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Illinois REALTOR® Weekly Connection

News and resources for Illinois REALTORS®

July 3, 2012

Industry News and Trends

Homeownership and the American Dream
In honor of Independence Day, NAR reminds us of the important role homeownership held for the nation's founding fathers and the generations that have followed since. 

Congress Approves Five-Year Flood Insurance Extension
The first long-term extension of the National Flood Insurance Program (NFIP) since 2008 is expected to be signed by President Obama in the coming days. 

3.8 Percent Tax Becoming Effective...Get the Facts Here
From NAR: Now that the Supreme Court has upheld the health care legislation, all of its major provisions remain in effect, including the new tax that was designed to affect upper income taxpayers. The 3.8 percent tax is imposed ONLY on  those with more than $200,000 of Adjusted Gross Income (AGI) ($250,000 on a joint return).  The tax applies to investment income, defined as interest, dividends, capital gains and net rents. These items are all included in an individual's AGI.  A formula will determine what portion, if any, of these types of investment income would be subject to the tax. The tax is NOT a transfer tax on real estate sales and similar transactions. Learn more.

Cities Outpacing Suburbs in Growth
Some of the largest U.S. cities are growing faster than suburbs, in part because more young adults are choosing urban living. In the Chicago metropolitan area, growth was equal to that of the suburbs at 0.3 percent. The Wall Street Journal has a comparison of 51 U.S. metro areas.


Market Stats and Research

Discover What Makes Illinois Homebuyers Tick at WhyIBuy.org
How are homebuyers in your area choosing and using a REALTOR®? What do homebuyers find most useful in their search? What does the average homebuyer's family look like? Find the answers at IAR's WhyIBuy.org, a website that tracks Illinois homebuyer trends and opinions.

Pending Sales Up in May, Positive Momentum Continues 
NAR's Pending Home Sales Index rose 5.9 percent compared to April and was 13.3 percent higher than May 2011. In fact, NAR reports that every region saw monthly and annual gains. Watch a new video wtih NAR Chief Economist Lawrence Yun.

CoreLogic: May Brings Third Consecutive Month of Price Increases
U.S. home prices rose 1.8 percent in May compared to April and were 2 percent higher than a year ago, according to CoreLogic’s latest price index


Legal Issues

The New CAM Licensing Act and You
Wondering if the Community Association Manager's Licensing and Disciplinary Act and rules apply to you and your business practice? Download the June 28 IAR Legal Webinar on the topic (member log-in required) and read IAR Chief Legal Counsel Steve Bochenek's article, "Do You Need Another License to Stay in Business?" in the July D.R. Legal News

Disciplinary Action
Recent disciplinary actions taken by the Real Estate Division of the Illinois Department of Financial and Professional Regulation (IDFPR). 


Sales and Marketing

Interested in getting your GRI designation? Online registration is now open for GRI Bloomington! For details on live courses and how to get started or earn your designation in 2012 visit www.illinoisrealtor.org/GRI

Like Illinois YPN On Facebook
Connect with Illinois REALTORS® across the state, see what's happening with the Illinois Young Professionals Network (YPN) and get updates on local YPN events. 


Events 

July 4
IAR Closed on Wednesday, July 4 in Observance of Fourth of July. The office and IAR Legal Hotline will reopen on Thursday, July 5. 

July 27
Want to be a sponsor or exhibitor at the IAR Fall Conference & Expo Oct. 3-4? Save $75 on your booth space by July 27. Download a booth/sponsor contract


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