Feb Newsletter 2009
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WAOR NEWS
2227 Santiam HWY SE Albany, OR 97322 Phone: 541-924-9267 Fax: 5419924-9268 Email: [email protected]
February 2009
Website: WAOR.org PRESIDENT’S CORNER
Inside this issue:
Linda Long
HAPPY VALENTINES DAY As we move into the 2009 year,
Link to WVMLS Class Calendar
The Willamette Association of
Member’s page
REALTORS® would like to ask
Must be a Member to Access
members to help us expand our services to meet your needs. Please take a moment to share with us your thoughts and ideas on how we can provide assistance to help you to grow your business in the future. Please send your ideas by email, or call Barb at the WAOR Office. We look forward to working in partnership with you, our members to come up with creative ways to go forward during this challenging year.
Green and Save GREENandSAVE.com a leading “green” home resource (a trusted source for the NAR, AIA, and NARI) is pleased to offer every member of the NAR with a FREE practical 12- page Eco Family Guide that helps all families create a "greener" and healthier home and lifestyle. Member’s page Must be a Member to Access
Thank You Linda
OAR Risk Management Tool Kit Link link to OAR’s Risk Management Tool Kit Member’s page,
Lowe’s Realtor Benefits
new real estate marketing tool. Under this exclusive program, Lowe's will send valuable coupons and rebate offers to your customers & clients, on your behalf, via highly customized direct mail featuring your photo and company logo. Best of all, it's absolutely FREE to REALTORS®.
must be a Member to access
New Members Forms Located on the Home Page
GENERAL MEMBERSHIP MEETING
WCR MEETING New Members Lunch & Learn Website Update
Member’s page Must be a Member to access
Seller’s Advisory
Please visit our website at
Located on the Home Page
waor.org
2 2 2 2 1
OAR NEWS REALTOR® Day at the Capitol
3&5
Professional Standards Academy
3&4
Spring GRI
3&6
Willamette Valley Government Affairs
Lowe's and NAR have teamed up to provide REALTORS® an exciting
WAOR Website Additions
WAOR NEWS
3
NAR NEWS
REALTOR® Report
7&8
WAOR NEWS February General Membership Meeting
Page 2
Welcome New Members
February 17th Adair Village Club House
Shawn Tucker: Keller Williams Corvallis
Cost $10.00
Kaire Downin: Keller Williams Corvallis
Time: 11:15 to 1:00 PM
Angela Stuckart: RE/MAX Integrity Corvallis
Speaker: TBA
Michael Jenson:
Prudential Real Estate Professionals
1 Credit Hour
Kathy Corjasso: RE/MAX Integrity Albany
RSVP by email before February 13th 2009
Andrea Beem: Coldwell Banker Valley Brokers Albany
[email protected] Or on our website waor.org
WCR February Meeting Women’s Council Meeting February 19th 11:30 AM to 1:00 PM Location Allied Waste Conference Room 1214 Montgomery ST SE Albany, OR Speakers Linn and Benton County City Planners RSVP Heidi Wills 541-704-3450
Lunch & Learn Presented by Fidelity Title Branding The Real Estate Professional Thursday February 26th 11:30 AM to 1:00PM Speaker Theresa Fuhr IPX 1031 Corvallis Library 645 Monroe Ave. Corvallis, OR RSVP Marnie @ 541-602-1557 Tammy @ 541-760-6689 1 Credit Hour Earned
OAR NEWS
Page 3
Professional Standards Academy
Spring 2009 Oregon GRI
OAR Professional Standards Academy
Spring 2009 Oregon GRI
February 23 & February 24th Salem Conference Center February 23 1:30 PM to 4:30 PM Reception Following
April 28th to May 1st 2009 See flyer on page 6 For more information
February 24th 8:30 AM to 3:30 PM See flyer on page 4 For more information
REALTOR® Day & Rally Shared Willamette Valley Government Affairs Meeting Welcome to the Oregon Association of REALTORS®.
Willamette Valley Government Affairs Monday February 9th
2009 REALTOR® DAY & RALLY at the CAPITOL March 4, 2009
11:30 AM to 1:00 PM LaMargarita 545 Ferry ST Salem OR
With the challenges facing Oregon, it’s critical that we have a strong presence at this event! Click here for the event schedule and to download the registration form. Click here to register online. There is NO FEE to attend, but you must register. See flyer on page 5 for more information.
Page 4
Inside Story Headline
This story can fit 150-200 words. One benefit of using your newsletter as a promotional tool is that you can reuse content from other marketing materials, such as press releases, market studies, and reports. While your main goal of distributing a newsletter might be to sell your product or service, the key to a successful newsletter is making it useful to your readers.
Caption describing picture or graphic.
“To catch the reader's attention, place an interesting sentence or quote from the story here.”
A great way to add useful content to your newsletter is to develop and write your own articles, or include a calendar of upcoming events or a special offer that promotes a new product. Inside Story Headline
This story can fit 100-150 words. The subject matter that appears in newsletters is virtually endless. You can include stories that focus on current technologies or innovations in your field. You may also want to note business or economic trends, or make predictions for your customers or clients. If the newsletter is distributed internally, you might comment upon new procedures or im-
You can also research articles or find “filler” articles by accessing the World Wide Web. You can write about a variety of topics but try to keep your articles short. Much of the content you put in your newsletter can also be used for your Web site. Microsoft Publisher offers a simple way to convert your newsletter to a Web publication. So, when you’re finished writing your newsletter, convert it to a Web site and post it.
provements to the business. Sales figures or earnings will show how your business is growing. Some newsletters include a column that is updated every issue, for instance, an advice column, a book review, a letter from the president, or an editorial. You can also profile new employees or top customers or vendors.
Inside Story Headline
This story can fit 75-125 words. Selecting pictures or graphics is an important part of adding content to your newsletter.
Caption describing picture or graphic.
Think about your article and ask yourself if the picture supports or enhances the message you’re trying to convey. Avoid selecting images that appear to be out of context. Microsoft Publisher includes thousands of clip art images from which you can choose and im-
port into your newsletter. There are also several tools you can use to draw shapes and symbols. Once you have chosen an image, place it close to the article. Be sure to place the caption of the image near the image.
Page 5
Inside Story Headline
This story can fit 150-200 words. One benefit of using your newsletter as a promotional tool is that you can reuse content from other marketing materials, such as press releases, market studies, and reports. While your main goal of distributing a newsletter might be to sell your product or service, the key to a successful newsletter is making it useful to your readers. A great way to add useful content to your newsletter is to develop and write your own articles, or include a calendar of upcoming events or a special offer that promotes a new product. Inside Story Headline
This story can fit 100-150 words. The subject matter that appears in newsletters is virtually endless. You can include stories that focus on current technologies or innovations in your field. You may also want to note business or economic trends, or make predictions for your customers or clients. If the newsletter is distributed internally, you might comment upon new procedures or im-
You can also research articles or find “filler” articles by accessing the World Wide Web. You can write about a variety of topics but try to keep your articles short. Much of the content you put in your newsletter can also be used for your Web site. Microsoft Publisher offers a simple way to convert your newsletter to a Web publication. So, when you’re finished writing your newsletter, convert it to a Web site and post it.
Caption describing picture or graphic.
provements to the business. Sales figures or earnings will show how your business is growing.
“To catch the reader's attention, place an interesting sentence or quote from the story here.”
Some newsletters include a column that is updated every issue, for instance, an advice column, a book review, a letter from the president, or an editorial. You can also profile new employees or top customers or vendors.
Inside Story Headline
This story can fit 75-125 words. Selecting pictures or graphics is an important part of adding content to your newsletter. Think about your article and ask yourself if the picture supports or enhances the message you’re trying to convey. Avoid selecting images that appear to be out of context. Microsoft Publisher includes thousands of clip art images from which you can choose and im-
port into your newsletter. There are also several tools you can use to draw shapes and symbols. Once you have chosen an image, place it close to the article. Be sure to place the caption of the image near the image. Caption describing picture or graphic.
Page 6
Inside Story Headline
This story can fit 150-200 words. One benefit of using your newsletter as a promotional tool is that you can reuse content from other marketing materials, such as press releases, market studies, and reports. While your main goal of distributing a newsletter might be to sell your product or service, the key to a successful newsletter is making it useful to your readers.
Caption describing picture or graphic.
“To catch the reader's attention, place an interesting sentence or quote from the story here.”
A great way to add useful content to your newsletter is to develop and write your own articles, or include a calendar of upcoming events or a special offer that promotes a new product. Inside Story Headline
This story can fit 100-150 words. The subject matter that appears in newsletters is virtually endless. You can include stories that focus on current technologies or innovations in your field. You may also want to note business or economic trends, or make predictions for your customers or clients. If the newsletter is distributed internally, you might comment upon new procedures or im-
You can also research articles or find “filler” articles by accessing the World Wide Web. You can write about a variety of topics but try to keep your articles short. Much of the content you put in your newsletter can also be used for your Web site. Microsoft Publisher offers a simple way to convert your newsletter to a Web publication. So, when you’re finished writing your newsletter, convert it to a Web site and post it.
provements to the business. Sales figures or earnings will show how your business is growing. Some newsletters include a column that is updated every issue, for instance, an advice column, a book review, a letter from the president, or an editorial. You can also profile new employees or top customers or vendors.
Inside Story Headline
This story can fit 75-125 words. Selecting pictures or graphics is an important part of adding content to your newsletter.
Caption describing picture or graphic.
Think about your article and ask yourself if the picture supports or enhances the message you’re trying to convey. Avoid selecting images that appear to be out of context. Microsoft Publisher includes thousands of clip art images from which you can choose and im-
port into your newsletter. There are also several tools you can use to draw shapes and symbols. Once you have chosen an image, place it close to the article. Be sure to place the caption of the image near the image.
NAR NEWS
Page 7
REALTOR® REPORT
WASHINGTON, January 26, 2009
National Association of Realtors®.
Existing-home sales – including single-family, townhomes, condominiums and co-ops – jumped 6.5 percent to a seasonally adjusted annual rate1 of 4.74 million units in December from a downwardly revised pace of 4.45 million units in November, but are 3.5 percent below the 4.91 million-unit pace in December 2007.
For all of 2008 there were 4,912,000 existing-home sales, which was 13.1 percent below the 5,652,000 transactions recorded in 2007. This is the lowest volume since 1997 when there were 4,371,000 sales.
Lawrence Yun, NAR chief economist, said home prices continue to fall significantly. “It appears some buyers are taking advantage of much lower home prices,” he said. “The higher monthly sales gain and falling inventory are steps in the right direction, but the market is still far from normal balanced conditions. Buyers will continue to have an edge over sellers for the foreseeable future.”Total housing inventory at the end of December fell 11.7 percent to 3.68 million existing homes available for sale, which represents a 9.3-month supply2 at the current sales pace, down from a 11.2-month supply in November.
Yun said the market is underperforming and hurting the broader economy. “We’ve added 25 million people to our population over the past decade and housing affordability conditions are the best we’ve seen since 1973, but household formation is much lower than expected,” he said. “Consequently, there is a pent-up demand which could be unleashed with the right stimulus, including a non-repayable home buyer tax credit. The Obama administration and Congress need to move fast to stimulate a spring sales upturn which will help to stabilize home prices and set the foundation for a sustainable economic recovery.”
The national median existing-home price3 for all housing types was $175,400 in December, which is 15.3 percent below December 2007 when the median was $207,000. There remains a significant downward distortion in the current median from a large number of distress sales at discounted prices, currently 45 percent of transactions; the median is where half of the homes sold for more and half sold for less. For all of 2008, the median price was $198,600, down 9.3 percent from $219,000 in 2007.
NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth, said it’s an excellent time for first-time home buyers with good jobs. “The typical buyer plans to stay in their home for 10 years, which is the correct approach in today’s market,” he said. “With historically low mortgage interest rates, flexible sellers, a large inventory, and homes that are selling for less than replacement construction costs in much of the country, buyers who’ve been on the fence should take a closer look at today’s market.”
McMillan added that first-time buyers may want to consider an FHA loan, which offers down payments of 3.5 percent on a safe 30-year fixed-rate mortgage.
Page 8 According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to 5.29 percent in December from 6.09 percent in November; the rate was 6.10 percent in December 2007. Last week, Freddie Mac reported the 30-year rate was 5.12 percent. Single-family home sales rose 7.0 percent to a seasonally adjusted annual rate of 4.26 million in December from a level of 3.98 million in November, but are 1.4 percent below a 4.32 million-unit pace in December 2007. For all of 2008, single-family sales fell 11.9 percent to 4,349,000.
The median existing single-family home price was $174,700 in December, down 14.8 percent from a year ago. For all of 2008, the single-family median was $197,100, which is 9.5 percent below 2007.Existing condominium and co-op sales increased 2.1 percent to a seasonally adjusted annual rate of 480,000 units in December from 470,000 in November, but are 18.4 percent below the 588,000-unit level a year ago. For all of 2008, condo sales dropped 21.0 percent to 563,000 units. The median existing condo price4 was $181,400 in December, down 18.3 percent from December 2007. For all of 2008, the median condo price was $210,000, which is 7.2 percent below 2007.
Regionally, existing-home sales in the Northeast slipped 1.4 percent to an annual pace of 720,000 in December, and are 14.3 percent below December 2007. The median price in the Northeast was $235,000, which is 7.8 percent lower than a year ago. Existing-home sales in the Midwest increased 4.0 percent in December to a level of 1.04 million but are 10.3 percent below a year ago. The median price in the Midwest was $140,800, down 11.4 percent from December 2007.In the South, existing -home sales rose 7.4 percent to an annual pace of 1.74 million in December, but are 11.2 percent lower than December 2007. The median price in the South was $158,600, which is down 8.0 percent from a year ago. Existing -home sales in the West jumped 13.6 percent to an annual rate of 1.25 million in December and are 31.6 percent higher than a year ago. The median price in the We st was $213,100, down 31.5 percent from December 2007.1The annual rate for a particular month represents what the total number of actual sales for a year would be if the relative pace for that month were maintained for 12 consecutive months. Seasonally adjusted annual rates are used in reporting monthly data to factor out seasonal variations in resale activity. For example, h ome sales volume is normally higher in the summer than in the winter, primarily because of differences in the weather and family buying patterns. However, seasonal factors cannot compensate for abnormal weather patterns.
Existing-home sales, which include single-family, townhomes, condominiums and co-ops, are based on transaction closings. This differs from the U.S. Census Bureau’s series on new single-family home sales, which are based on contracts or the acceptance of a deposit. Because of these differences, it is not uncommon for each series to move in different directions in the same month. In addition, existing-home sales, which generally account for 85 to 90 percent of total home sales, are based on a much larger sample – more than 40 percent of multiple listing service data each month – and typically are not subject to large prior-month revisions.
2
Total inventory and month’s supply data are available back through 1999, while single-family inventory and month’s supply are
available back to 1982. Condos were tracked quarterly prior to 1999 when single-family homes accounted for more than nine out of 10 purchases. The only valid comparisons for median prices are with the same period a year earlier due to the seasonality in buying patterns. Month-to-month comparisons do not compensate for seasonal changes, especially for the timing of family buying patterns. Changes in the composition of sales can distort median price data. Year-ago median and mean prices sometimes are revised in an automated process if more data is received than was originally reported. Because there is a concentration of condos in high-cost metro areas, the national median condo price can be higher than the median single-family price. In a given market area, condos typically cost less than single-family homes.
Existing-home sales for January – including monthly revisions to sales rates for the past three years – will be released February
2227 Santiam HWY SE Albany, OR 97322 Phone: 541-924-9267 Fax: 5419924-9268 Email: [email protected]
February 2009
Website: WAOR.org PRESIDENT’S CORNER
Inside this issue:
Linda Long
HAPPY VALENTINES DAY As we move into the 2009 year,
Link to WVMLS Class Calendar
The Willamette Association of
Member’s page
REALTORS® would like to ask
Must be a Member to Access
members to help us expand our services to meet your needs. Please take a moment to share with us your thoughts and ideas on how we can provide assistance to help you to grow your business in the future. Please send your ideas by email, or call Barb at the WAOR Office. We look forward to working in partnership with you, our members to come up with creative ways to go forward during this challenging year.
Green and Save GREENandSAVE.com a leading “green” home resource (a trusted source for the NAR, AIA, and NARI) is pleased to offer every member of the NAR with a FREE practical 12- page Eco Family Guide that helps all families create a "greener" and healthier home and lifestyle. Member’s page Must be a Member to Access
Thank You Linda
OAR Risk Management Tool Kit Link link to OAR’s Risk Management Tool Kit Member’s page,
Lowe’s Realtor Benefits
new real estate marketing tool. Under this exclusive program, Lowe's will send valuable coupons and rebate offers to your customers & clients, on your behalf, via highly customized direct mail featuring your photo and company logo. Best of all, it's absolutely FREE to REALTORS®.
must be a Member to access
New Members Forms Located on the Home Page
GENERAL MEMBERSHIP MEETING
WCR MEETING New Members Lunch & Learn Website Update
Member’s page Must be a Member to access
Seller’s Advisory
Please visit our website at
Located on the Home Page
waor.org
2 2 2 2 1
OAR NEWS REALTOR® Day at the Capitol
3&5
Professional Standards Academy
3&4
Spring GRI
3&6
Willamette Valley Government Affairs
Lowe's and NAR have teamed up to provide REALTORS® an exciting
WAOR Website Additions
WAOR NEWS
3
NAR NEWS
REALTOR® Report
7&8
WAOR NEWS February General Membership Meeting
Page 2
Welcome New Members
February 17th Adair Village Club House
Shawn Tucker: Keller Williams Corvallis
Cost $10.00
Kaire Downin: Keller Williams Corvallis
Time: 11:15 to 1:00 PM
Angela Stuckart: RE/MAX Integrity Corvallis
Speaker: TBA
Michael Jenson:
Prudential Real Estate Professionals
1 Credit Hour
Kathy Corjasso: RE/MAX Integrity Albany
RSVP by email before February 13th 2009
Andrea Beem: Coldwell Banker Valley Brokers Albany
[email protected] Or on our website waor.org
WCR February Meeting Women’s Council Meeting February 19th 11:30 AM to 1:00 PM Location Allied Waste Conference Room 1214 Montgomery ST SE Albany, OR Speakers Linn and Benton County City Planners RSVP Heidi Wills 541-704-3450
Lunch & Learn Presented by Fidelity Title Branding The Real Estate Professional Thursday February 26th 11:30 AM to 1:00PM Speaker Theresa Fuhr IPX 1031 Corvallis Library 645 Monroe Ave. Corvallis, OR RSVP Marnie @ 541-602-1557 Tammy @ 541-760-6689 1 Credit Hour Earned
OAR NEWS
Page 3
Professional Standards Academy
Spring 2009 Oregon GRI
OAR Professional Standards Academy
Spring 2009 Oregon GRI
February 23 & February 24th Salem Conference Center February 23 1:30 PM to 4:30 PM Reception Following
April 28th to May 1st 2009 See flyer on page 6 For more information
February 24th 8:30 AM to 3:30 PM See flyer on page 4 For more information
REALTOR® Day & Rally Shared Willamette Valley Government Affairs Meeting Welcome to the Oregon Association of REALTORS®.
Willamette Valley Government Affairs Monday February 9th
2009 REALTOR® DAY & RALLY at the CAPITOL March 4, 2009
11:30 AM to 1:00 PM LaMargarita 545 Ferry ST Salem OR
With the challenges facing Oregon, it’s critical that we have a strong presence at this event! Click here for the event schedule and to download the registration form. Click here to register online. There is NO FEE to attend, but you must register. See flyer on page 5 for more information.
Page 4
Inside Story Headline
This story can fit 150-200 words. One benefit of using your newsletter as a promotional tool is that you can reuse content from other marketing materials, such as press releases, market studies, and reports. While your main goal of distributing a newsletter might be to sell your product or service, the key to a successful newsletter is making it useful to your readers.
Caption describing picture or graphic.
“To catch the reader's attention, place an interesting sentence or quote from the story here.”
A great way to add useful content to your newsletter is to develop and write your own articles, or include a calendar of upcoming events or a special offer that promotes a new product. Inside Story Headline
This story can fit 100-150 words. The subject matter that appears in newsletters is virtually endless. You can include stories that focus on current technologies or innovations in your field. You may also want to note business or economic trends, or make predictions for your customers or clients. If the newsletter is distributed internally, you might comment upon new procedures or im-
You can also research articles or find “filler” articles by accessing the World Wide Web. You can write about a variety of topics but try to keep your articles short. Much of the content you put in your newsletter can also be used for your Web site. Microsoft Publisher offers a simple way to convert your newsletter to a Web publication. So, when you’re finished writing your newsletter, convert it to a Web site and post it.
provements to the business. Sales figures or earnings will show how your business is growing. Some newsletters include a column that is updated every issue, for instance, an advice column, a book review, a letter from the president, or an editorial. You can also profile new employees or top customers or vendors.
Inside Story Headline
This story can fit 75-125 words. Selecting pictures or graphics is an important part of adding content to your newsletter.
Caption describing picture or graphic.
Think about your article and ask yourself if the picture supports or enhances the message you’re trying to convey. Avoid selecting images that appear to be out of context. Microsoft Publisher includes thousands of clip art images from which you can choose and im-
port into your newsletter. There are also several tools you can use to draw shapes and symbols. Once you have chosen an image, place it close to the article. Be sure to place the caption of the image near the image.
Page 5
Inside Story Headline
This story can fit 150-200 words. One benefit of using your newsletter as a promotional tool is that you can reuse content from other marketing materials, such as press releases, market studies, and reports. While your main goal of distributing a newsletter might be to sell your product or service, the key to a successful newsletter is making it useful to your readers. A great way to add useful content to your newsletter is to develop and write your own articles, or include a calendar of upcoming events or a special offer that promotes a new product. Inside Story Headline
This story can fit 100-150 words. The subject matter that appears in newsletters is virtually endless. You can include stories that focus on current technologies or innovations in your field. You may also want to note business or economic trends, or make predictions for your customers or clients. If the newsletter is distributed internally, you might comment upon new procedures or im-
You can also research articles or find “filler” articles by accessing the World Wide Web. You can write about a variety of topics but try to keep your articles short. Much of the content you put in your newsletter can also be used for your Web site. Microsoft Publisher offers a simple way to convert your newsletter to a Web publication. So, when you’re finished writing your newsletter, convert it to a Web site and post it.
Caption describing picture or graphic.
provements to the business. Sales figures or earnings will show how your business is growing.
“To catch the reader's attention, place an interesting sentence or quote from the story here.”
Some newsletters include a column that is updated every issue, for instance, an advice column, a book review, a letter from the president, or an editorial. You can also profile new employees or top customers or vendors.
Inside Story Headline
This story can fit 75-125 words. Selecting pictures or graphics is an important part of adding content to your newsletter. Think about your article and ask yourself if the picture supports or enhances the message you’re trying to convey. Avoid selecting images that appear to be out of context. Microsoft Publisher includes thousands of clip art images from which you can choose and im-
port into your newsletter. There are also several tools you can use to draw shapes and symbols. Once you have chosen an image, place it close to the article. Be sure to place the caption of the image near the image. Caption describing picture or graphic.
Page 6
Inside Story Headline
This story can fit 150-200 words. One benefit of using your newsletter as a promotional tool is that you can reuse content from other marketing materials, such as press releases, market studies, and reports. While your main goal of distributing a newsletter might be to sell your product or service, the key to a successful newsletter is making it useful to your readers.
Caption describing picture or graphic.
“To catch the reader's attention, place an interesting sentence or quote from the story here.”
A great way to add useful content to your newsletter is to develop and write your own articles, or include a calendar of upcoming events or a special offer that promotes a new product. Inside Story Headline
This story can fit 100-150 words. The subject matter that appears in newsletters is virtually endless. You can include stories that focus on current technologies or innovations in your field. You may also want to note business or economic trends, or make predictions for your customers or clients. If the newsletter is distributed internally, you might comment upon new procedures or im-
You can also research articles or find “filler” articles by accessing the World Wide Web. You can write about a variety of topics but try to keep your articles short. Much of the content you put in your newsletter can also be used for your Web site. Microsoft Publisher offers a simple way to convert your newsletter to a Web publication. So, when you’re finished writing your newsletter, convert it to a Web site and post it.
provements to the business. Sales figures or earnings will show how your business is growing. Some newsletters include a column that is updated every issue, for instance, an advice column, a book review, a letter from the president, or an editorial. You can also profile new employees or top customers or vendors.
Inside Story Headline
This story can fit 75-125 words. Selecting pictures or graphics is an important part of adding content to your newsletter.
Caption describing picture or graphic.
Think about your article and ask yourself if the picture supports or enhances the message you’re trying to convey. Avoid selecting images that appear to be out of context. Microsoft Publisher includes thousands of clip art images from which you can choose and im-
port into your newsletter. There are also several tools you can use to draw shapes and symbols. Once you have chosen an image, place it close to the article. Be sure to place the caption of the image near the image.
NAR NEWS
Page 7
REALTOR® REPORT
WASHINGTON, January 26, 2009
National Association of Realtors®.
Existing-home sales – including single-family, townhomes, condominiums and co-ops – jumped 6.5 percent to a seasonally adjusted annual rate1 of 4.74 million units in December from a downwardly revised pace of 4.45 million units in November, but are 3.5 percent below the 4.91 million-unit pace in December 2007.
For all of 2008 there were 4,912,000 existing-home sales, which was 13.1 percent below the 5,652,000 transactions recorded in 2007. This is the lowest volume since 1997 when there were 4,371,000 sales.
Lawrence Yun, NAR chief economist, said home prices continue to fall significantly. “It appears some buyers are taking advantage of much lower home prices,” he said. “The higher monthly sales gain and falling inventory are steps in the right direction, but the market is still far from normal balanced conditions. Buyers will continue to have an edge over sellers for the foreseeable future.”Total housing inventory at the end of December fell 11.7 percent to 3.68 million existing homes available for sale, which represents a 9.3-month supply2 at the current sales pace, down from a 11.2-month supply in November.
Yun said the market is underperforming and hurting the broader economy. “We’ve added 25 million people to our population over the past decade and housing affordability conditions are the best we’ve seen since 1973, but household formation is much lower than expected,” he said. “Consequently, there is a pent-up demand which could be unleashed with the right stimulus, including a non-repayable home buyer tax credit. The Obama administration and Congress need to move fast to stimulate a spring sales upturn which will help to stabilize home prices and set the foundation for a sustainable economic recovery.”
The national median existing-home price3 for all housing types was $175,400 in December, which is 15.3 percent below December 2007 when the median was $207,000. There remains a significant downward distortion in the current median from a large number of distress sales at discounted prices, currently 45 percent of transactions; the median is where half of the homes sold for more and half sold for less. For all of 2008, the median price was $198,600, down 9.3 percent from $219,000 in 2007.
NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth, said it’s an excellent time for first-time home buyers with good jobs. “The typical buyer plans to stay in their home for 10 years, which is the correct approach in today’s market,” he said. “With historically low mortgage interest rates, flexible sellers, a large inventory, and homes that are selling for less than replacement construction costs in much of the country, buyers who’ve been on the fence should take a closer look at today’s market.”
McMillan added that first-time buyers may want to consider an FHA loan, which offers down payments of 3.5 percent on a safe 30-year fixed-rate mortgage.
Page 8 According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to 5.29 percent in December from 6.09 percent in November; the rate was 6.10 percent in December 2007. Last week, Freddie Mac reported the 30-year rate was 5.12 percent. Single-family home sales rose 7.0 percent to a seasonally adjusted annual rate of 4.26 million in December from a level of 3.98 million in November, but are 1.4 percent below a 4.32 million-unit pace in December 2007. For all of 2008, single-family sales fell 11.9 percent to 4,349,000.
The median existing single-family home price was $174,700 in December, down 14.8 percent from a year ago. For all of 2008, the single-family median was $197,100, which is 9.5 percent below 2007.Existing condominium and co-op sales increased 2.1 percent to a seasonally adjusted annual rate of 480,000 units in December from 470,000 in November, but are 18.4 percent below the 588,000-unit level a year ago. For all of 2008, condo sales dropped 21.0 percent to 563,000 units. The median existing condo price4 was $181,400 in December, down 18.3 percent from December 2007. For all of 2008, the median condo price was $210,000, which is 7.2 percent below 2007.
Regionally, existing-home sales in the Northeast slipped 1.4 percent to an annual pace of 720,000 in December, and are 14.3 percent below December 2007. The median price in the Northeast was $235,000, which is 7.8 percent lower than a year ago. Existing-home sales in the Midwest increased 4.0 percent in December to a level of 1.04 million but are 10.3 percent below a year ago. The median price in the Midwest was $140,800, down 11.4 percent from December 2007.In the South, existing -home sales rose 7.4 percent to an annual pace of 1.74 million in December, but are 11.2 percent lower than December 2007. The median price in the South was $158,600, which is down 8.0 percent from a year ago. Existing -home sales in the West jumped 13.6 percent to an annual rate of 1.25 million in December and are 31.6 percent higher than a year ago. The median price in the We st was $213,100, down 31.5 percent from December 2007.1The annual rate for a particular month represents what the total number of actual sales for a year would be if the relative pace for that month were maintained for 12 consecutive months. Seasonally adjusted annual rates are used in reporting monthly data to factor out seasonal variations in resale activity. For example, h ome sales volume is normally higher in the summer than in the winter, primarily because of differences in the weather and family buying patterns. However, seasonal factors cannot compensate for abnormal weather patterns.
Existing-home sales, which include single-family, townhomes, condominiums and co-ops, are based on transaction closings. This differs from the U.S. Census Bureau’s series on new single-family home sales, which are based on contracts or the acceptance of a deposit. Because of these differences, it is not uncommon for each series to move in different directions in the same month. In addition, existing-home sales, which generally account for 85 to 90 percent of total home sales, are based on a much larger sample – more than 40 percent of multiple listing service data each month – and typically are not subject to large prior-month revisions.
2
Total inventory and month’s supply data are available back through 1999, while single-family inventory and month’s supply are
available back to 1982. Condos were tracked quarterly prior to 1999 when single-family homes accounted for more than nine out of 10 purchases. The only valid comparisons for median prices are with the same period a year earlier due to the seasonality in buying patterns. Month-to-month comparisons do not compensate for seasonal changes, especially for the timing of family buying patterns. Changes in the composition of sales can distort median price data. Year-ago median and mean prices sometimes are revised in an automated process if more data is received than was originally reported. Because there is a concentration of condos in high-cost metro areas, the national median condo price can be higher than the median single-family price. In a given market area, condos typically cost less than single-family homes.
Existing-home sales for January – including monthly revisions to sales rates for the past three years – will be released February
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