http://www.nysar.com/ The latest press releases from NYSAR. en-us 8/28/2008 2:32:00 AM 8/28/2008 2:32:00 AM Solasus.com http://www.nysar.com/media/release.asp?r=122 Albany August 8, 2008 New Yorks REALTORS today applaud Gov. David Paterson for signing into law a long overdue measure to make sure real estate practitioners have a fair chance to recover earned but unpaid real estate commissions (A.7519A/S.4874). The Commission Escrow Act provides that when a contractually agreed upon commission has not been paid the disputed amount will be taken from the proceeds of the sale and placed in to escrow, pending an impartial review and determination. The measure does not pre-judge who is guilty and who is innocent. It is simply a process for keeping the funds available in New York State pending an impartial review and determination. Existing legal remedies do not provide an acceptable avenue for recouping earned but unpaid real estate commissions, said Linda J. Page, NYSAR president. Frequently, real estate professionals are faced with take it or leave it offers of less than the agreed upon commission from their clients at closing. As a practical matter, the real estate licensee is left with little choice but to take a reduced commission in many instances because the amount of the commission is less than the cost of recovery through the courts. More than 20 years ago the state Legislature recognized that real estate commissions were vulnerable to illegal non-payment and enacted Section 294-b of the Real Property Law. That law authorizes brokers who have fulfilled the terms of a brokerage employment contract to file an Affidavit of Entitlement to Commission with the county clerk. While RPL 294-b was a positive first step toward protecting earned but unpaid commissions, time has proven the affidavit alone to be ineffective. The newly enacted law will strengthen the Affidavit of Entitlement Law in an open, predictable and fair manner to all involved parties by: Providing that when an Affidavit of Entitlement to Commission has been filed, and the agreed upon commission has not been paid, the seller shall place the amount of the contractual commission into escrow with the county clerk from the proceeds of the sale. Allowing the broker and seller to resolve the disagreement through negotiations, the courts or some other mutually agreed upon process. Maintaining the escrow in force until there is a written agreement by the client and broker or an order from a court of record determining the parties rights to the escrow monies. This new law does not affect sellers of real estate who meet the financial and contractual obligations that they agreed to in their written contract for brokerage employment, said Page. Rather, this law would only apply to sellers that withhold all or some of the commission that they already agreed to pay. Importantly, the law does not create a lien or in any way interfere with the real estate closing. We thank Governor Paterson and our legislative sponsors, Assemblyman Michael Gianaris and Senator Dale Volker, for taking the lead on this issue. The New York State Association of REALTORS is a not-for-profit trade organization representing more than 62,000 of New York states real estate professionals. The term REALTOR is a registered trademark, which identifies real estate professionals who subscribe to a strict code of ethics as members of the National Association of REALTORS. These REALTORS are also members of the New York State Association of REALTORS as well as their local board or association of REALTORS. -###- 8/8/2008 12:00:00 AM http://www.nysar.com/media/release.asp?r=123 Measure signed into law to prohibit all sex offenders from real estate licensure Albany August 7, 2008 New Yorks REALTORS today commend Gov. David Paterson for signing a measure into law that will preclude all convicted sex offenders from obtaining a real estate license (A.1269/S.1531).Under the parameters of the new law, any convicted sex offender will be barred from holding a real estate license, and current licensees will be required to report any sex crime conviction to the New York State Department of State within five days. New Yorkers will be safer as a result of this new law, said NYSAR President Linda J. Page. By signing this vital piece of legislation into law, Governor Paterson has ensured that convicted sex offenders will no longer have access to the real estate transaction process as a means to commit heinous crimes. We thank Governor Paterson and our legislative sponsors, Senator Charles Fuschillo and Assemblyman Jonathan Bing for taking the lead on this issue. The new law closes a loophole in current statute that only precluded felons from obtaining a real estate license.As such, misdemeanor level sex offenders have been eligible to hold a real estate license.The measure builds upon the private and public recognition that New Yorkers could be vulnerable to violent crime within the framework and common practices involving real estate transactions. For example, sexual predators could seek to take advantage of customers in unoccupied premises. Sex offenders on any level represent a persistent threat to the public, Page said. Any individual listed on the states sex offender registry should be prohibited from having one-on-one, closed-door contact with the public. We strongly supported this legislation because protecting the safety of our customers and clients is a top priority for the more than 62,000 members of the New York State Association of REALTORS. No one I know would want to give a registered sex offender the key to their house.Before this law went into effect, convicted sex offenders could hold real estate licenses and gain access to the homes of numerous New Yorkers who have their houses on the market.This new law is a commonsense measure that adds another layer of protection for our residents, said Senator Charles J. Fuschillo, Jr. (8th Senate District), who sponsored the legislation in the Senate. On any given day in my East Side district, hundreds of apartments are being shown by real estate licensees to neighborhood residents and visitors, said Assemblyman Jonathan Bing (73rd Assembly District). My current and future constituents deserve to know that those with access to their homes will not cause them harm.I applaud the New York State Association of REALTORS proactive effort to prevent sex offenders from holding real estate licenses and I am proud to have sponsored this bill in the Assembly. The New York State Association of REALTORS is a not-for-profit trade organization representing more than 62,000 of New York states real estate professionals. The term REALTOR is a registered trademark, which identifies real estate professionals who subscribe to a strict code of ethics as members of the National Association of REALTORS. These REALTORS are also members of the New York State Association of REALTORS as well as their local board or association of REALTORS. -###- 8/8/2008 12:00:00 AM http://www.nysar.com/media/release.asp?r=120 Albany August 4, 2008 New Yorks housing market remains solid through the first half of the year, aided by an increase in sales of more than 13 percent from May to June, according to preliminary single-family sales data accumulated by the New York State Association of REALTORS. New York home buyers are recognizing the tremendous opportunities available to them in local markets throughout our state as evidenced by the increase in sales between May and June, said Duncan R. MacKenzie, NYSAR chief executive officer. Right now in communities across New York State, smart buyers are taking advantage of the choices available in every price range, and still low mortgage rates. They know that owning a home has a multitude of benefits including helping them build their personal wealth over the long term. New York REALTORS sold 7,647 existing single-family homes in New York State in June 2008, a 13.6-percent increase from May. The June 2008 sales total lagged behind the June 2007 sales count of 9,507, a 19.6-percent decrease. In June 2008 sales gains were reported in 35 counties compared to May, while eight experienced growth compared to June 2007. The June 2008 median selling price of $219,000 increased by 5.8 percent compared to the May 2008 median of $207,000. The June statewide median represents a 5.4-percent decrease from the June 2007 median of $245,000. Thirty-four counties reported gains in median selling price in June 2008 compared to May, while 27 posted gains compared to June 2007. Overall, through the first half of 2008, sales levels are down from the height of the boom, said MacKenzie, but they are at solid levels when considered in a historical context. The softening of the median sales price was expected as inventory levels increased and buyers began to shy away from the market. New Yorks REALTORS sold 35,225 homes between January 1 and June 30, 2008, a decrease of 19 percent from the same period in 2007. The statewide median sales price of $215,000 for the first half of 2008 represents a 14-percent decrease from the $250,000 median posted in the first half of 2007. The New York State Association of REALTORS is a not-for-profit trade organization representing more than 62,000 of New York states real estate professionals. The term REALTOR is a registered trademark, which identifies real estate professionals who subscribe to a strict code of ethics as members of the National Association of REALTORS. These REALTORS are also members of the New York State Association of REALTORS as well as their local board or association of REALTORS. -###- Salvatore I. Prividera Jr. Director of Communications and Special Projects 8/4/2008 12:00:00 AM http://www.nysar.com/media/release.asp?r=121 Statement from New York State Association of REALTORS President Linda J. Page Albany Aug. 4, 2008 Today, New Yorks 62,000 REALTORS commend President George W. Bush and Congress for the creation and enactment of the housing stimulus legislation that we believe will assist New Yorkers hoping to buy and sell a home. The REALTOR organization has been an advocate for these changes for many years. We applaud the bipartisan effort of Congress to present this comprehensive package to the president, and the president for his quick response in signing the bill into law. The highlight of the legislation is a tax deduction for first-time homebuyers that creates a real incentive for those who have been considering a purchase, but for any number of reasons have decided to wait. Our housing market, while posting solid sales totals, will be boosted by this legislation, allowing housing to resume its role as a leading economic driver in our state. The new law will also provide assistance for those families in our state trying to avoid foreclosure by providing them with access to refinancing that is both safer and more affordable. The much needed reform of Fannie Mae and Freddie Mac, improved oversight of both agencies, FHA modernization, permanent increases in conforming and FHA loan limits along with a temporary tax credit for home buyers will ultimately provide a boost for our economy as these measures pave the way for home buyers and sellers to enter the market. These meaningful changes on the federal level will certainly assist New York families with reaching their dream of homeownership, and the benefit will be even greater should it be coupled with meaningful property tax relief in New York State. New Yorks REALTORS continue their call for the passage of Gov. David Patersons school property tax cap proposal. The preliminary report from the New York State Commission on Property Tax Relief found that New York States local taxes are the highest in America 79 percent above the national average. It also found: property tax levies in the Empire State are rising at more than twice the rate of inflation and salary growth; outside of New York City, 62 percent of property taxes are school taxes; and in terms of tax rate, nine of the 10 highest counties in the nation are in upstate New York. Capping the growth of school property tax levies at 4 percent or 120 percent of the Consumer Price Index (CPI), whichever is less, remains vital to ensuring that New Yorkers can afford to purchase and then remain in their homes. Now, it is time for Albany lawmakers to extend the benefits of the new federal legislation by enacting structural reforms to the tax system that will foster tax savings to property owners. Every step the state takes toward lower homeownership taxes is a step toward increasing the states quality of life and economic vitality. ### Editors Note: The New York State Association of REALTORS is a not-for-profit trade organization representing more than 62,000 of New York states real estate professionals. The term REALTOR is a registered trademark, which identifies real estate professionals who subscribe to a strict code of ethics as members of the National Association of REALTORS. These REALTORS are also members of the New York State Association of REALTORS as well as their local board or association of REALTORS. 8/4/2008 12:00:00 AM http://www.nysar.com/media/release.asp?r=119 Statement from New York State Association of REALTORS President Linda J. Page Albany July 17, 2008 Today, New Yorks 62,000 REALTORS call upon their representatives in the state Legislature to return to Albany for the purpose of providing relief to our states beleaguered homeowners who are being crushed by high property taxes. We urge them to approve Gov. David Patersons school property tax cap proposal as an important first step toward providing New Yorkers with a decreased tax burden. The preliminary report from the New York State Commission on Property Tax Relief found that New York States local taxes are the highest in America 79 percent above the national average. It also found: property tax levies in the Empire State are rising at more than twice the rate of inflation and salary growth; outside of New York City, 62 percent of property taxes are school taxes; and in terms of tax rate, nine of the 10 highest counties in the nation are in upstate New York. The New York State Association of REALTORS strongly supports the portion of Gov. Patersons Program Bill #62 that would cap the growth of school property tax levies at 4 percent or 120 percent of the Consumer Price Index (CPI), whichever is less. This tax cap proposal is a step in the right direction toward solving New Yorks property tax crisis. New Yorkers clearly agree. A recent Siena College poll found that 69 percent of voters support of the governors property tax cap bill regardless of political affiliation or geographic location. In addition to the highest property taxes in the nation, home buyers in New York State are also expected to pay the highest closing costs in the nation. Depending on where a homebuyer lives, as many as four separate state and local taxes may be imposed on the recording of a mortgage. Many of these closing costs are fixed and must be paid by low, moderate, and high income homebuyers alike. The net result is that these combined taxes make homeownership unattainable for many who aspire to achieve the dream of owning a home. New York is competing with states to lure and retain a young and well-educated workforce, and losing the battle due in large part to the states regressive tax structure. According to statewide census data released in March 2007, New York was one of only four states that failed to grow in population since 2005, with 46 of New Yorks 62 counties experiencing more people moving out during 2005 than moving in for a total one-year loss of 225,766. This issue has been thoroughly studied by the bi-partisan, blue-ribbon Commission on Property Tax Relief, which also found the need for a school property tax cap, along with other proposals for stemming the tide of ever-rising property taxes. Now, it is time for Albany lawmakers to enact structural reforms to the tax system that will foster tax savings to property owners. Every step the state takes toward lower homeownership taxes is a step toward increasing the states quality of life and economic vitality. The school property tax cap proposal will help make homeownership more attainable and appealing by allowing people to afford to stay in New York State. Offering individuals and families the prospect of meaningful tax relief provides a tangible incentive to purchase a home and grow roots in New York, which will certainly pay lasting dividends. New Yorks REALTORS applaud the governor for his leadership on this issue, and urge our legislators to follow his lead. Editors Note: The New York State Association of REALTORS is a not-for-profit trade organization representing more than 62,000 of New York states real estate professionals. The term REALTOR is a registered trademark, which identifies real estate professionals who subscribe to a strict code of ethics as members of the National Association of REALTORS. These REALTORS are also members of the New York State Association of REALTORS as well as their local board or association of REALTORS. ### Salvatore I. Prividera Jr. Director of Communications and Special Projects 7/17/2008 12:00:00 AM http://www.nysar.com/media/release.asp?r=118 Albany June 30, 2008 Sales of existing single-family homes in New York State in May outpaced April by nearly 12 percent, with more than 80 percent of New Yorks reporting counties seeing an increase in sales, according to preliminary single-family sales data accumulated by the New York State Association of REALTORS. New York REALTORS sold 6,623 existing single-family homes in New York State in May 2008, an 11.8-percent increase compared to April. The May 2008 sales total lagged behind the May 2007 sales count of 7,957, a 16.8-percent decrease. According to the National Association of REALTORS (NAR), existing single-family home sales rose just 1.6 percent nationally compared to April 2008 and decreased 14.5-percent compared to May 2007. The May 2008 median sales price in New York State of $210,000 held steady at the April 2008 level. The May statewide median represents an 8.7-percent decrease from the May 2007 median of $230,000. According to NAR, the median existing single-family home price was $206,700 nationally in May 2008, a 3.6-percent increase compared to the national median of $199,600 in April 2008, but a 6.8-percent decrease compared to $221,900 median price reported in May 2007. Sales gains were reported in 47 New York counties this month, with a collective sales increase if 11.8 percent compared to April 2008, said Duncan R. MacKenzie, NYSAR chief executive officer. When compared to the national numbers, New York States housing market is faring better, which is encouraging to see as we head into the summer months. The New York State Association of REALTORS is a not-for-profit trade organization representing more than 61,000 of New York states real estate professionals. The term REALTOR is a registered trademark, which identifies real estate professionals who subscribe to a strict code of ethics as members of the National Association of REALTORS. These REALTORS are also members of the New York State Association of REALTORS as well as their local board or association of REALTORS. -###- Salvatore I. Prividera Jr. Director of Communications and Special Projects 6/30/2008 12:00:00 AM http://www.nysar.com/media/release.asp?r=117 Albany May 23, 2008 Sales of existing single-family homes in New York State in April increased by more than 14 percent compared to March, according to preliminary single-family sales data accumulated by the New York State Association of REALTORS. New York REALTORS sold 5,838 existing single-family homes in April 2008, a 14.4-percent increase compared to the 5,035 sales recorded in March. The April sales total represents a 14.7-percent decrease compared to the April 2007 total of 6,845. The April 2008 median sales price of $ $215,000 represents a 2.5-percent increase from the March median of $209,800. The April 2008 median sales price represents a 12.2-percent decrease compared to the April 2007 median of $245,000. In April 2008 sales gains were reported in 43 counties compared to March, while 10 experienced growth compared to April 2007. Twenty-nine counties reported gains in median selling price in April 2008 compared to March 2008, while 30 posted gains compared to April 2007. It is important to remember that all real estate markets are local, and its no different here in New York State, said Duncan R. MacKenzie, NYSAR chief executive officer. While reports of the so-called national housing markets demise abound, overall New Yorks housing market is performing well with sales gains being reported in more than two-thirds of our counties. This month-to-month growth in sales bodes well for the future as we enter the traditionally active late spring and summer months. The New York State Association of REALTORS is a not-for-profit trade organization representing more than 61,000 of New York states real estate professionals. The term REALTOR is a registered trademark, which identifies real estate professionals who subscribe to a strict code of ethics as members of the National Association of REALTORS. These REALTORS are also members of the New York State Association of REALTORS as well as their local board or association of REALTORS. -###- Salvatore I. Prividera Jr. Director of Communications and Special Projects 5/23/2008 12:00:00 AM http://www.nysar.com/media/release.asp?r=116 NYSAR joined with a coalition of REALTOR associations from across the nation to call upon Congress today to assist the recovery of the housing market by permanently increasing the conforming loan limit to $729,750. NYSAR President Linda J. Page wroteon Friday, May 16,to the members of the Senate Banking, Housing and Urban Affairs Committee urging their support of the inclusion of this language in The Federal Housing Finance Regulatory Reform Act of 2008. In the letter, she noted the change would not only provide a positive boost to the housing market, but also to the state's economy. The following is the text of the letter: Dear Senate Banking, Housing and Urban Affairs Committee: The New York State Association of REALTORS urges your support for inclusion of language in The Federal Housing Finance Regulatory Reform Act of 2008 that will permanently increase the conforming loan limit to $729,750. Congress currently has a unique opportunity to give an immediate boost to the economy, bring greater liquidity to a distressed housing market, create new homeownership opportunities, and save hundreds of thousands of homeowners from foreclosure without any additional costs to taxpayers. With steep declines in housing sales, production, and prices, New Yorks slumping real estate sector has staggered the states economy. New Yorks REALTORS believe increasing the conforming loan limit will supply an immediate infusion of capital into both the housing market and the economy as a whole. The National Association of REALTORS estimates that by increasing the conforming loan limit Congress can generate nearly $42 billion in economic activity through increased home prices alone. A primary reason for the current decline is New Yorks housing affordability crisis that has been exacerbated by the shortage of liquidity in the secondary market for jumbo loans. The shortage of capital for jumbo loans means that New York homeowners who were dragged down by the current market conditions are faced with no safe and affordable refinancing options due to New Yorks high-housing costs. A significant number of New York homeowners and homebuyers lack access to not only Fannie Mae or Freddie Mac (GSE) financing, but FHA loans or the VA loan program, both of which must be increased by Congress. Now, more than ever, Congress can no longer wait to take action. New Yorks economy, homeowners and housing market need relief now and the states economy, like the nations, needs a boost. We strongly urge that the Senate include language in The Federal Housing Finance Regulatory Reform Act of 2008 that includes an increase in the conforming loan limit to $729,750. Sincerely, Linda J. Page 2008 NYSAR President 5/17/2008 12:00:00 AM http://www.nysar.com/media/release.asp?r=115 Albany April 23, 2008 Sales of existing single-family homes in New York State in March increased by more than 10 percent compared to February, but lagged behind March 2007, according to preliminary single-family sales data accumulated by the New York State Association of REALTORS. New York REALTORS sold 5,035 existing single-family homes in March 2008, a 10.1-percent increase compared to the 4,575 sales recorded in February. The March sales total represents a 29-percent decrease compared to the March 2007 total of 7,094. The March 2008 median selling price of $210,000 represents a 6.7-percent decrease from the February median of $225,000. The March 2008 median selling price represents a 14.7-percent decrease compared to the March 2007 median of $246,150. In March 2008 sales gains were reported in 31 counties compared to February, while just four experienced growth compared to March 2007. Thirty-one counties reported gains in median selling price in March 2008 compared to February 2008, while 20 posted gains compared to March 2007. With a more than 10 percent increase in sales of existing single-family homes in March compared to February, the New York State housing market is performing better than the national housing market, said Duncan R. MacKenzie, NYSAR chief executive officer. While changes in the median selling price fared better on a national level, New Yorks median price continues to remain above the national median. The New York State Association of REALTORS is a not-for-profit trade organization representing more than 61,000 of New York states real estate professionals. The term REALTOR is a registered trademark, which identifies real estate professionals who subscribe to a strict code of ethics as members of the National Association of REALTORS. These REALTORS are also members of the New York State Association of REALTORS as well as their local board or association of REALTORS. -###- Salvatore I. Prividera Jr. Director of Communications and Special Projects 4/23/2008 12:00:00 AM http://www.nysar.com/media/release.asp?r=114 Albany March 26, 2008 Sales of existing single-family homes in New York State in February decreased by more than 12 percent compared to last February, according to preliminary single-family sales data accumulated by the New York State Association of REALTORS. The February 2008 sales total of 4,528 represents a 19-percent decrease compared to the 5,588 sales closed in February 2007. The February sales total fell 12.6 percent from the January 2008 sales total of 5,178. The February 2008 median selling price of $230,000 represents an 11.5 -percent decrease from the February 2007 median of $260,000. However, the February 2008 median was only 2.1 percent below the previous months median of $235,000. In February 2008 sales gains were reported in 19 counties compared to February 2007, while 16 experienced growth compared to January 2008. Thirty-seven counties reported gains in median selling price in February 2008 compared to February 2007, while 29 posted gains compared to January 2008. The winter months are historically slow in terms of sales, and this months total is reminiscent of a typical February, said Duncan R. MacKenzie, NYSAR chief executive officer. Based on historical trends, we anticipate sales will increase as we move closer to the spring and summer months, especially as buyers take advantage of historically low mortgage finance rates and increasing inventory levels. The recent actions by the federal government intended to assist the housing market should also bring improvement in the coming months. The New York State Association of REALTORS is a not-for-profit trade organization representing more than 64,000 of New York states real estate professionals. The term REALTOR is a registered trademark, which identifies real estate professionals who subscribe to a strict code of ethics as members of the National Association of REALTORS. These REALTORS are also members of the New York State Association of REALTORS as well as their local board or association of REALTORS. -###- Salvatore I. Prividera Jr. Director of Communications and Special Projects 3/26/2008 12:00:00 AM