Inventory Woes: Are They Worse Than They Look?

There has been a lot of hand-wringing for going on two years or so about the incredible shrinking inventory of homes for sale. This week CoreLogic analyst Molly Boesel joins the chorus More »

Supreme Court rules states can force online retailers to collect sales tax

The Supreme Court ruled Thursday that states can compel retailers to collect sales taxes even if they don’t have a physical presence in the state. The ruling overturned a 1992 Supreme Court More »

Don’t Let Puppy Love Blind You to the Expense of a Dog

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Report Highlights Lessons Learned in Houston From Harvey

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Sununu Vetoes Death Penalty Repeal Bill

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Enterra Corporation (ETER: Pink Current) | Articles of Incorporation

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174 Congress members pressure Carson to finalize FHA condo rules

Congress members and National Association of Realtors teamed up to put pressure on Department of Housing and Urban Development Secretary Ben Carson to finalize the rules regarding condos and Federal Housing Administration loan approval. Members of both parties, include 54 Senators and 120 members of the House of Representatives, signed a letter asking Carson to get a move on and finalize the rules in H.R. 3700.

Congress passed H.R. 3700, which made changes to rules that restrict FHA loan approval for condos, back in July 2016. Nearly two years later, with Carson  dragging his feet on setting these rules in stone, the industry, Senate and House have had it up to here.

“For nearly two years, Realtors have pushed the Department of Housing and Urban Development to finalize its rule streamlining and simplifying the process of securing a condominium loan. Thanks to the support of 120 Congressmen and more than half of all U.S. Senators, affordable homeownership opportunities could soon become available to countless additional Americans. NAR commends Sen. Tim Scott and Bob Menendez and Representatives Bill Posey and Emanuel Cleaver for their leadership on this issue, and we look forward to working with HUD to finalize this rule,” NAR President Elizabeth Mendenhall said in a statement.

NAR was involved in rounding up support for this initiative, helping to round up the 54 Senators and 120 House members that signed the letter calling for action.

The letter expresses its authors’ displeasure with the FHA restrictions on the purchase and sale of condos. The authors cite these restrictions as an affront to affordability and decry them as a stymieing force on industry growth.

H.R. 3700’s proposed new rules include spot loan (a loan to purchase a single unit in a multi-unit building) approval, reductions to certification requirements, and changes to the owner-occupancy ratio, which NAR says will make condos a viable option for more homebuyers.

It remains to be seen how Carson will respond to the immense pressure from the industry and bipartisan forces in Congress.

To read the letters from Congress in full, click here.

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Glassdoor: Here are the best CEOs in the housing business

Glassdoor, the workspace-satisfaction ratings website, recently announced the winners of its Employees’ Choice Award, including seven housing market titans.

The Employees’ Choice Award is an annual report honoring top U.S. and European CEOs.  Housing market CEOs appearing on Glassdoor’s top 100 list include Sheryl Morrison, Jon Davis, Anant Yardi, Jonathan Corr, Pierre Nanterme, Robert Sulentic and Bob Faith.

Employees were able to rate several factors about their employment experience by submitting anonymous and voluntary reviews to Glassdoor, which gaged workplace satisfaction and CEO approval.

“Winning a Glassdoor Top CEO award is a true acknowledgement of exceptional leadership, as it reflects the opinions of the employees who work with a chief executive every day,” Glassdoor co-founder and CEO Robert Hohman.

Leading the pack: Ellie Mae’s Jonathan Corr is 14 on the list, receiving a 96% employee approval rating. Corr’s company is no stranger to praise, Ellie Mae was named a San Francisco Business Times Best Place to Work and was one of Fortune’s 100 Fastest Growing Companies in 2017.

Taylor Morrison CEO Sheryl Palmer is number 19 on the list, receiving a 96% approval rating. This is outstanding since among the 770,000 companies reviewed on Glassdoor, the average CEO approval rating is 69.

Jon Davis of Keller Williams is number 30 and has an employee approval rating of  95%.  Davis’employees commend him on his ability to create a fun working environment.

Anant Yardi, CEO of Yardi Systems has a 93% approval rating, ranking number 53 on the list. Earlier this year, Yardi systems announced the debut of a new research function in its Matrix solution, the company’s comprehensive multifamily market intelligence tool.Pierre Nanterme of Accenture, a HousingWire tech 100 winner, is number 57 on the list and has a 93% approval rating. In 2018 and 2012, Accenture was named one of Glassdoor’s best work satisfaction companies. 

Robert Sulentic, CEO of CBRE is number 63 on the list and has an employee approval rating of 93%. Sulentic’s employees say, that the company is a great place to begin a career and it has cultivated an environment that truly values its workers

Bob Faith, of Greystar is number 86 on the list, averaging a 91% employee approval rating. Earlier this year, Greystar initiated funding for a $500 million debt fund, focused on acquiring subordinated and securitized debt issued by the government sponsored enterprises, Fannie Mae and Freddie Mac.

“The best CEOs are inspiring, trustworthy, innovative and can be great motivators for people to bring their best selves to work,” Hohman said.

Winning a spot on the Glassdoor’s Top 100 CEO list, imply the employees of each of these industry leaders see those traits come to life.  

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