volunteer Openings in Minnetonka

Education & Professional Development – Green Designation, SFR, RSA Lunch n' Learn

News from NorthstarMLS – WEBForms Now Includes Lines for Free-Form Text Fields

International Council – Europa! and Activities Around Town

Events

December 9 – Changing the Face of Housing

December 11 – Broker Support Series: Defining Your Direction for 2010

December 11 – Yo Pro Presents Toys for Tots

December 18 – CURA Housing Forum – Foreclosure in North Minneapolis

Reference

Right Tools, Right Now Extended to 2010

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News and Updates

The local housing market experienced the traditional Turkey Day drop off for the week ending November 28 as Twin Citizens focused more on turkey and stuffing than purchase agreements and closing dates.

Even taking into account the expected holiday drop, market activity in the last few weeks has slowed considerably from the breakneck pace we saw during the first 10 months of the year, likely due to the passing of the home buyer tax credit's initial deadline. There were 5.9 percent fewer pending sales compared to the same week in 2008. That's only the second week of year-over-year decrease in all of 2009 (the first was two weeks earlier).

Now for the good news: Days on Market before Sale dropped 14.5 percent to 127, and the Percentage of Original List Price trended positive over last year to 94.3. These two metrics should shore up sellers who are weathering the current economic storm.

VIEW FULL REPORT | VIEW MORE RESEARCH REPORTS

$50 Late Payment Dues Renewal Fee in Effect
On top of the $50 late payment fee, an additional $50 reinstatement fee will be due if payment is not received by close of business on January 5, 2010 (totaling $100 in fees at that time). All payments received after December 7 without the $50 late dues renewal fee will be held for processing. Suspension of all services will occur if payment is not received by the final deadline of January 5, 2010.

Our policy on suspension, termination and applicable late dues renewal and reinstatement fees is pretty clear cut. We sincerely try to avoid these unpleasantries by making you aware of our policy throughout the annual dues renewal process.

Many of you have paid, and we thank you for your prompt attention. Those that haven't paid their dues yet were sent a second notification last week.

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

Treasury Department Announces Program to Streamline Short Sales
The Treasury Department has released guidelines and forms for its new Home Affordable Foreclosure Alternatives Program (HAFA). HAFA provides incentives in connection with a short sale or a deed-in-lieu of foreclosure (DIL) used to avoid foreclosure of a loan eligible for modification under the Home Affordable Modification Program (HAMP) program. HAFA applies to loans not owned or guaranteed by Fannie Mae or Freddie Mac, which will issue their own versions in the coming weeks.

Program features include: pre-approving sales terms before listing the property, prohibiting servicers from requiring reductions in real estate commissions that do not exceed 6 percent, paying incentives, releasing borrowers from future liability for the unpaid portion of the first mortgage debt and imposing deadlines at each stage.

The program does not take effect until April 5, 2010, but servicers may implement it before then if they meet certain requirements. The program sunsets on December 31, 2012. | MORE

Short Sales in a Changing Environment
In the latest free webinar from REALTOR® Magazine on short sales, a Bank of America executive will talk about what his company is doing to speed short sales. Also participating is Lynn Madison, a veteran broker and trainer who helped develop the curriculum for NAR's Short Sales and Foreclosure Resource (SFR) certification.

Date: Thursday, December 10
Time: 2:00 p.m. Central Time
REGISTER NOW

Source: National Association of REALTORS®

Chelsie Foty and Greg Sax paid a trip to Canterbury Park last week for a little OTB and some hot drinks on a cold day in the south metro. Okay, it didn't exactly happen that way, but we were in the Ascot Lounge at Canterbury speaking to a group of approximately 75 REALTORS® about best practices and new ideas in social media and things computery. We like to put our words into action and we're big proponents of how social media allows for easy sharing, so our two presentations are clickable below via SlideShare.

<------------ Net•Working

Resourceful Marketing for REALTORS®---------->

Supra has announced the release of a new version of KIMVoice. This upgrade provides new features and the framework for future improvements. The new version required a few minor changes to the way DisplayKey and eKey users log in to the system and get update codes.

After logging in to KIMvoice with your key and pin, you will be sent directly to your primary board (which is most likely us here at MAAR). After selecting option 1 for update code, you then need to select your board/association to get an update code. Your primary board/association will ALWAYS be the first selection followed by cooperating board/association names.

ActiveKEY users, after logging in with your key and pin, will hopefully appreciate the new feature of only needing to enter one update code to update their key for all boards they have access to open keyboxes.

Remember: We are known locally in the system as "Twin Cities and Western WI" on the Supra system, not "Minneapolis Area Association of REALTORS" or "MAAR."

Source: Supra

Sometimes you want an extra bit
of live assistance. Our staff is
ready to listen in real time.

Click "Live Chat" at www.mplsrealtor.com
(located on the top tab).

The Men's 2010 calendar sponsored by the Twin Cities Women's Council of REALTORS® is here! Feel free to stop by the desk of store manager, Delores Hoseth, to take a look at the calendar and let her know if you would like to purchase one.

Sale Price: $15.00

What a Steal!

The latest issue of The REALTOR® is now available.

Will this be the last issue of The REALTOR® as a printed magazine? If you want to have a say, fill out the 2009 MAAR Membership Survey. Did you know that most of the material in the printed magazine can be found in enotes and on our website up to three months ahead of the printed info? How's that for leading the witness?

If 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.

HUD says it will implement a 120-day period of "restraint" on its enforcement of Real Estate Settlement Procedures Act (RESPA) rules that take effect January 1, 2010. Restraint will be shown for FHA-approved lenders acting in good faith to comply with the new mandatory Good Faith Estimate and HUD-1, among other provisions. For more info contact Scott Rinn at srinn@realtors.org or 202.383.7508.

Source: National Association of REALTORS®

CLICK HERE TO TAKE THE SURVEY NOW

It's been 3 years since we've surveyed members to see where you're at with us, where you want us to focus, and what you've been up to. Please take a few minutes to fill out the 2009 MAAR Membership Survey to help direct us and, as a bonus, to help yourself to one of three cash prizes ($100, $50, $50). Please fill out the survey by January 8 to be eligible for the prizes.

Your opinions and privacy are important to us. All individual responses and emails will be kept confidential. We will not sell, share or lease this information with third parties. We didn’t in 2006, we won’t in 2009.

NOTE: IF YOU COMPLETE THE SURVEY HERE, PLEASE DISREGARD THE PRINTED SURVEY THAT CAME WITH THE WINTER 2009 ISSUE OF THE REALTOR®, MAAR'S PRINTED QUARTERLY MAGAZINE.

CLICK HERE TO TAKE THE SURVEY NOW

Departments

The Washington Report
If you care about legislative issues that relate to the relate estate industry and want to keep up on all that NAR is up to on a month-to-month, week-to-week, day-to-day, hour-to-hour basis, then start by subscribing to The Washington Report email feed. A lot of what's happening on the national stage breaks here first.

Applications are due Friday, December 18, with interviews taking place in January 2010. Accepted applications are kept on file for one year to fill any unexpected vacancies, with interviews taking place as necessary.

Source: National Association of REALTORS®

SW Transitway Corridor
The Southwest Transitway Corridor is part of a system of regional transitways envisioned by the Metropolitan Council to achieve a doubling of the region's 2000 transit ridership by 2030. The Met Council maintains a repository of current information on the topic. You can view the latest information RIGHT HERE.

Attend the class "Foreclosure Opportunities" on Friday, December 18,
9:00 a.m. – 4:00 p.m at the Westin Edina Galleria. Cost $69 for 6 CE
Listen to three 1-hour free prerecorded webinars available at www.realtorSFR.org
Download, complete and submit the application form available at www.realtorSFR.org
Be a member in good standing of the National Association of REALTORS®

There are no other courses or designations focused on short sales or foreclosures that are recognized by the National Association of REALTORS®.| LEARN MORE

Limited Supply of 2010 Unlimited CE Passes
Back by popular demand, we are again offering a $99 Unlimited CE Pass for 2010. There are only 500 available for purchase, on a first-come, first-served basis. You can purchase the pass at any time (even before 2010). Get yours now while supplies last.

Please be aware of the most important change in terms for the 2010 Unlimited CE Pass: After three course "no shows" (not attending a class for which you are registered), your CE pass will be terminated.

As always, please call or cancel your registration online if you know you won't be able to attend a class.

Sign Up for a WEBForms Webinar
If you aren't yet using WEBForms or just need help on how to use it more efficiently, sign up for an upcoming FREE webinar. Webinars last 60 minutes, plus time at the end for you to ask questions. Attending webinars is convenient and can be done from your office or home. All you need is a computer with Internet access and either a telephone or audio capability on your computer. (The call-in telephone number is not toll-free, but the PC audio is free.)

Instructor Chris Prescott is a Twin Cities real estate agent and WEBForms power user. In this application overview, he will show you how to use the application most efficiently with tips and tools such as Transaction Kits and Templates. Chris is also available for a fee to come to your office for an onsite WEBForms training session. If interested, contact him directly at Chris@PrescottGroup.us.

Tuesday, December 8, 9:30 to 10:30 a.m. | REGISTER
Wednesday, December 9, 1:00 to 2:00 p.m. | REGISTER

WEBForms Now Includes Lines for Free-Form Text Fields
By popular user demand, WEBForms was upgraded so that lines now appear on all multi-line sections. The lines remain when you type into the field or print. This is especially helpful to keep the forms looking neat forthose who wish to print the forms and write in those sections.

This upgrade includes all Minnesota state and NorthstarMLS forms, and those forms that include your broker logo (with no other changes to the form). NorthstarMLS will work on the Wisconsin state forms next.

Proprietary broker forms (and standard forms altered by the broker) are not included with this upgrade. Brokers who want a quote for applying this upgrade to their broker forms should contact WEBForms at helpdesk@webforms-us.com.

Huh? What the Heck is WEBForms?
WEBForms is the online forms application on NorthstarMLS that allows you to complete all of your MLS and state forms quickly and easily online. Download data directly from the MLS to your input forms, and enter common fields (client name, address, etc.) just once to automatically fill in all of your forms.

Europa!
It may be a little different for each of you, but we all know that it's been a tough market for the last year. Well, here's what's going on in some European countries. Should you have some buyers looking to invest abroad, the good news for them is in France.

England
England experienced a "mini boom" in house prices between April and September; however, estate agents have said that the strong performance is confined to London and the South East and to prime country houses. Of note in England, as has been the case in the U.S., is that there has been a steady increase in first-time home buyers due to low prices and low interest rates.

Germany
All property markets in Germany are experiencing renewed confidence as a positive investment climate exists. The office real estate sector is performing best, registering the highest increase in confidence for a third month in a row, The residential sector is also continuing to push upwards with confidence increasing beyond 100 points at 116.2. The majority of real estate agents are now describing the current situation and the outlook for the housing market as positive. With that said, Germany's real estate economy still has to wait to see a sustainable shift in trend due to a lack of financing.

Ireland
It is estimated that property prices in Ireland could fall as much as 45 percent from the peak of the market in late 2006 due the economic downturn and increased costs of funding the banks. Fitch Ratings warns that despite almost three years of house price declines, prices have yet to reach a sustainable level of affordability. Rising unemployment is a particular concern. Unemployment is predicted to reach 12.5 percent by the end of 2009 and rise to 15 percent in 2011.

Italy
Italy's housing market remained strong over the past two years due to prudent loan practices. Italian house prices rose by an average of 4.1 percent from 2003 to 2006 then 2 percent from 2007 to 2008. However, this is expected to change as Italy is anticipating going through its worst recession since WWII. Italy's GDP is expected to contract by 5.5 percent and unemployment is anticipated to rise to 10.7 percent by the end of 2010, up from 6.8 percent in 2008.

France
For some better news, analysts believe that the real estate recovery is now underway as the figures from the Fédération Nationale de l'Immobilier (FNAIM) show that although prices fell overall by 1 percent in the third quarter, they rose in September and for the last 6 months they are now up by 2.8 percent.

A healthy lending environment is also expected to aid the property recovery. Unlike the UK, a history of prudent lending in France where lenders do not allow borrowers' total outgoings on finance payments to exceed one-third of their total gross monthly income, has meant mortgage finance is still readily available. The French banks continue to lend to borrowers with smaller deposits, even up to 100% LTV.

For your clients, this level of LTV is also available to foreign buyers both for second homes and investment properties.

Sources: The England Times, NuWire Investor, Property Wire

Friday, December 11, 9:30 a.m. – 11:00 a.m.

Defining Your Direction for 2010
Where do you want to position yourself in the marketplace in 2010. This workshop will walk you through the steps to determine your direction, and you will leave with an action plan for 2010.

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.

Yo Pro is organizing their second annual Toys for Tots donation! If you would like a decorated donation box personally delivered to your office, please contact Aubray Erhardt at aubraye@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

Assumptions, Mistakes, Successes and Moving Forward: An Empirical Analysis of Foreclosures in North Minneapolis and Foreclosure Policies

Date and Time: Friday, December 18, 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:
Mark Ireland, Attorney, Foreclosure Relief Law Project at Housing Preservation Project

It has been at least three years since the initial wave of foreclosures impacted major cities across the country. Mark Ireland presents his new research related to North Minneapolis, Bending Toward Justice: An Empirical Study of Foreclosures in One Neighborhood Three Years after Impact and a Proposed Framework for a Better Community. In addition to an analysis of lending patterns and loan characteristics, this study also analyzes the post-foreclosure impact. Once the foreclosure occurred, what happened to the property?

This study finds that 83% of the properties were the subject of a 911 emergency phone call, most properties took over a year to sell from the date of foreclosure to the date of sale, and that the median loss for the lender related to the property was 49% of the redemption amount.

The article puts these statistics into context, analyzing five major policy areas implicated by the statistics that highlight incorrect assumptions made about the foreclosure crisis. Finally, the article proposes a framework for a national conversation about race and poverty in order to move forward and target resources where they are most needed.

The article, still in draft form, is availableat the Social Science Research Network's website. | VIEW ARTICLE

RSVP required by December 16 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.

Reference

An email was sent to all members by NAR with three informative e-products available for FREE through Right Tools, Right Now:

The Right Tools, Right Now initiative will be extended to 2010.

Source: 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.