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November 1, 2007
NAR Forecasts
Strengthening in Boston Area Home Prices
A new home price analysis report for Greater Boston prepared by the
National Association of REALTORS® concludes that "a rise in home sales
and a strengthening in home prices appears imminent." The
NAR report cautions, however, that any near-term increase in home
prices will vary depending upon mortgage rates and the sustainability of
mortgage debt levels over the next year. Prices could climb as much as
10.8 percent if the debt level returns to the historic average level or
as little as 2.3 percent if the debt level returns to the average but
with less attractive mortgage rates.
The bright outlook
for the
Boston area is due to the fact that unlike past housing downturns
that were accompanied by severe job cuts, the current local economy
continues to add jobs (53,000 since the peak of the housing market two
years ago). In addition, NAR economists note that apartment rents are
rising at the highest pace in five years, which will sway some renters
to consider ownership.
Finally, the
report predicts that a revival in FHA loans, which lost substantial
market share in the past two years to the subprime market, will see a
resurgence and provide funding for low-to-moderate income households at
more attractive rates. Locally, a surge in FHA loan usage could occur
if a FHA modernization bill is passed allowing for higher loan limits in
high-cost cities, such as Boston.
For a look at
median home prices and other housing data for your community and local
market, be sure to check out the latest edition of
Real Estate Rewind,
GBAR’s quarterly housing report, for complete third quarter market
statistics.
GBREB
Testifies in
Opposition to Overhaul of Zoning Law
At a hearing last month, Patricia Baumer, director of government affairs
for the Greater Boston Real Estate Board and Margaret Grant, associate
general counsel for the Massachusetts Association of REALTORS®,
testified before the Massachusetts Legislature’s Joint Committee on
Municipalities & Regional Government in opposition to S1193 and H175.
Also known as the “Community Planning Act,” the legislation would
dramatically change the current zoning law.
GBREB and MAR
oppose the legislation because it is anti-growth in nature, and would
remove the few limited protections that property owners in the state
have under the present system. If the legislation were approved, the
process of creating housing and other development that Massachusetts
needs to stay competitive economically would become more difficult.
GBREB & MAR contend that any revisions to Chapter 40A should address the
complicated, time-consuming and fragmented process by which development
is currently regulated in Massachusetts.
The Committee
which is Chaired by Senator Anthony
Petruccelli of
East Boston and Representative Vincent
Pedone of
Worcester will review the legislation before making a recommendation to
the full legislature.
New Ads to Debut
Touting Today’s Strong Buyers Market
The
National Association of REALTORS® is preparing to launch a national
print media campaign promoting today’s strong buyer's market and the
numerous benefits of homeownership. The ad campaign will debut this
Friday with an ad in USA Today and will also include full page
ads in the main news section of the Sunday Boston Globe over the
next two weeks (Nov. 4 and Nov. 11).
Click here
for a copy of the ad
The
ads communicate important information to consumers about the value of
homeownership as a solid long-term investment and present a positive
message to prospective homebuyers about today’s local housing market
conditions. The ad which is to appear in the Sunday Boston Globe
was developed in collaboration with the Greater Boston Association of
REALTORS®.
GBREB Shows
Support for Comprehensive Permit Law
Greater Boston Real Estate Board CEO Greg Vasil and MAR General Counsel
Steve Ryan testified this past week before the Massachusetts
Legislature's Joint Committee on Housing in support of
preserving Chapter 40B. Also known as the Comprehensive Permit Law,
Chapter 40B is designed to reduce barriers to housing production created
by local zoning and land use restrictions.
GBREB strongly
supports Chapter 40B as an effective regulatory tool that has been
critical to the production of affordable housing and the expansion in
the supply of market rate housing across the Commonwealth. Since its
enactment in 1969, nearly 900 developments with over 48,000 units of
housing have been created – including church-sponsored housing for the
elderly and multifamily rental housing developments.
GBREB also is
closely monitoring another recent development in which Massachusetts
Attorney General Martha Coakley certified an initiative petition to
repeal Chapter 40B. This is the first step in the process leading to a
2008 ballot question. However, before being placed on the ballot,
thousands of voter signatures must first be collected and certified by
local and state officials. The Legislature’s approval is also needed.
Click
here to see a copy of the ballot question or download the
executive summary.
Volunteers Sought
for 2008 GBAR Committees
If
you are interested in taking an active role in implementing association
programs or would like to become a decision-maker and leader within the
REALTOR® organization, we invite you to apply for service on a GBAR
committee in 2008. There are more than a half dozen committees you may
choose to serve on during the coming year, including Communications,
Community Service, Education, Membership, Professional Standards and the
newest - Technology. To express your interest in serving on a GBAR
committee, simply complete the online
Committee Request Form and submit it by November 20.
Participation on GBAR committees is open to any association member in
good standing, though some committee service may stipulate that you
first meet specific service requirements. Appointments to 2008
committees will be made by GBAR leadership in December, with most
committees expected to hold their first meeting in February.
Join
GBAR for its Night at the Celtics
Baseball season in Boston has come to a glorious end, but now it's time
to switch your socks for your shamrocks as the Celtics take center
stage. And this year GBAR is taking you to the heart of the action.
Join us on February 27 for our first-ever “Night at the Celtics” as they
take on the Cleveland Cavaliers, a game which is already sold out to the
public! Cost to attend this event is $75, which will get you a great
seat in Loge Section 18 and access to our two-hour pre-game event in
Banners Restaurant. Seats are available on a first-come, first-serve
basis and there is a limit of two tickets per person. To register call
Christina Meehan at 617-399-7840. See you there – go Celtics!
Networking Group
for Young Real Estate Professionals Debuts
Are you an up-and-coming REALTOR® professional with innovative ideas and
leadership qualities? If so, you may want to consider joining the
Young
Professionals Network created by the National Association of
REALTORS®. The network is a growing group of young, career-minded real
estate professionals who are interested in the latest tools, resources,
and networking opportunities to enhance career growth. Members receive
exclusive invitations to events at REALTOR® conferences as well as
rookie business tools and news on NAR leadership opportunities.
Membership is free and open to individuals 35-years-old and under.
Visit the web site to read about the upcoming
YPN Kickoff Party at this next month’s 2007 REALTORS®
Conference and Expo
in Las Vegas, which will immediately follow the Expo Grand Opening.
Space is limited so RSVP to attend.
NAR
Donates $500,000 to California Fire Victims
Just days after massive wildfires devastated parts of California, the
National Association of REALTORS® was one of the first organizations to
respond by donating one half-million dollars to aid REALTORS® and other
property owners affected by the fires.
“Helping people
experience the American Dream of homeownership and building our
communities are what Realtors® are all about,” said National Association
of REALTORS® President Pat V. Combs, of Grand Rapids, Mich. “We
understand as REALTORS® how rewarding it is to own your own home, and we
can sympathize with how horrible it is to have that home go up in
flames. For so many people to lose their homes in Southern California is
heartbreaking.
If you’d like to
contribute, NAR is accepting personal donations to the REALTORS® Relief
Foundation, which distributes donations to victims of natural
disasters. Contributions, which are tax deductible, are being accepted
online via NAR’s secure
eCommerce web site or by U.S. mail. To mail a contribution, make a
check payable to: REALTORS® Relief Foundation and send to: NAR Finance
Division, 430 N. Michigan Ave., Chicago, IL 60611.
Don’t Miss These Upcoming CE Programs
9:30 – 11:30 a.m.
– Lead Law
11:45 a.m. – 1:45
p.m. – Commercial Basics
2:45 – 4:45 p.m. –
Commercial Leasing
Cost: $45 single
class/$105 all day
9:00 – 11:00 a.m.
– New Construction
11:15 a.m. – 1:15
p.m. – Title 5
2:00 – 4:00 p.m. –
Condos, Co-Ops and Time Shares
Cost: $45 single
class/$105 all day
9:30 – 11:30 a.m.
– Residential Mortgage Loan Market & Credit Today
11:45 a.m. – 1:45
p.m. – Foreclosures
2:45 – 4:45 p.m. –
Buyer Agency
Cost: $45 single
class/$105 all day |
