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Illinois REALTOR® Weekly Connection

News and resources for Illinois REALTORS®

August 14, 2012

Market Stats and Research

2Q12 Illinois Market Shows Promise
Median prices broke through to positive gains year over year both statewide and in the nine-county Chicago PMSA in the second quarter of 2012. University of Illinois' Dr. Geoffrey Hewings said there are signs of continued optimism after a stronger start to the year. Looking to the third quarter, he said, "The market looks optimistic. Comparing the average median price of the third quarter 2012 to the third quarter of 2011, seven out of 10 MSAs are forecast to have positive price changes" Find 2Q12 county-by-county stats, market talking points and the forecast in Member's Only Market Stats (login required).


Industry News and Trends

Shadow inventory: Why it’s not as scary as It looks
It is estimated that there are 3.25 million mortgages that are at least three months past due or in foreclosure as of May. This number is down from last year and down from it’s peak of 4.25 million in 2010. (Source: Barclays Capital) Unless mortgage delinquencies begin to accelerate sharply, the shadow inventory won’t be growing. Read part one of a three-part series examining shadow inventory from the Wall Street Journal.

FHFA: Concerns About Using Eminent Domain to Seize Underwater Mortgages
The Federal Housing Finance Agency (FHFA) is raising questions about an idea being considered in Chicago and other cities that would allow local governments to seize underwater mortages and restructure them to help the owners avoid foreclosure. Read more in the Chicago Tribune.

Chicago-Area Vacancies Down in 2Q12
Census figures show the Chicago-area vacancy rate fell another 2.6 percent in the second quarter of 2012, hitting its lowest level since 2009, Crain's reports.

New First Quarter Data on Illinois Homebuyer Trends from WhyIBuy.org
Continuing the trend of 2011, most Illinois homebuyers (88%) in the first quarter of 2012 utilized the services of a REALTOR® and almost half (44%) of Illinois homebuyers found a REALTOR® through a friend or family member recommendation. In the first quarter this year, 21 percent of homebuyers reported having never previously owned a home. Nearly 7 out of 10 homebuyers are staying within their previous counties. WhyIBuy is a project of the Illinois Association of REALTORS® that aims to better understand the opinions and motivations of homebuyers across the state. Access first quarter 2012 homebuyer reports from WhyIBuy.org.


Legal Issues

Advertising and Managing Broker Licensees
What title should managing brokers use in advertising if they haven't been designated as the managing broker with IDFPR by their sponsoring broker? According to the Illinois Department of Financial and Professional Regulation (IDFPR):  "Only licensed managing brokers designated with the Department as a managing broker by their sponsoring broker can advertise themselves to the public as a managing broker. Managing brokers that are not designated with the Department as a managing broker should advertise themselves as a “broker.” This statement does not preclude the use of a descriptive term such as “listing,” “commercial” or “buyer’s” along with “broker.”  Read more from IAR Chief Legal Counsel Steve Bochenek.

Aug. 16 IAR Legal Webinar: More on CAM Licensing and Other Legal Hot Topics
Join IAR Chief Legal Counsel Steve Bochenek and Legal Hotline Attorney Betsy Urbance on Thursday as they discuss CAM licensing, property management and license law issues during the one-hour webinar that begins at 9:30 a.m. Space is limited, so join the webinar promptly. A video recording will be available in its entirety within 48 hours.


Sales and Marketing

We're giving away tickets to the IAR Fall Conference & Expo! 
Tell us on twitter the #1 benefit you get from being an IAR member and you could be a winner! Be sure to use the hashtag #iarcon in your tweet. IAR will be giving away two full conference registrations. Find out who the first winner is in next week's edition of Illinois REALTOR® Weekly Connection. Be sure to follow @ILREALTOR and #iarcon on twitter. See promotion details.

Meet NAR's Nobu Hata
Read Illinois YPN chair Deena Zimmerman's IARbuzz blog interview with Nobu Hata, NAR's new director of digital engagement, and learn more about his new role with NAR, his favorite apps (Tourwrist is one) and his advice for agents starting out in the business.

4 Kitchen Trends to Watch
What's hot in kitchen design these days? some things are getting smaller such as downsized kitchen islands and lower profile kitchen faucets. More homeowners are also opting for unmatched kitchen cabinets, i.e. lighter upper cabinets and darker lower cabinets, according to NAR's Styled Staged and Sold blog.


Legislative & Advocacy

IAR Fighting for You on New Law Related to "Short Sale Facilitators"
IAR had raised concerns that House Bill 4521 (now Public Act 97-0891) as introduced would inadvertently have required a real estate licensee to obtain a license under the Residential Mortgage License Act (RMLA) in order to “facilitate a short sale.” The final law instead provides that a RMLA licensee would also have to have a license under the Real Estate License Act in order to facilitate a short sale. Read more in the IAR Action Center

Reminder: Aug. 13 Last Day to File Objections to Petitions for Referenda
Find other key election deadlines leading up to the General Election on Nov. 6. Like the IAR Facebook page for updates and photos of Illinois REALTORS® meeting with candidates from around the state. 

Join the Fight to Protect Your Real Estate Business
RPAC works to make sure the business interests of REALTORS® and the rights or private property owners are protected in Washington D.C., the Illinois Statehouse and in city halls across the Land of Lincoln. That kind of advocacy is great for every REALTOR® and worth a $20 donation from you right now. Click here to contribute today and join the fight to protect your real estate business! Disclaimer: The Illinois REALTORS® Political Action Committee (RPAC) solicits contributions from members only.


Events 

October 2
Commercial Training Opportunity in St. Charles. This special program at Pheasant Run Resort features sessions on identifying value and return on investment, key points to look for in commercial contracts and legal analysis and due diligence recommended in commercial real estate. Register now, the cost is $15

October 8-12
CIPS Institute in Chicago. Register for this Certified International Property Specialist (CIPS) designation course and learn more about global markets and transactions. Taking the full Institute fulfills the classroom requirements for the CIPS designation.

October 10-11
National Forum on Workforce Housing: Bring Workers Home in Chicago. This two-day event features a workforce housing forum and an employer-assisted housing class. Learn more and register.


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