In testimony before the Committee on Government Operations, DiMella described many of the practical challenges facing REALTORS® who choose to accept a Real Estate Owned (REO) listing.  In many cases the brokers’ knowledge of the condition of the property is limited and they may deal with a wide variety of issues including trash removal, property maintenance and general upkeep of the property.  GBREB offered general support for the bill, while encouraging the Committee to carefully consider the fact that any regulation may make listing and selling a foreclosed home more difficult.

"We believe the economic stimulus bill that Congress sent to the President today is strong legislation that will quickly impact the nation’s families and economy," said NAR President Dick Gaylord.  "We are pleased that both the Federal Housing Administration and the Fannie Mae and Freddie Mac loan limits have been increased, even if only temporarily.  This will be a major stimulus for the housing industry and for people who want to own a home."

The legislation increases the FHA loan limit to as much as $729,750 in high cost areas for loans approved on or before December 31, 2008 while the Secretary of HUD has the discretion to raise any individual area loan limit up to $100,000.  NAR estimates that the Boston market will see its conforming loan limit increase to $538,683 (up from $414,700).

The increased loan limits may result in as many as 500,000 refinanced loans and help reduce foreclosures by 210,000, according to an economic impact study conducted by NAR.  Furthermore, more than 300,000 home sales may be generated, housing inventories would decline and home prices would strengthen by two or three percentage points, according to the same study.

"While such an increase will not solve the full range of housing challenges, it will play a vitally important role in improving the nation’s economy and making the dream of homeownership more attainable for thousands," said Gaylord.

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The videos explain how the Code of Ethics separates you, as a REALTOR®, from other real estate professionals.  The videos are also a great way to start your weekly office meetings or as part of other training as they include support material and questions to stimulate discussion – so get your office talking about and living by the Code!

To receive updates about the posting of five additional videos, sign up for the NAR Weekly Newsletter and select the content area "Professional Standards/MLS/Membership Policy."

You can even download this month's podcast from NAR President Dick Gaylord who discusses why the Code of Ethics is so important to REALTORS®, their clients and the industry in general. 

As a reminder, you must complete 2 ½ hours of Code of Ethics training every four years to maintain membership in the REALTOR® organization.  If you have not taken the training since 2004, you can do so with GBAR by attending a live classroom session in which you will earn two continuing education credits.  You may also complete the training online via NAR's website (you will not earn any CEs).  Not sure if you’ve completed training?  Click here for a list of members we have as completing the requirement.

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The campaign will provide current, relevant housing data to help consumers make more informed decisions.  For example, the data shows:

• The median price of existing homes has increased an average of more than 6 percent every year;

• On average, home values double every 10 years;

• 60 percent of the average homeowner’s wealth comes from their home’s equity.

The campaign drives consumers to a new microsite called www.HousingMarketFacts.com, which provides more information on the benefits of home ownership, public policy issues affecting consumers in real estate transactions and allows visitors to link directly to www.realtor.com  to find a REALTOR®.

Thirty dollars of your member dues goes toward the Public Image Campaign, which for over a decade has educated and persuaded consumers about the value of hiring a REALTOR®.  Take advantage of the campaign by downloading the print, radio and television ads found on NAR’s site.  You can also download web and e-mail banners to include on your website and in your correspondence to clients.

Campaign ads will be broadcast nationwide from January through November and will air more than 10,000 times on national television and radio outlets. 

To supplement NAR's efforts, GBAR has begun providing members with talking points specific to the local housing market.  The new service, entitled Beyond the Headlines, will be distributed monthly and contain data and information highlighting the health of the region’s real estate markets and reasons why it’s a good time to buy.

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Judy Moore
2008 NAR Region 1
Vice President

Join GBAR member and NAR Region 1 Vice President Judy Moore for the event, which will feature some of the nation’s top leaders in the real estate community:

• Lawrence Yun, NAR Senior VP and Chief Economist

• Jerry Giovaniello, NAR Senior VP for Government Affairs

• Laurie Janik, NAR Senior VP for Legal Afairs

• Charles McMillan, NAR President-Elect

Registration ends February 25.  Cost for the program is $250.  General Sessions include:

• New England Town Hall Forum

• National Legislative Update

• National/Regional Economic Briefing

• NAR Legal Update

• Under 30s Panel

• Political Briefing with Jimmy Tingle, Political Humorist & Former 60 Minutes Correspondent

You can register online at www.nerc2008.com or by calling 1-800-725-6272. Registration form

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