NAR in the News

At a news conference yesterday, NAR President Pat Vredevoogd Combs highlighted the current state of the real estate market and discussed how today’s market is filled with challenges for buyers and sellers. She also previewed NAR’s $40 million public awareness advertising campaign, “Every market’s different, call a Realtor today.” Reuters, MarketWatch and Dow Jones wrote about the launch of the new campaign.

Posted on January 11 at 02:14 PM | Permanent Link | Add a Comment (1)

Leading news outlets, including MarketWatch and ABC News, quoted chief economist David Lereah and NAR President Pat Vredevoogd Combs on October’s existing-home sales, which showed that sales of existing homes rose slightly in October, continuing the transition to a more normal market. "After a period of price adjustment, we'll see more confidence in the market and a lift to home sales should be apparent in the first quarter of 2007," said Lereah.

The New Orleans Times-Picayune wrote a story about the city’s ability to successfully host the recent REALTORS® Conference & Expo, November 10-13, which brought more than 25,000 Realtors and guests to the city.

Posted on November 28 at 02:54 PM | Permanent Link | Add a Comment (2)

The Examiner and the New York Times (free registration required) ran articles on the most recent housing and economic forecast. The Examiner quoted David Lereah saying, “Many potential home buyers who have been taking a wait-and-see attitude or taking their time and being methodical in the search process are being enticed by lower home prices…Given a positive economic backdrop of lower interest rates and job creation, we expect sales activity to pick up early next year.” BankRate.com quoted Pat Vredevoogd Combs on becoming an agent.

Posted on October 13 at 12:39 PM | Permanent Link | Add a Comment (0)

The State Journal-Register (IL) wrote about the Illinois Association of Realtors’ recent Habitat for Humanity home build. The build was part of the Realtor-Habitat Partnership for Gulf Coast Recovery program, in which NAR and each of the nation’s state and territorial Realtor associations will build 54 Habitat homes for Gulf Coast families. BusinessWeek and Newsweek wrote about the cooling housing market.

Posted on October 11 at 04:18 PM | Permanent Link | Add a Comment (0)

David Lereah appeared on CNN Paula Zahn Now commenting on home prices. “The housing market went through a very big boom. We needed a correction. Prices got too high. Now we need prices to come down to bring people back into the buying marketplace,” said Lereah. Tom Stevens testified on Wednesday before the House Government Reform Subcommittee on Government Management, Finance and Accountability on the OCC’s decision in December 2005 to grant three national banks the ability to enter into speculative real estate development transactions. The Wall Street Journal wrote about the hearing and quoted Tom Stevens on his concerns over the expansion of bank powers. Stevens said, "What we have stated and what we still firmly believe is that the OCC's actions set in motion a process that will result in the regulator authorizing national banks to engage in real-estate brokerage, which is currently prohibited."

Posted on September 28 at 04:38 PM | Permanent Link | Add a Comment (0)

Coverage of August’s existing-home sales is dominating the news this week. David Lereah appeared on NBC Nightly News commenting on the reported drop in home prices. “The sellers market has turned into a buyers market. That’s why prices have come down over the last 12 months. And that is why they will continue to come down over the next six months,” stated Lereah. Top news media including the New York Times, USA Today and CNNMoney.com also quoted David Lereah in stories on home sales and prices.

Posted on September 26 at 05:01 PM | Permanent Link | Add a Comment (0)

USA Today wrote a story on how speculative investors, who purchased homes with the intent of flipping, are now likely to get burned. A Forbes.com article discusses how sellers aren't just lowering their home prices as sales continue to slow, they are also offering incentives to entice buyers.

Posted on September 22 at 10:03 AM | Permanent Link | Add a Comment (0)

A Letter to the Editor from Tom Stevens appeared in the New York Times. The letter, “A Real Estate Agent’s Role,” (free registration required) discussed the Internet's role in real estate. “Buying a home is not like buying a book, a CD or airline ticket. The Internet’s role in residential real estate is much more like WebMD than Amazon or eBay. It empowers and informs the consumer — which is good for everyone — but it doesn’t replace the need for a doctor’s professional services,” stated Stevens. He continued, “Real estate agents provide a valuable service enabling sellers to get the best price for their homes and buyers to find the best home at the lowest price.”

The letter was in response to the article, "The Last Stand of the 6-Percenters?” which ran in the New York Times earlier this month.

Posted on September 19 at 04:59 PM | Permanent Link | Add a Comment (0)

Top news outlets Reuters and SmartMoney.com covered Tom Stevens' testimony before the Senate Banking Committee on the housing market and economy. “After five years of outstanding growth, the housing market is undergoing a period of adjustment and becoming more and more of a balanced market between buyers and sellers,” said Stevens. He continued, “Contrary to many reports, there is not a 'national housing bubble.' All real estate is local. For example, the housing market in California is extremely different from Oklahoma.”

Realty Times wrote an article on the transitioning real estate market entitled “Why NAR Expects Home Sales to Lift from Temporary Dip” that quotes Tom Stevens and David Lereah. “This is a normal pattern during a market correction, but home prices should return to positive territory within a few months and annual appreciation will be slower than historic norms,” stated Lereah.

Posted on September 14 at 03:42 PM | Permanent Link | Add a Comment (0)

Inman News (subscription required) published a letter from Tom Stevens describing how MLS is good for competition. “What makes MLSs special is not just that they introduce extraordinary efficiencies into the real estate transaction, or that they level the playing field so that the newest, smallest, greenest broker has just as much ability to profit from the system as the biggest guy in town. Even the fact that they are probably the safest databases on the Internet -- thanks to the standards of quality and care exhibited by the organizations that own and run them -- is not the single most distinguishing feature of MLSs. What makes MLSs unique in the business world is that they exist first to facilitate cooperation between brokers, and that includes interbroker compensation,” stated Stevens.

In other news, a Realty Times story discussed whether the cooling real estate market would result in more properties "For Sale By Owner."

Posted on September 6 at 10:59 AM | Permanent Link | Add a Comment (0)

Tom Stevens appeared on WWL-TV in New Orleans to discuss NAR’s 2006 Conference & Expo, rebuilding the Gulf Coast and disaster insurance. MarketWatch and Reuters covered July’s pending homes sales index, which will continue to level out in the months ahead at a lower pace.

Posted on September 1 at 12:35 PM | Permanent Link | Add a Comment (0)

As USA Today reported this week, Crawford, Texas saw a 57 percent drop in existing home sales in July 2006 when compared to the same period in 2005. Before you alert the White House about market conditions around the president’s ranch, however, you might first note that the median home price in Crawford rose 18.5 percent between July 2005 and July 2006, and across the state of Texas, the median home price has risen 6.1 percent during the same time period.

The article also mentions that seven years ago, President Bush paid $1,000 to $1,500 an acre for his land. Today, according to local sources, larger tracts sell for $2,500 to $3,500 an acre.

Continue reading "In It for the Long Term" »

Posted on August 31 at 09:06 AM | Permanent Link | Add a Comment (1)

Top news outlets, including MarketWatch, Reuters and ABCNews.com reported that existing-home sales were down in July, while home prices in many areas were slightly below year-ago levels. Tom Stevens appeared on CNBC’s Closing Bell commenting on the current housing market while David Lereah appeared on ABC World News Tonight commenting on housing inventory levels in a story on the current buyers market.

Posted on August 25 at 09:58 AM | Permanent Link | Add a Comment (3)

The halt in interest rates was the subject of a Realty Times article, which quoted Tom Stevens on the housing industry perspective. Time magazine quoted Tom Stevens on a new category of Realtors that cater to the needs of older buyers. Various news media including MSNBC.com and Bankrate.com reported on second-quarter metro home prices and state existing-home sales, which declined slightly from a year ago as the housing market continues to stabilize.

Posted on August 17 at 09:59 AM | Permanent Link | Add a Comment (0)

TIME magazine published a story entitled “The Boom Is—Is Not!—Over” that quotes David Lereah. He stated, "We've had sellers' markets for the last five years, and they're transitioning to buyers' markets…Sales go down and prices follow. Sellers are stubborn, so there's a standoff." Realty Times wrote about Realtors cleaning up damaged neighborhoods, building 54 new Habitat homes and bringing millions in revenue to New Orleans and the Gulf Coast when they convene in the Crescent City in November for the 2006 NAR Convention. NAR Regional Vice Presidents Diana Bull and David Drinkwater are quoted by CBS Marketwatch discussing the benefits of buying a home in a cooling market.

Posted on August 8 at 03:05 PM | Permanent Link | Add a Comment (0)

It seems that everywhere you look lately, media have been searching for signs that the real estate market is in trouble, with stories of rising inventory, price declines, and seller incentives. Many of these reports miss the forest for the trees.

Continue reading "Real Estate Market to Media: Reports of My Demise are Greatly Exaggerated" »

Posted on August 3 at 01:09 PM | Permanent Link | Add a Comment (1)

CNN Money quoted Pat Vredevoogd Combs on competition in the real estate business. When asked about commissions, Vredevoogd Combs stated “no evidence exists to prove that agents have agreed to fix commission rates. If commissions cluster within a narrow range, it's only due to normal economic behavior: Competitors lose market share if they raise rates, and can't cover their costs if their rates are too low.” The Las Vegas Review quoted David Lereah on existing home sales, "Over the last three months home sales have held in a narrow range, easing to a level that is near our annual projection, which tells us the market is stabilizing.” Realty Times also wrote about the current buyer’s market.

Posted on July 31 at 03:10 PM | Permanent Link | Add a Comment (0)

USA Today ran an editorial claiming the real estate business is "inefficient, anti-competitive, and anti-consumer." A response by Tom Stevens was also published that illustrated the competitiveness of the industry. He stated, “America’s real estate industry is one of the most competitive business environments in the world, characterized by low barriers to entry, intense personal client service and performance-based compensation.”

Numerous media outlets, including MSNBC.com and CNNMoney.com covered June’s existing-home sales. According to the data, existing-home sales were down modestly in June while home prices were up slightly from a year ago.

David Lereah appeared on NBC Nightly News commenting on home prices in a story on the current buyers market, “The boom took prices too high. Now we see a correction and prices are beginning to retreat.”

Posted on July 26 at 03:54 PM | Permanent Link | Add a Comment (2)

The Orlando Sentinel quoted Tom Stevens on NAR’s recent testimony encouraging Congress to craft a comprehensive natural disaster insurance policy. Stevens stated "We need to get something done. We're pushing, not just for Florida, but for the whole country…the key is that there needs to be a national policy, so companies can't just walk away." Home sales are expected to stabilize in the months ahead, "We should see home sales rise and fall month to month, but don't look for any big shifts one way or the other,” said David Lereah in a CBS MarketWatch story. Finally, New Orleans City Business ran an article on the exceptional advance registration for the 2006 NAR convention.

Posted on July 11 at 04:34 PM | Permanent Link | Add a Comment (0)

The New York Times (free subscription required) ran a letter to the editor by Tom Stevens that stressed the competitiveness of the real estate industry. In the letter he stated “Brokers created, operate and own multiple listing services. They are not markets, or public utilities, as some would like. They are private exchanges and platforms for industry collaboration to facilitate cooperation among real estate practitioners representing buyers and sellers.”

Tom was also quoted by the News & Observer in Raleigh, North Carolina on the value of using a Realtor in an article about homes for sale by owner. The U.S. housing market continues to stabilize with pending home sales rising slightly by 1.3% in May. Reuters quoted David Lereah saying "We are entering the second phase of the transition from the housing boom, in which sellers are becoming more realistic about their expectations - sales are stabilizing and annual home price appreciation is returning to historic norms."

Posted on July 7 at 01:34 PM | Permanent Link | Add a Comment (2)

USA Today ran a front-page story citing NAR’s National Housing Opportunity Pulse survey, an annual study that measures how affordable housing issues affect consumers. According to the survey, one out of three Americans fear that rising monthly payments – especially property taxes and energy costs – will force them to sell their home and buy a less expensive one. Various media outlets, including MSNBC.com and FoxNews.com, covered NAR’s report of May’s existing home sales. According to the data, sales of existing homes experienced a minor decline in May with home prices rising near normal rates, “Right now we are on course for a soft landing in housing,” said David Lereah. Tom Stevens and David Lereah were quoted in a Consumer Reports article about selling your home in a down market.

Posted on June 27 at 10:13 AM | Permanent Link | Add a Comment (0)

Tom Stevens appeared on CNBC’s Closing Bell to discuss housing market trends. When asked about current housing conditions he stated “we are seeing the market softening and becoming more of a balanced market between buyers and sellers.” The Consumer Federation of America released a report this week that labeled real estate trade groups as a "cartel" for allegedly setting prices and blocking competition. The Washington Post reported on the story and included a response from Tom Stevens saying "It's clear and evident that they don't understand the real estate business…Real estate is probably one of the most competitive industries out there."

Posted on June 21 at 03:54 PM | Permanent Link | Add a Comment (0)

Last week over 10,000 REALTORS® attended the Midyear Legislative Meetings & Trade Expo in Washington, a record attendance. NAR has also officially reached the 1.3 million member mark. Today's WSJ mentioned NAR's Public Awareness Campaign, which focuses on the obstacles of selling a home on your own and the benefits of using a REALTOR®. Saturday, NAR's board voted to raise funding for the campaign in 2007 to $30 million. During the meetings, NAR released a new study of Baby Boomers revealing that they overwhelmingly channel their concerns over finances into real estate. Almost eight out of 10 own their home and one-quarter own one or more other kinds of real estate in addition to their primary residence. While in town, thousands of REALTORS® visited Capitol Hill to help Sen. Michael Enzi (R-Wyo.) get small business health care plan legislation passed during this session of Congress and to press for congressional oversight of regulators trying to expand bank powers into the real estate arena.

Posted on May 23 at 03:22 PM | Permanent Link

Before David Lereah took the podium at the Wardman Park Hotel at 2 PM Thursday to announce the findings of the largest study ever conducted of baby boomers’ housing habits, some 17 national media outlets already were eager for the story. Surely dozens more will pick it up and give it play once they read the headlines.

What story?

Continue reading "Report from the Midyear Meetings: The Greatest Real Estate Generation?" »

Posted on May 18 at 04:40 PM | Permanent Link | Add a Comment (1)

For five years, the nation's news media has covered the issue of whether federally chartered banks should be allowed to enter the business of real estate brokerage. Rarely have they reached to the heart of the matter as clearly as a handful of REALTORS® at the Regulatory Issues Forum at NAR's Midyear Legislative Meetings in Washington.

After NAR President Tom Stevens spoke about the success three megabanks have had in circumventing the prohibition against developing and owning real estate -- the very thing at the heart of the savings and loan crisis of the 1980s -- Todd Harper of the House Financial Services Committee raised the issue of "Chinese Walls" that the banks and their regulator propose to build between their mortgage and prospective brokerage operations in order to keep banks from gaining an immense competitive advantage.

Continue reading "Report from the Midyear Meetings: The Truth Behind Banks Entering Real Estate" »

Posted on May 17 at 03:52 PM | Permanent Link

American Banker ran a letter to editor by Tom Stevens on recent OCC opinions where Stevens urges that "real estate brokerage, property management, and development are commercial activities that (should be) off limits to banking organizations. We will continue to work towards that end." Another American Banker article mentioned NAR's opposition to Home Depot's deal to buy an industrial loan company.

Tom Stevens was quoted in News Orleans City Business on the upcoming NAR convention in New Orleans. Stevens stated, “Once we realized the devastation was not really in the city center, we knew our people would be fine. We said there was no reason to pull out our dollars. We wanted to put them there and help rebuild the city.” NAR is raising money for relief efforts and will team with Habitat for Humanity to help build 54 homes in the area.

Posted on May 16 at 03:42 PM | Permanent Link

Coverage of the latest housing market forecast dominated this week's news. David Lereah stated that the housing market is taking a breather but home sales will remain healthy. The Chicago Board Options Exchange, which has contracted with NAR, will unveil housing futures and options based on NAR's median existing-home sale prices . The Senate voted 55-43 against ending debate on the Small Business Health Plan bill but NAR announced it will continue to push for legislation this year. NAR's second home survey found that the market is dominated by the baby boomer generation.

News summaries will be posted every Tuesday and Friday.

Posted on May 12 at 02:21 PM | Permanent Link

The St. Petersburg Times quoted David Lereah as saying it's "wise to wait until 2007 to reinvest in housing and land." In an article in the Modesto Bee on the trend in second homes sales, Lereah stated that vacation home sales will remain strong for the foreseeable future. Tom Stevens, when asked about the post-Katrina real estate boom, stated, "disasters tend to spark an energy that people have to respond to." Stevens also applauded the Junk Fax Prevention Act of 2005 in an article by National Mortgage News.

Posted on May 9 at 04:45 PM | Permanent Link | Add a Comment (4)

In a Newsday article on the cost of title insurance, Tom Stevens stated that the real estate industry is concerned about allegations of questionable dealings between title agents and realty brokers. TheStreet.com quoted Stevens on the housing forecast, which NAR predicts to be the third-best year in the history of real estate. Dow Jones quoted Jerry Giovaniello on the potential negative impact to "tenant-in-common" investments in Senate tax bill. Giovaniello stated, "We believe that even rumors about impending limitations to TIC investments could cause a loss of value for existing assets."

The Hill ran an Op-ed by Tom Stevens which stressed the importance of Congress passing legislation to make small business health plans a reality. Mortgage Servicing News quoted Tom Stevens on the pending launch of the NAR EHS sales median prices futures. David Lereah was quoted in Fortune Magazine on the softening housing market forecast. He stated, "It's a good sign to see home sales holding close to the level of a strong rebound in the month before. This is additional evidence that we're experiencing a soft landing."

Posted on May 5 at 02:06 PM | Permanent Link

Tom Stevens is quoted on FSBOs and title insurance. Stevens pointed to statistics from the 2005 Homebuyer and Seller Profile which found that sellers with agents netted 16 percent more than those without. Move.com, formerly Homestore, Inc., launched the new move.com site today. The site allows home shoppers to view a broad range of homes for sale, free of charge. In a break from its typical treatment of NAR, the New York Times quoted us credibly on four issues over the last few days: Small Business Health Plans, commercial real estate, Realtor.com, and vacation homes.

Posted on May 1 at 03:57 PM | Permanent Link | Add a Comment (4)

The Des Moines Register published a letter on Small Business Health Plans by Senator Frist which mentions NAR's ability to offer its members access to health plans. The new plan will provide access to affordable health care coverage for millions of uninsured Americans. The Oklahoman also featured a story on SBHP and the NAR ads running in their paper urging the Senate to act. A new poll shows that 85 percent of Americans support legislation that would permit small companies to offer health insurance to their employees. Investor's Business Daily quoted Lawrence Yun on the strong interest by foreign buyers in U.S. real estate. One hot spot for foreign buying is Florida, where 15% of all home sales are attributed to international clients.

Posted on April 21 at 11:40 AM | Permanent Link

Tom Stevens appeared in live interviews in numerous local TV markets yesterday, the result of a satellite TV media tour, to discuss housing market conditions. Tom commented on the current stabilization of the real estate market which is marked by a balance between buyers and sellers. He is conducting a similar tour today on radio around the country. Charles McMillan, a member of NAR's board of directors, appeared on Radio Iowa this morning to discuss the HOPE Awards program. He encouraged Iowans to nominate heroes in their communities for the award which honors individuals or corporations who make outstanding contributions to increase minority homeownership.

Posted on April 20 at 04:32 PM | Permanent Link | Add a Comment (1)