The Weekly Membership Newsletter of the Tennessee Assn. of REALTORS

1. Helping Consumers Understand What’s Happening…
2. Rates on 30-year Mortgages Edge Down Slightly

Just a short DIGEST this week. Your Editor is in Washington, DC, at the Midyear Meetings of the National Association of REALTORS (NAR). I’ll have a report on any major developments from the NAR meetings — any news that could affect you — as well as a couple of new Hot Line articles in the 5-20-08 Edition of the DIGEST!

1. Helping Consumers Understand What’s Happening…

As many industry experts have already observed, the changing role — and power — of the consumer will change the real estate business in ways that we still can’t clearly see. But more changes are coming…

At the end of last week, RISMEdia published Part One of a series that should help REALTORS navigate the changes ahead a little more wisely: “How to Help Consumers Better Grasp the Real Estate Process”.

Each article in this four-apart series will apparently feature observations by a different industry leader, and this first article includes comments by the CEO of Coldwell Banker Real Estate, Charlie Young:

“While the Web has altered the process of attracting business, the market correction has forced us to take a hard look at how we talk to the consumer.”

To read the entire article, click HERE.


2. Rates on 30-year Mortgages Edge Down Slightly

Freddie Mac chief economist Frank Nothaft says the housing slump, along with rising mortgage delinquencies and foreclosures, has taken a toll on homeownership rates and prevented significant movement in mortgage rates during the week ended May 8.

The 30-year fixed rate slipped to 6.05 percent from 6.06 percent a week ago, while the 15-year fixed rate bumped up to 5.60 percent from 5.59 percent. Over the same period, the five-year adjustable mortgage rate fell to 5.67 percent from 5.73 percent; and the one-year ARM held steady at 5.29 percent. Nothaft cites a report from the U.S. Census Bureau indicating a decline in the national homeownership rate to 67.8 percent in the 2008 first quarter from 69 percent in the 2006 third quarter.

[SOURCES: Freddie Mac; Information, Inc.]

You can always access back issues of the TAR DIGEST here at: