Weekly Market Activity Report

Home sales in the Twin Cities housing market took another dip as the hangover from the tax credit expiration continued. For the week ending May 22, there were 624 pending sales, a precipitous drop of 42.5 percent from a year ago.

The biggest drops in sales since the credit ended can be seen in the traditional seller market (i.e., anything that's not a foreclosure or short sale) and in the middle price ranges from $150,000 to $350,000. Pending sales have dropped in those ranges from 1,085 the week the credit ended to 384 for the week ending May 22. In sum, it may be a difficult summer market for home sellers.

The good news is that new supply is also slowing, which means the market is already self-correcting to avoid a surge in unneeded inventory. New listings fell to 1,581 for the same reporting week, a decline of 15.8 percent from this time last year.

The Supply-Demand Ratio has been updated for June and shows a figure of 5.05, which means there are 5.05 homes for sale for each buyer in the month. That's a 10.9 percent increase over the mark seen a year ago and is a result of the decline in buyer activity.

VIEW FULL REPORT | VIEW MORE RESEARCH REPORTS

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Public Affairs: IRS, HAFA, FHFA, GSE, NFIP, LiveMSP ...Got It? Good.

IRS Offers Details on New Small Business Health Care Tax Credit
The Internal Revenue Service issued new guidance to make it easier for small businesses to determine whether they are eligible for the new health care tax credit under the Affordable Care Act and how large a credit they will receive. The guidance makes clear that small businesses receiving state health care tax credits may still qualify for the full federal tax credit. Additionally, the guidance allows small businesses to receive the credit not only for regular health insurance but also for add-on dental and vision coverage. | MORE

Treasury Answers Three HAFA Questions
Fannie Mae, on behalf of the Treasury Department, answered three HAFA questions submitted by NAR on behalf of its members. HAFA is the Home Affordable Foreclosure Alternatives Program that provides uniform procedures, forms and deadlines for short sales and deeds-in-lieu of foreclosure. The purpose of HAFA is to help homeowners avoid foreclosure even if they are unable to retain the home with a loan modification under the HAMP program. In brief, under the HAFA program: (1) buyer agents are not permitted to rebate a portion of their commission to the buyer, (2) sellers who are real estate agents must list their home for sale with another broker, not their own broker, and (3) the incentive allowed for subordinate lien holders (6% of any one subordinate lien, up to a total of $6,000 for all subordinate liens) is a hard cap and may not be supplemented from any source. | VIEW 3 QUESTIONS & ANSWERS

FHFA and the GSEs Unveil the Uniform Mortgage Data Program
The Federal Housing Finance Agency (FHFA) announced a new initiative by the government sponsored enterprises (GSE) Fannie Mae and Freddie Mac. The Uniform Mortgage Data Program is a joint effort to create uniform data standards and collection processes. According to the overview, the program will also create efficiency, strengthen risk management for the GSEs, and improve transparency. | MORE

Flood Insurance Update: June 1, 2010
Congress, for the third time this year, allowed the National Flood Insurance Program to expire on May 31, 2010. During the Memorial Day congressional recess, NAR will launch an all-member Call for Action to urge immediate action on a lasting NFIP extension. | READ MORE

"Buying Into the City" Home Tours
The City of Minneapolis and LiveMSP are hosting two "Buying Into the City" home tours and are looking for listings to feature on the tours.

The June 6 home tour will focus on the South Minneapolis neighborhoods of West/Midtown and East Phillips, Central, Powderhorn Park and Corcoran.

The June 13 home tour will focus on the Northeast Minneapolis neighborhoods of Sheridan, Logan Park, NE Park, Beltrami, Windom Park, Holland, Bottineau, Marshall Terrace and Audubon Park.

The organizers are looking for listings in the above-referenced neighborhoods, at a variety of price points maxing out at $275,000. Listing agents or their designee must be available to keep the house open from noon – 3 p.m. on the Sunday of the tour.

Each tour begins with an 11 a.m. – 1 p.m. open house at a public space (6/6: Midtown Global Market; 6/13: Rogue Buddha Gallery) where participants will pick up tour maps, meet with neighborhood organizations and get information about city homebuyer programs. Then they are free to tour homes at their own pace from noon – 3 p.m.

If you are interested in featuring a listing, please contact Mary Kay Bailey of LiveMSP at marykay_bailey@yahoo.com and provide a link to the listing with photos.

Source (first four Public Affairs items): National Association of REALTORS®

Source (last Public Affairs item): LiveMSP

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Education and Professional Development

For Members Renewing Licenses June 2010
And How To Check to See If You Are One of Those Agents
A totally automated licensing process for Minnesota REALTORS® will happen for the first time at the end of June this year! Please be sure to check www.pulseportal.com to review your Education Transcript. If the transcript is inaccurate, please begin asking questions of the education providers you chose to take your classes from—education providers are the only entities who can submit corrections to the staff at Pulse Portal.

1. Go to www.pulseportal.com
2. Choose program: "Minnesota Department of Commerce"
3. Choose a board: "Real Estate"
4. Click on "Review your CE Transcript" under Search Inquiry Services

You must disable your pop-up blocker to view reports (view instructions here). Do not use your browser's back button or all your data will be lost. You will need to enter your last name, license number and social security number. If you do not know your license number, return to "Search Inquiry Services" and click on "Search Licensees" to find and verify a person or entity that is licensed.

Upcoming EPD CE Opportunities in June!
June 2, 9 a.m. – noon, Identity Theft
June 3, 10 a.m. – noon, Foreclosures, Mortgage Fraud & Equity Stripping
June 8, 1 p.m. – 5 p.m., Real Solutions for Real Conflicts in Real Estate
June 14, 9 a.m. – 11 a.m., Agency & Fair Housing
June 14, 1 p.m. – 4 p.m., Representing Buyers Like a Pro

More About June 3 Course: Agents are increasingly involved with properties that are in foreclosure or facing foreclosure. This course will provide a comprehensive introduction to Minnesota's foreclosure process and laws regarding mortgage fraud and equity stripping. (2 credits) | PRESENTED BY NANCY T. POLIS

Hondros Learning Update
Hondros Learning got new, lower pricing for online courses. And for a limited time, they are offering $10 off their online CE packages. That's 15 hours of CE for just $109. Simply use the discount code MPLP35 during checkout and receive $10 off the package price. This offer expires June 30, 2010. All Hondros Learning online courses are approved for Minnesota CE credit. | CLICK HERE TO GET STARTED

See information about the next RSA Lunch n' Learn in the Events section below. Next event: June 14. RSVP required. Lunch will be served. Come check it out! | JUMP!

Please go to the EPD HOME PAGE for more information about how to register for classes through our website and how to obtain a 2010 unlimited CE pass. For all your education needs, call us at 952.908.2602.

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News from NorthstarMLS

Contingency Field
Last year, BookAShowing added a Contingency field so that you could indicate when any of your Active listings had an offer accepted subject to a contingency. That field is now maintained within NorthstarMLS.

• BookAShowing has shut off input of the Contingency field within their system.
  
  
• The Contingency field is now available for add/edit within Home Base.
  
  
• The Contingency field is available on NorthstarMLS Matrix for search and shown on displays (including the Customer Portal for your clients).
  
  
• You will no longer enter Contingencies into BookAShowing. You will enter them in Home Base, and your listing on BookAShowing will automatically update.
  
  
• BookAShowing provided a data feed of all Contingency settings for NorthstarMLS listings within their system.
  
  
• The Contingency field on NorthstarMLS has the same options as on BookAShowing: Inspection, Sale of Another Property, Third Party Approval and Other. It is a required field.
  
  
• The Contingency Notes field is still available for input within BookAShowing. If you want to add notes on the Contingency within NorthstarMLS, enter them in Agent Remarks.

If you have any questions or problems with the changeover, please contact the NorthstarMLS Help Desk at help@northstarmls.com or 651.251.5456.

Recycle your SafeMLS Token
Recycle your SafeMLS token and win a chance for a $25 gift certificate to RClubhouse, MAAR's REALTOR® Store! Recycling options:

1. Visit MAAR Monday–Friday, 8:00 a.m. to 4:30 p.m. until June 30 to drop off your old token. Staff can also give you a tokenless system crash course if needed.
2. After-hours: Drop off you token in the front entry dropbox. Use a credit card to gain access.
3. Contact Aubray at aubraye@mplsrealtor.com for a list of other drop-off locations organized by the Minneapolis Area Association of REALTORS® Yo Pro group, an official NAR YPN (Young Professionals Network) chapter.

Please help recycle the SafeMLS tokens. For more information, contact aubraye@mplsrealtor.com.

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Direct Agent Billing

Effective April 1, 2010, MAAR implemented Direct Agent MLS billing. Agents with access to the MLS are now responsible for paying their individual MLS bill directly to MAAR. Agents received their first-ever "individual" statement on April 1.

CLICK HERE TO PAY ONLINE

Notable dates for Second Quarter MLS billing cycle:

June 1, 2010 | MLS service for offices with agents who still have outstanding April 1 MLS fees will be suspended. Brokers will receive an email summary statement with notice of office termination if suspension status is not resolved by June 30.

July 1, 2010 | Rinse and Repeat. MLS billing cycle is repeated for third quarter (July, August, and September) MLS fees.

We Need Correct Email Addresses for Agents
All payment invoices are ebilled. No paper billing. To ensure that you receive your bill, please verify that the address we have on file is correct:

• Go to mplsrealtor.com
• Click the "My Account" tab (at the top)
• Log in and select "Review or Change Member Personal Information" to check and update your email address

If you have questions about Direct Agent Billing, email accounting@mplsrealtor.com or call 952.933.9020. Or you can view a detailed policy statement here.

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The Monthly Skinny – May 2010

The May Monthly Skinny video is online and ready for sharing. We make these videos so that you can stay up to date on the local housing market and provide your clients with the same info in an engaging, visual manner.

WATCH THE VIDEO

You can also watch it in Spanish!

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Any North Side REALTORS® Available?

The City of Minneapolis has announced a new construction project (townhouse-style, 4 units) with special space for an artist to create and showcase his/her work to the public. The units, which are located at the corner of Plymouth Aven N and Sheridan Ave N in the Willard-Homewood neighborhood, have detached garages. The design was chosen after a competition yielded 47 submissions. A request has been made by the city to locate North Minneapolis REALTORS® who want to take on the project. For more information, contact Bill Gerst at billg@mplsrealtor.com or 952.988.3141.

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Twin Cities Residential Construction Continues in Positive Territory

May continued the recent positive trend for residential permit statistics. May's permits, units and value showed strong gains over May 2009, while year-to-date figures also were substantially higher than a year ago.

According to statistics compiled by the Keystone Report for the Builders Association of the Twin Cities (BATC), there were 324 permits pulled for a total of 482 units during May 2010. Year-to-date, permits rose by 182 percent, units by 166 percent and value by 162 percent.

Minneapolis led the metro in building activity for the month with 82 units permitted. Blaine followed with 33
units, Maple Grove had 30, Shakopee had 29, and Hudson, WI, came in with 27.

Source: Builders Association of the Twin Cities

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May 2010 Issue of Real Estate Insights

Real Estate Insights (REI) is produced by NAR Research and is full of timely real estate market research information. The NAR economic summary starts on page 4; page 8 begins an analysis on key economic data and the housing outlook, page 10 begins a report on vacation homes, and page 12 begins a report on Business Characteristics of REALTORS® from NAR's member profile.

Real Estate Insights: Web version | PDF version

Source: National Association of REALTORS®

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Appraisers Section Added to MAAR Website!

We've added a section to the MAAR website that is dedicated to articles, links and additional resources meant entirely for appraisers. We encourage you to have a look. We will be adding more content, but who's to say that the content we add won't be something that you suggested? So let us know if we're missing something that is already key to your appraisal business. | CHECK IT OUT NOW

Here is an example of the kind of content we'll be producing on the site (as well as in enotes):

Public Hearing on Future Real Property Appraiser Qualification Criteria (AQB)
Friday, June 25, 8:30 a.m. – 5:00 p.m.
Westin Minneapolis, 88 S 6th St, Minneapolis, MN 55402
MORE INFORMATION

To facilitate the development of future changes to the Real Property Appraiser Qualification Criteria, the AQB will hold a Public Hearing on Future Real Property Appraiser Qualification Criteria. The Hearing will consist of the following five panels that will provide testimony to the AQB:

• Federal Agencies
• State Appraiser Regulators
• Appraisal Organizations
• Users of Appraisal Services
• Appraisal Educators

Following the panel testimony, the AQB will open the meeting to comment from the public. The public is welcome and encouraged to attend. The AQB views this hearing as the beginning of a multi-year process. After thorough exposure of proposed changes to the criteria, any changes will likely not become effective until 2014 or 2015.

Individuals who wish to address the AQB are asked to submit a written request to the Chair outlining the topic(s) to be addressed. These requests should be forwarded to The Appraisal Foundation, via email to magdalene@appraisalfoundation.org or fax to 202.347.7727 to the attention of the AQB.

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Downpayment & Affordable Mortgage Training – June 10

Event: Thursday, June 10 from 10:00 a.m. – 2:30 p.m.
The Minnesota Home Ownership Center, in partnership with the Minnesota Association of REALTORS®, the City of Minneapolis, Freddie Mac and LiveMSP, is hosting a training on the recently developed tools offering comprehensive information about entry cost (downpayment) and affordable loan programs available to buyers in the City of Minneapolis.

As Minnesota begins to recover from the recent foreclosure crisis, municipalities, lenders, nonprofits and others have developed programs designed to promote homeownership. This proliferation of programs has led to confusion among industry professionals as they attempt to keep current on optimum opportunities for their clients. | REGISTER FOR EVENT

Source: MN HOC

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Broker Support Meeting – Friday, June 11

Friday, June 11, 9:30 a.m. to 11:00 a.m.
The Ins and Outs of E & O Insurance – Risk and Liability

Events are free and at MAAR unless otherwise noted.

Register for the in-person session with Linda Stoeckicht at 952.988.3157 or lindas@mplsrealtor.com.

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Next RSA Lunch n' Learn – Monday, June 14

For those interested in elder care housing issues...

Date: Monday, June 14
Time: 11:30 a.m. – 1:00 p.m.
Location: Walker Place
Address: 3701 Bryant Ave S, Minneapolis, MN 55409

The agent panel will include Lori LaBey, Lisa Dunn and Ted Field.

Lunch will be served. Please let us know if you would like a vegetarian meal at time of RSVP and please do RSVP by Thursday, June 10, to 952.908.2602.

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Going Global with Italian Cuisine – Wednesday, June 16

MAAR International Italian Event
Wednesday, June 16, 2010
6:00 p.m. to 8:30 p.m.
4520 Laguna Dr, Edina, MN 55435
MLS Listing #3910504

What better way to learn about another country's culture and traditions then by its cuisine? Join us for a taste of Italy with Carmela Tursi Hobbins of Carmela's Cucina as she demonstrates authentic Italian cuisine. In addition to enjoying a delicious meal, we will have Italian wine tasting and get the dish on Italy's real estate market.

Cost for the event is $25. Please contact Linda Stoeckicht at 952.988.3157 or lindas@mplsrealtor.com. MAAR members may also register online at www.mplsrealtor.com.

Registration deadline date is June 11, 2010.

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Real Estate Tech Tank – June 17

What if a bunch of real estate types (e.g., agents, lenders, title professionals) sat around in an open space, working, chatting and collaborating?

That's RETT—Real Estate Tech Tank. If you liked the energy of Real Estate BarCamp, you'll love this! If you missed BarCamp, then here's your second chance to be part of the new dialogue.

Topic: Marketing Reboot: REALTOR® / Broker Differentiation
in the Age of Social Media Sameness
Time and Date: 1 p.m. – 3 p.m., Thursday, June 17
Location: MAAR Office

Facebook: rettmpls | Twitter: #rett

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Real Estate Connect SF 2010 – July 13–15 (now 25% off with MAAR code)

LET'S ALL GO TO SAN FRANCISCO!
WE NOW HAVE A DISCOUNT CODE SPECIFICALLY FOR MAAR MEMBERS!
REGISTRATION DISCOUNT: 25%, JUST ENTER CODE: mplsr

The hottest tech trends have a lot to do with real estate these days. And tech trends are a big portion of what Real Estate Connect SF 2010 is all about. New apps...the best speakers...2,000 of the smartest, boldest people in real estate and technology! The world of real estate is changing...faster than ever before. Look beyond what you already think you know.

After three intense and wonderful days at Connect SF, you will walk away knowing you have the upper hand on your competition. Why? Because only the best of the best come to Connect – industry experts, CEOs, CTOs, top execs, agents, brokers, marketing pros, journalists, entrepreneurs and investors. Better your marketing impact, raise your business game, see what's next.

It's a solid, proven real estate industry/insider event. As an added bonus, our very own MAAR CEO, Mark Allen, has accepted an invitation as a featured speaker at Real Estate Connect SF for the second year in a row. This time he'll be speaking on a panel with other industry thought leaders about who you should consider hiring for your progressive real estate business.

Accelerate change today. Connect SF is a "don't miss" event. | MORE INFORMATION

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