Sexton Named 2015 President of Arizona Association of REALTORS®








PHOENIX, Oct. 23, 2014 /PRNewswire/ – The Arizona Association of REALTORS® (AAR), the largest professional trade organization in Arizona supporting more than 40,000 REALTOR® members, announced today that it has installed Jim Sexton, GRI, as 2015 president, effective December 1, 2014. Sexton is the Designated Broker of Realty One Group’s Arizona offices, which are headquartered in Phoenix with eight branches throughout Arizona.

Sexton has been a REALTOR® in Arizona for 35 years and has owned or managed large brokerages for 30 of those years.  He has served in many leadership positions over the years, including as President for the Phoenix Association of REALTORS® (1991) and President of the Arizona Regional MLS (1997).  Sexton has served on the AAR Executive Committee since 2012 and currently serves on the National Association of REALTORS® Board of Directors.

“Jim brings many years of experience in association, MLS and brokerage leadership into this role,” said AAR Chief Executive Officer K. Michelle Lind, Esq. “His passion for our industry and diverse qualifications will help guide our association to better equip REALTORS® with the tools to meet the needs of today’s real estate consumer.”

Sexton has been honored many times during his long and distinguished career.  He was recognized by the Phoenix Association of REALTORS® as REALTOR® of the Year in 1990 and 2003, with the Dean B Service Continuing Achievement Award (1993) and with the Robert Corkhill Professional Standards Award (1994).  From the Arizona Association of REALTORS®, Sexton received REALTOR® of the Year honors in 1991 and its Distinguished Service Award in 2000.

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About Arizona Association of REALTORS®
The Arizona Association of REALTORS® is the largest professional trade association in the state. It is comprised of individuals involved in the real estate industry, allied industries and firms.  The association’s more than 40,000 members represent more than half of the real estate licensees in Arizona.  For more information about the Arizona Association of REALTORS®, visit the organizations website at www.aaronline.com.

Media Contact
Arizona Association of REALTORS®
K. Michelle Lind. Esq., 602-248-7787
Chief Executive Officer
MichelleLind@aaronline.com

SOURCE Arizona Association of REALTORS

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Greater Las Vegas Association of REALTORS® Partners With SentriLock, LLC

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West Chester, Ohio (PRWEB) October 22, 2014

GLVAR is the local representative of the National Association of REALTORS® and the largest professional organization in Southern Nevada. GLVAR is one of the top 10 largest REALTOR® Associations in the United States. GLVAR serves more than 11,500 real estate professionals in the Greater Las Vegas area, providing local members with the highest level of education, training and political representation.

Heidi Kasama, 2014 GLVAR President, said, “After researching this issue, we chose SentriLock for this important service because we determined they were the most qualified and offered the best, most cost-efficient solution for our more than 11,500 GLVAR members.”

SentriLock CEO and founder Scott Fisher has led the company through 11 years of consistent growth to serve more than 280 REALTOR® Associations and MLS customers throughout North America. “We’re extremely excited about partnering with a proven leader like Greater Las Vegas Association of REALTORS®, which is an outstanding organization with a great staff,” Fisher said. “I believe GLVAR recognizes that our 100% REALTOR®-focused company will be an excellent fit for their members. As with all of our customers, SentriLock is committed to providing GLVAR members with the best product and service available.”

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U.S. existing home sales hit one-year high in September

WASHINGTON, Oct 21 (Reuters) – U.S. home resales jumped to their highest level in a year in September, the latest indication that the housing market recovery is gradually getting back on track.

The National Association of Realtors said on Tuesday existing home sales rose 2.4 percent to an annual rate of 5.17 million units, the strongest reading since September of last year.

Economists polled by Reuters had forecast sales rising to a 5.10 million unit pace last month from August’s 5.05 million unit pace. Sales, however, were down 1.7 percent compared to September of last year.

Data last week showed a rebound in home building in September. Housing is slowly regaining its footing after activity stalled in the second half of 2013 in the aftermath of a run-up in mortgage rates.

(Reporting by Lucia Mutikani; Editing by Paul Simao)

Existing home sales decrease to 5.17 million on restricted supply

Unpacking September 2014′s starts, sales, prices, and permits (Part 2 of 5)

(Continued from Part 1)

Existing home sales decrease to 5.17 million in September

The National Association of Realtors (or NAR) reports existing home sales once a month. The seasonally adjusted number reports the completed transactions in single-family homes, condominiums, townhomes, and co-ops. The report includes data points like existing home sales, inventory of houses for sale, median house price, mortgage rates, and median time on the market.

In August, existing home sales were an annualized 5.05 million.

Restricted supply 

At the end of September, there were 2.3 million existing homes for sale. This represented a 5.3-month supply. This is higher than the 2.17 million homes for sale last year. A level of six to 6.5 months means a balanced market. Even though inventory is building, we’re still at tight levels.

Professional investors have become major players in the real estate market. As a result, we’re seeing bidding wars for properties in the hardest-hit markets—like Phoenix. We’re even seeing bidding wars in strong markets—like Washington, DC. There were fears that a flood of properties would hit the market and drive down prices. However, the opposite problem occurred. The NAR forecasts that the jump in rates will begin to affect affordability in high-cost areas like California and the New York City metropolitan area.

Prices continue to rise

The median sale price for an existing home was $209,700. This is up 5.6% year-over-year (or YoY). There’s definitely more demand than supply in the market. Some hot markets—like San Francisco and Phoenix—are experiencing bidding wars like we saw in 2006.

The increase in median home prices is somewhat overstated. Most of the transactions are concentrated in a few areas. We aren’t seeing such large increases in prices nationwide.

Homebuilder earnings were generally strong

Second quarter earnings for the builders are pretty much over. Last quarter, the builders with more exposure to the first-time homebuyer included companies like KB Home (KBH), PulteGroup (PHM), and D.R. Horton (DHI). However, Lennar (LEN) recently reported good numbers.

Investors who want to gain exposure to the entire homebuilding sector should look at the SP SPDR Homebuilder ETF (XHB).

Visit the Market Realist homebuilders page to learn more about the industry.

Continue to Part 3

Browse this series on Market Realist:

North Jersey home sales running below last year’s pace

September’s existing-home sales numbers, released Tuesday, show the choppy path of the housing recovery.

Sales rose 2.4 percent from August, to a seasonally adjusted rate of 5.17 million, but were still down 1.7 percent from September 2013, and are on track to finish the year below 2013 totals.

In Bergen County, September sales of single-family homes were down about 9 percent from a year earlier, while in Passaic, sales were down about 3.4 percent, according to the New Jersey Association of Realtors. Year to date, both counties are running below the 2013 sales pace in sales of both single-family homes and condos and co-ops.

Single-family home prices dropped slightly in September in both Bergen and Passaic counties, compared with a year earlier. The median price was $452,500 in Bergen, down 0.5 percent, and $287,500 in Passaic, down 2.5 percent.

Although mortgage rates remain low – in the 4 percent range – home purchases have been held back by a number of factors. Rising prices through much of 2013, weak income growth and tighter credit standards have priced out many would-be buyers across the nation.

And people who would like to buy will find there’s not a lot to choose from. Many homeowners who bought during the housing boom are not putting their homes on the market because they’re unwilling to sell for today’s lower prices.

The National Association of Realtors has projected that 4.94 million existing homes will be sold this year, down 3 percent from 5.09 million in 2013. Analysts generally associate sales of roughly 5.5 million existing homes with a healthy market.

Fannie Mae’s chief economist, Doug Duncan, recently predicted that “the pace of growth in the housing sector will be subdued during the remainder of 2014, with modest improvement in 2015.”

Patrick Newport and Stephanie Karol, economists with IHS Global Insight, saw more reasons to be optimistic, pointing out that sales to families were up in September, while sales to investors dropped.

“This is an encouraging development in the housing recovery,” the two wrote in a research note. “While the early stage of the recovery was marked by elevated levels of investor activity, investors have been scaling back their purchases as distressed homes become harder to find.”

Newport and Karol also see an easing of mortgage lending standards.

“With more families empowered to make home purchases, we believe the stage is set for future improvements,” Newport and Karol said.

Email: lynn@northjersey.com

Sales of existing U.S. homes rise in September

WASHINGTON (AP) – U.S. homes sold in September at their fastest clip this year, a sign that the housing market is shaking off a slowdown that began in the middle of 2013.

The National Association of Realtors said Tuesday that sales of existing homes rose 2.4 percent from the previous month to a seasonally adjusted annual rate of 5.17 million. Still, the sales rate has dropped 1.7 percent over the past 12 months.

Investors have retreated from the market over the past year. Their departures are being offset by existing homeowners who are upgrading to more expensive properties or downsizing after having raised their children. First-time buyers comprised just 29 percent of sales, well below their historic average of roughly 40 percent.

The figures suggest that the sales decline that began last year has ended, although home-buying is unlikely to surge back to their historic averages.

“The worst is over, but don’t expect a rapid rebound in activity or prices,” said Ian Shepherdson, chief economist at Pantheon Macroeconomics.

Rising prices through much of 2013, weak income growth and tighter credit standards have pushed some would-be buyers out of the market. Median home prices rose 5.6 percent over the past 12 months to $209,700.

Many homeowners are still coping with the fallout from the meltdown in home prices that began roughly seven years ago. And prices continue to recover from the depths of that housing bust, although that growth has slowed after climbing at double digit levels in many cities last year.

Median household incomes have yet to completely rebound and remain below their 2007 levels after adjusting for inflation. Limited income gains have cut into the cash flow and down payment savings needed to purchase a home. The federal regulator overseeing mortgage giants Fannie Mae and Freddie Mac is considering an option for lower down payments, so that more people can qualify for a mortgage.

Federal regulators agreed Tuesday to loosen some credit regulations. The board of the Federal Deposit Insurance Corp. voted 4-1 to remove a requirement that borrowers must provide a 20 percent down payment if their bank doesn’t hold on its books at least 5 percent of the mortgage securities tied to its home loans.

More buyers may also return the market after the average 30-year fixed rate mortgages dropped below 4 percent last week, down more than half a percentage point from the start of 2014. Still, average rates were as low as 3.34 percent In January 2013, and there are few signs that home sales will surge any time soon.

The market has also tilted more toward buyers. The online real estate brokerage Redfin reported that only 44 percent of its offers have faced bidding wars in October, compared to a high of 75 percent in March 2013. Additional homes may also come onto the market toward the end of the year as investors plan to sell for tax reasons, possibly making conditions more preferable for buyers, said Redfin chief economist Nela Richardson.

September sales improved in the South and West compared to the prior month, ticked up slightly in the Northeast and fell in the Midwest, according to the Realtors’ report. The share of purchases by investors fell to 14 percent from 19 percent a year ago.

The Realtors have projected that 4.94 million existing homes will be sold this year, down 3 percent from 5.09 million in 2013. Analysts generally associate sales of roughly 5.5 million existing homes with a healthy market.

A separate Realtors index tracking the number of signed contracts to purchase a home slipped in August, falling 1 percent compared with the prior month to 104.7. Pending sales are a barometer of future purchases. A one- to two-month lag usually exists between a contract and a completed sale.

Construction data suggests a shift away from home ownership toward renting.

The Commerce Department reported last week that housing starts rose 6.3 percent to a seasonally adjusted annual rate of 1.017 million homes, with almost all of the gains coming from the building of apartments.

Apartment construction has surged 30.3 percent over the past 12 months, almost three times the rate of growth for single-family houses.

Realtors(R) Say QRM Rule Will Provide Clarity in Housing Finance Market, Benefit Consumers

WASHINGTON, DC–(Marketwired – Oct 21, 2014) –  The following is a statement by National Association of Realtors® President Steve Brown:

“NAR applauds the Federal Deposit Insurance Corporation for finalizing the Qualified Residential Mortgage rule today, which includes a broad definition of QRM and aligns with the Qualified Mortgage standard implemented earlier this year.

“Realtors® are confident that the new QRM rule will encourage sound and financially prudent mortgage financing by lenders while also ensuring responsible homebuyers have access to safe and affordable credit. The synchronization with the QM rule will provide lenders with much needed clarity and consistency as they apply the new standards to loan applications while also providing a framework to bring more competition to the secondary mortgage market.

“The new QRM rule is a healthy step towards a more robust securities market that will reduce the government’s footprint and creates more opportunities for private capital to participate.

“Importantly, the final rule relies on sound and responsible underwriting rather than on an onerous downpayment requirement to qualify as a QRM loan. NAR strongly opposed earlier versions of the rule that included 20 and 30 percent downpayment requirements, which would have denied millions of Americans access to the lowest cost and safest mortgages. 

“To mobilize against the proposed QRM rules that would have excluded credit-worthy Americans from the housing market, NAR forged the broad-based Coalition for Sensible Housing Policy, a partnership of approximately 50 consumer organizations, civil rights groups, lenders and real estate professionals united in their opposition to high downpayment requirements.

“The QRM rule is a win-win for consumers, Realtors® and the housing finance industry. NAR thanks U.S. Sens. Johnny Isakson, R-Ga., Kay Hagan, D-N.C., and Mary Landrieu, D-La., for their work to craft an effective QRM rule that supports middle-class families and the housing recovery. We look forward to working with regulators and industry stakeholders on the implementation of the new risk-retention standards.”

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. This and other news releases are posted in the “News, Blogs and Videos” tab on the website.

US existing home sales rise in September

WASHINGTON (AP) — U.S. homes sold in September at their fastest clip this year, a sign that the housing market is shaking off a slowdown that began in the middle of 2013.

The National Association of Realtors said Tuesday that sales of existing homes rose 2.4 percent from the previous month to a seasonally adjusted annual rate of 5.17 million. Still, the sales rate has dropped 1.7 percent over the past 12 months.

Investors have retreated from the market over the past year. Their departures are being offset by existing homeowners who are upgrading to more expensive properties or downsizing after having raised their children. First-time buyers comprised just 29 percent of sales, well below their historic average of roughly 40 percent.

The figures suggest that the sales decline that began last year has ended, although home-buying is unlikely to surge back to their historic averages.

“The worst is over, but don’t expect a rapid rebound in activity or prices,” said Ian Shepherdson, chief economist at Pantheon Macroeconomics.

Rising prices through much of 2013, weak income growth and tighter credit standards have pushed some would-be buyers out of the market. Median home prices rose 5.6 percent over the past 12 months to $209,700.

Many homeowners are still coping with the fallout from the meltdown in home prices that began roughly seven years ago. And prices continue to recover from the depths of that housing bust, although that growth has slowed after climbing at double digit levels in many cities last year.

Median household incomes have yet to completely rebound and remain below their 2007 levels after adjusting for inflation. Limited income gains have cut into the cash flow and down payment savings needed to purchase a home. The federal regulator overseeing mortgage giants Fannie Mae and Freddie Mac is considering an option for lower down payments, so that more people can qualify for a mortgage.

Federal regulators agreed Tuesday to loosen some credit regulations. The board of the Federal Deposit Insurance Corp. voted 4-1 to remove a requirement that borrowers must provide a 20 percent down payment if their bank doesn’t hold on its books at least 5 percent of the mortgage securities tied to its home loans.

More buyers may also return the market after the average 30-year fixed rate mortgages dropped below 4 percent last week, down more than half a percentage point from the start of 2014. Still, average rates were as low as 3.34 percent In January 2013, and there are few signs that home sales will surge any time soon.

The market has also tilted more toward buyers. The online real estate brokerage Redfin reported that only 44 percent of its offers have faced bidding wars in October, compared to a high of 75 percent in March 2013. Additional homes may also come onto the market toward the end of the year as investors plan to sell for tax reasons, possibly making conditions more preferable for buyers, said Redfin chief economist Nela Richardson.

September sales improved in the South and West compared to the prior month, ticked up slightly in the Northeast and fell in the Midwest, according to the Realtors’ report. The share of purchases by investors fell to 14 percent from 19 percent a year ago.

The Realtors have projected that 4.94 million existing homes will be sold this year, down 3 percent from 5.09 million in 2013. Analysts generally associate sales of roughly 5.5 million existing homes with a healthy market.

A separate Realtors index tracking the number of signed contracts to purchase a home slipped in August, falling 1 percent compared with the prior month to 104.7. Pending sales are a barometer of future purchases. A one- to two-month lag usually exists between a contract and a completed sale.

Construction data suggests a shift away from home ownership toward renting.

The Commerce Department reported last week that housing starts rose 6.3 percent to a seasonally adjusted annual rate of 1.017 million homes, with almost all of the gains coming from the building of apartments.

Apartment construction has surged 30.3 percent over the past 12 months, almost three times the rate of growth for single-family houses.

Local Realtors say ‘thanks’ to businesses that support real estate industry


By Contributed Report


Posted Oct. 22, 2014 @ 2:01 am


September Sales of Existing Homes Rise to Year-to-Date High

The National Association of Realtors (NAR) reports that the seasonally adjusted annual rate of existing home sales in September jumped 2.4% to a seasonally adjusted annual rate of 5.17 million from an unrevised total of 5.05 million in August.

Sales were down 1.7% year-over-year for the month. The good news is that September sales are at the highest pace for all of 2014 so far.

The consensus estimate called for sales to reach 5.10 million, according to a survey of economists polled by Bloomberg.

Housing inventory declined 1.3% in September, to 2.30 million homes, which is equal to a supply of 5.3 months, down from a 5.5-month supply in August, and down from last month’s total of 2.31 million homes. Unsold inventory is up 6% compared with September 2013, when there were 2.17 million existing homes for sale.

According to the NAR, the national median existing home price in September was $209,700, down about 4.5% sequentially and up 5.6% compared with September 2013. Last month marked the 31st consecutive month of rising home prices.

NAR’s chief economist said:

Low interest rates and price gains holding steady led to September’s healthy increase, even with investor activity remaining on par with last month’s marked decline. Traditional buyers are entering a less competitive market with fewer investors searching for available homes, but may also face a slight decline in choices due to the fact that inventory generally falls heading into the winter.

Sales of single-family homes rose 2% from August at a seasonally adjusted annual rate of 4.56 million, down 1.9% compared with September a year ago. Sales of multifamily homes were flat year-over-year at an annual rate of 610,000.

Foreclosed and short sales accounted for 10% of September sales, up from 8% in August and down 14% compared with September 2013. Foreclosures sold at an average 14% discount to the September median price, and short sales also sold at a discount of 14%.

Existing, non-distressed homes were on the market for an average of 56 days, higher than the August figure of 53 days and higher than the 50 days it took to sell a house in September of 2013. Foreclosed homes were on the market for an average of 59 days and short sales took a median of 116 days to sell.

ALSO READ: America’s Richest Cities


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