Feb Newsletter 2009

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February 2009

PRESIDENTS CORNER Linda Long

HAPPY VALENTINES DAY

As we move into the 2009 year,

The Willamette Association of

REALTORS would like to ask

members to help us expand

our services to meet your needs.

Please take a moment to share with usyour thoughts and ideas on how we

can provide assistance to help you to

grow your business in the future.

Please send your ideas by email, or

call Barb at the WAOR Office.

We look forward to working in

partnership with you, our members tocome up with creative ways to go

forward during this challenging year.

Thank You

Linda

Inside this issue:

GENERAL MEMBERSHIP

MEETING

WCR MEETING

New MembersLunch & Learn

Website Update

2

222

1

REALTOR Day

at the Capitol

Professional StandardsAcademy

Spring GRI

Willamette Valley

Government Affairs

3&

3&

3&

3

REALTOR Report 7&

WAOR NEWS

2227 Santiam HWY SE Albany, OR 97322

Phone: 541-924-9267 Fax: 5419924-9268 Email: [email protected]

Website: WAOR.org

Link to WVMLS Class Calendar

Members page

Must be a Member to Access

Green and Save

GREENandSAVE.com a leading greenhome resource (a trusted source for theNAR, AIA, and NARI) is pleased to offerevery member of the NAR with a FREE

practical 12- page Eco Family Guide thathelps all families create a "greener" and

healthier home and lifestyle.

Members page

Must be a Member to Access

Lowes Realtor BenefitsLowe's and NAR have teamed up to

provide REALTORS an exciting

new real estate marketing tool. Under this

exclusive program, Lowe's will send

valuable coupons and rebate offers to

your customers & clients, on your behalf,

via highly customized direct mail featuring

your photo and company logo. Best of all,

it's absolutely FREE to REALTORS.

Members page

Must be a Member to access

Please visit our website at

waor.org

WAOR NEWS

OAR NEWS

NAR NEWS

WAOR Website Additions

OAR Risk Management

Tool Kit Link

link to OARs Risk Management Tool Kit

Members page,

must be a Member to access

New Members Forms

Located on the Home Page

Sellers Advisory

Located on the Home Page


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WCR February Meeting

Shawn Tucker: Keller Williams CorvallisKaire Downin: Keller Williams Corvallis

Angela Stuckart: RE/MAX Integrity Corvallis

Michael Jenson: Prudential Real Estate Professionals

Kathy Corjasso: RE/MAX Integrity Albany

Andrea Beem: Coldwell Banker Valley Brokers Albany

WAOR NEWS

Womens Council Meeting

February 19th

11:30 AM to 1:00 PM

Location

Allied Waste Conference Room

1214 Montgomery ST SE

Albany, OR

Speakers

Linn and Benton County City Planners

RSVP

Heidi Wills

541-704-3450

February 17th

Adair Village Club HouseCost $10.00

Time: 11:15 to 1:00 PM

Speaker: TBA

1 Credit Hour

RSVP by email before February 13th 2009

[email protected]

Or on our website

waor.org

Lunch & Learn

February General Membership Meeting Welcome New Members

Presented by Fidelity Title

Branding The Real Estate Professional

Thursday February 26th11:30 AM to 1:00PM

Speaker

Theresa Fuhr IPX 1031

Corvallis Library

645 Monroe Ave.

Corvallis, OR

RSVP

Marnie @ 541-602-1557

Tammy @ 541-760-66891 Credit Hour Earned

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Spring 2009

Oregon GRI

April 28th to May 1st 2009

See flyer on page 6

For more information

OAR Professional Standards Academy

February 23 & February 24th

Salem Conference Center

February 23 1:30 PM to 4:30 PM

Reception Following

February 24th 8:30 AM to 3:30 PM

See flyer on page 4

For more information

OAR NEWS

Welcome to the Oregon Association of REALTORS.

2009 REALTOR DAY & RALLY at the CAPITOLMarch 4, 2009

With the challenges facing Oregon, its critical that wehave a strong presence at this event!

Click herefor the event schedule and to download theregistration form.

Click hereto register online.

There is NO FEE to attend, but you must register.

See flyer on page 5 for more information.

Professional Standards Academy Spring 2009 Oregon GRI

REALTOR Day & Rally

Willamette Valley Government Affairs

Monday February 9th

11:30 AM to 1:00 PM

LaMargarita

545 Ferry ST

Salem OR

Shared Willamette Valley

Government Affairs Meeting

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http://www.oregonrealtors.org/.docs/pg/400/rid/10884/f/2009_REALTOR_Rally.pdfhttp://www.oregonrealtors.org/.docs/pg/400/rid/10884/f/2009_REALTOR_Rally.pdfhttps://www.oregonrealtorsonline.org/default.aspx?event=203https://www.oregonrealtorsonline.org/default.aspx?event=203https://www.oregonrealtorsonline.org/default.aspx?event=203http://www.oregonrealtors.org/.docs/pg/400/rid/10884/f/2009_REALTOR_Rally.pdf


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Inside Story Headline


This story can fit 150-200 words.

One benefit of using your news-letter as a promotional tool is

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While your main goal of distrib-

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A great way to add useful con-tent to your newsletter is to

develop and write your ownarticles, or include a calendar of

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uct.

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and reports.









uct.




short.







site and post it.







tomers or clients.





growing.












context.










To catch the reader's attention, place an interestingsentence or quote from the story here.

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and reports.









uct.




short.







site and post it.







tomers or clients.





growing.













context.










To catch t he reader's attention, place an interestingsentence or quote from the story here.

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WASHINGTON, January 26, 2009

National Association of Realtors.

Existing-home sales including single-family, townhomes, condominiums and co-ops jumped 6.5 percent to a seasonally ad-

justed annual rate1 of 4.74 million units in December from a downwardly revised pace of 4.45 million units in November, but are

3.5 percent below the 4.91 million-unit pace in December 2007.

For all of 2008 there were 4,912,000 existing-home sales, which was 13.1 percent below the 5,652,000 transactions recorded in

2007. This is the lowest volume since 1997 when there were 4,371,000 sales.

Lawrence Yun, NAR chief economist, said home prices continue to fall significantly. It appears some buyers are taking advantage

of much lower home prices, he said. The higher monthly sales gain and falling inventory are steps in the right direction, but the

market is still far from normal balanced conditions. Buyers will continue to have an edge over sellers for the foreseeable fu-

ture.Total housing inventory at the end of December fell 11.7 percent to 3.68 million existing homes available for sale, which

represents a 9.3-month supply2 at the current sales pace, down from a 11.2-month supply in November.

Yun said the market is underperforming and hurting the broader economy. Weve added 25 million people to our population overthe past decade and housing affordability conditions are the best weve seen since 1973, but household formation is much lower

than expected, he said. Consequently, there is a pent-up demand which could be unleashed with the right stimulus, including a

non-repayable home buyer tax credit. The Obama administration and Congress need to move fast to stimulate a spring sales upturn

which will help to stabilize home prices and set the foundation for a sustainable economic recovery.

The national median existing-home price3 for all housing types was $175,400 in December, which is 15.3 percent below December 2007

when the median was $207,000. There remains a significant downward distortion in the current median from a large number of distress

sales at discounted prices, currently 45 percent of transactions; the median is where half of the homes sold for more and half sold for less.

For all of 2008, the median price was $198,600, down 9.3 percent from $219,000 in 2007.

NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth, said its an excellent time for

first-time home buyers with good jobs. The typical buyer plans to stay in their home for 10 years, which is the correct approach in todays

market, he said. With historically low mortgage interest rates, flexible sellers, a large inventory, and homes that are selling for less than

replacement construction costs in much of the country, buyers whove been on the fence should take a closer look at todays m arket.

McMillan added that first-time buyers may want to consider an FHA loan, which offers down payments of 3.5 percent on a safe 30-year

fixed-rate mortgage.

NAR NEWS

REALTOR REPORT

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According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to 5.29

percent in December from 6.09 percent in November; the rate was 6.10 percent in December 2007. Last week, Freddie Mac re-

ported the 30-year rate was 5.12 percent. Single-family home sales rose 7.0 percent to a seasonally adjusted annual rate of 4.26

million in December from a level of 3.98 million in November, but are 1.4 percent below a 4.32 million-unit pace in December

2007. For all of 2008, single-family sales fell 11.9 percent to 4,349,000.

The median existing single-family home price was $174,700 in December, down 14.8 percent from a year ago. For all of 2008,

the single-family median was $197,100, which is 9.5 percent below 2007.Existing condominium and co-op sales increased 2.1

percent to a seasonally adjusted annual rate of 480,000 units in December from 470,000 in November, but are 18.4 percent be-

low the 588,000-unit level a year ago. For all of 2008, condo sales dropped 21.0 percent to 563,000 units. The median existing

condo price4 was $181,400 in December, down 18.3 percent from December 2007. For all of 2008, the median condo price was

$210,000, which is 7.2 percent below 2007.

Regionally, existing-home sales in the Northeast slipped 1.4 percent to an annual pace of 720,000 in December, and are 14.3

percent below December 2007. The median price in the Northeast was $235,000, which is 7.8 percent lower than a year ago.

Existing-home sales in the Midwest increased 4.0 percent in December to a level of 1.04 million but are 10.3 percent below a

year ago. The median price in the Midwest was $140,800, down 11.4 percent from December 2007.In the South, existing-home

sales rose 7.4 percent to an annual pace of 1.74 million in December, but are 11.2 percent lower than December 2007. The me-

dian price in the South was $158,600, which is down 8.0 percent from a year ago. Existing-home sales in the West jumped 13.6

percent to an annual rate of 1.25 million in December and are 31.6 percent higher than a year ago. The median price in the West

was $213,100, down 31.5 percent from December 2007.1The annual rate for a particular month represents what the total num-

ber of actual sales for a year would be if the relative pace for that month were maintained for 12 consecutive months. Seasonally

adjusted annual rates are used in reporting monthly data to factor out seasonal variations in resale activity. For example, h ome

sales volume is normally higher in the summer than in the winter, primarily because of differences in the weather and family

buying patterns. However, seasonal factors cannot compensate for abnormal weather patterns.

Existing-home sales, which include single-family, townhomes, condominiums and co-ops, are based on transaction closings. This

differs from the U.S. Census Bureaus series on new single -family home sales, which are based on contracts or the acceptance of

a deposit. Because of these differences, it is not uncommon for each series to move in different directions in the same month. In

addition, existing-home sales, which generally account for 85 to 90 percent of total home sales, are based on a much larger sam-

ple more than 40 percent of multiple listing service data each month and typically are not subject to large prior-month revi-

sions.

2Total inventory and months supply data are available back through 1999, while single -family inventory and months supply are

available back to 1982. Condos were tracked quarterly prior to 1999 when single-family homes accounted for more than nine out

of 10 purchases. The only valid comparisons for median prices are with the same period a year earlier due to the seasonality in

buying patterns. Month-to-month comparisons do not compensate for seasonal changes, especially for the timing of family buy-

ing patterns. Changes in the composition of sales can distort median price data. Year-ago median and mean prices sometimes

are revised in an automated process if more data is received than was originally reported. Because there is a concentration of

condos in high-cost metro areas, the national median condo price can be higher than the median single-family price. In a given

market area, condos typically cost less than single-family homes.

Existing-home sales for January including monthly revisions to sales rates for the past three years will be released February

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Feb Newsletter 2009