Voice for Real Estate 70: Credit Scores, Flood Ins., New CEO
The latest Voice for Real Estate news video from NAR looks at progress on flood insurance reauthorization. The video also covers a recent change by credit reporting agencies to reduce common errors, a move which is expected to increase credit scores for 12 million consumers. It also looks at NAR’s incoming CEO, Bob Goldberg, a long-tome NAR senior executive who oversees marketing and business development, among other things. Goldberg will replace retiring CEO Dale Stinton.
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, a 20 point 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.
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 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 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.