SOURCE: National Association of Realtors

National Association of Realtors

November 12, 2009 20:29 ET

Realtors® See Real Estate Challenges, Opportunities on the Road Ahead

SAN DIEGO, CA--(Marketwire - November 12, 2009) - As real estate continues its tenuous recovery, Realtors® stand ready to meet the challenges still ahead as they "Chart a Winning Course" during the 2009 REALTORS® Conference & Expo this week.

After several months of increasing home sales and last week's passage of legislation that will extend and expand the home buyer tax credit into 2010, National Association of Realtors® President Charles McMillan and other NAR leaders were cautiously optimistic as they addressed the Realtors® gathered at the "59 and 1/2 Minutes: A Member-Director Forum" session today.

"We have seen positive signs that residential real estate is on the cusp of a recovery, but we have much work ahead," said McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth. "Realtors® must be prepared to meet the challenges ahead, just as we are prepared to lead the efforts toward real estate recovery and economic stability."

Questions from Realtors® on the streets of San Diego were presented for discussion during the forum, including queries about real estate and economic trends; how consumers can take advantage of the extended, expanded tax credit; and what NAR is doing to help Realtors® work with lenders to streamline short sales. In sessions, meetings and forums throughout the week, Realtors® will be grappling with these and other issues that directly affect today's home buyers, sellers and investors, as well as the general public.

"NAR is pleased that Congress and the administration have extended the home buyer tax credit and expanded it to include some repeat buyers, but there is still work to be done," McMillan said. "As leading advocates for homeownership and real estate issues, Realtors® will continue to address rising foreclosure rates, stalled short sales, ongoing appraisal issues and tight credit in the commercial markets in support of real estate recovery."

According to results of the latest Realtor® Confidence Index, a monthly Realtor® survey, nearly one-third of recent sales have been distressed properties, including foreclosures and short sales. Several meetings during the conference will address the impact of foreclosures on the larger community, including renters and housing opportunities, and prepare Realtors® to facilitate short sales to help families avoid foreclosure.

Accurate, timely appraisals are essential to ensuring successful real estate transactions, and conference participants will also examine the implications of Home Valuation Code of Conduct. Realtors® from across the country have reported that the HVCC is adversely affecting the appraisal process and in some cases has delayed and prevented home sales. On Saturday, Realtors® will have a chance to speak directly to FHA Commissioner David H. Stevens about this and other issues.

Commercial practitioners will study the impact of the economic recession and government policies on the commercial real estate markets as well as the implications of financial changes in the commercial arena.

This year's REALTORS® Conference & Expo is expected to draw approximately 20,000 Realtors® and guests. More than 400 exhibitors are expected to participate in the Expo, which showcases the latest real estate products and innovations across various fields, including technology, data communications and financial programs and services. The conference runs through Monday, Nov. 16.

The National Association of Realtors®, "The Voice for Real Estate," is America's largest trade association, representing 1.2 million members involved in all aspects of the residential and commercial real estate industries.

Information about NAR is available at www.realtor.org. This and other news releases are posted in the Web site's "News Media" section in the NAR Media Center.

REALTOR® is a registered collective membership mark which may be used only by real estate professionals who are members of the NATIONAL ASSOCIATION OF REALTORS® and subscribe to its strict Code of Ethics. Not all real estate agents are REALTORS®. All REALTORS® are members of NAR.

Contact Information

  • For further information contact:
    Stephanie Singer
    202/383-1042
    Email Contact