New Jersey Defies National Housing Trends:
Home Sales Up 4 Percent

Sales volume of existing single-family homes, condominiums and co-ops in the first quarter of 2008 increased 4 percent from the same period last year, indicating New Jersey continues to defy national real estate trends. According to statistics released by the NATIONAL ASSOCIATION OF REALTORS^® (NAR) on May 13, 2008, New Jersey's seasonally adjusted annual rate of home sales equaled 169,600. View the chart below comparing the first quarter median sales price of existing single-family homes in 2007 and 2008 within New Jersey metropolitan statistical areas (MSA):

For more information and to view the full reports, read NJAR®'s press release.

NJAR^® also conducted a number of media interviews promoting the opportunities of today's market in various outlets. Read NJAR^®'s comments from NJ 101.5, the Asbury Park Press, and the Press of Atlantic City. Additionally there were radio interviews on Clear Channel Radio, WGHT Radio and WRNJ Radio.

NJAR^® Looking for "A Few Good Neighbors"

Nominations are now being accepted for the 2008 NJAR^® Good Neighbor Awards, which recognize those REALTORS^® and REALTOR-ASSOCIATE^®s who have made an extraordinary commitment to community service. Winners will receive, among other things, a grant in the amount of $2,500 for first place, $1,500 for second, or $1,000 for third place for the charity organization of their choice.

Download the entry form and guidelines and submit your nomination by September 12, 2008. Anyone may submit an entry for a REALTOR^® they know who goes above and beyond in his or her community efforts. Visit the NJAR® Good Neighbor Award webpage for more information about the award and to learn more about previous winners and their charities.

Deadline Extended for Public Comment on RESPA Regulation

The deadline for public comment on the U.S. Department of Housing and Urban Development (HUD) proposed regulations regarding the Real Estate Settlement Procedures Act (RESPA) was extended from May 13 to June 12, 2008.

The rules include a mandatory four-page Good Faith Estimate (GFE) and a modified HUD-1/1A; a required "closing script" to be read orally at settlement; enhanced disclosures; and new rules concerning volume discounts, average cost pricing, and "required use." Comments may be sent electronically through the Federal eRulemaking Portal at www.regulations.gov or by mail to:

Regulations Division, Office of General Counsel
Department of Housing and Urban Development
451 Seventh Street, SW
Room 10276
Washington, DC 20410–0001

REALTORS^® Head to Washington

REALTORS^® from around the country gathered in Washington, D.C. throughout the week of May 12, 2008 for the NATIONAL ASSOCIATION OF REALTORS^® (NAR) Midyear Legislative Meetings & Trade Expo to raise the "Voice for Real Estate" before Congress and regulators. NJAR^® members met with their Congressional Representatives on Capitol Hill to discuss federal issues important to REALTORS^® and the industry.

Look for NJAR^® Spot on NJN

For the sixth year, NJAR^® proudly continues its support of the New Jersey Network (NJN). NJN viewers will see a 30-second spot of NJAR^® President Drew Fishman discussing the value of REALTORS^® and their involvement in their communities during the months of April and May. Look for the spot during the following primetime weeknight and weekend afternoon programming: