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Friday, July 23, 2010 | View Back Issues Archive

LR CEO Meets With Oil Spill Czar

Louisiana REALTORS CEO Malcolm Young is in route to Washington DC to meet face to face with the National Association of REALTORS executive staff and Kenneth Feinberg - the man task with handling the $20 billion BP compensation fund. Danny Cooper, Executive Officer of the Alabama Association of REALTORS will also be in attendance. The purpose of the meeting is to convey the issues/problems that face REALTORS and Louisiana consumers on the oil spill and the moratorium on drilling. Malcolm is in hopes of bringing back good news from the meeting and progress with NAR on a plan of action for our states needs.

Existing Home Sales Slow in June, but Above Year-Ago Levels

With the scheduled closing deadline for the home buyer tax credits, existing-home sales slowed in June but remained at relatively elevated levels, according to the National Association of REALTORS.

Existing-home sales, which are completed transactions that include single-family, townhomes, condominiums and co-ops, fell 5.1 percent to a seasonally adjusted annual rate of 5.37 million units in June from 5.66 million in May, but are 9.8 percent higher than the 4.89 million-unit pace in June 2009.

Lawrence Yun, NAR chief economist, said the market shows uncharacteristic yet understandable swings as buyers responded to the tax credits. "June home sales still reflect a tax credit impact with some sales not closed due to delays, which will show up in the next two months," he said.

"Broadly speaking, sales closed after the home buyer tax credit will be significantly lower compared to the credit-induced spring surge. Only when jobs are created at a sufficient pace will home sales return to sustainable healthy levels."

For more information, see the complete NAR news release.

HUD Creates Monthly RESPA Update

The Department of Housing and Urban Development has created a new monthly feature called "RESPA Roundup" that will update the industry and the public on the latest RESPA happenings. The RESPA Roundup will not only cover the latest on the implementation of the new rule but will also cover other happenings such as enforcement actions, guidance, and answers to frequently asked questions. Click here to access the feature.

Dodd-Frank Wall Street Reform and Consumer Protection Act signed into Law

On Wednesday, July 21 President Obama signed into law the most sweeping reform of the U.S. Financial Services sector since the Great Depression, the Dodd-Frank Wall Street Reform and Consumer Protection Act. From the legislation's inception, NAR worked to ensure that its provisions would maintain the separation of financial activity from the commercial activity of real estate brokerage.

Due to the complexity of the Act, it is comprised of fifteen different titles that touch diverse financial subjects from derivatives to insurance to mortgage reform; NAR has prepared a brief to highlight those provisions that are of importance to real estate professionals.

Commercial REALTORS Earn 8 Hours CE at Upcoming Conference

The state association’s largest event for commercial REALTORS will be in Lafayette in two weeks. Louisiana REALTORS will conduct its annual Commercial Development Conference on August 11 at the Louisiana Immersive Technologies Enterprise facility in Lafayette. This event, geared to commercial agents and brokers and approved for 4 hours of CE credit, will feature a variety of expert speakers and commercial sector topics.

Following the conference will be a networking luncheon and an offering of LR's "Commercial Leases" CE course. REALTORS attending the full day will earn 8 hours of CE credit specific to commercial real estate.

For complete details, schedule, speaker information and online registration, click here.

REMINDER NOTICE: 2011 NAR Director Nominations

The deadline for submitting names of potential candidates for the two Louisiana REALTORS' director slots at the National Association of REALTORS (for 3-year terms beginning in 2011) is August 1, 2010. For complete information, including criteria for nominees, director responsibilities and nomination form, please contact Shelly Bateman at 800-266-8538.

This week's REALTOR events...