Morning Minute: NAR sees a jump in new commercial real estate members

Image: Bigstock

Image: Bigstock

The number of new commercial REALTORS® is growing, particularly among agents with less than two years of commercial real estate experience — a demographic that has nearly doubled to 9 percent, according to the 2016 National Association of REALTORS® (NAR) Commercial Member Profile. The survey also found that commercial REALTORS® complete on average a median of nine transactions a year and the median sales transaction volume was $2,931,000. Learn more by reading NAR’s news release, infographic and an article by REALTOR® Magazine.

“As the U.S. economy continues to experience strong, steady recovery, NAR has seen more and more members choose to specialize in commercial real estate. REALTORS® who practice commercial real estate help build and improve the economies of our local communities, so as a community’s commercial real estate market grows and improves so does the local economy,” said NAR President Tom Salomone said in a news release.

In other headlines:

The Real Cost of Moving—Revealed – realtor.com

Infographic: Home Sales Accelerate During The “Dog Days of Summer – KCM Blog

 

Morning Minute: Mortgage interest rates experience slight uptick, remain low overall

Freddie Mac reports today that fixed mortgage rates climbed slightly higher this week to 3.48 percent for a 30-year fixed, but continue to hover near historic lows. The 15-year fixed rate averaged 2.78 percent. Read Freddie Mac’s news release.

“The 10-year Treasury yield remained flat this week in anticipation of the Fed’s July policy meeting. Mortgage rates, on the other hand, rose another 3 basis points to 3.48 percent. Nonetheless, home sales continue to benefit from the persistently low mortgage rates with June’s new home sales coming in at an annualized rate of 592,000 homes — its fastest pace since 2008,” said Freddie Mac Chief Economist Sean Becketti in the release.

In other headlines:

Illinois Realtors report home sales and prices on the rise – Inman

Bad Neighbors, and Other Nightmares You Might Need to Disclose to Buyers – realtor.com

Congressman Bill Foster to host Aug. 4 discussion on FHA appraisals

Foster photo 1.3.13_0Illinois REALTORS® are encouraged to attend an Aug. 4 discussion with Congressman Bill Foster on the topic of Federal Housing Administration (FHA) appraisals and mortgage insurance. Register now to attend this free event at 10 a.m., Thursday, Aug. 4 at the Mistwood Golf Club, 1700 Renwick Road, Romeoville, Ill. 60446.

Property eligibility for FHA mortgage insurance is established through an FHA-approved appraisal and this one-hour event will cover the requirements of the FHA valuation process, the Uniform Standards of Professional Appraisal Practice, important regulations and market misconceptions, according to the Congressman’s office.

Joining Congressman Foster in the discussion are:

  • Jim Cunningham – Deputy Regional Administrator for HUD Chicago
  • REALTOR® Jeff Gregory – Owner/Managing Broker of Realty Executives Success in Shorewood and a REALTOR® Federal Political Coordinator for Congressman Foster’s district
  • Carl E. Heckman – Chief of Technical Branch II, Processing and Underwriting Division, Atlanta Homeownership Center
  • Malcolm Jefferson – Chief of Technical Branch I, Processing and Underwriting Division, Atlanta Homeownership Center

For more information and to register for the event, go to http://foster.house.gov/FHA

Morning Minute: U.S. pending home sales up slightly in June

The National Association of REALTORS® (NAR) reports today that its Pending Home Sales Index, which tracks contract signings, moved marginally higher in June with a 0.2 percent increase compared to the month before. Tight housing inventory and rising prices are continuing to impact the market and potential homebuyers, said NAR Chief Economist Lawrence Yun.

“Until inventory conditions markedly improve, far too many prospective buyers are likely to run into situations of either being priced out of the market or outbid on the very few properties available for sale,” Yun said. Read more and watch a short video with Yun.

In other headlines:

What Are Americans’ Top Housing Concerns? – Daily Real Estate News (REALTOR® Magazine)

New home sales reach 8-year high – HousingWire

 

Morning Minute: Chicago makes list of top cities for real estate investors

Thinking about investing in real estate? Then Chicago would be a good bet since it ranked as the No. 4 U.S. metro when it comes to first-year home price appreciation for those who will be looking to sell later, according to the real estate investment company, HomeUnion. Realtor.com covers those findings and more in the blog post, “The Best Cities to Invest in Real Estate on a Budget.” The post also looks at cities with the best returns for owners who want to be landlords.

Infographic by realtor.com. Find the infographic and full blog post at http://www.realtor.com/news/trends/invest-in-real-estate-on-budget

Infographic of HomeUnion data by realtor.com. Find the infographic and full blog post at http://www.realtor.com/news/trends/invest-in-real-estate-on-budget

 

In other headlines:

11 modern closing gift ideas for every type of buyer – Inman

Obama administration presents a look at life after HAMP – HousingWire