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May

31

NAR/DOJ settlement: Much ado about nothing ?

Filed Under Economy, Marketing, Real Estate, Technology | Leave a Comment

Seems that the Economy and the Political scene in this hot election year has caused the DOJ to re-think their approach on the battle with the National Association of Realtors. The case was settled this week or rather it appears that the DOJ gave up, because they did not want to seem unsympathetic to the plight of the industry as a whole, given the political climate et all in the U.S. right now.

The reason I and others say gave up is because, we do not think that the DOJ went far enough into really scrutinizing the MLS control issues.

One thing they did do was help free up the hold on VOWs, and that in it self may not have been a good thing depending on how you view the situation.

So what is a VOW anyway ? A VOW is basically a Virtual Office. One description I have often heard is in reference to the difference between an IDX platform and a VOW. VOWS differ from IDX by essentially taking the IDX platform at least one step further.” VOWS are “private business platforms that are designed to facilitate actual transactions” by registering consumers and delivering them as leads to other companies and sales agents, in some cases.

Here’s one of the key-issues that was discussed by NAR and various Multiple Listing Services on how VOWs operated.

“Some MLSs have objected to VOWs putting information on sold, expired or withdrawn listings on the Internet, saying that it makes it easier to mine data that belongs to their members.”

The settlement, in effect says the Internet and innovation is going to be supported, and you have to allow competition to come into this space. Some brokers don’t like the changes and are trying to protect their business. This says you have to compete fairly.”

To put it in laymen s terms.

If a consumer visits a Realtor or Brokers web site with MLS listing data supplied in an IDX (Internet data exchange) format, most likely the consumer will be able to browse and research data without being required to verify an email address or create a log-in account. However with a VOW site, the consumer has to create a log-in, or leave identifying information to be able to access the data.

One such site is ZIP Realty, whose CEO made the comment’s above. On their site you can enter search criteria for an MLS search however, you cannot view any details of that data, including pictures on their site without registering first.

Only time will tell now how NAR and the MLS’s continue to move forward in the integration of technology

One thing is for certain though, and that is that the monopolistic polices adopted by some MLS boards will continue to garner scrutiny by other state and federal agencies. In that venue the Justice Department is currently engaged in a lawsuit over policies adopted by an MLS in South Carolina, as an example, and the Federal Trade Commission is engaged in a lawsuit with a Michigan MLS.

If you interested in more details on the major talking points, I will defer to the excellent post by non other than Mr. Greg Swain of the Bloodhound Blog.

Look here for the details of the DOJ/NAR proposed Final Judgment,

In closing, I must confess that, Greg’s blog is what I one day aspire to be when mine grows up. Maybe not on this blog, but then again you never know ?

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May

8

DOJ sets sights on more MLS boards

Filed Under Marketing, Real Estate, Technology | 2 Comments

050808watcher As the DOJ case against NAR enters into a critical path this summer, the DOJ is starting to take aim at other players in the MLS game. This is only the beginning and it is very apparent to many, that NAR’s iron fisted rule on the MLS will not come out of this unscathed.

Having interacted with over a hundred of the top MLS’s through the United States I can say from my perspective, that this is going to be welcomed with open arms for those wanting to open this up to the masses and to help create a free and unfettered access to this data. The way it has been controlled has got to change. The times and the technologies brought to bear in today’s digital world that we live in are also changing and this is another one of those changes that is coming soon to an MLS Board near you.

Barry Cunnigham over at the Blood Hound Blog wrote a great post on the latest foray into this battle The War Against The MLS Continues | The MLS Must Fall!.

It is worth reading and before you comment, you should arm yourself with the knowledge of actually reading the content of the complaints as filed by the DOJ (links are in the posts - his and mine). Also, be sure to check out the article I wrote back in February 2007 that goes into more background and details on this. MLS Data compliance and NAR vs. DOJ

Related Posts:

MLS Data compliance and NAR vs. DOJ

New Technology and Real Estate Agents

DOT HOMES submits to US Real Estate BROKERS - dont worry - be happy !!

May

1

Q1 2008 Mortgage Statistics for Florida and Tampa Bay

Filed Under Economy, Finance, Mortgage | 3 Comments

050108 The results are in for the first quarter and it is not a pretty picture on the foreclosure front here in Florida or for that matter the Tampa Real Estate Market.

Two reports this week that are interesting depending on how you can decipher the content ? The first report is by Trans Union. They put together a trended analysis report that reviews 2007 fourth quarter data to compile their latest statistics and then forecast for 2008. They are reporting that Florida delinquent mortgages have increased by 34 %.

The top three areas showing the largest growth in delinquency from previous quarters are Florida at (34 percent), California (33 percent) and Arizona (32 percent).

“The market continues to see the effect of the mortgage crisis in the steeply increasing mortgage delinquency rates among borrowers across the country,” said Keith Carson, a senior consultant in Trans Union’s financial services group.

The national 60-day mortgage borrower delinquency rate is expected to continue to rise throughout 2008 from a value of nearly 3.0 percent in the 4th quarter of 2007 to 4.0 percent or greater by year end.

On another note: Realty Trac released their quarterly report on the U.S. Foreclosure Market which states that “Foreclosure activity has increased by 23 % in the first quarter of 2008.” They are reporting that Nevada, California, Arizona posted the top state foreclosure rates.

“Foreclosure filings were reported on 87,893 Florida properties during the first quarter, the second highest state total and giving Florida the nation’s fourth highest foreclosure rate — one in every 97 households received a foreclosure filing during the quarter. Foreclosure activity in the state was up 17 percent from the previous quarter and up 178 percent from the first quarter of 2007.”

“The highest ranked Florida metro area was Fort Lauderdale, which ranked No. 8 with one in every 73 households receiving a foreclosure filing during the quarter. Other Florida metro areas in the top 20 included Orlando at No. 13, Miami at No. 14 and Sarasota-Bradenton-Venice at No. 15. The foreclosure rate in Tampa-St. Petersburg-Clearwater ranked No. 21.”

So this actually shows that the Tampa and St. Petersburg Real Estate areas are faring a bit better on the over all State level.

While the numbers on a whole do not look too promising, this is still a positive note for the Tampa Bay Area Housing Markets, and once again affirms the prediction by our States Economist that Tampa Real Estate markets will recover first starting with Pasco County.

If you want to find out specific information on Foreclosure statistics in your area and or find out which homes are in foreclosure or are on the auction list, you can go to RealtyTracs home page, click on the interactive map. For example click on the US Map, in the Florida area, this will then pull up a State Map where you can enter in a specific county. For example Pasco County and then click on search.

You will then be presented with the break down of total number of homes in pre-foreclosure, auction, bank owned etc. You can gain some pretty good information for free however, to see specifics on taxes etc you have to have a paid membership. The site looks complex but is fairly easy to navigate. Check back tomorrow and I will post a quick video over-view to walk you through the process.