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House Prices in America: Valuation Update

In the quarterly report prepared by Global Insight and National City Mortgage, released March 2006, many parts of the American landscape maybe overpriced. The report which covers the 4th Quarter of 2005 notes that home price appreciation is on the decline (9.5% nationally in the 4th Quarter of 2005) while home price overvaluation is on the increase.

Seventy-one metro-areas, accounting for 42 percent of all single-family housing value, were deemed to be extremely over-valued at that time. That represents an increase from 62 markets, and 35 percent of all single-family market value, during the third quarter of 2005.

As recently as year-end 2003, overvaluation was insignificant. At that time only 7 metro areas, accounting for just 2 percent of all single-family house value, were deemed to be extremely overvalued.

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Two CE Programs Focus on Economy and Real Estate Markets

Special Guest Speaker: David Lereah, Ph.D., NAR Chief Economist
Friday, April 7th - Minnesota Valley Country Club, Bloomington, MN
Register Online: www.mnrealtor.com

Commercial Real Estate Outlook - David Lereah will be conducting this special program looking at commercial real estate issues and concerns. His topics will include an analysis of job growth, office vacancy, retail real estate, multi-housing units, industrial properties, REIT's, commercial interest rates and foreign investors. This is an excellent opportunity to hear NAR's analysis of the economic indicators that influence the commercial real estate market.

Residential Real Estate Outlook - David Lereah and Glenn Dorfman give this program a double punch. Dr. Lereah will interpret economic trends and factors that influence the residential marketplace. Included in this section will be a forecast of interest rates, new-home sales, consumer confidence and the Gross Domestic Product (GDP). MN REALTORS(R) Chief Operating Officer and Lobbyist, Glenn Dorfman will look into housing's influence on the economy, capital gains exclusions, Minnesota home appreciation and discussion of a housing bubble.

Space is limited so make sure you register quickly. Please check the web site for details on these two outstanding programs.

Poll Says: Consider Impact on Job Growth Before Passing Tax Increases, New Regulations

St. Paul, March 16, 2006 - Voters want state lawmakers to consider the impact on Minnesota jobs before raising taxes or passing new regulations, according to a recent poll. Of those surveyed, 97 percent said it is important for lawmakers, when evaluating proposed regulations or tax increases, to consider the impact on jobs in Minnesota. Two-thirds said the impact on jobs should be a "very important" factor in legislative decisions.

"Minnesotans want good jobs and a strong economy. They don't want legislators to do anything that is going to drive jobs out of the state," said Charlie Weaver, chair of the Coalition of Minnesota Businesses and executive director of the Minnesota Business Partnership.

Six of 10 people responding to the poll, conducted in February, think Minnesota's tax burden is too high. Similarly, 60 percent said state lawmakers were right to balance the state's budget in recent years without raising state taxes.

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