NAR Recognizes Realtor(R) Michael Owen of Delray Beach, FL for Distinguished Service

ORLANDO, F., Nov. 10 /PRNewswire/ -- Michael Owen, (top right photo) a Realtor(R) from Delray Beach, Fla., has received the National Association of Realtors(R) 2008 Distinguished Service Award.

Out of 1.2 million Realtors(R), no more than two are recognized with this award each year, which is announced during NAR's annual REALTORS(R) Conference & Expo.

NAR established the DSA in 1979 to honor Realtors(R) who have made outstanding contributions to the real estate industry and are recognized as leaders in their local communities.

The award is considered the highest honor an NAR member can receive; recipients must be active at the local, state and national association levels, but must not have served as NAR president.

NAR President Richard F. Gaylord (top left photo) presented the award to Owen.

"Realtor(R) Michael Owen exemplifies community participation and leadership, both professionally and personally," said Gaylord, a broker with RE/MAX Real Estate Specialists, Long Beach, Calif.

"Owen's involvement at the national, state, and local levels of the association, as well as his contributions to neighborhoods both close to home and across the globe, demonstrates Realtors(R)' commitment to building communities."

Owen became a Realtor(R) nearly 30 years ago, in 1979. He is currently with Coldwell-Banker in Boca Raton, Fla., and practices both residential and commercial real estate.

"I am honored to accept the Distinguished Service Award," said Owen. "Receiving the award here in my home state of Florida, as we host NAR's national conference, only enhances its significance.

"I'm fortunate to have worked with so many committed professionals across the country throughout my career as we further our common goals of encouraging homeownership and real estate investment and supporting our communities."

Owen is currently a member of NAR's Board of Directors and has served on the Board nearly every year since 1989. He is the 2009 chair for NAR's Resort and Second Homes Committee.

Owen was the NAR Regional Vice President for Region 5 in 1994. Owen has earned numerous designations and certifications, including Accredited Buyer Representative(R), Certified International Property Specialist, Certified Residential Specialist(R), e-Pro(R), and Graduate Realtor(R) Institute.

CONTACT:

Stephanie Singer of the National Association of Realtors,+1-202-383-1050, ssinger@realtors.org

NAR's Second-Quarter Survey Shows Home buyers Responding to Lower Metro Prices

WASHINGTON, DC (August 14, 2008) – Existing-home sales rose from the first quarter in 13 states, largely from buyers responding to discounted home prices, according to the latest quarterly survey by the National Association of Realtors.

Nearly one-quarter of metropolitan areas showed rising home prices in the second quarter from a year ago, with greatly mixed conditions continuing around the country.

Lawrence Yun, (top right photo) NAR chief economist, said a clear cause-and-effect response has developed in the housing market. “The biggest home-sales gains over the previous quarter have been in some of the markets with the steepest and fastest price drops,” Yun said.

Compared with the first quarter, existing-home sales increased 25.8 percent in California, 25.0 percent in Nevada, 20.5 percent in Arizona and 10.1 percent in Florida. “Buyers in these areas are responding to deeply discounted home prices.”

In the second quarter, 35 out of 150 metropolitan statistical areas 1 showed gains in median existing single-family home prices from the second quarter of last year, while 115 had price declines. NAR’s track of metro area home prices dates back to 1979.

NAR President Richard Gaylord, (middle left photo) a broker with RE/MAX Real Estate Specialists in Long Beach, Calif., said foreclosures are distorting the price data.

“In many areas with large concentrations of foreclosure sales, homes are being purchased below replacement cost values,” Gaylord said. “Many buyers with long-term expectations are getting exceptional value in the current market.

"Once the inventory is drawn down, price pressure will return because the costs of construction are rising – today’s buyers are very well positioned to build wealth over time.”

A separate recent study by the National Bureau of Economic Research, “Housing Supply and Housing Bubbles,” shows construction costs in 2007 were higher than home prices in 33 out of 79 metro areas studied.

According to Freddie Mac, the national average commitment rate on a 30-year conventional fixed-rate mortgage rose to 6.09 percent in the second quarter from 5.88 percent in the first quarter; the rate was 6.37 percent in the second quarter of 2007.

For a complete copy of NAR's release, please contact Walter Molony, NAR Public Affairs, 202/383 1177 wmolony@realtors.org

Realtor(R) Award Finalists Volunteer to Make a Difference

CHICAGO, Aug. 14 /PRNewswire-USNewswire/ -- Realtors(R) across the country are making extraordinary commitments to improve the quality of life in their communities.

The National Association of Realtors(R) today announced 10 such individuals as finalists for REALTOR(R) Magazine's 2008 Good Neighbor Awards.The Good Neighbor Awards program, now in its ninth year, recognizes Realtors(R) who generously volunteer their time to help others.

These Realtors(R) often donate countless hours and dollars to organizations that help those in need and make their community a better place to live.In October, five winners will be selected from among the 10 finalists and will receive travel expenses to the 2008 REALTORS(R) Conference & Expo in Orlando in November, national media exposure for their community cause, and a $10,000 grant for their charity.

In addition to the winners, five honorable mentions will receive a $2,500 grant. The winners will be announced in the November issue of REALTOR(R) Magazine.

"The Good Neighbor Awards is our way of thanking our most outstanding Realtor(R) volunteers, who are not only making a difference in the lives of many, but also are helping build stronger, healthier communities," said NAR President Dick Gaylord,(top right photo) a broker with RE/MAX Real Estate Specialists, Long Beach, Calif.

"We are extremely proud to recognize these finalists and are truly inspired by their enthusiasm and commitment to giving back to the communities in which they live and work.

The Realtor(R) Good Neighbor Awards finalists are:

Mary E. Bacon, (photo at right, below Gaylord) Bob Parks Realty, LLC, Mt. Juliet, Tenn., Mt. Juliet Help Center

Lei Barry, ( left photo) Keller Williams Real Estate, Blue Bell, Penn., Inter-Faith Housing Alliance

H. Burton Foster, (middle right photo, under Bacon) Century 21 Gold Standard, East Aurora, N.Y., Matthew Foster Foundation

Scott (lower right photo, underneath Foster) and Robin Gwaltney,(lower left photo) Coldwell Banker at Your Service Realty, Ltd., Rochester, Minn., Rochester Better Chance

Reita Hutson, John Hall and Associates, Scottsdale, Ariz., Gabriel's Dream, Inc.

Victor Kee, Pete Anderson Realty, Inc., Astoria, Ore., Sunday Supper and Sunday Meals on Wheels

Caroline McCartney, GSH Real Estate Corp., Norfolk, Va., St. Jude Children's Research Hospital

John Neibarger, Key Properties, Realtors(R), Johnstown, Ohio, Mary E. Babcock Library, Inc.

David Pap, Coldwell Banker Residential Brokerage, Cambridge, Mass., Cambridge Housing Assistance Fund

Sheila Stevens, Prudential Georgia Realty, Suwanee, Ga., The Sport of Giving Inc

For a complete detailed copy of NAR's release, please contact Sara Geimer, +1-312-329-8296, or Sara Weis, +1-202-383-1013, both of the National Association of Realtors.

New NAR Study Finds Numerous Opportunities for Professionals to Broker U.S. Property to Foreign Home Buyers

WASHINGTON, DC--The National Association of Realtors has completed a 12-month survey and profile of international home-buying activity in the U.S. The 24-page report may be obtained by contacting IMoore@realtors.org or going to http://www.realtors.org/research.

The survey was based on about 4,000 responses reflecting business activity of Realtors with foreign buyers over the 12 months between May 2007 and May 2008.

The survey was conducted by Lawrence Yun, (top right photo) senior vice president, research; Jed Smith, managing director, quantitative research; Keunwon Chung, statistical economist; and Kate Anderson, senior editor consultant.

Highlights in the report's conclusions were:

--More than a quarter of REALTORS® have had some international clientèle in the 12 months between May 2007 and May 2008.

--Approximately half of their foreign clients subsequently purchased real estate properties in the U.S.

--While U.S. real estate is still considered a “safe haven” for foreign funds, there are some perceived impediments to foreign purchases including cost of property, immigration laws, and property taxes.

--Regarding the trend of international business, 21 percent of respondents have experienced an increase in international business, 72 percent have seen the level of international business remain constant, but only 6 percent experienced a decrease.

--The majority of respondents selling international properties noted that the weak U.S. dollar had impacted foreign sales purchasers.

--As more and more people in different nations recognize the value of owning property, the opportunities and challenges for real estate professionals to broker U.S. property to foreign home buyers are numerous.

-- Whether international purchasers use their U.S. home as rental/investment property, as a vacation home or both, non-U.S. residents account for a significant share of home buying activity.

9,000 Realtors Expected to Attend Mid-Year Legislative Meetings and Trade Expo in Washington, D.C. May 12-17.

(Photo above shows the Marriott Wardman Park Hotel, 2660 Woodley Road NW, Washington, DC, where the six-day session will be held.)

WASHINGTON, DC--More than 9,000 Realtors(R) are expected to attend meetings and visit lawmakers on Capitol Hill to advocate for private property rights, homeownership and housing issues during the Realtors(R) Midyear Legislative Meetings & Trade Expo, May 12-17.

Realtors(R) will be actively lobbying for mortgage lending reforms and FHA modernization, continued separation of banking and commerce, and affordable insurance through small business health plans. Realtors(R) will hear firsthand the latest updates on the legislative and regulatory issues affecting today's real estate industry.

In addition, key legislators, federal agency representatives and top industry executives will address attendees at several sessions during the meetings. NAR's Centennial Celebration also continues during the conference, with special events and programs celebrating 100 years of leadership in the real estate industry.

Former White House Press Secretary Tony Snow (top right photo) will kick off the conference at the Legislative and Political Forum on Tuesday, May 13, 8-9:30 a.m., in the Marriott Ballroom, Marriott Wardman Park Hotel.

Snow's White House experience and his quarter-century in the news business give him a unique perspective, and he will provide his unvarnished insights and observations on the upcoming presidential election, the candidates, where they stand on the issues, and whether they have what it takes to lead a great nation through challenging times.

Snow will be joined by Paul Begala, (photo at left) Democratic strategist and CNN political analyst, and Tucker Carlson, (top left photo) MSNBC senior campaign correspondent. Begala and Carlson will offer their insights on the 2008 election from both sides of the political spectrum.

Chair of the House Financial Services Committee Barney Frank, (photo at right) D-Mass., will speak at the Public Policy Coordinating Committee on Thursday, May 15, 7:30-9:30 a.m., in Marriott Ballroom Salon 1 in the Marriott Wardman Park Hotel.

An outspoken advocate for homeownership preservation and housing opportunities and resources, Frank will share his perspectives and vision for policies to restore consumer confidence in the nation's housing and mortgage finance system.

NAR's Chief Economist Lawrence Yun (photo at left) will share the latest outlook for residential real estate during the Economic Issues and Residential Forum on Thursday, May 15, 8-10 a.m. in the Marriott Wardman Park Hotel, Marriott Ballroom Salon 2.

Later on Thursday from 1-3 p.m., Yun will provide an overview of the national commercial market and forecast future market conditions at the Economic Issues & Commercial Business Trends Forum at the Omni Shoreham Hotel, Ambassador Room.

CONTACT:

Shelaine Jackson of National Association of Realtors,

+1-202-383-7515,

sjackson@realtors.org.

National Association of Realtors Web Site:

http://www.realtor.org/

Realtors(R) Reach Out to International Buyers

WASHINGTON, DC /PRNewswire-USNewswire/ -- As the falling dollar makes the U.S. second-home market more attractive to international buyers, the National Association of Realtors(R) is joining with the Salon Immobiliario de Madrid, Europe's largest home and resort exposition, to educate potential buyers about U.S. real estate investment options.

More than 100,000 homes are sold to foreigners annually in the international second-home market, particularly to buyers from Europe, North and South America, Africa and the Middle East.

Current valuations of the U.S. dollar against foreign currencies have made U.S. property one of the world's great bargains, and the prestige of owning U.S. property remains high.

"This is our fifth year participating in the SIMA event, which draws investors from more than 50 countries," said Miriam Lowe, (photo at left) NAR's vice president of international affairs. "As the leading advocate for real estate in this country, NAR welcomes this opportunity to educate overseas buyers about the benefits of real estate investment in the United States."

The Florida Association of Realtors(R), the Realtor(R) Association of Greater Miami and the Beaches, and the Sarasota Association of Realtors(R) are joining NAR as sponsors of the SIMA trade show. In a 2007 NAR study, 18 percent of all Realtors(R) surveyed had at least one client involved in an international transaction in the previous year. An additional 14 percent had international prospects that had not yet completed a transaction.

In Florida, the numbers were considerably higher; 65 percent of Realtors(R) in the Sunshine State had foreign clients in the previous year."Fifteen percent of all Florida home sales now involve foreign purchasers," said Lowe. "In part, this interest in the United States stems from the fact that more and more people in different nations recognize the value of owning real property, and our country represents one of the best and safest places to make such an investment," she said.

The SIMA international second-homes exposition takes place April 8-12 in Madrid.

The event attracts resort developers and second-home investors from around the world and features more than 800 trade exhibitors.The National Association of Realtors(R), "The Voice for Real Estate," is America's largest trade association, representing 1.3 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 News Media section. Statistical data, tables and surveys also may be found by clicking on Research. First Call Analyst: FCMN

Contact:

National Association of Realtors

Iverson Moore

1-202-383-1290,

imoore@realtors.org

Web Site: http://www.realtor.org/

NAR Says Fundamentals Holding in Commercial Real Estate

WASHINGTON, DC, PRNewswire-USNewswire/ -- Commercial real estate market fundamentals are fairly stable, although investment is waning following a record year in 2007, according to the latest COMMERCIAL REAL ESTATE OUTLOOK of the National Association of Realtors(R).

NAR Chief Economist Lawrence Yun (photo top left) said the commercial real estate market is holding essentially even. "We're seeing no significant changes in vacancy rates or rent growth, so the fundamentals in commercial real estate still seem to be respectable," he said.

"Under normal circumstances, near-full occupancy coupled with positive rent growth would be of strong interest to investors, but we're not seeing that. The credit crunch has filtered into the commercial real estate market."

Patricia Nooney of St. Louis, chair of the Realtors(R) Commercial Alliance Committee, said the investment cycle appears to be turning. "It looks like investors are taking a wait-and-see attitude," she said. "Even with fairly stable fundamentals and capital available from institutional investors, it appears investor confidence has declined, and some private investors have had problems obtaining financing. Commercial real estate investment set a new record in 2007, but now that we're in a period of economic uncertainty, transaction volume is likely to decline."

Investment in commercial real estate in 2007 was $427.2 billion, up 39.2 percent from the previous record of $306.8 billion in 2006; that total does not include transactions valued at less than $5 million or investments in the hospitality sector, based on analysis of data from Real Capital Analytics. NAR projects the investment dollar volume this year could drop by 30 to 40 percent, comparable to 2006 levels.

The NAR forecast in four major commercial sectors analyzes quarterly data for various tracked metro areas. The sectors are the office, industrial, retail and multifamily markets. Historic metro data were provided by Torto Wheaton Research and Real Capital Analytics.

For a copy of the complete report, please contact:

Walter Molony,

1 202 383 1177

wmolony@realtors.org