Voice for Real Estate 70: Credit Scores, Flood Ins., New CEO

Voice for Real Estate 70: Credit Scores, Flood Ins., New CEO

Millions of people are getting a credit score
boost Flood insurance clears a hurdle
And NAR gets a new CEO These stories and more on The Voice for Real
Estate Hi, I’m Stephen Gasque of the National Association
of Realtors. Good news for millions of households all across
America. The three credit reporting agencies—Experian,
TransUnion, and Equifax—have agreed to remove tax lien and civil judgment records from people’s
credit reports—if those records have incomplete information. Reviews have shown that’s often the case. The change takes effect in July, and an estimated
12 million consumers will see their credit scores improve by an average of 20 points. NAR’s Charlie Dawson has more. For households with low credit scores, 20
points bump might not have much of an impact when it comes to getting a mortgage loan. But for those on the cusp, the higher score
can mean the difference between getting—and not getting—a loan. A big step for home sales in the 22,000 communities
that depend on flood insurance. The House Financial Services Committee has
passed several bills to extend flood insurance for another five years and to make needed
reforms. But NAR says provisions in one of the bills
could disrupt sales and confuse consumers. Here’s NAR’s Ken Wingert with more. Now that the bills are out of committee, they
will be packaged together and taken up as one bill in the full House before action moves
to the Senate. We’ll keep you updated as NAR works with
lawmakers to improve the legislation before final passage. Busy times for real estate professionals. NAR’s existing-home sales tally for May
was up by 1.1 percent to an annual rate of 5.62 million, the third highest level in the
past year. And sales are expected to keep heading up,
because NAR’s forward-looking pending sales index is also up. Strong job growth and a drop in already-low
interest rates are behind the gains, but, as in past months, the small number of homes
for sale—particularly among more affordable starter homes—is still keeping many people
out of the market. Here’s NAR Chief Economist Lawrence Yun
with more. Now there’s one trend that could lead to
more homes for sale, and that’s an increase in homeowner sentiment that now is a good
time to sell. Seventy-one percent of homeowners say it’s
a good time to put their home on the market—up from 61 percent a year ago. That’s according to NAR’s just-released
Housing Opportunities and Market Experience—or HOME—survey. The nation’s largest professional trade
association has named a new chief executive officer: Bob Goldberg will be CEO of the National
Association of Realtors beginning August 1. He’s currently NAR’s senior vice president
for sales and marketing, business development and strategic investments, professional development
and conventions. He’s replacing the retiring Dale Stinton,
NAR’s CEO for the last 12 years. Here’s NAR President Bill Brown on this
important change for your association. Dale Stinton led the association through the
Great Recession and the recovery that followed. Let’s take a look at how one brokerage,
in Dunwoody, Ga., an Atlanta suburb, reinvented itself after the economic downturn seven years
ago to emerge stronger than ever. DeAnn Golden, senior vice president and managing
broker of Berkshire Hathaway HomeServices Georgia Properties, had an opportunity to
do what few managers get to do after the downturn: she created an entirely new kind of office,
one that reflects the way sales associates work today. Get ideas for your own business in a at Realtor
Magazine’s YouTube channel, where you can hear how Golden transformed the brokerage
to work smarter and faster at less cost. And that’s our show for the week of June
26. You can get more on everything we talked about
today at The Voice for Real Estate page on nar.realtor. Thank you for joining us and be sure to join
us again as we bring you the latest news on The Voice for Real Estate.

4 thoughts on “Voice for Real Estate 70: Credit Scores, Flood Ins., New CEO

  1. Please add Captions.

  2. Do you have this to read instead of just listen to?

  3. Thanks for your request that captions be added. They've been added.

  4. Thank you so much for all you do as our Association and for sharing our case study for the Smart Offices! We are very honored to help make #HomeOwnershipMatter and excited about continually #RedefiningRealEstate for our sales professionals and clients!

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