Illinois Association of Realtors

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Illinois REALTOR® Weekly Connection

News and resources for Illinois REALTORS®

December 4, 2012

10K Launch Slated for Dec. 20

The long-awaited switch to 10K to deliver IAR’s housing stats will begin with the reporting of November’s home sales. The transition has been more than a year in the making, and will allow IAR to deliver more information to our members and do it in an easier to navigate format. As we get closer to the Dec. 20 launch date, there will be updates on the features we will be offering.

Legislative & Advocacy

Homestead Bill Defeated in State Senate After IAR Call to Action
HB 506, a bill that could have harmed homeowners who unwittingly claimed homestead exemptions they weren't entitled to, failed in the Illinois Senate on Tuesday. IAR waged a lengthy effort to stop the bill's passage. While HB 506 is officially dead, bill sponsors have the option to incorporate the failed bill’s language into another bill, or they can submit an entirely new bill containing the language. Thank you to the many IAR members who responded to this week's call to action urging lawmakers to stop the legislation. Read more about why Illinois REALTORS® were opposed to the bill

NEW! Property Management Guide for REALTORS®
Download IAR's updated "Property Management Guide for REALTORS®," a FREE guide offering REALTORS® an overview and description of some of the principal laws and regulations that exist in the realm of residential rental property management.   

Industry News & Trends

NAR Urges Action to Protect MID
Help protect the Mortgage Interest Deduction (MID) by urging Congress not to change or eliminate the MID as part of the "Fiscal Cliff" negotiations. Take action now. Illinois REALTORS® are doing their part to spread the message that the MID is vital to the recovering housing market. Jim Haisler, chief executive officer of Heartland REALTOR® Organization told the Northwest Herald, "We can't condone any proposal that would harm the modest gains we've seen in housing." 

FHA Waiver of "Anti-Flipping" Rule Extended to 2014
The Federal Housing Administration's (FHA) temporary waiver of its 90-day rule on "anti-flipping" has been extended through 2014, Inman News reports

Fannie Mae Changes "Deed-in-Lieu" Requirements
Fannie Mae has renamed its "deed-in-lieu" of foreclosure process to "mortgage release" and will now offer three exit options beginning March, 1, 2013, HousingWire reports

YPN Holiday Give Back Week Dec. 9-15
The Illinois Young Professional’s Network is encouraging REALTORS® across the state to take part in a community service project or charitable giving program this holiday season during their YPN Holiday Give Back week. Visit for a list of charitable events you can take part in.

Market Stats and Research

NAR: October Pending Home Sales Strong 
NAR's Pending Home Sales Index, which tracks contract signings, increased 5.2 percent in October compared to the month before and was 13.2 percent higher than a year ago. Aside from some spikes due to the tax credit, October's pending sales were the highest in five years. Watch a video from NAR Chief Economist Lawrence Yun.

Trend: Widows Over 50 Falling Into Foreclosure   
More widows whose husbands were the holders of their home's mortgage are finding themselves facing foreclosure because of difficulties getting mortgage modifications. Read more in the New York Times.

Education & Training

Still Time to Complete REALTORS® Code of Ethics Training by Dec. 31
All REALTORS® must complete 2.5 hours of Code of Ethics training within given four-year cycles according to NAR policy. The current cycle ends Dec. 31, 2012. 

New Online CE Courses Available
Find the new continuing education courses from IAR’s online learning vendor, Hondros.  All courses are a combination of video, audio and text-based learning. Each course is approved by the state of Illinois for three hours of elective credit and the cost is $29.  

Legal Issues

Dec. 20 IAR Legal Webinar: New Legislation and Year-End Issues
Join IAR Chief Legal Counsel Steve Bochenek and Legal Hotline Attorney Betsy Urbance on Dec. 20 for a one-hour webinar on new legislation and year-end issues. If you have something you would like to hear about, send your question in advance to The webinar begins at 9:30 a.m.

Sales and Marketing

Five Reasons to Buy a Home Now
The KCM blog lays out five reasons it is better to buy a home now rather than wait for the spring including the fact that supplies are shrinking and interest rates are projected to rise. Share this with your buyers.

Looking For a Health Care Solution?
IAR’s preferred provider REGIT Inc. offers affordable, high quality health, life and dental insurance for individuals and groups. Click here to find more information about REGIT Inc. and other discounts for IAR members.


December 28
IAR is accepting applications for the Leadership Development Program. If you feel you possess the skills, aptitude, interest and motivation to become a leader, this program is for you. The application deadline is Dec. 28. Click here for more information (login required). 

December 31
The Code of Ethics quadrennial training cycle ends Dec. 31. Learn more about training requirements

January 14
Online registration is now available for the IAR-sponsored Instructor Course Development Workshop on Jan. 14 at three locations including Springfield, Downers Grove and Arlington Heights. 

January 16
The Three Rivers Association of REALTORS® YPN is hosting an iPad training seminar, Tablet Productivity 101 & 103, at its Joliet office. Find registration details.

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