News and Updates

Weekly Market Activity Report

Activity continues to pick up in the Twin Cities housing market as sellers and buyers bid a sad farewell to the Vikings' football season and the dormant holiday market begins to thaw. New listings, sales and inventory are steadily increasing as we prepare for the spring selling season.

For the week ending January 16 there were 571 signed purchase agreements, up 4.0 percent from a year ago. That's only the second week of year-over-year increase in the last nine. New listings were 8.3 percent higher than a year ago at 1,668, and the total inventory of homes available for sale currently sits at 20,459, down 18.9 percent from last year at this time.

With an extreme shortage of inventory in some of the lower price ranges, new listings may be welcome in that segment for the first time in several years. In the upper price ranges, sales activity is still declining and new sellers face a tougher market.

VIEW FULL REPORT | VIEW MORE RESEARCH REPORTS

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New. Monthly Skinny | En Español: January 2010

Our first Spanish version of the Monthly Skinny video is online and ready for you to share with whoever you think should see it. We make these videos so that you, our members, can stay up to date on the local housing market and provide your clients with the same info in an engaging, visual manner

Click on the video. Feel free to send us your comments via YouTube.

WATCH THIS MONTH'S VIDEO En Español

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NAR Update: Help for Haiti

NAR is contributing $550,000 to charities that will help bring much-needed supplies and care to the people of Haiti. Included in that sum is $100,000 donated by our REALTOR Benefits® Program partner, Lowe’s®, which we have matched at $100,000. From that we will donate $50,000 to The Harvest of Haiti, founded by REALTOR® Patrick Moore, a 2007 Good Neighbor Award winner. Patrick has done great work for several years in Haiti supporting orphans, delivering clean water and providing medical care for more than 3,500 people a year.

We are also contributing $500,000 to the Clinton Bush Haiti Fund, which is supporting earthquake recovery efforts with immediate relief and long-term support to earthquake survivors. For up-to-the-minute information about these efforts, visit NAR's Haiti relief page on REALTOR.org.

NAR is accepting donations from REALTORS® through the REALTORS® Relief Foundation. Please consider giving today. To make a donation, go to www.realtor.org/relief, and complete the contribution form.

REALTORS® have earned a reputation for our compassionate work on behalf of others – both here in the United State and around the world. I hope you will join our latest efforts and bring that same compassion and hope to people who desperately need it. | PRESS RELEASE

Source: National Association of REALTORS®

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RREAR Report Opt-in Option

New. The annual, complimentary RREAR (Residential Real Estate Activity Report) will be distributed in an opt-in print format, or you can download online, anytime.

What opt-in means: Tell us you want a printed report, and we'll snail mail it to you. The report is chock full of 2009 local real estate market information. Find all of its cool bits and pieces online mid-February.

You will be notified via enotes when the report is published online or check mplsrealtor.com periodically.

We're finding ways to be eco-friendly and supply our print, turn-page fans with their favorite report.

A limited, but healthy print supply will be ordered. First come, first served. Please type your contact info, including your preferred mailing address IN THIS FORM.

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RE BarCamp Is a Go!

Minneapolis-St. Paul is having its first ever RE BarCamp. Follow the impromptu learning environment trend sweeping the RE industry.

RE BarCamp is open to anyone, yet focused on helping real estate professionals—REALTORS®, brokers, lenders, title pros or anyone that craves to learn about topics in social media, technology, branding, marketing, and what's happening now and next in the industry. There really is no reason not to attend; it is FREE!

Registration is now open and limited to the first 300. Come. Engage. Learn. Share.

SAVE THE DATE
Tuesday, April 6
9:00 a.m. to 5:00 p.m.
(doors open at 8:30 a.m.)
Spill The Wine, Minneapolis

Learn more | Register here

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2010 Broker Summit — Change Has Arrived

Save the date for an exclusive event for brokers and managers. 3 speakers, 5 CE credits for $25

SAVE THE DATE
Wednesday, April 7
9:00 a.m. – 3:30 p.m.
Hotel Sofitel, Bloomington, MN

KEYNOTE SPEAKER
Stefan Swanepoel, Real Estate Speaker, Best Selling Author

ON THE UNDERCARD

Maureen Tubbs
Marketing Director
Minneapolis/St. Paul Business Journal

Greg Sax
Communications Freak
Minneapolis Area Association of REALTORS®
10K Research and Marketing

MORE DETAILS SHORTLY! SAVE THAT DANG NAB DATE!

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Will Federal Short-Sale Rules Speed Deals?

Lenders have until April 5 to implement procedures for complying with federal short-sale guidelines released in November. In an interview with REALTOR® Magazine, NAR Managing Director of Regulatory Policy Jeff Lischer walks your members through the new rules and the forms that go with them, and shares his assessment of what their impact could be. Watch, link to, or embed the video. | WATCH THE VIDEO

Source: National Association of REALTORS®

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Ten Cities To Go From Renting To Buying

The U.S. government has pushed hard to make homeowners out of one-third of Americans who still rent their homes. It introduced and later extended a tax credit for first-time home buyers, and has kept federal interest rates at their lowest levels since the 1940s. Market conditions are such that now is a particularly good time for some renters to take the hint.

In Portland, San Francisco, Minneapolis and Washington, D.C., the premium to buy--the spread between what you'd spend on renting and what you'd pay each month for a mortgage--is far narrower now than its 15-year average. And economists predict a significant home-price hike in five years. So upgrading will cost much less than usual, and home buyers are likely to get a good return on their investment.

The presence of jobs--along with strong industries that will keep generating new ones--is a big factor in keeping demand for homes, and therefore home prices, high. The weak national economy has helped reduce the premium to buy for the time being, but where the labor market is relatively healthy, home prices are predicted to shoot up. In Minneapolis, for example, where large companies including Target ( TGT - news - people ) and General Mills ( GIS - news - people ) have their corporate headquarters (and there's a large university system), home buyers will only pay 14% more than if they were renting (24 percentage points lower than average), and home prices should climb by 15% in five years. | FULL STORY

Source: Forbes.com

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Hurry. Scholarship deadlines are Feb. 1 for NAR Midyear in Washington, DC

MAAR offers two scholarship opportunities for REALTORS® to attend the 2010 NAR Midyear Legislative Meeting, May 10–15, 2010, in Washington, DC. An interest in politics is not an application requirement but being knowledgeable on industry trends, housing policies and critical issues facing the real estate industry and specific communities may help. Please review application requirements and apply accordingly.

The Ann Brockhouse Scholarship will be awarded to a MAAR member who demonstrates a commitment to advancing the real estate industry through education and involvement or potential leadership involvement within MAAR.

The Emerging Markets Services Scholarship will be awarded to a MAAR member who demonstrates their commitment to serve the emerging markets communities with efforts to increase homeownership among diverse communities in Minnesota.

Applicants must submit a copy of their business plan with this scholarship application. If you have questions regarding the scholarship or application, please contact Donnie Brown at 952.988.3133 or donnieb@mplsrealtor.com.

Application deadline: February 1, 2010.

Ann Brockhouse Scholarship Form | Emerging Markets Services Scholarship Form

VIDEO: MAAR Member Midyear Testimonials

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Video Walk-Through of New GFE, HUD-1

Watch an 11-minute video that walks you through page-by-page of the new Good Faith Estimate and HUD-1 settlement form. The revamped forms took effect January 1 and are intended to make comparison shopping easier for settlement services and mortgage financing.

Initial industry reactions are that the forms are not that straight-forward to fill out. Although mortgage originators typically fill out the GFE and settlement agents typically fill out the HUD-1, sales associates are the ones that get all the questions from consumers. | WATCH THE VIDEO

Source: REALTOR® Magazine

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Hope For The City - Volunteer Help Needed for Newborn Baby Kits

Hope For The City fights poverty, hunger and disease in Minnesota and beyond. The organization will be re-packing semi-loads of newborn baby kits for new mothers in Minnesota and overseas, and they need help from volunteers. They will be re-packaging diapers, baby wipes and baby wash to be distributed to mothers and organizations in need of these much-needed resources.

If you are looking for a way for your business, organization or group to get involved, sign up today with volunteer@hopeforthecity.net.

Your generous efforts will help get these much-needed resources to partnering organizations serving new mothers, children, and orphanages.

What: Volunteer Night
When: Thursday, January 28, 5:00 – 8:00 p.m.
Where: Hope For The City Warehouse, 7003 Oxford St, St. Louis Park

Source: Hope For The City

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Last Chance: Become One of REALTOR® Magazine's 30 Under 30 Class of 2010

Applications now being accepted from top real estate pros for the 2010 class of 30 Under 30. The deadline is Jan. 31, 2010, so apply today!

Source: REALTOR® Magazine Young Professionals Network

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2010 Membership Renewals: Unpaid Members Are Now Inactive — All Services Suspended

If You Have Paid Your Dues, Thank You! Otherwise, Please Read On
Members who did not renew their 2010 MAAR membership by January 5 are now inactive, and all services have been suspended. The current membership renewal amount is $475 ($375 Annual Dues Renewal amount, a $50 Reinstatement Fee, and a $50 Late Payment Dues Renewal Fee).

NOTE TO BROKERS: If you currently hold a license for an inactive member, you are required to renew their dues by February 2, 2010, or terminate their license with the Minnesota Department of Commerce by this date to avoid office wide termination.

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

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Departments

Public Affairs

FHA Imposes Floor for 3.5 Percent Down

FHA announced major underwriting changes to strengthen its reserves while maintaining the agency's critical position in the mortgage market at a time when its federally backed loans comprise about 40 percent of the market.

Among the changes: an increase in the up-front mortgage insurance premium by 50 bps to 2.25 percent; a FICO credit score floor of 580 for borrowers to qualify for the agency's 3.5 percent minimum down payment (other borrowers must put down a 10 percent minimum); and a reduction in seller concessions from 6 percent to 3 percent of the mortgage amount. Access

NAR's BRIEF ON THE FHA CHANGES | FULL HUD NEWS RELEASE

Source: National Association of REALTORS®

HUD Takes Action To Speed Resale Of Foreclosed Properties To New Owners

In an effort to stabilize home values and improve conditions in communities where foreclosure activity is high, HUD announced a temporary policy that will expand access to FHA mortgage insurance and allow for the quick resale of foreclosed properties.

The action will take effect on February 1, 2010 and is effective for one year unless otherwise extended or withdrawn by the FHA Commissioner. To protect FHA borrowers against predatory practices of "flipping," where properties are quickly resold at inflated prices to unsuspecting borrowers, this measure will be limited to those sales meeting the following general conditions:

• All transactions must be arms-length, with no identity of interest between the buyer and seller or other parties participating in the sales transaction.
• In cases in which the sales price of the property is 20 percent or more above the seller's acquisition cost, the measure will only apply if the lender meets specific conditions.
• This action will be limited to forward mortgages and does not apply to the Home Equity Conversion Mortgage (HECM) for purchase program.

SPECIFIC CONDITIONS AND FURTHER DETAILS | FULL HUD NEWS RELEASE

Brooklyn Park Real Estate Forum 2010

Thursday, February 25, 2010
7:45 a.m. Registration & Continental Breakfast
8:30 a.m. - 12:30 p.m. Class Program
Edinburgh USA Clubhouse, 8700 Edinbrook Crossing

"Living Green in the Park 2010," the 18th annual REALTOR® event will provide a wealth of information on the many significant activities happening in the city of nearly 74,000 residents. The event will provide timely, factual and accurate information to assist you in marketing and selling homes in Brooklyn Park.

Dan Bartholomay, Commissioner of Minnesota Housing, the state agency charged with financing and advancing affordable housing opportunities, will present current mortgage information and the agency efforts in buyer assistance programs in today's market.

City staff will highlight city strategy in working with the federal Neighborhood Stabilization Program (NSP) to get foreclosed properties back into homeownership. Learn what the city is doing in promoting neighborhood livability including public safety, housing preservation initiatives, recreation and park amenities, and development activity.

School Superintendents from IDS #279 and #11 will report on the education scene in Brooklyn Park.

Green and sustainable is the focus of the day. Economically green makes dollars and cents for the city. Come and learn how city activities and practices have a green focus to better serve the residents and respect the environment.

$30 for 4 Continuing Education credits (pending approval)
Class Fills Fast! Guarantee Your Seat!
REGISTER TODAY!

Sources: City of Brooklyn Park, North Metro REALTOR® Association

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Education and Professional Development

Short Sale and Foreclosure Certification Program
NAR extends the application waiver deadline

REALTORS® can still earn the SFR Certification without paying extra bucks for it! NAR has extended the time period for waiving the $175 application fee for the SFR certification to March 31. So, watch those webinars, sign up for class, and get your application turned in soon!

MAAR will be holding more classes to allow our members to earn this certification and learn about this oh-so-relevant topic in a very inexpensive manner. Class is still only $69 for 6 hours of CE.

Two classes to choose from:

Date: Wednesday, February 3
Time: 9:00 a.m. – 4:00 p.m.
Location: MAAR Office, Ed Anderson Conference Room

Date: Wednesday, February 19
Time: 9:00 a.m. – 4:00 p.m.
Location: MAAR Office, Ed Anderson Conference Room

Please keep checking enotes and our website as we add additional classes. Sign up online (see directions below) or call to register today!

Earn NAR's Short Sales & Foreclosure Resource certification in just four simple steps:

1. Attend one of MAAR's "Foreclosure Opportunities" classes. Cost $69 for 6 CE
2. Listen to three 1-hour free prerecorded webinars available at www.realtorSFR.org
3. Download, complete and submit the application form available at www.realtorSFR.org
4. Be a member in good standing of the National Association of REALTORS®

Do all this prior to March 31, 2010 and you don't have to pay the $175 application fee. It's all part of NAR's "Right Tools Right Now" program.

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

REALTOR® Senior Advisor (RSA) Lunch & Learn
For those interested in elder care housing issues...

Date: Monday, February 8,
Location: Vernon Terrace Senior Living Center, 5250 Vernon Avenue, Edina, MN 55436
Time: 11:30 a.m. – 1:00 p.m. Lunch served at 11:30 a.m. so please RSVP!
*There will be a tour after lunch.

Beth Patterson will be speaking on Reverse Mortgages.

Special Feature: Lunch will be provided by the Vernon Terrace Senior Living Center, so you must RSVP by calling 952.908.2602 or emailing deloresd@mplsrealtor.com. Space is limited to the first 20 to respond.

2010 Courses Revealed!
EPD is excited to announce that March and April's classes are online and now are register-able (try saying that "word" drunk!). Keep checking because we will add new classes as they are prepared. How to register online:

1. Go to the MAAR website at www.mplsrealtor.com
2. Click "My Account (top of web page)
3. Enter your "Logon ID" (MAAR/MLS number) and "Password" (if you have never accessed IMS your password is up to the first 8 letters of your last name, all lowercase)
4. Under the "Education" heading, click on "Education Calendar and Registration"
5. Click on the class you wish to register for
6. Click on "Proceed to Registration"
7. Click "Add to Cart" (at this point, the class is just in your cart; you are NOT registered yet!)
8. You can "Register for More" or you may complete registration by paying for the class or classes OR charging your education card.

Only once your education card or credit card has been charged will you be registered for the class or classes.

You will automatically be emailed a receipt for your classes. If you don't receive a receipt, you did not complete the registration process.

Limited Supply of 2010 Unlimited CE Passes
With the course schedule now available, you will want to snatch up your very own $99 Unlimited CE Pass for 2010. There are only 500 available for purchase, on a first-come, first-served basis. You can purchase it online, over the phone, or by paying here at our office. You will need to wait until approximately 9:00 a.m. the next business day for your card to be activated which allows you to register. 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.

CALL EPD AT 952.908.2602

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Events

Market Experts Host Free One-Day Webinar Seminar – January 28

Register at REALTOR® University for one or more of seven free webinars on January 28 to help adjust your business to today's market conditions. Topics include re-crafting marketing messages, using mobile phone apps, increasing your listings, and applying tech tools. Former NAR Chief Economist John Tuccillo will also provide an economic overview.

The day-long event is offered as part of NAR's "Right Tools, Right Now" initiative. | LEARN MORE & REGISTER

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Hiring? Free Job Fair with Erik Paulsen – February 8

The recent recession has scorched the best of us. Erik Paulsen is hosting a Job Fair bursting with great community resources that will connect employers and potential employees

Date and Time: Monday, February 8, 1:30 p.m. – 5:00 p.m.
Location: Normandale Community College (Cafeteria)

If you're looking to hire or know a business hiring, learn more about this free opportunity to connect with the public. There are no fees associated with participation or admission. Submissions due on January 29, 2009.

MORE INFORMATION | LETTER FROM CONGRESSMAN PAULSEN

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Yo Pro Squaretables – Speed Learning at the MAAR Office – February 11

2:30 p.m. – 4:00 p.m. at MAAR office
5750 Lincoln Dr, Edina, MN 55436
(happy hour to follow at Cooper)

Squaretable Facilitators and Topics:

Jeff Allen | MAAR Research Manager, "Short Sales
and Foreclosure Stats"

Nobu Hata | REALTOR®, Edina Realty, "Website Trends"

Suzanne Snyder | Program Director Greater Metropolitan Housing Corporation and its
Housing Resource Centers, "Down Payments and Closing Cost Programs"

Herb Tousley | Director of the Real Estate Program at the University of St.Thomas,
"RE Behind the Scenes-Property Taxes and Tax Appeals"

"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 Erhardt at aubraye@mplsrealtor.com or 952.988.3120 or find us on Facebook. This free event tends to fill up fast.

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