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Tag Archives: Realtors

NAR Meets with Major Lenders on Short Sales and REO Disposition

The National Association of Realtors (NAR) is holding meetings with the nation's four largest lenders to address growing concerns about their processes for short sales and selling REO homes. The trade group's leadership team has already met with representatives from Bank of America and Wells Fargo to discuss, as NAR put it, ""the problems Realtors face every day when working to get deals to the closing table."" Meetings are scheduled later this year with Chase Home Mortgage and CitiMortgage.

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Pending Home Sales Increase for Second Consecutive Month

Pending home sales have increased for the second month in a row, the National Association of Realtors (NAR) reported Monday. The trade group's index is a forward-looking indicator of home sales based on signed contracts. It rose 4.3 percent in August. Lawrence Yun, NAR's chief economist, says a continuing rise in the pending sales index is to be expected from favorable affordability conditions and possible job creation, but he warns that a sudden rise in mortgage rates could stall the recovery.

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Florida Realtors Names Cynthia Shelton 2010 Realtor of the Year

Florida Realtors named Cynthia Shelton as its 50th Florida Realtor of the Year at the association's recent 94th annual Convention & Trade Expo in Orlando. Award winners are honored as individual lifetime contributors to their local Realtor board, community, state association, and the National Association of Realtors. Shelton served as 2009 president of Florida Realtors and has served on the NAR board of directors for 25 years.

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Illinois Home Sales Slip After a Year of Gains

Home sales activity in Illinois paused in July after nearly a year of home sale gains statewide. The lull is reported to be caused by the rush to meet the homebuyer tax credit deadline combined with weak job and economic reports. According to the Illinois Association of Realtors, the state's single-family and condo sales totaled 8,135 in July 2010, down 29.7 percent from July 2009's 11,566 homes. The median price was also down from $167,185 in July 2009 to $160,000 last month.

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Real Estate Pros Affected by Oil Spill Eligible for Financial Assistance

National Catastrophe Adjusters, Inc. has been selected to administer a special allocation of funds dedicated to pay claims for real estate professionals who have lost business because of the April 20th Deepwater Horizon oil spill. This financial assistance will be administered outside of the recently established Gulf Coast Claims Facility and is earmarked for emergency payments to eligible real estate professionals licensed in Florida, Alabama, Mississippi, Louisiana, and Texas.

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Credit Still Tight Among U.S. Lenders: Fed Survey

Banks have yet to loosen their tight grip on credit. The Federal Reserve's latest survey of senior loan officers found that most banks maintained stringent lending standards in the first quarter, while some tightened lending terms further. Compared with the previous quarter, a larger percentage of banks indicated that demand for first lien mortgages and home equity loans had weakened further. On the commercial side, a significant portion of lenders said they have increased their use of extensions for loans at or near maturity.

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