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Whether May or June or July, we're finding it difficult to report anything new to you for the warm weather months of 2010. Week-in and week-out, we're showing a recurring pattern of behavior in the Twin Cities housing market, and the week ending July 24 isn't much different. Pending Sales are at 628 for the week, down 37.8 percent compared to last year, and Active Listings for Sale are at 27,661, up 5.4 percent.
These percentage changes represent a bit of a holding pattern. In fact, we've been here since the expiration of the tax credit. There was a minor bump in Active Listings but it wasn't sufficient to convince us that we're heading toward another oversupply situation.
Days on Market and Months Supply of Inventory continue to indicate a favorable market for home buyers. But with interest rates remaining at historic lows, there appears to be no sense of urgency. We may see a minor kerfuffle in the market before the school year begins, but 1,000-plus pendings per week in August doesn't seem likely, let alone 800.
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We're making housing market data easier than ever to explore and dissect. Welcome to “The Thing,” a new interactive market analytics tool for local real estate. | TRY THE THING | How-To Handout
This interactive tool, available at thething.mplsrealtor.com, was developed by 10K Research and Marketing, a division of MAAR, to simplify the sometimes arduous task of interpreting housing market statistics.
Users can combine metrics like median sales price, months supply and days on market with breakouts like home types, foreclosures and new construction. The many possible combinations can be further broken down to geographic area.
None of this will take more than a few clicks. The Thing was designed to be highly localized, visually elegant and intuitive.
Although MAAR currently produces housing reports such as the Weekly Market Activity Report, Monthly Indicators, Housing Supply Outlook, and The 100+ for a few years now, the reports have been steadily growing in number and becoming more complex. The Thing represents a major leap toward simplifying the data.
The Thing encapsulates the local housing market into one easy-to-use, interactive, web-based product. Users can still print reports as with prior products, but now they can pull up charts without loading a PDF document, email them on the fly and share them via several social media outlets.
If you have further questions about The Thing, start with our FAQ. Also, please consider sending us some feedback.
Cool Plug: The Thing was featured in Finance and Commerce. | READ ARTICLE
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Source: Builders Association of the Twin Cities
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As you surely know by now, the President recently signed into law the Frank-Dodd Wall Street Reform and Consumer Protection Act (HR 4173). Title XIV of the legislation, the Mortgage Reform and Anti-Predatory Lending Act has significant appraisal reforms addressing appraisal independence, oversight of appraisal management companies, and changes to FIRREA. Click here for the bill's highlights as it pertains to appraisals. | MORE INFO
Source: REALTOR.org
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We would like to recognize one of our members as MAAR “REALTOR® of the Year.” It is our way of showing appreciation to members for their volunteerism to our association as well as any involvement with the national and state associations.
Note: Current President, President-Elect and Immediate Past-President of MAAR are not eligible.
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Why do you love being a REALTOR? Share your story with NAR and receive an "I LOVE being a REALTOR" pin. | MORE INFO
Source: National Association of REALTORS®
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Members can teach sellers to transform lowball offers into closed sales with free tips from the July "Get Your Home Sold" article package at the REALTOR® Content Resource the members-only tool of NAR’s consumer-facing website, HouseLogic. "Get Your Home Sold" articles--which members can use in their marketing campaigns, websites, and blogs—also cover ensuring a profitable closing, reducing your home's price, choosing the best offer for your home, and keeping your sale from falling apart. | MORE INFO
Source: National Association of REALTORS® (Houselogic.com)
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RSA Lunch and Learn
Date: August 9, 2010
Speaker: S.H."Dutch" Koop
 Topic: Longterm Care for Seniors: The aging population, entitlement programs and long term care and planning. | LEARN MORE
MAAR CE Online Class Opportunities in August!
Enroll today and receive a 10% discount on your entire order!
Enter Promo Code: CNV10
Expires: August 31, 2010 | MORE INFO
Source: CE Shop
Limited-Time Offer:
e-PRO® Discount for GREEN Students
NAR's e-PRO® Certification Course was recently updated and is rich with new, timely material. Unlike any other professional certification course, this comprehensive and interactive program helps agents thrive in the constantly-evolving and competitive world of online real estate. Until July 31, students of NAR's Green Designation can enroll for $299 (a $60 savings) and receive an additional two months' time ($69 value) to complete the course. As if that wasn’t enough, your registration will also include access to the all new NAR’s Web 2.0 & Social Media Course at no additional charge! | REGISTER NOW
 See New Fall Classes
Please go to the EPD Home Page for all your education needs, call us at 952.908.2602.
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Oops. If you have not yet paid your third quarter MLS fee, it is past due. Act now before your service is suspended and a late fee is applied...soon. Agents with access to the MLS are now responsible for paying their individual MLS bill directly to MAAR. This cycle includes: July, August, and September.
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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Rural Housing Funding Restored
The long anticipated restoration of the Section 502 single-family rural housing program is headed to President Obama's desk for signature into law. NAR has been working on restoring funding since March. Although the legislation increases the guarantee fee for borrowers, the fee can still be financed. This change will make theprogram completely self-sufficient. The legislation also increases the Rural Housing Service (RHS) commitment authority allowing guaranteed loans.  Previously RHS had been providing conditional commitments. RHS will announce new guidelines shortly after the President signs the bill. More details are online | MORE INFO
RESPA: HUD Launches Info Source
The U.S. Department of Housing and Urban Development has created a monthly feature called RESPA Roundup to provide updates on the Real Estate Settlement Procedures Act ( RESPA). It will cover enforcement actions, new guidance and FAQs, and updates on implementation of the RESPA rule released last year. | MORE INFO
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Effective August 1, 2010, the Minnesota Association of REALTORS® has released changes to 11 of its forms. These updates are all now available on WEBForms. View a line-by-line list of detailed changes for the form, or a copy of the form with all the changes highlighted.
What forms have changed and what are the changes?
We have set up a Web page detailing the changes with documents provided by the State Association.
Will my existing transaction kits and templates automatically update with the revised forms?
Your templates will automatically update with the new versions. Your transaction kits will not. If you have a transaction kit in process and want to switch to the new versions, you will need to manually delete the old forms and then add the new ones.Are there any more changes coming? Yes, the State Association is finalizing changes to seven more forms (including the Purchase Agreement and Exclusive Right To Sell Listing Contract). These changes will take effect September 1st and will be available on WEBForms a day or two in advance.
Will my broker logo be on the revised forms?
If your broker logo is currently on your forms in WEBForms, then yes, your logo will automatically appear on the revised forms. No action is required.When are you adding Lease forms to WEBForms? By popular demand, we are adding residential rental properties to NorthstarMLS! We are working hard to get everything ready and will release before the end of August. This will allow you to enter into NorthstarMLS Home Base any residential properties available for rent that you represent.
A special search will be available on NorthstarMLS Matrix to find rental properties that have been entered. The State Association is close to releasing three new forms for Lease Contracts. They are awaiting clarification of a statute from the Department of Commerce and then will educate their membership on the statute. I have questions. Who do I contact? If you have questions specifically about the forms content and the changes, please contact the Minnesota State Association at (952) 935-8313 or info@mnrealtor.com. If you have questions about using WEBForms, contact the NorthstarMLS Help Desk at help@northstarmls.com or 651-251-5456. | MORE INFO
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The eKEY for iPhone sailed through the approval process faster than expected and is now available on the Apple iTunes Store. While the application will not open lock boxes until the adapter is available (details below), the Demo mode allows users to see all the functionality of the application, without actually having to sign up for eKEY service. This is a great opportunity for DisplayKEY or ActiveKEY users to experience the benefits of eKEY, without any commitment or changes to their account. | MORE INFO
What is the Supra eKEY Adapter?
Part of the eKEY for iPhone solution is the Supra eKEY Adapter, which is a small device that plugs into the Apple Dock Connector on the bottom of the iPhone. This device contains an Apple-authorized chip that allows the iPhone to communicate with the iBox using low-powered Infrared. It is designed to attach to a key chain when not in use and does not require batteries. | MORE INFO
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You've seen the new green icons on NorthstarMLS listings. Those icons (and the "DPR" link on the Matrix Home page) are your gateway to Down Payment Resource, a new core service of NorthstarMLS that identifies national, state and local down payment assistance programs to help get your buyers into homes.
Representatives from Down Payment Resource and NorthstarMLS will be at the Association office to demonstrate, answer your questions and solicit your feedback for improving the application. Please join us!
Date: Wednesday, August 4
Time: 1:00 p.m. – 2:30 p.m.
Location: Minneapolis Area Association of Realtors®
Address: 5750 Lincoln Drive, Edina, MN 55436
RSVP: If you want to attend, please register by sending an email to dpr@northstarmls.com. There is no cost to attend.
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Date: Monday, August 9
Time: 11:30 a.m. – 1:00 p.m.
Location: Jones-Harrison
Address: 3700 Cedar Lake Ave, Minneapolis
Parking Instructions: There are a few visitor spots and a back parking lot, but mostly off-street parking is available.
Lunch will be served. Please RSVP by Thursday, August 5, to 952.908.2602.
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 RETT—Real Estate Tech Tank talks "Mobile"! In the market for a new smartphone, ipad or laptop? We'll compare and contrast the iphone to the Android phone to the Blackberry; and laptops to the netbook to the ipad, plus download and discuss hot mobile tools and techniques for REALTOR®. Mobile storage, productivity apps, live video for virtual showings, real-time real estate concepts and more!
Time and Date: 1 p.m. – 3 p.m., Thursday, August 19
Location: MAAR Office
Facebook: rettmpls | Twitter: #rett
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Parking Instructions: Free validated parking in the Calhoun Beach Club
underground parking ramp at Thomas Avenue and West Lake Street.
To RSVP, email Aubray Erhardt, aubraye@mplsrealtor.com
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We’re opening doors for buyers and sellers in Minnesota
To offer buyers the convenience of touring dozens of homes for sale in one weekend, the Minnesota Association of REALTORS® and the Minneapolis Area Association of REALTORS® along with their members will be hosting open houses August 21 and 22. For many people, now really is a good time to buy a home. Inventory is high, prices are down and mortgage rates remain low!
For the serious buyer, the opportunity to tour dozens of homes in one weekend is a real time saver. Others who didn’t think they could afford a home may be drawn into the market by affordable prices and low interest rates. It’s a win-win!
The REALTOR® Statewide Open House Weekend will open doors for both buyers and sellers of property in Minnesota. All across the state, consumers will be able visit homes in their communities in the hopes of finding that place they’ll call home.
This event is a collaboration of the Minnesota Association of REALTORS® and the Minneapolis Area Association of REALTORS®. REALTOR® is a registered collective membership mark which may only be used by those real estate professionals who subscribe to the REALTOR® organization’s strict Code of Ethics, and who are members of the National, State and Local REALTOR® organization.
Source: Minnesota Association of REALTORS®
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President Obama in mid-July signed sweeping financial services reform into law. The 2,300-page law creates an oversight agency for financial services companies and a consumer financial protection bureau. It also includes provisions to curb risky mortgage lending and to address appraiser selection by lenders. Your members can register for a free webinar that covers the real estate-related provisions. The webinar takes place Thursday, August 26, at 3 p.m., Eastern Time. Also, watch and link to a video on the law and read a summary from NAR Government Affairs. | MORE INFO
Source: National Association of REALTORS®
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Break out the video camera and tell us how the 2010 REALTORS® Conference & Expo will make a difference to your business. Your video should be no longer than three minutes, and all you have to do is explain in your own words why you deserve an all-expense paid trip to NARdiGras 2010—this year’s REALTORS® Conference & Expo in New Orleans.
Entering the video contest is easy! Just fill out the entry form, record a video, and upload it to our Brightcove video account. | VIDEO GUIDELINES
Source: National Association of REALTORS®
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