Realtors
By Esther Cho | 05/14/2012
For the first time since 2002, the National Association of Realtors (NAR) reported that income for its members increased in 2011. The median income of a member rose 2.3 percent to $34,900 in 2011. Members who are licensed as brokers typically earned $48,400 in 2011, while the median for sales agents was $27,200.
For NAR members who have 16 or more years of experience, income earned was $50,200. Members working 60 hours a week or more earned $80,900, and 17 percent of all members had a six-figure income.
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By Carrie Bay | 05/02/2012
The Arizona capital of Phoenix was one of the hardest hit markets by the housing crisis, with home values plunging nearly 60 percent from 2006 through mid-2011 and foreclosure filings soaring. One analyst says it wasn't too long ago that Phoenix was considered ground zero of the housing market's collapse, but now, it's on a path to recovery that's considerably outpaced other distressed markets. So what's going on in the Valley of the Sun that's strong enough to lift the nation's sixth most populous city from the depths of the downturn?
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By Mark Lieberman, Five Star Institute Economist | 04/26/2012
The Pending Home Sales Index (PHSI) rose sharply in March to 101.4 from February’s revised 97.4, the National Association of Realtors reported Thursday. Economist had expected the index to increase 1.0 percent from February. The index is now at the highest level since April 2010 when it reached 111. The index improved for the third straight month and fifth time in the last 6 months. The March reading is up 12.8 percent from March 2011, the strongest year-over-year gain since last July when the index was 15.4 percent over its year-earlier level.
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By Esther Cho | 03/30/2012
For 2011, investment purchases increased significantly, according to data from the National Association of Realtors, and with more individual investors absorbing REO properties, the organization thinks it is time to limit bulk REO sales to large institutions. Investment-home sales increased 64.5 percent last year to 1.23 million, NAR reports. In a letter to federal regulators, NAR urged policymakers and lenders to focus on expanding the availability of financing for qualified homebuyers and investors to reduce the number of REOs on the market.
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By Carrie Bay | 02/20/2012
Treasury is heading to the coastal cities of Miami and Tampa, Florida, this week in order to offer assistance to homeowners struggling with their mortgage payments. Treasury will host a "Help for Homeowners" outreach event in each of the hard-hit Florida cities where homeowners can meet one-on-one with their servicers. Before the homeowners arrive, though, Treasury has blocked off time for real estate professionals to meet with the servicers on behalf of their clients and to participate in short sale workshops led by the servicers themselves.
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By Krista Franks Brock | 02/02/2012
The effects of the housing crisis are widespread, but nowhere do they hit home more than in the real estate community. Eighty-eight percent of real estate professionals in a recent survey said they have lost money since 2008 or are living off significantly less income. Many are dipping into savings to make ends meet. The survey of more than 800 real estate agents and brokers across the nation was conducted in January, and the results show that both personally and professionally, they have had to make significant sacrifices to adapt to the new environment.
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By Carrie Bay | 01/24/2012
At the national level, the inventory of for-sale single-family homes dropped by 22.29 percent over the last year, according to new statistics released by Realtor.com. The site concludes that at the close of 2011, there were 1.89 million single-family homes on the market, down 6 percent from just one month prior. Realtor.com views the development as a positive sign the market is holding its own at the national level, but notes that the weight of foreclosures is keeping the market in a fragile state.
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By Carrie Bay | 01/17/2012
The overall median sales price of existing homes in Orlando, Florida, was $115,000 in November, up 9.52 percent from a year earlier. The Orlando Regional Realtor Association attributes the gain to an increase in short sales, which are now changing hands with smaller discounts. The number of short sale transactions in November 2011 jumped 39.38 percent compared to November 2010, while the median price of short sales improved by 7.07 percent to $106,000.
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By Krista Franks | 01/16/2012
Despite a decade-long trend making winter the slowest homebuying season for the Las Vegas area, the region saw an increase in existing home sales for the month of December, finishing the year strong enough to break the metro's yearly existing-home sale record from 2009, according to the Greater Las Vegas Association of Realtors. The 2009 record was set with the sale of 46,879 homes, and 2011 surpassed this milestone with 48,186 sales. REOs made up 46 percent of December's transactions. Short sales accounted for nearly 27 percent.
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By Krista Franks | 01/12/2012
A group convened on the steps of the South Carolina State House Thursday to express their support of homeownership and opposition to policy changes that might threaten the American Dream. The outlook expressed at the rally mirrors widespread sentiment uncovered in a recent industry survey. About three-fourths of American voters said it is "appropriate and reasonable" for the federal government to promote homeownership through tax incentives.
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