REALTOR.com’s recently released "2014 Housing Review" report found that 2014 "demonstrated a steady build-up of housing momentum," which it said was fueled by improving economic fundamentals, low mortgage rates and constrained inventory.

"Many of the gains that we recently predicted in the REALTOR.com ‘2015 Housing Forecast’ are built on housing growth established in 2014. Overall, this year's housing market showed steady advances over 2013 with significant improvement in key housing metrics, despite some remaining challenges," said Jonathan Smoke, chief economist for REALTOR.com. "Increases in job creation and gross domestic product (GDP) have had a significant impact on consumer confidence and home buyer demand."

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After hitting their highest level of the year, existing-home sales slid in November as housing supply showed some tightening, according to the National Association of REALTORS. Total existing-home sales, including single-family homes, townhomes, condominiums and co-ops, fell 6.1 percent to a seasonally adjusted annual rate of 4.93 million in November from a downwardly-revised 5.25 million in October. Existing-home sales in the Northeast declined 4.2 percent, said NAR, but are still 4.6 percent above a year ago.

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Gov. Andrew Cuomo has signed into law NYSAR-supported S.5693(Zeldin)/ A.7979(Lavine), which amends Section 442 of the Real Property Law titled "Splitting Commissions" to explicitly state that nothing shall prohibit a broker from offering any part of a fee, commission, or other compensation received by the broker to the seller, buyer, landlord or tenant as an incentive for using the services of that broker. Click here to learn more.

The Fiscal Year 2015 Omnibus Appropriations Bill contained a provision that prohibits HUD, FHA, or Ginnie Mae's involvement in the eminent domain scheme developed by Mortgage Resolution Partners and considered by more than a dozen municipalities across the country. This scheme relies upon the refinancing of seized loans through the FHA’s short refinance program and resecuritization through Ginnie Mae. Section 236 of the bill would prohibit the FHA and HUD from using federal monies to facilitate the seizure of mortgage loans by a state or local municipality. 

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The New York City Council Political Coordinators met on December 22, 2014 to discuss current and pending legislation before the New York City Council and the goals for the program in 2015. Topics included the status of the Fair Cooperative Procedure Law, a possible increase to the "mansion tax" in New York City, and a new tax on pied-a-terres. There was also extensive discussions on two bills introduced by the City Council last week regulating the use of drones for commercial purposes. Members raised concerns over the practice of cooperative boards setting minimum prices for cooperative shares and a bill by Senator Tony Avella making the entire borough of Queens a cease and desist zone for 10 years.

For more information on the New York City Political Coordinators Program, contact NYSAR Government Affairs at 518-463-0300 x216.

The United States Senate has adjourned marking the formal end of the 113th Congress. Congress enacted a series of tax extensions including the "Mortgage Forgiveness Tax Relief Act", which is now headed to the President’s desk for signature into law. The United States Senate failed to renew the Terrorism Risk Insurance Act (TRIA). This alarming failure to act before adjournment could stall commercial real estate development around the country. 

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The Tuesday, January 6, NYSAR Radio show will take a look at common real estate-related myths. Tune in at 10 a.m. on January 6 on your PC or Mac by using the player on the NYSAR Radio page. You will need to be logged in to listen. If you have not yet created your account with the website, you will need to click on "New User" on the Member Login page and follow the prompts.

Click here for more information as well as a list of links to play NYSAR Radio from any of your mobile devices.

The NYSAR Mid-Winter Business Meetings will be held February 9-12, 2015, at the Desmond Hotel and Conference Center in Albany, NY. The meetings will feature committee meetings, inaugural dinner, the General Session and more. Click here for more information or to register. 

Don’t forget to reserve your hotel room by Friday, January 9, to take advantage of NYSAR’s discounted room rate of $141 per night. To make your reservation, call the Desmond at 800-448-3500 and reference attendee code "1243DF." For more information on the Desmond, visit www.desmondhotelsalbany.com.

Capitalize on what sets REALTORS apart from real estate licensees with the GRI-1 Ethics course. This course satisfies NAR’s mandatory quadrennial ethics training requirement and is a must for Professional Standards Committee members and local board leadership. You’ll discover how to put the Code of Ethics to work for you, maximize your REALTOR benefits, and enhance your professionalism and your career through community involvement.

Upcoming classes for GRI-1 include: January 16 in Binghamton; January 21 in East Syracuse; January 23 in Albany; January 29 in Batavia; February 27 in Lake Placid; March 23 in Woodbury; and April 16 in West Nyack. Register online today or call NYSAR at 800-239-4432 x219. Click here for more information.

The Instructor Training Institute (ITI) will be offered January 27-29 at the Greater Capital Association of REALTORS office in Albany, NY. This three-day intensive program will help you develop or enhance your skills as an instructor. You’ll learn how to deliver information in the most meaningful ways to meet the needs of a diverse audience. 

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Your NYSAR membership gives you an extra 10-percent discount at NAR's REALTOR.org store. Shop the store and take advantage of exclusive savings on NAR's entire line of products and publications including books, brochures, DVDs, research reports and more. To redeem your 10-percent discount, visit http://www.realtor.org/store and simply enter member code "NYSAR2" at checkout.

Enrollment for health insurance in 2015 is now open. It will close on February 15, 2015. Look to NYSAR Member Perks partner USI Affinity to help you navigate the plan options and find the coverage that best suits your needs. Remember, you will face tax penalties if you do not obtain coverage. Also, if you miss open enrollment, you will not be able to obtain health insurance until the next open enrollment period unless you qualify for a special enrollment. For more information, visit www.myrealtorinsurance.com/nysar.

Back by popular demand, the RPAC VIP Lounge will be open at the Desmond during the NYSAR Mid-Winter Business Meetings on Tuesday, February 10! Five-star amenities include gourmet meals, refreshments, manicures, massages and, new this year, psychic readings! Register online while registering for the business meetings by clicking here. Click here for a flyer with more information.