Pending home sales rose higher in May, according to the latest Pending Home Sales Index released today from the National Association of REALTORS® (NAR). Edging 0.9 percent higher than last month and 10.4 percent than a year ago, the pending sale index is at its highest level since April 2006, NAR reports. NAR Chief Economist Lawrence Yun said solid job creation and increased sales for both existing-homes and new construction homes are pointing to a strong market, but rising prices could ultimately impact affordability. Read more from NAR.
On June 25, 2015, the U.S. Supreme Court issued its opinion in the case entitled, Texas Department of Housing and Community Affairs et al. v. Inclusive Community Project, Inc., et al., examining the question of whether “disparate impact claims are cognizable under the Fair Housing Act….”(576 U.S.____(2015)). In other words, is it appropriate for the Court to consider claims alleging discrimination where a particular statute or regulation appears neutral on its face; but application appears to create an “after-the-fact” discriminatory effect or disparate impact on members of a protected class?
The Supreme Court held, in a 5-4 decision, with Justice Anthony Kennedy writing for the majority, that disparate impact claims are appropriate for consideration by the courts, but that care should be taken when considering these types of cases so as not to impose “racial targets or quotas.” Click here to read the opinion.
On behalf of Illinois Association of REALTORS® President Jim Kinney, IAR Global Working Group Staff Liaison Sharon Gorrell, participated in the June 26 ceremonial signing of a memorandum of understanding between IAR and La Asociacion Mexicana de Profesionales Inmobiliarios (AMPI) at the 2015 AMPI International Summit in Nuevo Vallerta, Jalisco, Mexico. Representing AMPI was National President Antonio Hanna Grayeb and President-Elect Gustavo Solares Campos.
The memorandum recognizes the strategic importance of Mexico and Illinois and the value of sharing information on education, marketing and real estate best practices with our REALTOR® colleagues in Mexico.
AMPI is currently working throughout their states on establishing license laws in each area while also considering a nationwide license structure.
The Mainstreet Organization of REALTORS® (MORe) was also present to sign a similar commitment. Mainstreet Global Council Chair, Marsha Collins-Mroz signed on behalf of MORe.
National Association of REALTORS® (NAR) Vice President Mike Ford, and President’s Liaison to Mexico, Richard Miranda were also present for the signing.
Chicago, Cincinnati and Cleveland are three major metros with the healthiest housing market outlooks, according to the latest Health of Housing Markets report from Nationwide Economics. The report determines housing market health by looking at employment, demographics, the mortgage market and house prices. Read more from Nationwide Economics.