week ahead

Tuesday

• National Association of Realtors reports existing home sales for September

Wednesday

• Labor Department releases Consumer Price Index

Thursday

• Labor Department reports weekly jobless claims

• Conference Board reports leading indicators of September

• General Motors Co. reports quarterly financial results before the market opens

Friday

• Commerce Department reports new home sales

Realtor.com® Data: Fastest Moving Markets Are Home to High Populations of Engineers and Baby Boomers

SAN JOSE, Calif., Oct. 20, 2014 /PRNewswire/ – As real estate enters the seasonally slower fall, properties in 12 major metro areas are still selling quickly, less than two months on the market, according to the realtor.com® September National Housing Trend Report released today. These markets also demonstrate strength in standard economic indicators and share unexpected commonalities, including large populations of engineers and baby boomers. The 12 markets include: Oakland, CA; San Jose, CA; San Francisco, CA; Denver, CO; Washington, DC-MD-VA-WV(DC); Seattle-Bellevue-Everett, WA; Houston, TX; Los Angeles-Long Beach, CA; Austin-San Marcos, TX;  Omaha, NE-IA(NE); San Diego, CA; and Melbourne-Titusville-Palm Bay, FL. Move, Inc. (MOVE) operates realtor.com®. 

“When we see homes moving quickly in a particular market, we expect the trend to be supported by signs of local health like growth in economic production and employment,” said Jonathan Smoke, chief economist for realtor.com®. “This month, we also observed more out of the ordinary trends including high proportions of math and science professionals, as well as baby boomers in each of the fast moving markets. As the technology industry grows and aging baby boomers decide to make housing moves to support their retirement, we’ll continue to see strong housing demand associated with these factors.”

Markets with the Fastest Median Age of Inventory

  • Income and occupation: Each market can be considered a land of opportunity with higher median incomes and larger proportions of six-figure salaries when compared to national averages. When examining local occupation distributions, these markets have more architects and engineers as well as professionals in the computer and mathematical industries. These fields represent 4.3 percent of occupations across the U.S., but in these markets account for 7.4 percent of careers.
  • Age demographics: The U.S. population of 65 years and older is forecasted to grow by 18 percent by 2019, which will have significant impact on the real estate market as baby boomers make retirement-related housing decisions. In these markets the population over 65 is expected to see growth between 19 to 35 percent – well above the national average – in the next five years. The Palm Bay market is the only exception with projected growth of 15 percent.
  • Gross domestic product (GDP): These fast moving markets are in full economic recovery or expansion mode when considering local estimated GDP, employment growth and declines in unemployment. The Washington, D.C. market is the weakest of the 12 markets, but likely due to the impact of sequestration. The Denver, Austin, and Houston areas top the list with the largest gains in GDP and employment.
  • Population and household formation: All markets showed substantial growth from a population and household formation perspective. With the exception of the Palm Bay market, the population in every market grew faster than the national population between 2010 and 2014. Additionally, when reviewing Nielsen’s five-year population growth forecast, all of the markets have a higher projected population growth than the U.S. overall.

National Housing Indicators for September 2014

On a national level, median age of inventory is lower than last year with a reduced number of homes on the market. In September, homes spent approximately 90 days on the market, which is three days less compared to this time last year. Median listing prices held steady for the fourth consecutive month, maintaining a 7.7 percent gain year-over-year. According to the National Association of REALTORS®, inventory continued to demonstrate persistently low months’ supply at five and a half months as compared with normal levels of six to seven months. New homes months’ supply was even lower at nearly five months in August. 

“To truly relieve the inventory shortage on a sustained basis, new home construction needs to rise by at least 50 percent from the current levels,” said Lawrence Yun, chief economist for the National Association of REALTORS®. 

For the complete realtor.com® September National Housing Trend Report, please visit: http://www.realtor.com/data-portal/realestatestatistics

How Data Is Collected

Realtor.com® regularly tracks real estate data and develops monthly reports featuring the number of listings, median age of inventory, and median list price across the U.S. and in specific markets, as well as provides year-over-year and month-over-month changes. These reports are the only ones pulled directly from the realtor.com® database, where 90 percent of listings are updated every 15 minutes from more than 800 multiple listing services (MLS). We regularly review and update historical data to provide the most accurate and comprehensive market information. As a result, some markets may be subject to periodic adjustments in data.

For more information about Move, visit www.move.com or one of its many online real estate properties including realtor.com®.

Supporting Resources

About Move, Inc. and realtor.com®
Move, Inc. (MOVE), a leading provider of online real estate services, operates realtor.com®, which connects people to the essential, accurate information needed to identify their perfect home and to the REALTORS® whose expertise guides consumers through buying and selling. As the official website for the National Association of REALTORS®, realtor.com® empowers consumers to make smart home buying, selling and renting decisions by leveraging its direct, real-time connections with more than 800 multiple listing services (MLS) via all types of computers, tablets and smart telephones. Realtor.com® is where home happens. Move’s network of websites provides consumers a wealth of innovative tools and accurate information including Doorsteps®, HomeInsightSM, SocialBiosSM, Moving.com™, SeniorHousingNetSM, homefairSM and Relocation.com. Move supports real estate agents and brokerages by providing many services to grow their businesses, including ListHub™, the nation’s leading listing syndicator and centralized intelligence platform for the real estate industry; TigerLead®; Top Producer® Systems; and FiveStreetSM; as well as many free services. Move is based in the heart of the Silicon Valley — San Jose, CA.

REALTOR® and REALTOR.COM® are trademarks of the National Association of REALTORS® and are used with its permission. Move, Move.com, Moving.com, Top Producer®, TigerLead®, ListHub™, Doorsteps® and SeniorHousingNet™ are trademarks of Move, Inc. These and all other trademarks used in this work are the property of their respective owners. 

Media Contact: Lexie Puckett, +1 805-557-3151, Lexie.Puckett@move.com

Forward-Looking Statements
This news release may contain forward-looking statements, including information about management’s view of Move’s future expectations, plans and prospects, within the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. These statements involve known and unknown risks, uncertainties and other factors, which may cause the results of Move, its subsidiaries, divisions and concepts to be materially different from those expressed or implied in such statements. These risk factors and others are included from time to time in documents Move files with the Securities and Exchange Commission, including but not limited to, its Form 10-Ks, Form 10-Qs and Form 8-Ks. Other unknown or unpredictable factors also could have material adverse effects on Move’s future results. The forward-looking statements included in this press release are made only as of the date hereof. Move cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, Move expressly disclaims any intent or obligation to update any forward-looking statements to reflect subsequent events or circumstances.

FundWell CEO Chinwe Onyeagoro to Speak at CCIM Thrive Conference

LOS ANGELES, CA–(Marketwired – Oct 20, 2014) –  FundWell, an online service that prequalifies and matches small businesses and commercial real estate investors to lenders, and a member of the REach accelerator program from Second Century Ventures, the investment arm of the National Association of Realtors®, announced today that FundWell CEO and Co-founder, Chinwe Onyeagoro, will be a panelist at the CCIM (Certified Commercial Investment Member) Thrive Conference taking place October 21-22 at Los Angeles’s Westin Bonaventure.

Ms. Onyeagoro will participate in the panel discussion “Surveying the Lending Landscape,” which will address the lending landscape and what’s in store for the months ahead, including rising interest rates, ongoing defaults, and upcoming loan maturities.

Chinwe will be joined by Richard Walter of Promontory Interfinancial Network, Shelly Magoffin of Grandbridge Real Estate Capital, Steve Fried of Mesa West Capital, and Kyle Jeffers of Starwood Property Trust. Curt Johnson, vice chairman of First American Title will be the moderator.

FundWell is a member of REach, an accelerator program conceived and managed by Second Century Ventures, the investment arm of the National Association of REALTORS. Its participation in the program gives its leadership unique access to and insights from the United States’ top brokers and realtors, which Ms. Onyeagoro will discuss as part of this session.

Who:  Chinwe Onyeagoro, CEO and Co-Founder, FundWell
What:  Surveying the Lending Landscape
When:  Wednesday, October 22, 2014 from 10:45am to 11:45am
Where: CCIM Thrive Conference at the Westin Bonaventure, Los Angeles

FundWell (www.thefundwell.com) is a private commercial loan service for small to medium businesses seeking funding with a growing number of bank loans, non-bank debt funding, and other credit related financing options.

At its core, FundWell is endeavoring to create much needed efficiencies in the small business capital raising market for small businesses and lenders and in doing so:

  • Increase transparency of funding options in order to streamline the capital raising process, drive down the cost of debt financing, and improve terms for borrowers
  • Disseminate the information and insights necessary to help small businesses improve their financial health and increase funding approval rates
  • Help real estate brokers close the access to capital gap for their commercial clients and get deals done faster

Since 2012, FundWell’s online financing service and financial health information has reached over 24,000 small businesses, working in partnership with over 300 lending partners across the country that span 13 different types of loan products from merchant cash advances and microloans to bank loans, SBA loans and factoring.

REach is managed by SCV, the strategic venture arm of NAR. The accelerator annually selects fewer than a dozen companies to access one of the world’s largest industries and its leadership. NAR members can sign up to test products and services of new REach companies through the NAR Insight Panel at http://www.narreach.com/realtors

Second Century Ventures promotes innovation in the real estate industry and helps its entrepreneurial spirit thrive. NAR provides immediate strategic value to SCV portfolio companies by allowing them access to NAR’s 1 million members and the vast resources of a 300-person organization with the expertise, influence and power that comes only by being ingrained in an industry for over 100 years.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1 million members involved in all aspects of the residential and commercial real estate industries.

Information about NAR is available at www.realtor.org and about REach™ at http://narreach.com. This and other news releases are posted in the “News, Blogs and Videos” tab on the Realtor.org website. 

REAL ESTATE: California Association of Realtors to hold summit Nov. 14 – Press

The California Association of Realtors and leading real estate research centers at top universities in California will come together Nov. 14 for an inaugural, daylong conference to examine the role real estate has on the economy.

The real estate summit, called Partnering for Change in California, will take place at the Hyatt Regency Century Plaza Hotel in Century City.

“California is the world’s eighth-largest economy and no single industry has a bigger impact on its future than real estate,” CAR chief executive Joel Singer said in a statement. “This is a chance to set aside politics, business and profits to address the common issues and opportunities that affect the prosperity of all Californians.”

Economists, policy-makers, business leaders and university experts plan to dissect and suggest solutions on four key topics: Infrastructure challenges; foreign investment; changing demographics and consumer trends; and dynamics when home prices rise faster than incomes and rent.

Panelists include Bill Lockyer, California State treasurer; Lisa Bates, California Department of Housing; David Crowe, National Association of Home Builders; Tim Quinn, Association of California Water Agencies; Dale Bonner, Plenary Concessions; David Stevens, Mortgage Bankers Association; Claudia Cappio, Department of Housing and Community Development; J. Walker Smith, Futures Co.; Julia Gouw, East West Bank; Ken Rapoza, Forbes; Ruben Rojas, California Infrastructure and Economic Development Bank; Richard Johns, Structured Finance Group; Rick Davidson, Century 21; and Perry Wong, Milken Institute.

KUDOS TO …

David Larsen, of RE/MAX Partners in Corona, who received the company’s lifetime achievement award for selling more than $100 million in real estate. Larsen is a certified short-sale agent who recently expanded his services by working with real estate investors on multiunit and single-family rental properties.

Contact the writer: 951-368-9423 and dgruszecki@pe.com

Elko Realtors group endorses local candidates

ELKO — As the incoming president of the Elko County Association of Realtors, one of the goals Greg Martin set for his 2014 presidency was to reactivate the Elko County Association of Realtors Board of Realtor Political Action Committee.

The mission of the board is to be the local political voice of the association’s membership. The board consists of committee chair Bert Gurr and members Sheri Eklund-Brown, Paul Bottari, James Winer and Greg Martin.

This year, the board has selected to support the following candidates to represent Realtor views at the local level: Reece Keener for Elko City Council, John Patrick Rice for Elko City Council and Sheriff Jim Pitts for Elko County Sheriff.

The association believes each incumbent has served in his respective position admirably, and with honor.

“They are reasonable, open minded and approachable people who listen to all points of view, do their homework then make fair and equitable decisions based on the best information available to them,” Gurr said in the board’s endorsement. “They have the best interests of the community as a whole, and share Realtor values. We believe they will continue to serve in the best interests of our community for the next four years.”

Former president James Winer originally started the board in 1996 but it has not been active in recent years.

Back in November 2013, Martin stated, “it’s high time the association got more involved in and step up to the plate to play a more active role in the election process.”

The National Association of Realtors is one of the largest trade associations in the United States and takes an active role in the political process.

The Elko County Association of Realtors endorses candidates

ELKO — As the incoming president of the Elko County Association of Realtors, one of the goals Greg Martin set for his 2014 presidency was to reactivate the Elko County Association of Realtors Board of Realtor Political Action Committee.

The mission of the board is to be the local political voice of the association’s membership. The board consists of committee chair Bert Gurr and members Sheri Eklund-Brown, Paul Bottari, James Winer and Greg Martin.

This year, the board has selected to support the following candidates to represent Realtor views at the local level: Reece Keener for Elko City Council, John Patrick Rice for Elko City Council and Sheriff Jim Pitts for Elko County Sheriff.

The association believes each incumbent has served in his respective position admirably, and with honor.

“They are reasonable, open minded and approachable people who listen to all points of view, do their homework then make fair and equitable decisions based on the best information available to them,” Gurr said in the board’s endorsement. “They have the best interests of the community as a whole, and share Realtor values. We believe they will continue to serve in the best interests of our community for the next four years.”

Former president James Winer originally started the board in 1996 but it has not been active in recent years.

Back in November 2013, Martin stated, “it’s high time the association got more involved in and step up to the plate to play a more active role in the election process.”

The National Association of Realtors is one of the largest trade associations in the United States and takes an active role in the political process.

Sales of Existing U.S. Homes Decrease on Fewer Investors

A decrease in investor purchases prompted an unexpected decline in sales of U.S. existing homes in August, indicating the housing rebound is not yet self-sustaining.

Purchases of previously owned houses dropped 1.8 percent to a 5.05 million annual pace from a 5.14 million rate in July, the National Association of Realtors reported today in Washington. The share of properties sold to investors was the lowest in almost five years, the group said.

Transactions at the lower end of the market are suffering as the potential for higher interest rates makes housing a less attractive investment. First-time buyers have yet to fill the void amid slow wage gains and tight credit conditions.

The drop “adds to some of the trepidation” about a slowdown in housing, said Anika Khan, a senior economist at Wells Fargo Securities LLC in Charlotte, North Carolina, who projected sales would fall. “As we start to see overall improvement in employment,” particularly for younger Americans, “we’ll start to see that first-time homebuyer activity increase.”

Stocks declined, led by a plunge among small companies, as China’s finance minister damped hopes the world’s second-biggest economy would get additional stimulus. The Standard Poor’s 500 Index fell 0.8 percent to 1,994.29 at the close in New York.

The median forecast of 72 economists in a Bloomberg survey called for sales of existing homes to rise to a 5.2 million rate. Estimates ranged from 5 million to 5.35 million. The July figure was revised from a previously reported 5.15 million.

All Cash

All-cash purchases fell to about 23 percent of the market from the usual 33 percent, NAR Chief Economist Lawrence Yun said at a news conference as the figures were released. Investors accounted for 12 percent, the least since late 2009, he said.

The drop in sales last month is “primarily attributable to investors stepping out of the market,” he said.

Demand for homes priced at $100,000 or less slumped 15.9 percent last month, reflecting a lack of inventory of distressed properties, said Yun. Those transactions, which include foreclosures and short sales where a seller accepts a price lower than the underlying mortgage, accounted for 8 percent of the market in August, the least since records began in October 2008, according to real-estate agents’ group.

The drop in investor activity could be a one-month fluke or may also represent growing concern that Federal Reserve policy makers will soon boost interest rates, Yun said. Higher interest rates make investing in real estate less attractive compared with other assets, he said.

First Time

As investors exit, those making their initial foray into real estate have yet to come in. First-time buyers accounted for 29 percent of the market last month, short of the more typical 40 percent. As employment improves, wages pick up and lending rules ease, these buyers will enter, Yun predicted.

“As long as solid job growth continues, wages should eventually pick up to steadily improve purchasing power and help fully release the pent-up demand,” he said in a statement.

Andrew and Claire Witko are among those taking the plunge into home buying for the first time as they grow secure in their jobs. They say they’re confident that the neighborhood in Washington. D.C., where they have chosen to live, Eckington, will continue to post home-price gains.

The couple married earlier this year, and if all goes well, they hope to close in mid-October on a three-bedroom condominium with a big kitchen and lots of light.

No Equity

“Even though there is student-loan debt, the fact that we’re secure in our employment” gave them the confidence to take on housing debt, said Andrew, 29. “The idea of continuing to pay a couple thousand dollars in rent without getting any equity on it was not appealing.”

The median price of an existing home rose 4.8 percent to $219,800 in August from $209,700 a year earlier, today’s NAR report showed.

Purchases dropped in two of four regions, led by a 5.1 percent decrease in the West, today’s report showed.

Existing home sales, which are tabulated when a purchase contract closes, have rebounded from a 13-year low of 4.11 million in 2008. They reached a record 7.08 million in 2005.

The housing recovery has been inconsistent this year after harsh winter weather slowed progress in the first quarter. Data for this quarter has see-sawed.

Builder Confidence

A gauge of homebuilder confidence rose last month to the highest level since 2005. Meanwhile, beginning home construction slumped 14.4 percent, the most since April 2013, following a pace in July that was the strongest since November 2007, the Commerce Department said last week.

Cheaper borrowing costs could help buyers enter the market. The average 30-year, fixed-rate mortgage was 4.23 percent in the week ended Sept. 18, down from 4.53 percent at the start of January, according to data from Freddie Mac in McLean, Virginia.

Mortgage rates have held low as the Fed keeps the main interest rate near zero. At their meeting last week, members of the central bank’s policy making Federal Open Market Committee chose to stay the course, reducing their pace of bond purchases while maintaining that the main interest rate will remain low for a “considerable time” after the program ends.

Homebuilders benefiting amid the low-rate environment include Miami-based Lennar Corp.

“The market has continued a slow and steady recovery that is markedly different from past down-cycle recoveries,” Chief Executive Officer Stuart Miller said in a Sept. 17 earnings call. “History would suggest a more vertical recovery, especially given the severity of the economic decline. This recovery has been a decidedly different experience as the slope of recovery has been shallow and the expected acceleration has not materialized.”

To contact the reporter on this story: Jeanna Smialek in Washington at jsmialek1@bloomberg.net

To contact the editors responsible for this story: Carlos Torres at ctorres2@bloomberg.net Mark Rohner

Realtors’ ad hangs "For Sale" sign on Mitch McConnell – The Courier

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Realogy’s Tanya Reu Receives Ernest J. Reyes Founders’ Award from National …

Realogy Holdings Corp., a global leader in real estate franchising and provider of real estate brokerage, relocation and settlement services, today announced that Tanya Reu has been presented with the inaugural Ernest J. Reyes Founders’ Award by the National Association of Hispanic Real Estate Professionals (NAHREP). Reu, senior vice president of human resources for Realogy’s Corporate and Franchise Groups, received the prestigious award for her work in advancing the cause of sustainable Hispanic homeownership.

The Founders’ awards were presented at the 2014 NAHREP National Convention and Latin Music Festival in Los Angeles, which attracted approximately 2,500 attendees. NAHREP recognized two individuals who have distinguished themselves by their work in support of sustainable Hispanic homeownership and for improving the quality of life for Hispanics in America ─ one person from the corporate sector and one from the nonprofit world. The award was also presented to Congressman Tony Cardenas (D-California), an advocate for Latino issues.

“We are most proud of Tanya Reu’s efforts and dedication in leading Realogy’s outreach efforts across the Hispanic community,” says Richard A. Smith, Realogy’s chairman, chief executive officer and president. “Her leadership contributions as a member and past chair of the NAHREP Corporate Board of Governors have been noteworthy. Tanya has helped drive positive results for our franchise brands and their affiliates who have committed to serving diverse communities, and she has taken the initiative to educate and engage professionals not only from our franchise brand networks but across the entire real estate industry. Her selflessness is the mark of a true leader.”

As a member of Realogy’s Diversity Inclusion Council, Reu made it her strategic focus to drive business results through effective workforce diversity and outreach efforts. She is an advocate and educator on the importance of diversifying the agent and affiliate network, and collaborating with brand leadership and strategic partners such as NAHREP to offer solutions that support diverse communities.

“It is a distinct honor to receive NAHREP’s Ernest J. Reyes Founders’ Award, which holds a special meaning to me on multiple fronts,” says Reu. “My work with NAHREP began over ten years ago and it has become a fabric of our business strategy here at Realogy as well as part of my personal quest to serve the Latino community.  NAHREP has empowered Latino real estate professionals and paved the way for Hispanic homeowners to realize the tremendous benefits of homeownership in our country.  I am proud to have served NAHREP in multiple capacities over the years and look forward to continuing the important work that needs to be done.”

Ernest J. Reyes co-founded NAHREP in 1999 in an effort to increase the rate of Hispanic homeownership through the support, education and advocacy of Latino real estate practitioners who serve the Hispanic community. He advocated for Spanish language services and documents for Hispanic homeownership, and was also an exceptional public servant, holding various roles throughout his long career.

In addition to her strong support of NAHREP, Reu is a member of the National Association of Realtors Diversity Committee, a recipient of Profiles in Diversity Journal’s 2013 Women Worth Watching Award, HousingWire magazine’s 2013 Women of Influence in Housing, and a Board Director for Big Brothers, Big Sisters of Morris, Bergen, Passaic and Sussex, Inc.

For more information, visit www.nahrep.org and www.realogy.com.

Selling Real Estate on the Safe Side

Sun Valley, Idaho ( KMVT-TV / KSVT-TV ) – Realtors around the country are taking extra safety precautions after the tragic and shocking murder of Arkansas real estate agent, Beverly Carter.

The National Association of Realtors has numerous resources for real estate agents to ensure safety for themselves and clients.

“Resources that we like to highlight, we really like to use The National Association safety strategy for the clients and at home. We all have webinars available, classes available, that are offered locally, nationally. Hosted by the realtor association. And from the regular brokerages. And quite honestly, we all foster good relationships with local law enforcement. And local law enforcement also offer classes for realtor safety,” said Shirley Hicks, Idaho Association of Realtors, president.

According to the Idaho Association of Realtors, as of October 1st, they have 286 members in the Sun Valley Association Alone.

“Safety strategies apply to all areas. We can never assume that one area is safer than another, and we can’t really assume that we should not as realtors be very aware of our surroundings at all times,” said Hicks.

Real estate agents can plan their safety strategy by visiting the Idaho Association of Realtors website, www.realtor.org.