The Real Deal New York

Posts Tagged ‘National Association of Realtors’

  • brown-greene

    NAR’s Steve Brown and Fair Isaac’s Mark Greene

    You may have noticed the big media splash recently when Fair Isaac, developer of the iconic FICO credit score, announced the debut of a new score version that no longer would penalize consumers who have medical debt-collection issues in their credit files.

    The announcement hit the front pages of publications such as the Wall Street Journal and was highlighted on national TV network news. Steve Brown, president of the National Association of Realtors, was so enthusiastic about the new score’s potential that he predicted it would “make a real difference in the lives of millions of Americans who have been shut out of the housing market or forced to pay higher mortgage interest rates because of flawed credit scores.” [more]

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  • This month in real estate history

    February 18, 2014 04:30PM
    Robert Armstrong (Photo: National Association of Realtors)

    Robert Armstrong (Photo: National Association of Realtors)

    From the February issue: Realtors form local chapter of national group in 1937

    The first Manhattan office for the predecessor to the powerful national trade group the National Association of Realtors formally opened 77 years ago this month.

    Appraiser and broker Robert Armstrong was the founding chairman for the Manhattan chapter of the National Association of Real Estate Boards, as the national group was then known. [more]

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  • pending-home-sales

    U.S. pending home sales in November ticked upward for the first time in half a year, according to National Association of Realtors data released today.

    Contracts to buy previously owned homes, also known as the Pending Home Sales Index, saw a 0.2 percent month-over-month boost to 101.7. Despite this good news, the year-over-year change was a 1.6 percent decline. Economist projects that signed contracts would go up 1 percent from October, which wasn’t far off. [more]

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  • patrick-newport

    IHS’ Patrick Newport

    For the fifth month in a row, the number of pending sales of previously-owned homes in the U.S. stumbled in October, as borrowing costs climb.

    Contracts fell 0.6 percent for the month, according to data from the National Association of Realtors. The drop was not as steep as in September, when pending sales fell 4.6 percent. The pending sales index also reached its lowest point of the year in October – 102.1 on a seasonally adjusted basis. [more]

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  • Raise the debt ceiling: NAR president

    October 11, 2013 10:37AM
    Gary Thomas

    Gary Thomas

    The National Association of Realtors said yesterday that Congress should raise the federal debt ceiling in order to avoid a default that would be “catastrophic” for the national housing market’s recovery.

    In testimony before the Senate Committee on Banking, Housing and Urban Affairs, NAR president Gary Thomas said that unless the debt ceiling is raised in “a timely manner,” the country would face a recession that would wipe out the recent progress made in home prices, home sales and new residential construction. [more]

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  • The Federal Housing Finance Agency has come under fire for considering a reduction on the maximum loan amount that Fannie Mae and Freddie Mac are able to purchase. [more]

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  • Single women nearly double single men when it comes to buying homes, according to National Association of Realtors data cited by the New York Times. [more]

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  • Inset: rendering of a Baccarat Residence kitchen, with high cabinets that cater to European preferences

    Inset: rendering of a Baccarat Residences kitchen, with high cabinets that cater to European preferences

    While New York remains a popular spot for international home buyers, two new reports suggest foreign interest in American properties may be waning, the Wall Street Journal reported. [more]

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  • Lawrence Yun of National Association of Realtors

    Existing home sales rose 0.6% to a rate of 4.97 million units in April. This is the highest pace since November 2009. This was slightly below expectations for a 1.4% month-over-month (MoM) rise to a rate of 4.99 million units.

    March’s numbers were revised higher to show a 0.2% fall to 4.94 million units. What’s more distressed sales only accounted for 18% of sales, down from 21% in March, and 28% a year ago. A regional breakdown shows that existing home sales rose the most in the South, up 2.0%. In the Midwest they fell 3.4%, in the Northeast they were up 1.6%, and in the West they were up 1.7%. [more]

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  • Not only have sale prices for existing homes and builder confidence risen in recent months, but sales of high-end homes have exploded, year-over-year, according to data from the National Association of Realtors cited by NBC News. Sales of homes priced above $750,000 grew 50 percent from a year ago, even as sales of the lowest-end homes, which are largely distressed, fell 4 percent, according to the realtor group. … [more]

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  • While rising home prices are a boon to the greater economy, they are also starting to squeeze the record affordability that was drawing so many home buyers back into the market, CNBC reported. The National Association of Realtors’ Affordability Index shows that housing affordability is now dropping, as asking prices have begun to rise faster than rents, a trend that could hurt the fledgling housing recovery.

    “The price recovery is strongest in the largest metros, and price gains have now surpassed rent gains in the largest 25 rental markets. However, price gains are starting to waver in smaller markets,” Trulia’s Jed Kolko, said. [more]

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  • NAR’s Gary Thomas

    The once sacred mortgage interest tax deduction could be vulnerable as negotiations regarding the fast-approaching fiscal cliff continue, the New York Times reported. For many buyers, the federal tax break that allows homeowners to write off mortgage payments is a major factor in real estate purchase decisions.

    But both Democrats and Republicans, including President Barack Obama and Gov. Mitt Romney, favored capping deductions as a means to ease the federal government’s budget woes, making the deduction particularly vulnerable. Gary Thomas, president of the National Association of Realtors, reiterated the trade group’s support for the deduction but remained tight-lipped in the absence of a specific proposal. [more]

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  • Unless Congress comes together by January 1 to renew a 2007 tax exemption on mortgage debt forgiven by a lender, the financial stress placed on borrowers could undercut other federal efforts to get the housing market back on track, according to the New York Times.

    The Mortgage Forgiveness Debt Relief Act of 2007 exempts canceled mortgage debt used to buy, build or improve a primary residence up to $2 million from federal taxation. Meaning that a borrower does not need to pay taxes on a reduction in principal owed on a loan, or a write-off in the amount owed after a short sale, according to the Times. [more]

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  • Diana Olick of CNBC

    Existing home sales nationwide were down up 11 percent year-over-year in September, CNBC’s Diana Olick reports in the video after the jump. The national total of 4.75 million units sold was in line with projections and represents the continued move away from the sale of distressed assets in the national housing market, Olick said.

    The median U.S. home price was $183,900 in September, Olick said, up 11 percent year-over-year. This is further evidence of the move away from distressed sales, which can be a deceptive indicator of overall pricing. Olick warns: “regular prices of regular homes are not up that high.” … [more]

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  • As banks continue to lend conservatively, financial institutions’ emphasis on home appraisals prior to granting a mortgage has become a road block for some buyers and sellers, the New York Times reported.

    One problem is that there is no appeal process for a low appraisal, which can keep a seller from selling and a buyer from getting a mortgage. Another problem is that if prices in a neighborhood are just beginning to recover, and sales are taking longer to close, it can take time before the appraisal catches up with upswing. [more]

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  • The Consumer Financial Protection Bureau wants you to see the full appraisal report on the house you’re buying or refinancing as early in the mortgage process as possible, and without your having to ask the lender for it.

    This means all the “comparable” properties the appraiser selected, adjustments for property condition or location, plus all additional data especially computer-generated estimates — that may have been used to arrive at the final value. It also means you would get to see who performed the appraisal and whether he or she is merely licensed in the state or carries a professional designation — letters such as “SRA” after the name indicating higher levels of training and experience. Plus it would give you an idea about whether the appraiser is locally based and thus knowledgeable about neighborhood sales and listing trends, or has traveled from another part of the state. [more]

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  • A U.S. housing market with rising demand but stagnant prices may be the new normal, according to the New York Times. The numbers bore that out yesterday when the National Association of Realtors reported prices decreased between June and July even as sales of existing homes rose 2.3 percent over that same period.

    Even though concerns that a backlog of distressed properties would hit the market have mostly subsided, sales of new homes have trended higher and there is generally percieved to be a shortage of residential inventory, the Times suggested that prices would barely increase over the next decade. [more]

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  • Growth of $10,000 over last three years in the Vanguard REIT Index

    Though real estate investment trusts’ returns are diminishing, they’re not losing any popularity among investors because so many other investment vehicles are actually in negative yield territory, according to the New York Times.

    The latest figures from the National Association of Realtors and CoStar show residential and commercial property prices have gained 7.9 percent and 6.5 percent, respectively, in the last year. As a result, the Vanguard REIT Index returned 2.8 percent in the second quarter and real estate mutual funds returned 3.5 percent. [more]

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  • Fears of a financial relapse were renewed this spring — as they were at this time a year ago — but the National Association of Realtors is attributing weakening home sale figures to a supply shortage. Sales of existing homes fell 1.5 percent last month to a seasonally adjusted annual rate of 4.55 million, according to NAR. The number of sales is still 9.6 percent greater than May 2011′s pace. [more]

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  • Buyers’ interest in purchasing foreclosed properties increased 158 percent over the past two and a half years, according to a Realtor.com survey cited by Bloomberg News. But at the same time the supply of such properties is plummeting, CNBC said, which is leading to weakening sales contracts, especially in the west and the south, regions where foreclosures are especially prominent. The National Association of Realtors reported today that pending home sales in the United States declined by 5.5 percent, led by a 12 percent drop in the west and seven percent drop in the south. [more]

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