Central Florida Real Estate Blog

As reported in the Orlando Sentinel (www.orlandosentinel.com) on May 9th, 2012.

Orlando-area homeowners had the nation's second-highest mortgage-delinquency rate during the first quarter, as Florida had the greatest share of overdue home-loans among all the states, a new report shows.

With one of every seven mortgages at least two months behind schedule, Orlando had more delinquencies than any other U.S. metro area except Miami. Nationally, only one in every 17 home loans was two months or more behind, according to the credit-tracking company TransUnion.

The four-county Orlando metropolitan area and Florida both had overdue-loan rates that were more than double that of the country as a whole: 14.3 percent for Orlando versus 13.8 percent for Florida and 5.8 for the U.S.

Florida cities and counties dominated the list of top 10 U.S. metro areas with the highest rates of overdue mortgages in the first quarter. In descending order, the 10 were Miami, Orlando, Port St. Lucie, Volusia County, Tampa, Palm Coast, Polk County, Fort Myers, Sarasota, and Las Vegas.

A silver lining in the report: Even though Florida's mortgage-delinquency rate surpassed that of all other states at the start of the year, the burden of mortgage debt has decreased some for Floridians and homeowners elsewhere in recent years. The median mortgage debt in Metro Orlando during the first quarter, for example, was $183,722, down from a high of $205,572 in the third quarter of 2008.

Orlando homeowners' mortgages are, on average, $3,500 larger than mortgages across the rest of the state. They are also about $4,500 lower than those across the nation as a whole, TransUnion reported.

The improved delinquency rate nationally ends two quarters of increases. Prior to the third quarter of 2011, mortgage-delinquency rates had dropped for six consecutive quarters. This latest quarter marked the lowest overdue rate for the country since early in 2009.

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As reported on MSNBC.Com (www.msnbc.com)

A woman engaged in a bitter battle with Wells Fargo over foreclosure of her southern California home was arrested late Thursday at the tony residence of the bank's CFO in San Marino, where she and dozens of supporters were protesting.

Ana Casas Wilson, 49, who lives in the working-class neighborhood of South Gate, faces eviction from her childhood home. Like many people who have been through foreclosure, she says that the bank wrongly denied her a loan modification and moved to foreclose even when she was able to catch up.

In an action that is becoming increasingly common, Wilson has taken her complaint public and her protest directly to bank officials. In Thursday’s protest, with at least 80 supporters, she attempted to deliver her mortgage payment directly to Tim Sloan, the top financial officer for Wells Fargo. In addition to protesting the foreclosure, the group was challenging an ordinance created last year making it harder to picket in this wealthy enclave.

"People are deciding to take this stand that was previously a little unthinkable," said Peter Kuhns, with the Alliance of Californians for Community Empowerment, which helped organize this and other "home defense" actions. "They are risking arrest, refusing to leave, getting their families involved and putting themselves out there."

Many people are shedding the sense of shame of foreclosure, which kept most people silent in the past, even if they didn’t think they had done anything wrong, he said.

"More and more people are standing up and willing to go public because there is no other remedy and putting public pressure on the bank," said Kuhns.

Wells Fargo did not respond directly to Wilson's situation, but provided a statement in response to queries about her.

"Wells Fargo works very hard to keep customers in their homes whenever possible," said the statement, sent by Jennifer Langan in corporate communications. "We review our customers for a variety of modification options, from HAMP, HARP, HAFA and through our own proprietary programs. Despite these efforts, if a customer is 16 or more months delinquent, it can be extremely difficult to recover." 

Some homeowners who have taken this high-profile approach in their fight against foreclosure, enlisting the support of protesters from the Occupy movement and housing activists, are finding success at it.

Occupy movement targets Wells Fargo shareholder meeting

The case of Rose Gudiel, reported by msnbc.com last year, is one example. In October, Gudiel was hunkered down in her home, surrounded by supporters, awaiting eviction. But at the eleventh hour, lender Fanny Mae canceled the eviction notice and offered her a loan modification, enabling her to keep the home.

Many similar foreclosure battles are under way nationwide, with support from a movement called Occupy our Homes.

Wilson, who has cerebral palsy, lives with her husband, who works as a school janitor, her teen son and her mother, who helps care for her. She has worked as a court reporter, and as an advocate for the disabled.

The trouble covering the mortgage started when she was treated for breast cancer in 2009, and her husband’s income declined as a result of cutting hours to help take care of her. They got behind, but their income stabilized several months later. By then, the bank had moved into foreclosure proceedings and would not accept her payments or discuss ways to catch up, Kuhns said.

The implication in Wells Fargo's statement that Wilson was 16 months behind is misleading, says Kuhns, because for most of that time, the bank refused to take her payments.

Thursday’s protest was on Wilson’s behalf, and it was more generally challenging a San Marino ordinance adopted last November – just a few weeks after a protest of predatory lending practices on Sloan’s front lawn. That demonstration, involving about 100 protesters, was peaceful and ended without incident, the Los Angeles Times reported.

Under the statute, picketers must keep 150 feet from a target residence, or 75 feet from the curb adjacent to the home, whichever is farther.

"The purpose of the ordinance is not to reduce picketing, but to protect the people who are the victims of picketing," police Chief John Schaefer told the Times when it was passed. "We're a prime target. We have a lot of people who fit the profile to be the victim of this type of crime."

Video from the protest posted by the San Gabriel Valley Tribune shows protesters carrying signs and chanting "Wells Fargo, shame on you!" in the street in front of the home.

Wilson is shown crossing a police cordon in her wheelchair to deliver a check to Sloan. She knocks several times, but gets no answer.

"He's embarrassed," Wilson tells the Tribune. "That's why he won't come out. ... He knows that what they are doing is wrong."

Wilson was arrested under the anti-picketing statute, after protesters and police faced off for about two hours. She was released about an hour later and is expected to appear in court in early June.

"The leaders of Wells Fargo and the members of their family should be afforded the right to feel safe in their private residence and we encourage all organizations choosing to demonstrate at private residences to abide by the law for the safety of the general public," the Wells Fargo statement said.

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As reported on DSNews website (www.dsnews.com) 04/23/12.

Inventory is shrinking and traffic for homebuyers seems to be increasing, but according to the Campbell/Inside Mortgage Finance HousingPulse Tracking Survey, home prices were down in March. One reason for this, according to the survey, which includes about 2,500 real estate agents, is the high number of distressed properties on the market.

Home prices for non-distressed properties in March dropped 5.7 percent from a year ago in March 2011. Prices for damaged REO properties also saw a 5.7 percent decline in prices, while move-in ready REO prices fell 2.5 percent during the same period. Short sales declined significantly, with prices falling 14.3 percent during the one-year period.

According to a recent RealtyTrac report, the average price of a home sold via short sale in January 2012 was $174,120, down 10 percent from January 2011. This, RealtyTrac stated, shows that lenders are more willing to approve more aggressively priced short sales.

Driven by an increase in short sales, the total share of distressed properties in the housing market in March was 47.7 percent when using a three-month moving average, according to the HousingPulse Distressed Property Index (DPI). This marks the 25th consecutive month the index has hovered over the 40 percent mark.

"With nearly half of the market being distressed, we’re a long way from a return to a normal market,” said Thomas Popik, research director at Campbell Surveys. “Agents responding to our survey say that homeowners with well-maintained properties in good locations are very reluctant to list at today’s prices. That’s why inventory is low-and also why forced REO and short sales are such a big proportion of the remaining market.”

Over the past six months, the proportion of short sale transactions in the housing market increased from 17.8 percent to 19.9 percent.

The survey also found that traffic indexes for first-time homebuyers, current homeowners, and investors all showed substantial increases in March compared to the year before, with indexes showing current homeowners and investors were higher than those recorded when the federal homebuyer’s tax credit was offered in 2009 and 2010.

Meanwhile, HousingPulse found that real estate agents reported housing inventories well below levels seen a year ago, especially for attractive properties in desirable locations.

What Agents Said in the Survey

“[Purchase] Activity has increased while prices continue to fall. There is a significant increase in the number of short sales and foreclosures on the market in our area.” – Agent in Delaware.

“Sales are up 29 percent year-to-date through the end [of] March. Pendings are up 55 percent. Prices just are beginning to rise.” – Agent from California.

“Volume is increasing, but prices are not. Only very nice homes are selling faster.” – Agent in Pennsylvania.

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If you are a buyer looking anywhere in the Central Florida market, please click the following link to search the entire Mid Florida MLS system. There is never a cost or fee: www.rockspringsrealty.net/SearchMLS

Or call toll free 877-333-2811 and we will email or send by post a list of homes that meet your search criteria; reo bank foreclosures, short sales, arms-lenght homes, vacant land, vacation homes, luxury homes, investment homes, etc.

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Traditionally, most homes have sold during the spring months. In the current volatile housing market, the time of year is not the most reliable predictor of the best time to sell.

Homes certainly show better in spring than they do on a dark and dreary winter day. Lately, however, weather patterns are hard to predict.

The weather has some effect on home sales. It can slow things down if incessant rain keeps sellers from being able to prepare their homes for sale. However, a bigger influence on the housing market is the overall economic situation and its impact on buyers' psyche.

Normally, the home-sale market ramps up in March or April and stays busy until the beginning of July when the market tends to slow down for the summer. The 2011 home sales went counter to this. The market was active at the beginning of the year, but stalled in April. If you waited until spring to sell last year, you would have missed the best selling opportunity of the first half of 2011.

The early slowdown was partially due to the expiration of the homebuyer stimulus package. The homebuyer tax credit program accelerated home purchases creating a mini bubble in 2010 that was followed by a significant slowdown in home sales.

Negative economic news played a big part in the sluggish home sales during most of last year. The stock market was unpredictable, and the earthquake in Japan had repercussions for many industries. Plus, Greece was on the brink of bankruptcy, and the future of the European Union was in doubt.

Bad economic news and massive uncertainty lowers consumer confidence. Buyers need to have jobs, but they also need to feel confident in their future to take on a major purchase like a house.

HOUSE HUNTING TIP: The best time to sell is when consumer confidence is on the upswing; interest rates are low; unemployment is decreasing; the economic news is mild; and there are more buyers in your local market niche than there are sellers. A high-demand, low-inventory market gives sellers an edge.

The Conference Board Consumer Confidence Index fell in March 2012 to 70.2 (1985=100), down from 71.6 in February, when it was up sharply.

Lynn Franco, director of The Conference Board Consumer Research Center, attributed the improvement in consumer confidence in February to less pessimism about current business and employment conditions and more optimism about the short-term outlook for the economy and job prospects despite a rise in gas prices. Franco said the moderate decline seen in March was "due solely to a less favorable short-term outlook."

Interest rates are currently at historic lows and are expected to stay low for the rest of the year. Even with low rates, buyers have had difficulty qualifying due to rigid mortgage approval underwriting.

Capital Economics, an analytics firm, expects the housing crisis to end this year partially due to lenders loosening credit. According to Capital Economics, one indicator of loosening is that banks are now lending 82 percent of loan-to-value (LTV), compared with a low of 74 percent LTV reached in mid-2010. This means qualified buyers need less cash to buy, which should lead to more sales this year, although higher home prices are not expected.

These positive indicators combined with a drop in homes for sale at the end of 2011 and a decrease in unemployment may provide an opportunity for sellers in spring 2012, provided their homes are priced right for the market. A major surprise on the economic front could change the picture.

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The current Central Florida market is experiencing the LOWEST home inventory levels since 2005. Now is a great time to sell while demand is high, interest rates are low, and most buyers do not want to deal with a foreclosure. For a FREE, no-obligation market value CMA report and marketing consultation, please contact Joe Bornstein, Broker/Owner, Rock Springs Realty. We service all of Central Florida and can get you home sold quickly. Click the following link to find out how: http://www.rockspringsrealty.net/SellingYourHome

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As reported on the Realty Times (www.realtytimes.com) website on 04/23/12.

Housing affordability is still at a record high, according to the National Association of Realtors (NAR). It is at the highest level since record keeping began in 1970. This is based on the relationship between median home price, median family income and average mortgage interest rate.

NAR President Moe Veissi, broker-owner of Veissi & Associates Inc., in Miami, said this latest data underscores buyer opportunities in today’s market. "This is the first time the housing affordability index has broken the two hundred mark, meaning the typical family has roughly double the income needed to purchase a median-priced home," he said. "For buyers who can qualify for a mortgage, now is a very good time to become a homeowner."

Projections for the remainder of 2012 indicate that this affordability high will continue and rates will remain low. "Housing inventory levels have declined to a point where conditions are becoming much more balanced in much of the country," Veissi said. "If access to credit improves, we could see a much more meaningful increase in home sales and broader stabilization in home prices with modest gains in areas with stronger job growth."

Despite these incredible buyer opportunities, builder confidence is down. The National Association of Home Builders (NAHB) reports that builder confidence for newly built, single-family homes declined for the first time in seven months.

"What we’re seeing is essentially a pause in what had been a fairly rapid build-up in builder confidence that started last September," said NAHB Chief Economist David Crowe. "This is partly because interest expressed by buyers in the past few months has yet to translate into expected sales activity, but is also reflective of the ongoing challenges that are slowing the housing recovery - particularly tight credit conditions for builders and buyers, competition from foreclosures and problems with obtaining accurate appraisals."

This has been an ongoing concern for many market activists. While housing affordability is at an all-time high, gaining access to credit is a tough road for many would-be buyers. Additionally, some would-be buyers are still wary of the market and are waiting on the sidelines for the economy to improve or market conditions to stabilize.

Regionally, results varied. The Northeast was the only region to see a gain in builder confidence, posting a 4 point gain on the HMI scale. The West remained unchanged, but both the West and South posted declines. Single-family home production held steady for the month. The multi-family sector saw a double digit decline, according to the U.S. Commerce Department.

Barry Rutenberg, chairman of the National Association of Home Builders (NAHB) and a home builder from Gainesville, FL, reported, "While more consumers appear to be seriously considering a new-home purchase, builders remain very cautious about starting new projects until they see more actual sales materializing.

If you would like more information on Orlando, Apopka, or Central Florida real estate, please visit www.rockspringsrealty.net

For a FREE search of the entire Mid-Florida MLS system for bank foreclosures, short sales, regular sales, vacant land, and much more, click on the following link: www.rockspringsrealty.net/searchMLS

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As reported in DSNews (www.dsnews.com) on 04/17/12.

Beginning June 15, real estate agents working with distressed homeowners whose loans are backed by Fannie Mae (www.fanniemae.com) and Freddie Mac (www.freddiemac.com) should expect to receive a decision on a short sale offer within 30-60 days.

The GSEs issued new guidelines Tuesday that fall under the Servicing Alignment Initiative rolled out last fall and aim to bring greater transparency to the short sale process and expedite decisions related to these pre-foreclosure sales.

Not only is a short sale an effective foreclosure alternative when home retention is no longer an option, but it keeps homes occupied and helps to maintain stable communities, according to the Federal Housing Finance Agency (FHFA).

Addressing real estate practitioners’ No. 1 complaint about short sales, FHFA directed Fannie Mae and Freddie Mac to establish a new uniform set of minimum response times that servicers must follow in order to facilitate more efficient short sale transactions.

The GSEs’ new short sale timelines require servicers to make a decision within 30 days of receiving either an offer on a property under the companies’ traditional short sale programs or a completed Borrower Response Package (BRP) requesting short sale consideration, whether it’s through the federal government’s Home Affordable Foreclosure Alternative (HAFA) program or a GSE program.

If more than 30 days are needed, servicers must provide the borrower with weekly status updates and come to a decision no later than 60 days from the date the BRP or offer was received.

According to the GSEs, this 30-day add-on will provide some leeway for servicers who may need more time to obtain a broker price opinion (BPO) or a private mortgage insurer’s approval for a short sale. All decisions must be made within 60 days.

In the event a servicer makes a counteroffer, the borrower is expected to respond within five business days. The servicer must then respond within 10 business days of receiving the borrower’s response.

The GSEs plan to use the new short sale timelines to evaluate servicer compliance with the Servicing Alignment Initiative.

Edward DeMarco, acting director of the FHFA, says the GSEs new borrower communication and timeline requirements for short sales “set minimum standards and provide clear expectations regarding these important foreclosure alternatives.”

GSE servicers must comply with the new minimum communication time frames for all short sale evaluations conducted on or after June 15, 2012, although servicers are encouraged to begin implementing the new requirements sooner.

“I applaud Fannie and Freddie for finally coming out with real guidance with real world timelines for their servicers,” commented Anthony Lamacchia, broker/owner of McGeough Lamacchia Realty Inc., which specializes in short sales. “There is no question that this will help short sales and the market as a whole.”

Last year Freddie Mac completed 45,623 short sales, a 140 percent increase since 2009. Fannie Mae’s short sale completions shot up by 101 percent over the same period, totaling around 79,800 in 2011.
    
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If you are currently seeking or considering doing a short sale on your home anywhere in Apopka, Orlando, or Central Florida, please feel free to contact me directly for a no-cost, no-obligation meeting to discuss your specific situation. I am a Certified Short Sale Specialist and there are no fees or cost to short sale your home. Contact: Joe Bornstein, Broker/Owner, Rock Springs Realty, Ph# 877-333-2811, Cell# 407-252-8092, joe@rockspringsrealty.net or click this link for direct information on the short sale process....

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As reported in DSNews.com (www.dsnews.com) on 03/12/12.

Some Bank of America borrowers may be in for principal reductions in amounts exceeding $100,000, according to the latest developments in the settlement the bank and four other large servicers made with state and federal regulators.

Of the five servicers participating in the settlement, BofA is set to pay the largest portion of the total $25 billion settlement. The bank will pay $3.24 billion to the government and $8.58 billion to borrowers.

Of BofA’s total, $1 billion is part of a separate settlement regarding loan origination issues for Countrywide, which BofA acquired in 2008.

As reported by RIS Media (www.rismedia.com) on 03/11/12 and brought to you by the NAR Real Estate Services group (www.realtor.com)

A lender will, on occasion, forgive some portion of a borrower’s debt. The general tax rule that applies to any debt forgiveness is that the amount forgiven is treated as taxable income to the borrower. Some exceptions to this rule are available, but, until recently, the borrower was required to pay tax on the debt forgiven. A new law enacted in December 2007 provides relief to troubled borrowers when some portion of mortgage debt is forgiven. However, this relief expires on December 31, 2012 and NAR will be working to obtain an extension throughout the year.

Below is some general information you need to know about this law and cancellation of mortgage debt.

General Rule for Debt Forgiveness
If a lender forgives some or all of an individual’s debts, the general rule is that the forgiven amount is treated as ordinary income and the borrower must pay tax on the forgiven amount. Exceptions apply for bankruptcy, insolvency and certain other situations, including mortgage debt.

Current Law for Mortgage Debt
(Jan. 1, 2007 through Dec. 31, 2012): A borrower can be excused from paying tax on forgiven mortgage debt. The debt must be secured by a principal residence and the total amount of the outstanding obligation may not exceed the original mortgage amount plus the cost of any improvements.

Does the relief apply only to a sale?
No. The provision has broader application. Lenders might forgive some portion of mortgage debt in a short sale (when value at sale is less than the amount owed) or in a foreclosure where the debt is wiped out. In addition, if a borrower still living in the home is able to make an arrangement with a lender that reduces the principal balance of a mortgage, the amount forgiven in that workout will not be taxed.

Can the homeowners in a short sale or foreclosure claim a loss?
No. The loss is considered a personal loss and is, therefore, ineligible for either capital loss or ordinary loss treatment.

What happens to the seller when mortgage debt is forgiven?
Until January 1, 2013, the homeowner will pay no tax on any forgiven amount.

Does this provision apply to a refinanced mortgage?
Only in limited circumstances. The relief provision can apply to either an original or a refinanced mortgage. If the mortgage has been refinanced at any time, the relief is available only up to the amount of the original debt (plus the cost of any improvements). Tax relief is generally not available for second mortgages or home-equity lines of credit where the funds are not used for home improvement. Any amount that is not eligible for the relief provision will be taxed as ordinary income.

How does the homeowner get the correct information to the IRS?
The lender is required to provide the homeowner and the IRS with a Form 1099 reflecting the amount of the forgiven debt. The borrower/homeowner must file a Form 982 to reflect the amount forgiven and to show the reason why the forgiven amount is not taxable. Any taxable portion of forgiven debt will then be reported on the homeowner’s Form 1040 for the tax year in which the debt was forgiven.

What if a property declines in value but the owner stays in the house?
The provision would not apply. The provision applies only at the time of sale or other disposition or when there is a workout (reduction of existing debt) with the lender.

Do all lenders forgive mortgage debt when property values decline or the home is in foreclosure?
No. Some states have laws that allow a lender to require a repayment arrangement, particularly if the borrower has other assets. Forgiveness of debt is always at the lender’s discretion.

If you are a Buyer looking to purchase in the Apopka, Orlando, or Central Florida area, follow this link (www.rockspringsrealty.net/SearchMLS) for FREE access to the entire Mid-Florida MLS system. Search for homes, bank foreclosures, investment properties, short sales and more. Or contact Joe Bornstein, Rock Springs Realty for more info at joe@rockspringsrealty.net, 877-333-2811.

As reported in DSNews.com (www.dsnews.com) website.

Capital Economics expects the housing crisis to end this year, according to a report released Tuesday. One of the reasons: loosening credit.

The analytics firm notes the average credit score required to attain a mortgage loan is 700. While this is higher than scores required prior to the crisis, it is constant with requirements one year ago.

Additionally, a Fed Senior Loan Officer Survey found credit requirements in the fourth quarter were consistent with the past three quarters.

However, other market indicators point not just to a stabilization of mortgage lending standards, but also a loosening of credit availability.

As reported on Realtor.org  (http://www.realtor.org) Washington, DC, 02/27/12

Pending home sales are on an upward trend, which has been uneven but meaningful since reaching a cyclical low last April, and are well above a year ago, according to the National Association of Realtors®.

The Pending Home Sales Index,* a forward-looking indicator based on contract signings, rose 2.0 percent to 97.0 in January from a downwardly revised 95.1 in December and is 8.0 percent higher than January 2011 when it was 89.8. The data reflects contracts but not closings.

The January index is the highest since April 2010 when it reached 111.3 as buyers were rushing to take advantage of the home buyer tax credit.

Lawrence Yun, NAR chief economist, said this is a hopeful indicator going into the spring home-buying season. “Given more favorable housing market conditions, the trend in contract activity implies we are on track for a more meaningful sales gain this year. With a sustained downtrend in unsold inventory, this would bring about a broad price stabilization or even modest national price growth, of course with local variations.”

The PHSI in the Northeast rose 7.6 percent to 78.2 in January and is 9.8 percent above a year ago. In the Midwest the index declined 3.8 percent to 88.1 but is 10.8 percent higher than January 2011. Pending home sales in the South increased 7.7 percent to an index of 109.1 in January and are 10.5 percent above a year ago. In the West the index fell 4.4 percent in January to 101.9 but is 0.7 percent above January 2011.

“Movements in the index have been uneven, reflecting the headwinds of tight credit, but job gains, high affordability and rising rents are hopefully pushing the market into what appears to be a sustained housing recovery,” Yun said. “If and when credit availability conditions return to normal, home sales will likely get a 15 percent boost, speed up the home-price recovery, and thereby significantly reduce the number of homeowners who are underwater.”

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1 million members involved in all aspects of the residential and commercial real estate industries.

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*The Pending Home Sales Index is a leading indicator for the housing sector, based on pending sales of existing homes. A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing.

The index is based on a large national sample, typically representing about 20 percent of transactions for existing-home sales. In developing the model for the index, it was demonstrated that the level of monthly sales-contract activity parallels the level of closed existing-home sales in the following two months.

An index of 100 is equal to the average level of contract activity during 2001, which was the first year to be examined as well as the first of five consecutive record years for existing-home sales; it coincides with a level that is historically healthy.

Also released today are annual data revisions. Each February, NAR Research incorporates a normal review of seasonal activity factors and fine-tunes historic data for the past three years based on the most recent findings. There are no changes to unadjusted or annual data.
The home buyer tax credit and a greater investor share in winter months likely contributed to a larger-than-normal adjustment to the seasonal factors.

NOTE: Existing-home sales for February will be reported March 21 and the next Pending Home Sales Index will be released March 26. The Investment and Vacation Home Buyers Survey, covering transactions in 2011, is scheduled for March 29; all release times are 10:00 a.m. EDT.

Information about NAR is available at www.realtor.org. This and other news releases are posted in the News Media section. Statistical data in this release, other tables and surveys also may be found by clicking on Research.

REALTOR® is a registered collective membership mark which may be used only by real estate professionals who are members of the NATIONAL ASSOCIATION OF REALTORS® and subscribe to its strict Code of Ethics. Not all real estate agents are REALTORS®. All REALTORS® are members of NAR.

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