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VOL. 126 | NO. 10 | Monday, January 17, 2011

Seminar Helps Attendees Master Real Estate Market

By Sarah Baker

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As real estate professionals gather this week to take a look at the latest numbers, they’ll not only learn about current economic trends but also preview the road ahead.

Realtors, appraisers, builders, investors, bankers and mortgage brokers will get a glimpse of Shelby County market trends Thursday when real estate information company Chandler Reports hosts “Master Your Market: Year-in-Review.”

Slated topics of discussion are sales, mortgages and foreclosures in both the residential and commercial sectors.

The second annual Master Your Market is slated for Thursday from 3:30 p.m. to 6 p.m. at The Great Hall of Germantown’s Media Room, 1900 S. Germantown Road, behind City Hall next to the tennis courts.

Keynote speakers include Shelby County Trustee David Lenoir, executive vice president and division head of the mortgage department at Magna Bank Lisa Reid, and director of the Center for Community Building and Neighborhood Action Phyllis Betts.

In the trustee’s office, Lenoir deals with real estate and tax collections of real estate property and personal business property. His speech will tackle the Shelby County economy – including foreclosure issues, delinquencies and efforts his office is making to collect money.

Lenoir will provide a mixed message of the current “state of the union,” while also addressing the light at the end of the tunnel.

“I’m about tired of hearing all of the bad news – it’s time to encourage the folks,” Lenoir said. “I’d like to think we’re on the backside of this financial tsunami that we’ve been in.”

The Federal Reserve Bank of St. Louis recently released economic data for Memphis region showing positives and negatives. Bright spots include improved manufacturing and car dealer activity, yet retailers reported negative results.

Consumer loans remain lukewarm because consumers are unwilling to add debt to their personal balance sheets. Business lending activity is also down.

Reid will review the state of residential lending, with an emphasis on the impact that the Appraisal Independence Requirements (AIR) legislation and how the appraisal process has impacted the lender and the consumer. General trends and current market conditions in the valuations of property will be at the heart of Reid’s speech.

In 2010, residential bank sales made up 32 percent of all sales. While the total number of bank sales saw a large decrease, average bank sale prices were up 1 percent. Average foreclosure amounts have increased every year since 2003 up to $125,239.

Commercial bank sales for the year were down as well – 8 percent from the third quarter of 2009. Total bank sale revenues were also down 10 percent, and overall foreclosures were down 4 percent.

Betts will dig deeper into the foreclosure crisis and its impact on home values. As founding director of the CBANA, Betts specializes in research and community-based problem-solving on housing, neighborhoods and community development.

Each speaker will have 10 minutes to address the group and then the audience will have an opportunity to ask questions. After the event, Chandler Reports will host a cocktail hour for guests to network with the guest speakers and their peers.

The cost to attend is $10 for Chandler Reports subscribers and $15 for non-subscribers. Cost includes a copy of the presentation and year-end market trend reports.

Anyone interested in attending can contact Wendy Greenlaw, Chandler Reports business development manager, at 528-5273 or wendy@chandlerreports.com.

RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 0 133 1,342
MORTGAGES 0 131 1,047
FORECLOSURE NOTICES 20 39 190
BUILDING PERMITS 0 305 3,056
BANKRUPTCIES 17 135 753
BUSINESS LICENSES 0 53 329
UTILITY CONNECTIONS 0 0 0
MARRIAGE LICENSES 0 0 0