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Manmade Scarcity Drives up Housing Prices

Rising home prices have more to do with local governmental and neighborhood actions than low interest rates or shortages of home building materials. In a report by the National Bureau of Economic Research, economists Edward Glaesar, Joseph Gyourko and Raven Saks looked at the housing in 316 metropolitan areas in the U.S. and found that it increased 1.7 percent faster than general inflation since 1950.

Construction costs since 1970 have declined slightly on a nationwide basis using after-inflation figures. As an example, real construction costs between 1970 and 2000 rose a mere 4.6 percent in the San Francisco area while house prices rose 270 percent over that period. Improvements to the quality of housing accounts for only about 25 percent of the average increase.

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Resolving Industry Conflicts

All REALTORS® are governed by the National Association's Code of Ethics. These business principals and guidelines demonstrate the professionalism individuals abide by as members of REALTOR® organization.

At the Minnesota REALTORS®, we play a critical role in the enforcement activities of the Code of Ethics through our Professional Standards Committee's statewide enforcement system. Hearings are conducted by specially trained and experienced REALTOR® members from across the state. Consumers and members benefit from having a Hearing Panel comprised of regional REALTORS® from both within and outside of the respondent's local association's jurisdiction.

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Real Estate Contracts & Forms

Members depend on the Minnesota Association of REALTORS® to develop comprehensive real estate contracts and forms to meet their client's special needs. Annually, a special committee of appointed members meets to review and update the forms to ensure compliance with legislative and regulatory issues.

This exclusive service of the Minnesota REALTORS® is included in the member's $130 annual dues. In the right hand corner of all Minnesota REALTOR® approved forms, you will find the Associations copyright. Each form has a printed implementation/revision date printed in the bottom left-hand corner.

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Specialty Mortgage Brochure Available

Do you have clients considering a "Specialty" mortgage product that seems unusually risky? These include interest-only loans, 40-year payback periods, negative amortization, and option-payment ARMs. All of these are legal loan products, but they often have unforeseen downsides.

The National Association of REALTORS® and Center for Responsible Lending have produced a brochure for you to use with your clients considering one of these loan types. You can download a copy here.

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