NAR Report 12/18/2008

APPRAISAL ISSUES
Fannie/Freddie to Eliminate Appraisal in Some Circumstances
The GSEs are considering a plan to allow some borrowers to refinance without the use of an updated appraisal. "If they refinance someone, rather than doing a loan mod, do they need a new appraisal if they already have the credit?" Federal Housing Finance Agency director James Lockhart told reporters after a speech, according to a Bloomberg report. "That's an issue that's being discussed. They're looking at it." Read more...http://narblog1.realtors.org/mvtype/appraisalinsight/2008/12/gses_look_to_follow_fhas_lead_on_streamlined_refis.html?&WT.mc_id=LS121708&CAT=App

BUYER REPRESENTATION ISSUES
HUD Launches Web site to Increase Financial Literacy, Healthy Homeownership
The U.S. Department of Housing and Urban Development (HUD) launched a new, comprehensive Web site to assist Americans with improving financial literacy, sustaining healthy homeownership and achieving financial security. Read more...http://www.realtor.org/narlservredirect.nsf/pages/NT00001156?OpenDocument&WT.mc_id=LS121708&CAT=Buyer

COMMERCIAL ISSUES
Office Building Sale
In a somewhat surprising story, a suburban Chicago office building sold this month for $530 a square foot. CBRE brokered the deal for the new Hoffman Estates headquarters of an industrial clay producer. A venture managed by Harold Thurman of New York-based Thurcon Properties Ltd. last week bought a 72,000-square-foot building in the Prairie Stone Business Park leased to Amcol International Corp. Read more...http://www.realtor.org/narlservredirect.nsf/pages/NT0000115A?OpenDocument&WT.mc_id=LS121708&CAT=Comm

Updated Guide to Multi-Family Property Investing
Apartments remain the bright spot in commercial property investments, according to the Fourth Quarter 2008 RERC/CCIM Investment Trends Quarterly, a national commercial real estate market report. So learn more about investing in apartment buildings, condominiums, rental housing and more in the just-updated Guide to Multi-Family Property Investing from NAR's library. Read more...http://www.realtor.org/library/library/fg404?&WT.mc_id=LS121708&CAT=Comm

Commercial Listing Database Growing
The Triangle Commercial Association of REALTORS&#174, N.C., has joined the growing list of boards and brokerages contributing properties for sale or lease to CommercialSource.com, NAR's commercial listings database operated by ePropertyData. Other recent contributors include the Pensacola Association of REALTORS&#174, Fla., and Prudential Zack Shore in New Jersey. CommercialSource.com is gaining popularity as the essential database for getting commercial properties promoted nationwide, says the REALTORS&#174 Commercial Alliance. Read more...http://www.realtor.org/narlservredirect.nsf/pages/NT0000115E?OpenDocument&WT.mc_id=LS121708&CAT=Comm

EDUCATION ISSUES
New Access Points for Information Central!Have a quick research question or just want to keep up with all the doings at Information Central? We have a new gmail account, narinfocentral@gmail.com, a twitter account, infocentralnar, and a FaceBook page to keep you up to date and in the know! You can talk to a librarian through Gmail chat, ask a question through our FaceBook page, or just follow us through Twitter and we will keep you updated on what is going on in the world of Information Central! Read more...http://narblog1.realtor.org/mvtype/infocentral/?&WT.mc_id=LS121708&CAT=Educ

GOVERNMENT AFFAIRS/LEGISLATIVE & REGULATORY ISSUES
The Washington Report - A Weekly Report on Legislative and Regulatory Issues
NAR makes statement regarding the need to implement 4-Point Housing Stimulus plan to the House Financial Services CommitteeFannie Mae Gives Servicers More Flexibility to Help Borrowers Avoid Foreclosure Streamlined Loan Modification Program NAR Submits Comment on Proposed Carbon Regulation Loan Limits to Expire, but Hope for Early Next Year NAR President McMillan Urges Obama Transition to Propose Housing Stimulus Read more...http://www.realtor.org/fedistrk.nsf/pages/wk12152008?OpenDocument&WT.mc_id=LS121708&CAT=Gov

INTERNATIONAL ISSUES
State-by-State International Business Reports
International transactions in the production and consumption of goods and services are expanding. In calendar year 2007, the U.S. exported $1.15 Trillion of goods and $0.5 Trillion of services; and the U.S. imported $1.97 Trillion of goods and $0.378 Trillion of services. Read more...http://www.realtor.org/research/research/stateinternationalbusinessreports?&WT.mc_id=LS121708&CAT=Int

LEGAL ISSUES
No Disclosure Liability for Stigmatized Property
Alaska court rules that buyers could not bring suit over prior resident's death on property because they had waived the disclosure requirement. Please note: The following link is to a member-only area of the site. Read more...http://www.realtor.org/letterlw.nsf/pages/1208deptula?OpenDocument&WT.mc_id=LS121708&CAT=Legal

RESORT & VACATION PROPERTIES
House Swapping
"In this market you do need to be creative," said Cape commercial broker Adam Bauer, who listed his three-bedroom remodeled West Barnstable ranch on craigslist. He's interested in swapping for commercial property or a house rental. He has fielded good offers, including a property on Martha's Vineyard. "I'm seeing more normal people, your average consumer trying to do this," he said. Read more...http://www.realtor.org/narlservredirect.nsf/pages/NT00001162?OpenDocument&WT.mc_id=LS121708&CAT=Resort