Research Update -- June 2009

Existing Home Sales Pending Home Sales Index Real Estate Insights National Center for Real Estate Research In This Issue:   Monday, June 15, 2009 LATEST DEVELOPMENTS June 30: Research Webinar - Get the Latest Updates from Research On June 30th at 10am, Research will be holding a Webinar on the Member Profile. NAR's Survey experts will discuss the newly released 2009 Member Profile and how you can use the wealth of information in this user-friendly report to better your business. Sign up > Pending Home Sales Up for Three Months in a Row Record low mortgage interest rates boosted pending home sales for the third consecutive month, with some benefit now from the first-time buyer tax credit, according to the latest numbers. Lawrence Yun, NAR chief economist, said buyers are responding to very favorable market conditions. “Housing affordability conditions have been at historic highs, but now the $8,000 first-time buyer tax credit is beginning to impact the market,” he said. “Since first-time buyers must finalize their purchase by November 30 to get the credit, we expect greater activity in the months ahead, and that should spark more sales by repeat buyers.”” Read the release > View the video > View Pending Home Sales Index > June Market Forecast The three straight months of rising pending home sales is welcoming and encouraging. First-time buyers are responding to the incentives of rock-bottom mortgage rates and the tax credit to pick up low- priced homes. Recent figures suggest about 45 percent of buyers have been first-timers, higher than the typical 35 to 40 percent during more normal years. A high proportion of the transacted homes are distressed, either in foreclosure or requiring a lender approval short-sale, with deep discounted prices. By the fourth quarter, existing home sales are projected to be about 15 percent higher compared to the comparable period the year before, if all goes as planned. Read the commentary> NEW RESEARCH RESOURCES FOR YOU Did You Miss Lawrence’s May Webinar? If you weren’t able to tune in to the Research Webinar in May, featuring Lawrence Yun’s in-depth housing market update, not to worry. The Webinar recording and the PowerPoint slides used in the presentation are still available on our website for members. Make sure you don’t miss out on this important economic update. Please note that the Webinar starts approximately 3 minutes into the recording. Listen to the Webinar > View the Slides > Research is Now on Facebook, Active Rain, and RealTown! The National Association of Realtors® has been surveying members to find out about their use of technology like websites and blogs for several years. Now, Research, too, has its very own Facebook group, Active Rain and RealTown presences. Research's social media pages are not only a place for our members to receive insight into our latest surveys, commentaries and reports, but also an avenue for you to make your thoughts known to us and your fellow Realtors®. There may be certain special trends in the marketplace that Research may be unaware of - such as a significant rise in foot traffic at open houses or continuing long delays in getting short sales to close. We'd like this to be an open forum for discussion rather than a one-sided monologue. Find Research on Facebook > Find Research on Active Rain > Find Research on RealTown > 2009 NAR Member Profile The Member Profile for 2009 has been released! In this profile, the economic, demographic, education, tenure, agency relationship and compensation of REALTORS® are broken down into easy-to-read graphs and tables. In addition, this report takes an in-depth look at office affiliation, type of firm, as well as the extent of Internet use and other technology. This unique tool provides the answers in a user-friendly format, designed to allow easy comparisons with previous studies. Download the profile for free > Order the profile at cost > Read daily commentaries by NAR economists on the latest developments in the real estate market. Read more > Report compiled by NAR's Research Division. Questions about this report? Contact Research at mdunn@realtors.org. Please do not reply to this e-mail. This mailbox is for distribution only. To ensure that you continue to receive e-mails from the National Association of REALTORS(R), please add us to your e-mail address book: nar@newsletters.realtor.org. Unsubscribe from this e-mail newsletter. 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