National

December Existing-Home Sales Show Uptrend

Existing-home sales continued on an uptrend in December, rising for three consecutive months and remaining above a year ago, according to the NATIONAL ASSOCIATION OF REALTORS® (NAR).

The latest monthly data shows total existing-home sales rose 5.0 percent in December from a downwardly revised November, and are 3.6 percent higher than in December 2010. The estimates are based on completed transactions from multiple listing services that include single-family homes, townhomes, condominiums and co-ops.

215th State Legislature Begins

On January 10, 2012, the 215^th session of the New Jersey State Legislature began, as the members of the General Assembly and State Senate who will serve in office through January of 2014 were sworn in to office. To view the make-up of the Senate and Assembly and to see who represents you, visit the State Legislature website.

Following the swearing in of the new State Legislature, Governor Chris Christie addressed a joint session of the Senate and Assembly to honor the memory of Assembly Leader DeCroce.

NJAR^® will be working with the Governor’s office and the members of the 215^th State Legislature on the issues of importance to REALTORS^® including realty transfer fees and property taxes. For the most up to date information on the work of the new State Legislature, make sure to “like” the NJAR^® Government Affairs Facebook page.

Christie Signs NJAR®-Supported Blue Acres Bill

On January 9, 2012, Governor Chris Christie signed NJAR® supported legislation, A-4267, into law. NJAR®’s support for this legislation came in response to a request by numerous local boards/associations for assistance to homeowners who live in flood-prone properties following Hurricane Irene. The request was for financial assistance that would allow municipalities to buyout homeowners through the use of pre-existing municipal open space funds previously approved by local voters. The new law will speed up the buyout process so homeowners can receive a fair market value that can be used to purchase a new home while the property itself is used to create a buffer against future flooding of area homes. This legislation was signed into law just over three months following the request for assistance received at NJAR® from the local boards/associations.

FHA Extends Anti-Flipping Waiver through 2012

A waiver of FHA anti-flipping rules will stay in place until December 31, the agency says. Compliance with the waiver requires:

1) All transactions be arms-length, with no identity of interest between the buyer and seller or other participating parties.

2011 Triple Play Photo Highlights Available

Over 8,000 real estate professionals from New Jersey, New York, Pennsylvania and surrounding states celebrated the eleventh annual Triple Play REALTOR^® Convention & Trade Expo in Atlantic City in the month of December.  The long-standing tradition of excellence continued with over 80 professional development courses and sessions presented by nationally recognized speakers.  To view photos of the event, visit the NJAR^®'s Facebook page. If you haven't already 'liked' us at www.facebook.com/NJREALTORS, make sure you do so that you will be able to see the Triple Play photo album. Save the date now for next year's Triple Play, December 4-6, 2012. Also, be sure to "like" Triple Play's Facebook page for more Triple Play news and updates.