Florida Real Estate Blog

Another Week With Little Change in Mortgage Interest Rates

Today, 4/29/10,  Freddie Mac reported that the average mortgage interest rate for 30 year fixed-rate mortgages was 5.06% (5.00% in the southeast), down from 5.07% a week ago. The average interest rate for 15 year fixed-rate mortgages was 4.39%, unchanged from last week. A year ago the 30 year rate was 4.78%.

For the past four months mortgage interest rates for 30 year fixed-rate loans have hovered right around the 5% mark. Historically very low. This level is almost exactly the way things were throughout 2009. The low rates have worked to moderate the drop in home prices as they made buying a home more attractive. Lower rates mean more people can buy homes, and thus competition for the homes out there increases. That often means that the prices stop falling, and may even increase in some markets. Supply and demand strike again!

Prices on existing homes showed a 12 month increase of 0.7% in February, and that was the first annual increase since December of 2006. Seems like ages ago.

Freddie Mac also said that "the Census Bureau's Constant Quality price index showed that new home prices rose 2.5% in the first quarter (of 2010) on an annual basis."

News reports and market surveys continue to show that, little-by-little, it would appear that things are turning around. We got into this mess over several years, and it will take more than a few months to get things turned around. The good news is that finally it looks like our economy is going in the right direction overall.

Do keep in mind that we are a very large country. So figures that come out for the entire nation, may have little or no relevance for your particular area. In the end, it is best if you speak with a local REALTOR or financing expert to see what the situation is for your part of the United States. Florida is not Michigan, nor is Maine the same as California. Market conditions can be very different from place-to-place. Also, your own credit history, the property you want to buy, etc. will effect your specific loan options and interest rates. Your mortgage broker or bank loan officer can give you more specific information.

If you want to learn more about Freddie Mac or see the details of their survey, go to: www.freddiemac.com and click on the link for "Current Weekly Survey". They break down the survey by specific regions in the United States so you can see how your state compares to other parts of the country. They also explain the mission of Freddie Mac and offer a lot of useful information for consumers.

If you would like to speak with a lender you can find some at my website: www.jelwell.century21bnr.com . You can also speak with your own bank, credit union, or mortgage broker to see what your particular interest rate would be, should you decide to finance a home purchase.

I would also be happy to assist you in any way that I can. Just call me at: 813-783-4444 or e-mail me at: jelwell1@tampabay.rr.com  You are also welcome at my webpage:  www.jelwell.century21bnr.com

Survey Results Indicate that Florida Real Estate Market Has Reached Bottom

GAINESVILLE, Fla. — Florida real estate markets show the first tentative signs of being on the verge of recovering from the most painful recession in the state’s history, according to the latest University of Florida report.

“Results of our first quarter survey indicate that the real estate market in Florida has hit bottom and is in the process of stabilizing across most property types,” said Timothy Becker, director of UF's Bergstrom Center for Real Estate Studies.

But while most of the survey respondents report the market probably won’t get any worse, few say it has actually begun to improve yet, Becker said. “One of our respondents summed it up by stating that ‘if anything, we will get less bad,’ ” he said.

On the positive side, private capital — both foreign and domestic — is continuing to enter the state in search of quality investment deals, Becker said. As banks start to deal with their problem assets, more deals will come to market, he said.

Another good sign is that life insurance companies have started to re-invest in commercial properties after backing off for the last year and a half, Becker said. Because these companies use premiums from life insurance policies to make investments, they are not deterred by the lack of available bank financing, he said.

“They see the fundamentals of the economy stabilizing and they see the opportunity to get quality assets at a good price,” he said. “So if they think things aren’t going to get worse and they may actually get better, it follows that they’re going to want to start investing again.”

On the negative side, unemployment continues to be one of the state’s biggest problems, edging up to 12.3 percent in March, its highest level since the state began keeping count in the 1970s, Becker said. Florida has lost more than 880,000 jobs since 2007, he said.

Although there is a potential for job growth later in the year, even under the most optimistic assumptions it will take three to four years to return to 2006 levels, he said.

Also of concern is the continued reluctance of commercial banks to lend money because of pressure from regulators to manage their risks, along with depressed values that make it difficult to refinance mortgages coming due, he said.

The retail and office markets are the worst off, Becker said. “Until there is an increase in job growth, there is no need for more office space, and people aren’t spending as much money as they used to,” he said.

Apartments continue to be the best market in the state due to high demand from people moving out of foreclosed homes, Becker said. “More people are going to be living in temporary spaces than trying to buy homes just because it’s gotten a lot more difficult to buy homes from a financing perspective,” he said.

Statewide, Florida’s new housing market will continue to be slow as a result of more foreclosed homes becoming available, Becker said. “That competition makes it very difficult for new homes to get built and purchased because buyers can often get an equal or nicer home for a much cheaper price on the foreclosure market right now,” he said.

One of the strongest areas of the state is South Florida, especially Miami-Dade and Broward counties, with their diverse economies, steady migration and influx of foreign capital, Becker said. “The glut of condos in South Florida is actually starting to change hands — they’re beginning to rent them up — and I think there is more life in downtown Miami than there has been in a long time,” he said.

Orlando, Tampa and Jacksonville also are picking up, Becker said. “Florida’s big cities — those four areas — are less bad off than the rest of the state and they’re going to be quicker to recover than other places,” he said.

Jacksonville, in particular, is in a good position because its housing market never got as hot as other markets, and as a result, it doesn’t have as many foreclosures, Becker said. “I think Jacksonville is primed to really take off, and with the expansion of the port is going to have a lot of jobs coming into the marketplace,” he said.

A positive note overall is that survey respondents’ confidence in their own business has risen for the fifth consecutive quarter, Becker said. In previous breakdowns by profession, developers and lenders had extremely low expectations for their own businesses and that has grown substantially in the last few surveys, he said.

“It’s always a good sign for us that the lenders think their business is going to get better,” he said. “Maybe it means there is some light at the end of the tunnel, even though we’re still not at a great spot.”

Writer: Cathy Keen       Source: Timothy Becker

Source: University of Florida Press Release

Florida's Consumer Confidence Up This Month: University of Florida

GAINESVILLE, Fla. — Shoppers rushing to take advantage of home and appliance rebates caused Florida’s consumer confidence to spike in April by six points to 77 despite the state’s record unemployment, according to a new University of Florida survey.

The last time consumer confidence was at or above 77 in the Sunshine State was in October 2007 when it was 79, the same month the Dow Jones Industrial Average peaked at 14,168, said Chris McCarty, survey director of UF's Bureau of Economic and Business Research.

“Florida’s consumers have been full of surprises the past several months,” McCarty said. “Much like the reading for January, this rise in confidence was completely unexpected. Last month Florida broke its all time record for unemployment at 12.3 percent. Yet Floridians are far more optimistic this month than last.”

Much of the increase is fueled by a dramatic rise in perceptions of buying conditions, McCarty said. The biggest jump among the index components was that measuring perceptions of whether it is a good time to buy big-ticket consumer items. It rose 14 points to 87.

“We believe this is a combined effect from the appliance rebate, which pumped $17.5 million into the Florida economy in a matter of days, as well as the tax rebate for both first-time homebuyers and those who have been in a home for the past five years,” he said. “These rebates are set up to run out at the end of this month and many consumers are rushing to buy homes to qualify for the rebate.”

Both rebates’ effects can be seen in higher sales revenues and higher sales of new and existing homes, McCarty said. Sales tax revenues going into the state’s General Fund were about 1.1 percent over estimates for February, with March sales likely to show a similar trend, he said.

“The big question is what happens when the rebates run out in May and the stimulus dollars are spent,” he said.

Consumers also were more optimistic than last month about short- and long-term economic conditions in the United States, McCarty said. “This reflects a stock market that remains at relatively high levels despite some difficult news, including charges by the SEC against Goldman Sachs and the possibility that Greece will not get the help it needs to solve its debt problems,” he said.

In all, four of the five components rose and one stayed the same. In addition to the 14-point increase in perceptions about buying big-ticket items, expectations of U.S. economic conditions over the next year rose 10 points to 80, while expectations of U.S. economic conditions over the next five years rose six points to 79. Perceptions of personal finances now compared with a year ago remained unchanged at 55, while expectations of personal finances a year from now rose two points to 84.

This month is very unusual in that the University of Michigan’s preliminary index, which measures national consumer confidence, was 69.5 for April — down four points from March — compared with Florida’s reading of 77, McCarty said.

“For the U.S. the present conditions index, which includes perceptions of buying conditions, fell for U.S. consumers, but rose for Floridians,” he said. “This is puzzling as by most measures the U.S. economy is in much better shape as a whole than is Florida.”

National unemployment has remained at 9.7 percent since January, compared with Florida’s rate of 12.3 percent, which topped the previous record of 12.2 percent last month and in May 1975, McCarty said. Florida began tracking unemployment in the 1970s, he said.

Retail sales nationwide have been unusually robust since the beginning of the year, with particularly strong showings from clothing, electronics and this month from car sales, McCarty said. The overall savings rate was down to 3.1 percent in February, less than half of the 6.4 percent reached in May of last year, he said.

“Consumers are clearly optimistic that the United States is in recovery and that the economy will at least not get any worse,” he said. “Therefore some of the spending may be pent up demand from households that were cautious about spending when the recession was at its height and when job losses were on the rise.”

Although long-term unemployment remains a serious problem in the near term, it appears that layoffs have mostly stopped, he said.

The research center conducts the Florida Consumer Attitude Survey monthly. Respondents are 18 or older and live in households telephoned randomly. The preliminary index for April was collected from 400 responses.

Writer: Cathy Keen Source: Chris McCarty

Source: University of Florida Media Release

Two More Homes Sold in Zephyr Shores near Zephyrhills, Florida - Buyers are Still Buying!

In just the past 5 days I have had closings on two homes in the Zephyr Shores Subdivision just to the west of Zephyrhills, Florida. Many people think that all of the buyers have all gone back up north, but that is not completely true. Homes with good exposure, especially on the internet, are still being found by the buyers that are even now looking around our area for a piece of property to call their own.

The first home I found buyers for was this double-wide mobile on Madison Avenue. Located on a nice corner lot near the back of the park. It was sold furnished, had two bedrooms, two baths, vaulted ceilings, a heated Florida room and a screened patio. The new owners have great plans for how they will enjoy this new vacation home of theirs. Without a doubt they will reap the rewards of wintering here for many years to come.

The second home is the one you see on the right. With this home, I not only listed it for the sellers, but also found buyers who purchased it. They had followed my listings on the internet and new a great home when they saw it. Though this home is smaller than the first, it offers a lot for the money. Two Florida rooms, 2 bedrooms, 1 bath, large lot, clean as clean can be, a roof-over, and totally furnished. The new owners are coming from a park model in a rental park. They now see the importance of owning the land under the home! No more monthly rental fees for them.

People like Zephyr Shores since it has low homeowner association fees, large lots, a great clubhouse, an inviting community pool, shuffleboard courts, and access to tranquil Six Mile Pond. Just a great overall subdivision to live in. Conveniently located near shopping, supercenters, parks, restaurants, medical facilities, and the City of Tampa.

If you would like to claim your part of the Sunshine State here in Eastern Pasco County, Florida, feel free to call me at: 813-783-4444 or e-mail me at: jelwell1@tampabay.rr.com  You can also visit my webpage at: www.jelwell.century21bnr.com I will be happy to assist you in any way that I can.

Recent Buyer/Seller Survey Results Released by CENTURY 21

PARSIPPANY, N.J. (April 21, 2010) -- Century 21 Real Estate LLC, the franchisor of the world‟s largest residential real estate sales organization, today announced the results of its First-Time Home Buyers and Sellers Survey, which captured and compared the opinions of prospective home buyers and sellers who either purchased or sold their first home within the past year or are planning to buy or sell their first home within the next year.

More than 80 percent of first-time home buyers and sellers feel the current housing market is more affordable today than this time last year, despite the fact that 40 percent of all respondents are more worried about the economy compared to this time last year.

While the attractive combination of home prices, mortgage rates and tax credits appeal to both buyers and sellers, market conditions continue to favor buyers. However, first-time home buyers anticipate home prices will soon begin to rise and in fact, about half of first-time buyers (48 percent) expect an increase by this time next year, thereby reestablishing the balance between buyers and sellers.

"Today‟s market presents a generational opportunity for home buyers and current home owners looking to leverage their market position," said Rick Davidson, president and CEO, Century 21 Real Estate LLC. "If you are considering buying or selling a home, talk to a real estate professional who can help you to navigate the specifics of your local market."

Sixty (60) percent of first-time home buyers do not feel they have a good handle on the real estate process. Given the complexity and opportunity of today‟s real estate market, 85 percent of both first-time buyers and sellers feel that using a real estate professional is important. The top three skills valued in realtors by both buyers and sellers are knowledge of the area, trustworthiness and responsiveness.

"Buying a home, while an emotional process, is the single greatest financial decision that most people will make in their lifetime," counsels Davidson. "By providing real-time, „feet on the street‟ local market intelligence, CENTURY 21 agents take the guesswork out of the process and provide the expertise necessary to help home buyers and sellers make smart decisions."

The majority of the CENTURY 21 survey respondents have moved or intend to move more than 10 miles but less than 50 miles from their previous location, indicating current market conditions may be a catalyst for buying or selling homes, as opposed to a desire to dramatically change geographic location or relocate for a job.

Source: CENTURY 21 Corporate Press Release

March 2010 Residential Construction Up Markedly - Earlier Figures Also Revised Upward

WASHINGTON—The Commerce Department’s U.S. Census Bureau today released new residential construction data for March 2010. Permits for new housing units jumped 7.5 percent in March, housing starts increased 1.6 percent in March and starts in February were revised up considerably. Permits have advanced 37.6 percent and starts have risen 30.7 percent above their low points in April 2009. “The good news is that housing permits and starts came in above expectations and are up substantially from their lows last year,” Commerce Secretary Gary Locke said. “But housing data can be volatile. The outlook is positive, but President Obama understands there is much work left to ensure continued economic growth and to put Americans back to work.”

Source: US Commerce Department Press Release

5th Annual Zephyrhills Scramble on May 7, 2010

 Zephyrhills Chamber of Commerce and the Noon Rotary Club of Zephyrhills

 

5th Annual Zephyrhills Scramble

Friday, May 7th 2010

 

Silverado Golf & Country Club

12:00 Noon Registration * 1:00 pm Shotgun Start

 

Catered Meal by Sonny's BBQ / Margarita and Bloody Mary's at the "Watering Hole"

$10,000 Hole in One  * $2500 Putting * $400 1st place low gross * $300 1st place low net

50/50 * Mulligans * Prize Paks * Lots of Door Prizes!

 

$150 Hole Sponsor / $100 individual player

$500 Team Sponsor (includes 4-person play and one hole sponsor)

Registration form attached or download at www.zephyrhillschamber.org

 

Corporate Sponsors

CF Industries * Florida Hospital Zephyrhills

CenterState Bank * First National Bank of Pasco

 

Catering Sponsor

Sonny's BBQ

 

Media Sponsor

The Laker

 

Call the Chamber Office for more information

(813) 782-1913

Average Mortgage Interest Rates Mostly Unchanged This Week says Freddie Mac

Today, 4/22/10,  Freddie Mac reported that the average mortgage interest rate for 30 year fixed-rate mortgages was 5.07% (5.03% in the southeast), unchanged from 5.07% a week ago. The average interest rate for 15 year fixed-rate mortgages was 4.39%, down just barely from 4.40% last week. A year ago the 30 year rate was 4.80%.

Though interest rates did not move much, they are still very low, historically speaking. So it remains a good time to buy as we enter the summer season. The National Association of REALTORS has reported that across the country the sales of existing homes is up again, and the same goes for here in Florida where the Florida Association of REALTORs has said we are in our 19th month of increases in existing home sales. So little-by-little that backed up inventory is disappearing and those distressed properties (short sales and foreclosures) are also being purchased and taken off the market. Keep in mind that most builders have cut way back and this is also helping to keep the inventories from increasing due to new homes entering the marketplace. This bodes well for the stabilization of home prices at some point in the future.

Even home builder confidence is coming back though and is at its highest level since September 2009. Nice to hear that builders are being optimistic, especially after the past few years of pain.

The home buyer tax credit is set to end very soon and it will be interesting to see if its demise will have any effect on the market. My guess, and it is just a guess, is that here in Zephyrhills, Florida we will see few effects from the end of this program. Low prices and low interest rates seem to be trumping the tax credit in most of my deals.

Do keep in mind that we are a very large country. So figures that come out for the entire nation, may have little or no relevance for your particular area. In the end, it is best if you speak with a local REALTOR or financing expert to see what the situation is for your part of the United States. Florida is not Michigan, nor is Maine the same as California. Market conditions can be very different from place-to-place. Also, your own credit history, the property you want to buy, etc. will effect your specific loan options and interest rates. Your mortgage broker or bank loan officer can give you more specific information.

If you want to learn more about Freddie Mac or see the details of their survey, go to: www.freddiemac.com and click on the link for "Current Weekly Survey". They break down the survey by specific regions in the United States so you can see how your state compares to other parts of the country. They also explain the mission of Freddie Mac and offer a lot of useful information for consumers.

If you would like to speak with a lender you can find some at my website: www.jelwell.century21bnr.com . You can also speak with your own bank, credit union, or mortgage broker to see what your particular interest rate would be, should you decide to finance a home purchase.

I would also be happy to assist you in any way that I can. Just call me at: 813-783-4444 or e-mail me at: jelwell1@tampabay.rr.com  You are also welcome at my webpage:  www.jelwell.century21bnr.com

For 19th Month Florida Has Increase in Number of Existing Home Sales!!!

ORLANDO, Fla., April 22, 2010 – Florida’s existing home sales rose in March, which means that sales activity has increased in the year-to-year comparison for 19 months, according to the latest housing data released by Florida Realtors®.

Existing home sales increased 24 percent last month with a total of 16,294 homes sold statewide compared to 13,090 homes sold in March 2009, according to Florida Realtors. Statewide existing home sales last month increased 37 percent over statewide sales activity in February. Also noteworthy: While March’s statewide existing-home median price of $137,000 was down from the same time a year ago, it was 4.3 percent higher than February’s statewide existing-home median price.

Florida Realtors also reported a 63 percent increase in statewide sales of existing condos in March compared to the previous year’s sales figure; statewide existing condo sales last month rose 40.6 percent over the total units sold in February. Though March’s statewide existing-condo median price of $96,900 was down compared to the year-ago figure, it was 5.1 percent higher than February’s statewide existing-condo median price.

Seventeen of Florida’s metropolitan statistical areas (MSAs) reported increased existing home sales in March while all MSAs had higher condo sales. A majority of the state’s MSAs have reported increased sales for 21 consecutive months.

Florida’s median sales price for existing homes last month was $137,000; a year ago, it was $141,300 for a 3 percent decrease. Industry analysts with the National Association of Realtors® (NAR) note that sales of foreclosures and other distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes. The median is the midpoint; half the homes sold for more, half for less.

The national median sales price for existing single-family homes in February 2010 was $164,300, down 2.1 percent from a year earlier, according to NAR. In California, the statewide median resales price was $279,840 in February; in Massachusetts, it was $271,950; in Maryland, it was $237,446; and in New York, it was $225,000.

NAR’s latest outlook anticipates a rise in home sales in late spring, which should help to absorb inventory. Increased pending sales is a positive sign for home prices, which are continuing to stabilize, according to NAR Chief Economist Lawrence Yun.

In Florida’s year-to-year comparison for condos, 7,148 units sold statewide last month compared to 4,387 units in March 2009 for an increase of 63 percent. The statewide existing condo median sales price last month was $96,900; in March 2009 it was $108,500 for an 11 percent decrease. The national median existing condo price was $170,200 in February, according to NAR.

Interest rates for a 30-year fixed-rate mortgage averaged 4.97 percent last month, down from the average rate of 5 percent in March 2009, according to Freddie Mac. Florida Realtors’ sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.

Among the state’s larger markets, the Sarasota-Bradenton MSA reported a total of 1,055 homes sold in March compared to 765 homes a year earlier for a 38 percent increase. The market’s existing home median sales price last month was $163,800; a year earlier it was $150,000 for an increase of 9 percent. A total of 382 condos sold in the MSA in March compared to 226 units sold the same month a year earlier for an increase of 69 percent. The existing condo median price last month was $146,400; a year earlier, it was $129,000 for a gain of 13 percent.

Source: Florida Association of REALTORS News Release

Good Market Conditions and Tax Credits Help Increase Existing Home Sales: NAR

Buyers responding to the homebuyer tax credit and favorable affordability conditions boosted existing-home sales in March, marking the beginning of an expected spring surge, according to the National Association of Realtors®.

Existing-home sales, which are completed transactions that include single-family, townhomes, condominiums and co-ops, rose 6.8 percent to a seasonally adjusted annual rate of 5.35 million units in March from 5.01 million in February, and are 16.1 percent above the 4.61 million-unit level in March 2009.

Lawrence Yun, NAR chief economist, said it is encouraging to see a broad home sales recovery in nearly every part of the country, with two important underlying trends. “Sales have been above year-ago levels for nine straight months, and inventory has trended down from year-ago levels for 20 months running,” he said. “The home buyer tax credit has been a resounding success as these underlying trends point to a broad stabilization in home prices. This is preserving perhaps $1 trillion in largely middle class housing wealth that may have been wiped out without the housing stimulus measure.”

Total housing inventory at the end of March rose 1.5 percent to 3.58 million existing homes available for sale, which represents an 8.0-month supply at the current sales pace, down from an 8.5-month supply in February. Raw unsold inventory is 1.8 percent below a year ago, and is 21.7 percent below the record of 4.58 million in July 2008.

“Foreclosures have been feeding into the inventory pipeline at a fairly steady pace and are being absorbed manageably,” Yun said. “In fact, foreclosures are selling quickly, especially in the lower price ranges that are attractive to first-time home buyers.”

A parallel NAR practitioner survey shows first-time buyers purchased 44 percent of homes in March, up from 42 percent in February. Investors accounted for 19 percent of transactions in March, unchanged from February; the remaining sales were to repeat buyers. All-cash sales remain elevated at 27 percent in March, the same as in February.

The national median existing-home price for all housing types was $170,700 in March, up 0.4 percent from March 2009. Distressed homes, typically sold at a 15 percent discount, accounted for 35 percent of sales last month – unchanged from February.

“With home values stabilizing, a revival in home buying confidence will likely help the housing market get back on its feet even as the tax credit impact disappears,” Yun said.

NAR President Vicki Cox Golder, owner of Vicki L. Cox & Associates in Tucson, Ariz., said buying conditions are in near-perfect alignment. “Even with tougher loan standards, historically low mortgage interest rates with affordable prices and a sense that the market is turning have created optimal conditions in much of the country,” she said.

“With the fast approaching April 30 deadline to get a contract in place for the tax credit, Realtors® are working harder than ever to negotiate transactions, arrange services and complete paperwork,” Golder said. “Because many repeat buyers need to sell their current home first, many will be purchasing later without the tax credit but now have the benefit of a more buoyant housing market.”

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage dipped to 4.97 percent in March from 4.99 percent in February; the rate was 5.00 percent in March 2009.

Single-family home sales rose 7.3 percent to a seasonally adjusted annual rate of 4.68 million in March from a level of 4.36 million in February, and are 13.3 percent above the 4.13 million level a year ago. The median existing single-family home price was $170,700 in March, up 0.6 percent from March 2009.

Single-family median prices rose in 14 out of 20 metropolitan statistical areas reported in March in comparison with a year earlier. Five metro areas experienced double-digit increases, including San Diego, St. Louis and Boston.

Existing condominium and co-op sales increased 3.1 percent to a seasonally adjusted annual rate of 670,000 in March from 650,000 in February, and are 39.3 percent higher than the 481,000-unit level in March 2009. The median existing condo price was $170,600 in March, which is 0.7 percent below a year ago.

Regionally, existing-home sales in the Northeast increased 6.0 percent to an annual level of 890,000 in March and are 25.4 percent higher than a year ago. The median price in the Northeast was $249,800, up 8.9 percent from March 2009.

Existing-home sales in the Midwest rose 7.2 percent in March to a pace of 1.19 million and are 15.5 percent above March 2009. The median price in the Midwest was $139,300, up 0.2 percent from a year ago.

In the South, existing-home sales increased 7.1 percent to an annual level of 1.97 million in March and are 13.9 percent higher than a year ago. The median price in the South was $154,800, up 5.2 percent from March 2009.

Existing-home sales in the West rose 6.6 percent to an annual rate of 1.30 million in March and are 14.0 percent above March 2009. The median price in the West was $209,400, down 7.9 percent from a year ago.

Source: National Association of REALTORS Press Release