Real Estate Point

RISMEDIA, Oct. 31, 2008-Months of government bailouts and stock market volatility brought Americans’ perception of the values of their own homes closer to reality than it was last quarter, but surprisingly half of U.S. homeowners still believe their home is insulated from the nation’s home value declines, according to the Zillow Q3 Homeowner Confidence Survey(1).

This quarter, 49% of homeowners said they think their own home’s value has increased or stayed the same over the past year. However, nearly three-quarters (74%) of homes have lost value in the past 12 months, according to preliminary analysis of Zillow’s Q3 Real Estate Market Reports, which will be released Nov. 12.

Perception-Reality Gap Shrinks in Third Quarter, but Many Still Show “Not My Home” Sentiment

Homeowners are not quite as confident as they were in the second quarter, when 62% said their homes either increased in value or remained the same, but a significant gap between the reality of home values and homeowners’ perceptions persists. This is despite the timing of the survey - it was fielded from Oct. 7 to 9, during the worst week in stock market history.

Zillow’s Home Value Misperception Index(2), which measures homeowners’ perceptions of their home’s value over time, shrank to 16 in the third quarter from 32 in the second quarter. An index of zero would mean homeowners’ perceptions were in line with actual values.

Homeowners in the South and West had the most accurate perceptions of home values. In the South, where 67% of homes decreased in value, the Misperception Index was 13. In the West, where 85% of homes declined in value, the Misperception Index was also 13. Northeasterners’ perceptions were most out of line with reality: 71% of homes there lost value, and the Misperception Index was 20.

Homeowners’ Outlook for Next Six Months Gets Slightly More Conservative, Especially for Neighbors’ Homes

Homeowners are slightly less optimistic about the future than they were last quarter, but believe the next six months will bring more stability to the housing market than the last 12.

While slightly more than half (51%) of homeowners believed their home’s value decreased over the last year, only 40% think it will decrease in the next six months. Another 40% believe their home’s value will stay the same, while only 21% think their home’s value will increase. This is slightly less optimistic than the second quarter, when 32% of homeowners predicted their home’s value would increase in the next following months.

Homeowners were less optimistic about their neighbors’ homes, with 57 percent saying home values in their local market will decrease over the next six months.

Fewer Planning Home-Related Investment in Next Six Months(4)

– Fewer expect to buy or sell a home in the near future. 3% said they plan to sell their home in the next six months, down from 5% last quarter. Another 3% said they plan to buy a home, down from 4% in the second quarter.
– Fewer are planning home-related finance activity, with 5% planning to refinance or to take out a second mortgage or home equity loan in the next six months, down from 7% in the second quarter.
– 53% are planning either major (like replacing the roof or remodeling the kitchen) or minor (like installing a new garbage disposal or painting) home improvements. Of those, 47% plan minor improvements and 15% plan major improvements.
– Many homeowners expect to spend less on home and non-home-related expenses in the near future. 35% said they would spend either somewhat or significantly less on home-related activities, like improvements, new appliances or decor, in the next 12 months. 16% said they would spend significantly less. Only 3% expect
to spend significantly more. Homeowners had similar responses when asked how they would spend during the 2008 holiday season, with 52% saying they would spend less than last year, and 3% saying they would spend more.

“After one of the most turbulent quarters in history for the U.S. economy and housing market, you’d expect the reality of dropping home values to start sinking in,” said Dr. Stan Humphries, Zillow vice president of data and analytics. “We are seeing some movement toward more accurate perceptions of home value declines, but there’s still a significant gap between reality and perception. We’re seeing a fascinating distinction in consumer psychology - on the one hand, homeowners appear to understand the reality of today’s economy and are curbing their household spending, but on the other hand they still aren’t ready to admit that these woes might extend to their own homes. There’s clearly still some denial.”

For more information, visit www.Zillow.com.

RISMedia welcomes your questions and comments. Send your e-mail to: realestatemagazinefeedback@rismedia.com.

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RISMEDIA, Oct. 31, 2008-Pierre Kennel, a real estate rookie from Austin, TX went home $100,000 richer after winning the Grand Prize at the Gala President’s Ball finale to EXIT Realty Corp. International’s 10th Annual Convention held recently at the Gaylord Opryland Resort and Convention Center in Nashville, TN. In a letter to EXIT Realty Founder and CEO, Steve Morris, Kennel describes his belief in the creative realization that brought his good fortune to fruition.

Here’s an excerpt from that letter:

“One year ago I was jobless; I had no idea why the bad things in my life were happening. I was focusing all of my energy on the negative things in my life, thus creating more of them. I am blessed with a mother who never gave up on me, always saw the good, and believed I had, in her words “tremendous potential.”
She recommended I go to school and get my real estate license and as soon as I started classes I knew this was what I needed to be doing. I was passionate for the opportunity to help other people, which is what this business is at the core.

“The Law of Attraction is a very powerful and very real thing. Across from my desk was one of the banners promoting the ‘08 Convention. At the bottom it said, “$100,000 drawing.” I sat at my desk every day and visualized winning the money. I included every detail I could think of from what I thought the experience would include. Each morning I got up and the first thing I did was write affirmations. It is amazing the joy it has brought into my life.

“I took a very clear picture of what was painted in my mind to the Convention, and although very excited to hear my name called, I was not surprised because I had already won in my mind. This experience has opened new doors to the possibility of this power tool. I believed in it before, but Saturday took it to an entirely new level.

“Steve, I want to thank you so much for the $100,000. I have been truly touched and have shared this experience and the factors that made it possible with everyone I have come in contact with.”

For more information, visit www.exitrealty.com.

RISMedia welcomes your questions and comments. Send your e-mail to: realestatemagazinefeedback@rismedia.com.

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RISMEDIA, Oct. 31, 2008-The American Society of Appraisers (ASA), the Royal Institution of Chartered Surveyors (RICS) and the American Society of Farm Managers and Rural Appraisers (ASFMRA) have written to the Securities and Exchange Commission (SEC) and other federal agencies to raise their joint concerns over changes to the FAS 157 rule.

Given the current crisis in the financial markets, subprime mortgage issues and general worldwide economic instability, the group asserts that fair valuation standards are necessary to generate future global investor confidence. Such standards create a financial reporting system based on transparency, proper disclosure and mark to market information which, in turn, provides true valuation data to investor, regulator, policy maker and tax payer.

‘The current economic crisis is driving emergency actions including the easing of fair value requirements for reporting securities. However, it is important that regulators and the market do not lose sight of the basis for fair value reporting of financial instruments and all other assets.’ said Ronald Seaman, a Fellow of the American Society of Appraisers and the organization’s International President.

While fully supportive of the SEC and FASB’s effort to provide clarification on the issue of valuing financial assets, ASA, RICS and ASFRMA believe that a suspension of FAS 157, temporary or otherwise, for illiquid assets, is non-beneficial.

‘Suggesting that shareholders or regulators would be better served by some notion of “economic” or “fundamental” value based on the current value of holding a financial investment to maturity takes no account of the default risk that is currently causing the market paralysis. To deny disclosure of current value is to potentially mislead shareholders as to the current prospects of the business. If transparency causes sudden volatility, it is not the disclosure that is the issue but the problems it reveals. FAS 157 provides the discipline of reality,’ said Chris Thorne, a member of the RICS International Valuation Faculty Executive Board.

Fair Value reporting provides significant information on the risk and volatility of specific asset classes which will enhance policymakers’ ability to respond more accurately as markets change and diminish the opportunity for speculation.

For more information, visit www.appraisers.org.

RISMedia welcomes your questions and comments. Send your e-mail to: realestatemagazinefeedback@rismedia.com.

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RISMEDIA, Oct. 31, 2008-Women are the number one decision makers when it comes to what to buy and where to live, and one real estate investment firm is paying attention.

The Connor Group in Dayton, owner and operator of 14,000 apartment units, is listening to what women want in an apartment with its significant unit upgrades and amenities programs. The company is spending nearly $20 million dollars in 2008 to upgrade 3,000 units in six markets.

A unit is considered “upgraded” if it has new:

Cabinets
Appliances
Counter tops
Lighting
Flooring
Nickel Fixtures

“We did focus groups with women to select appliances and colors, knowing a majority of the time, women are the decision makers on where to live,” said Larry Connor, managing partner for The Connor Group.

According to Connor, the company did a test project with cherry cabinets and black appliances; then quickly switched to natural-colored cabinets and stainless steel appliances based on feedback from the focus group.

The company is also paying close attention to what amenities it offers to appeal to women. Depending on the market and resident feedback, the company is reviewing volleyball and tennis court usage, fitness equipment and business centers with free wireless. All properties have a pool and tanning beds.

“More people are staying in apartment communities longer because of the housing market,” Connor said. “We want to keep our residents happy and comfortable long-term with new, upgraded units and great amenities at their property.”

The Connor Group started in Dayton with three acquisitions in 1992 and now has 14,000 units in six markets.

Markets include: Atlanta (13 properties), Raleigh, North Carolina (3), Dayton (7), Cincinnati (12), Columbus (7) and Dallas (9). The company plans to grow to 21,000 over the next five years. In 2008, The Connor Group has acquired 10 communities and sold five.

For more information, visit http://www.theconnorgrp.com/.

RISMedia welcomes your questions and comments. Send your e-mail to: realestatemagazinefeedback@rismedia.com.

RISMEDIA, Oct. 30, 2008-As the housing market meltdown continues unabated, a report released by the Center for Economic and Policy Research (CEPR) and the National Low Income Housing Coalition (NLIHC) shows that in many bubble-inflated markets, homeownership remains a costly and risky proposition.

The study, “The Changing Prospects for Building Home Equity: An Updated Analysis of Rents and the Price of Housing in 100 Metropolitan Areas,” evaluates the median house price and fair market rent, as determined by HUD, for the 100 largest metropolitan areas. The study extends and updates the methodology from two earlier studies, “Ownership, Rental Costs and the Prospects of Building Home Equity: A Comparison of 100 Metropolitan Areas,” and “The Cost of Maintaining Home Ownership in the Current Crisis: Comparisons in 20 Cities.”

The new analysis shows the wide diversity in housing markets across the country. While many metropolitan housing markets continue to be subject to real estate bubbles, prices are not out of line with rents in large parts of the country. The findings of the report again show the importance of not relying on a one-size-fits-all solution to the current housing crisis.

The report also notes the problems that many homeowners are likely to face finding quality rental housing due to its limited availability.

“Despite the extreme downward pressure in homeownership and labor markets, rental vacancy rates remain stable and rents continue to inch up” said Danilo Pelletiere, NLIHC Research Director and a co-author of the report. “There was a critical need for affordable rental housing before the foreclosure crisis and the problem is only getting worse. Creating affordable rental housing in the face of foreclosure is important to keep people in their communities and stabilize housing markets.”

According to the report, which analyzed data from the Census Bureau’s American Community Survey (ACS), the most inflated markets currently see monthly homeownership costs outpacing rental costs by as much as 300%. This creates a substantial and unnecessary drain on household income, especially for middle- and lower- income families.

“This could mean that families may have to forgo health insurance or quality child care as they struggle to make their mortgage payments, ” said Dean Baker, Co-Director of CEPR and an author of the study. “Furthermore, since prices are still falling in these markets, many homeowners won’t ever accrue any equity.”

The study projects that even though prospects for equity accrual have improved slightly in bubble markets, most homeowners will still leave their homes with large amounts of negative equity if house prices return to trend levels. For example, it projects that by the year 2012, homeowners in New York will have $101,964 of negative equity and in Los Angeles, the shortfall would be $168,069. In these, and other bubble markets, households would benefit from proposals that attempt to provide affordable rental options as part of policy solutions.

For cities where the costs of owning are much closer to rental costs, it is likely that a small amount of equity will be accrued. In these markets, policies that keep owners in their homes, possibly through some form of government-guaranteed mortgage, are preferable.

For more information, visit www.cepr.net.

RISMedia welcomes your questions and comments. Send your e-mail to: realestatemagazinefeedback@rismedia.com.

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RISMEDIA, Oct. 30, 2008-Research by noted real estate economists at both the University of Southern California Lusk Center for Real Estate and the University of California Los Angeles Ziman Center for Real Estate suggests sizeable risks to the U.S. economy from decreased consumer spending caused by a retrenchment in house values. The three-year study, to be published in Regional Science and Urban Economics early next year, closely analyzed the spending habits of homeowners based on their property values and the value of their investment portfolios. Using highly detailed micro data on household consumption behavior and financial wealth, the researchers evaluated the variability in spending compared to changes in the market value of household assets and financial net wealth.

“We have shown that consumers react more radically to changes in their housing wealth than to changes in the size of their bank accounts,” said author Gary Painter, Ph.D. director of research at the USC Lusk Center who co-authored the paper with Raphael Bostic, Ph.D, associate director of the USC Lusk Center and Stuart Gabriel, Ph.D., director of the UCLA Ziman Center.

“Findings indicate that the ongoing and unprecedented contraction in housing wealth-when coupled with the very sizable recent drop in financial wealth-is likely to have significant depressive effects on consumer spending. As consumer spending has been the lynchpin of the U.S. economy, such declines suggest a difficult near-term downward adjustment for both consumers and for the U.S. economy more generally,” added Gabriel.

With housing values continuing to slide in most metropolitan areas across the U.S., the authors suggest a 10% decline in housing wealth from 2005 highs would result in a $105 billion or 1.2% contraction in personal consumption expenditures.

“Given our results, the recent housing price declines reinforce the extensive losses in the stock market and layoffs in the financial and automotive sectors. Taken together, they increasingly suggest that there will be longer-term effects for the U.S. and global economies,” said Bostic.

For more information, visit http://www.usc.edu/schools/sppd/lusk/.

RISMedia welcomes your questions and comments. Send your e-mail to: realestatemagazinefeedback@rismedia.com.

RISMEDIA, Oct. 30, 2008-Realogy Corporation, a global provider of real estate and relocation services, announced that the company has approached the U.S. Department of Treasury with a practical solution to help stimulate the housing market and lead to a broader economic recovery. The Company also conducted separate national surveys with its real estate franchisees and U.S. homeowners, the results of which underscore the rationale behind its proposal.

“There are millions of credit-worthy people ready to jump back into the housing market, but they need to be motivated,” said Realogy President and CEO Richard A. Smith. “In our view, the incentive of substantially lower mortgage rates would directly stimulate the housing market - both in sales volume and price - and thus accelerate the overall U.S. economic recovery.”

According to the company, Realogy’s proposal calls for a short-term government buy-down of mortgage rates to at least 4.5%, or lower, for a 30-year fixed rate mortgage (down from current rates of approximately 6.04% ). This home buyer incentive would apply to the purchase of all new and/or existing homes sold up to $1 million in price. There are a number of ways in which the government ultimately could decide to structure and fund this program, which could be addressed as part of the stimulus packages currently being discussed in Washington. Realogy is working with a number of other organizations to carry this message forward and encourage greater dialogue around solutions aimed at boosting the economy through a direct stimulus to the housing market.

With approximately 16,000 franchised or company-owned real estate brokerage offices around the world, Realogy has a unique perspective on home buyer behavior. The company has seen a recurring theme in virtually all 50 states-namely, there are substantial numbers of credit-worthy buyers waiting for lower rates and stability in home prices.

“We think the pent-up consumer demand for housing, if encouraged, is more than sufficient to stabilize housing,” continued Smith. “In our view, substantially lower mortgage rates will stimulate both existing and new home sales, reduce home inventory levels, stabilize home prices and, ultimately, help the overall economy. When home sales increase, housing-related consumer purchasing follows, and we would expect this to help lead our economy to a recovery. We feel strongly mortgage rates must be lowered to stimulate a recovery.”

Residential Broker Survey - Mortgage Rate Drop to 4.5% Would Stimulate Sales:

As recently as October 15th, Realogy conducted a national survey about mortgage rates with responses from approximately 1,500 broker/owners representing 2,300 independently owned and operated residential brokerage companies affiliated with the CENTURY 21(r), Coldwell Banker(r), ERA(r), Sotheby’s International Realty(r) brands.

Here are the key findings from the Realogy broker survey:

- 95% of brokers said they would expect an increase in home sales if 30-year conforming fixed-rate mortgages were available at 4.5% rates today.

- Most notably, 54% of all responding brokers said the impact of a 4.5% mortgage rate would significantly increase home sales in their markets.

- Of the brokers who answered that rates would increase, nearly half (46%) indicated that they would anticipate unit sales levels to increase between 10% to 25% if 4.5% mortgage rates were available today.

The majority of brokers also agreed that substantially lower mortgage rates would have a strong stabilizing impact on average home sales prices.

- 51% of brokers felt home prices would increase somewhat and 38% felt home prices would stay the same.

- Of the brokers who felt prices would increase or significantly increase due to 4.5% mortgage rates, 22% felt the home price increases would be in the 3% to 5% range and 13% felt it would be in the 5% to 7.5% range.

“Our franchisees are small- to mid-sized business owners who have a strong understanding of what actions would help home sales and prices in their communities, and it’s clear to them that dropping mortgage rates to 4.5%, or lower, would have an immediate impact in helping to stabilize the housing markets throughout this country,” said Smith.

Consumer Survey - Americans still place a high value on homeownership; But the state of the U.S. economy has potential home buyers on the sidelines:

- During the week of Oct. 24, Realogy used Ipsos Public Affairs, a global survey-based market research company, to conduct a national homeownership survey resulting in responses from more than 1,000 current homeowners . The key findings from this consumer survey are as follows:

- Even in today’s challenging economic environment, nine out of 10 survey respondents (91%) believe that owning a home is still the best long-term investment they can make with their money.

- At the same time, 27% of U.S. homeowners surveyed said the current U.S. economic environment was causing them to put their plans on hold for the purchase of a new or existing home. This response level was consistent across the four U.S. geographic regions.

For more information, visit www.realogy.com.

RISMedia welcomes your questions and comments. Send your e-mail to: realestatemagazinefeedback@rismedia.com.

Don’t miss other real estate headlines on RISMedia.com, see:

• How to Survive the Economic Crisis  
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By Chris Kaucnik and Michael J. Greenen

RISMEDIA, Oct. 30, 2008-No matter the circumstances, there’s a lot of stress a homeowner goes through in a foreclosure or a short sale. The loss of the home itself and any equity can add a lot of anguish to a situation that may be beyond the control of the homeowner from job loss or illness to changing market conditions.

Prior to December of 2007, if a homeowner lost his or her house due to a bank foreclosure, and the bank forgave any difference between the price it was sold for and what was owed, the homeowner would owe additional income tax on that portion.

Let’s say the homeowner owed $300,000 on the mortgage, but the foreclosure sale only brought in $200,000. Then the bank forgave the $100,000 shortfall. The homeowner would have been liable for the income tax on the $100,000 debt forgiveness from the bank.

The IRS considered this money effectively paid to the homeowner, and it would be taxable in their top bracket. The special reporting form 1099-C depicts the explanation of this exactly - the “C” stands for cancellation of debt and the law said this was taxable income.

Now, because of the unique stresses in the housing industry lately and on our whole economy, last December Congress stepped in to provide temporary relief in the form of forgiving this debt, but only for the 2007, 2008 and 2009 tax years. After that, the old rule applies again.

But Wait, There’s More

To be eligible for this tax relief, the mortgage must be for your principal residence. It does not apply to vacation, investment or other properties. And no more than $2,000,000 of forgiven debt can be excluded from taxable income. Well, most of us would fall below that threshold anyway.

Home Equity Loans

Another very important detail in this temporary tax break is if part of the forgiven debt was a home equity loan and used for purposes other than to build, buy or substantially improve the property, that portion is still taxable. In other words, home equity loans used for vacations aren’t included.

Short Sales

Now, what happens in a short sale? In brief, this can occur when a borrower is behind on the mortgage payments and the lender agrees he can sell his house for less than what is owed on the mortgage. But all proceeds must be turned over to the bank.

The portion of the mortgage the bank forgives, plus any commission expenses or other selling costs are taxable income if this debt is canceled. Yes, even the commission and selling expenses count. No free rides. But, again for taxable years 2007, 2008 and 2009 Congress has provided the same temporary relief in this short sale situation.

A short sale is not always the answer. First, the bank must agree to it and generally will weigh the cost of the short sale against the cost of a foreclosure.

Other Scenarios

There are situations where the bank sees a homeowner with a great credit history, but who is having trouble making mortgage payments for a legitimate reason. If the bank agrees to reduce the mortgage by say 25%, this is again considered a cancellation of debt and would have been subject to income tax. But for the above stated tax periods, this new, temporary tax provision forgives this income.

Why is there always a catch? If the homeowner does take advantage of debt cancellation by the lender, they are required, when they do eventually sell, to reduce the basis (original price of the home) equal to the amount forgiven.

What does that mean? A homeowner can now receive a $250,000 (single) and $500,000 (married) capital gain exclusion on the sale of their primary residence.

Here’s an example where the home was originally purchased for $300,000 and a married couple is selling the home:

Home Sells for $750,000
Less Original Basis* ($200,000)
Less Capital Gain Exclusion ($500,000)
Gain on Sale $50,000
Capital Gains Tax at 15% $7500 (Owed by homeowner)

*This is the original basis or price of home $300,000, less the $100,000 debt cancellation from the lender.

While $7500 capital gains tax is surely a lot less than the $100,000 cancelled by the lender, the homeowner may not think of this or be aware it could happen down the road, perhaps just prior to retirement. And capital gains taxes are always subject to change.

It gets a bit more complicated when one spouse dies and the other is left to sell the home. Consult your tax accountant or attorney for planning purposes.

Mortgage Insurance Affected

It is important to also note that this act extended mortgage insurance as an itemized deduction all the way through 2010. Yes, there’s a restriction. The mortgage contract has to be entered into between December 31, 2006 and January 1, 2011.

Housing Market Stabilization

All of this is being done in an effort to stabilize our housing market and should help many homeowners in these situations. Always consult with a professional tax accountant or attorney to be sure you are taking the right road to solving your mortgage crisis and will be covered under this new tax relief act.

Michael J. Greenen is a Certified Public Accountant and Certified Financial Planner located outside of Chicago, IL. For the past decade, his firm has been working with small to medium businesses as well as high net worth individuals who need comprehensive tax and financial planning. Michael and his staff take pride in their commitment to helping their clients achieve their financial goals. Reach him at Michael@GreenenCPA.com or 630.365.1647.

Chris Kaucnik is Director of Marketing for Home Warranty of America.

For more information, visit www.hwahomewarranty.com.

RISMedia welcomes your questions and comments. Send your e-mail to: realestatemagazinefeedback@rismedia.com.

Don’t miss other real estate headlines on RISMedia.com, see:

• 7 Ways to Become the Top Real Estate Agent in Your Market  
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RISMEDIA, Oct. 30, 2008-Real Living, one of the first national women-focused real estate brands, announced a partnership with Glam Media to share content on their living channel and become the first real estate company in Glam’s extensive vertical content network of more than 640 sites.

Glam, No. 1 in women’s reach online with 75 million unique website visitors a month, debuted their living channel this summer with articles on fine living, fashion and travel. The site features articles from Real Living related to home design, eco-friendly décor and home furnishing materials with more to come.

“We chose to partner with Glam because they know our consumer, and as a fellow publisher, it’s important to us that the vertical network we chose to partner with features the best retailers and marketers in their categories, enhancing our real estate consumer’s online experience,” said Kaira Sturdivant Rouda, president of Real Living. “As an added bonus, our content sharing partnership with Glam allows us to share the wealth of experience and content found on the Real Living site, from home buying and selling to all of the other lifestyle choices involved in making a move. We know a consumer’s spending increases 200% after a move, and she is looking for products and services to enhance her new lifestyle. This multi-faceted, first-of-its-kind partnership is exciting for our agents and our consumers.”

Glam network’s bevy of household and premium brands will appear on Real Living’s award-winning website, www.RealLiving.com. The advertising complements such standard real estate publisher features as searching for agents and properties, watching community vides, learning about financing options and researching articles in Real Living’s in-depth tools and references section.

“Real Living was the first brand in real estate to recognize and market to the person who makes or dictates the majority of real estate purchases: women,” adds Sturdivant Rouda. “We launched home and lifestyle quizzes to make our site more interactive and interesting, and of course, the industry’s first 2.0 portal, MyRealLiving. This is the next step in providing consumers access to what she’s looking for online. The home purchase is just the start of what she needs. She’s buying a lifestyle when she’s making a move, and the Glam network understands this marketing to women fact as well.”

“We are thrilled to have Real Living, with its track record of building content especially for women, as a content partner,” said Erika Lenkert, editorial director of GlamLiving. “Real estate information is some of the most sought-after content on the Web, and our viewers will benefit from Real Living’s home and lifestyle articles, and expertise as a publisher in this space.”

For more information, visit www.RealLiving.com.

RISMedia welcomes your questions and comments. Send your e-mail to: realestatemagazinefeedback@rismedia.com.

For more real estate tips and topics, see:

• Play Ball-with the Winning Attitude  
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RISMEDIA, Oct. 30, 2008-The Environmental Protection Agency has presented RE/MAX International Inc., with an “Energy Star” designation, an honor given only to companies and businesses that have made a significant commitment to energy conservation. The RE/MAX International Inc. headquarters building, located in Denver’s Tech Center, has been appraised among the top 4% in the nation in energy efficiency. The “Energy Star” award is the first element of a RE/MAX nationwide effort to conserve resources, and educate its employees and Associates on “earth friendly” living.

The RE/MAX program will include RE/MAX offices across New York State, and will encourage and reward participants who lower their energy consumption. “Even just one person can have a positive effect,” says Margaret Kelly, RE/MAX CEO. “Just imagine what can happen when thousands of our U.S. Associates take part.”

RE/MAX is also joining with the National Association of Realtors®, in developing a professional designation that will provide real estate agents with the knowledge they need to become advocates in spreading the “green” philosophy and to incorporate “green” practices into their business. NAR’s Green Resource Council is designed to help agents help those buyers and sellers who rate energy efficiency as one of the most important aspects of their new home. NAR projects that qualify as “green” building could soon make up 25% of all new construction nationwide.

As part of its commitment to the “green” initiative, RE/MAX University, one of the real estate industry’s premier educational institutions, will be developing training materials for RE/MAX Associates for use with the NAR Green Designation Program. RE/MAX University includes 24/7 on-demand Internet courses, nationwide classroom instruction, an extensive library of training materials and the RE/MAX Satellite Network (RSN).

“This designation demonstrates RE/MAX’s commitment to environmentally friendly practices and energy conservation. Promoting efficiency and earth-friendly policies is great for business and the community,” said Henry F. Weber, President and Regional Director of RE/MAX of New York, Inc. “The partnership between NAR and RE/MAX University will ensure RE/MAX agents remain on the cutting edge of green policies and energy efficiency in real estate and green building,” added Henry Weber

For more information, visit www.800remax-ny.com.

RISMedia welcomes your questions and comments. Send your e-mail to: realestatemagazinefeedback@rismedia.com.