"Current appropriated funds have been exhausted.   If we were unable to fund your loan, you will be notified in the next few days, please do not call or email us.  As many of you have been advised, the previous notice of the ability to issue conditional commitments subject to Congressional authority has been recalled.  We are waiting for further guidance on this from our National Office.  You will be notified when more information is available (we hope within the next 24 hours).  Please do not call our office or other RD offices as everyone will be notified when we have more information.

We do not know when additional funding may be available.  The House of Representatives have passed HR 5017 that would increase the guarantee fee and provide funding for the remainder of this Fiscal Year which runs until September 30, 2010.  The Senate has introduced a similar bill S 3266.  Both bills must be passed, reconciled if necessary, signed by the President and funds appropriated by our Office of Budget prior to funds being available."

From the sound of this e-mail the USDA / Rural Development loan program is no longer an option for future buyers until funds become available later in the year.  The fact that the USDA / Rural Development program has run out of funds is not new to the real estate industry but the fact that they are out of funds in the first 4 1/2 month of 2010 is a bit shocking.  I believe they are out of funds primarily because so many other loan programs have been eliminated and the USDA / RD loan program is one of the few remaining affordable loan programs.  The challenge for USDA is that they only have so much money available per their budget and the demand for low and zero down payment home loans has been extremely high especially during the First Time Homebuyer Tax Credit incentives.

If you are interested in buying a home in Knox County, Ohio but are concerned because you do not have much cash saved for your purchase be sure to contact us because we have some additional options and creative ideas that could help you.  (740) 397-7800 or samsells@sammiller.com

Sam Miller  

Another important date to keep in mind is June 30th, 2010.  This is the date your future home transaction must be closed in order to take advantage of the tax credit.  Many people do not realize that this is not a tax deduction but an actual tax credit.  If you qualify for the tax credit and you bought an $80,000 or higher home you would qualify for an $8,000 check from the IRS.  If you normally get about $2,000 from the IRS as a tax refund, you should get $10,000 back when you either file your taxes.  Something often overlooked is the ability to amend your prior year tax return and get the $8,000 check back typically within 6 to 8 weeks.

If you are serious about taking advantage of this huge home buyer incentive please contact us as soon as possible because you will need adequate time to select a suitable home and you will need a few days cushion to negotiate your contract to purchase.  Remember, the contract must be fully negotiated and accepted no later than April 30th, 2010.  Give us a call at (740) 397-7800 or email us for all of your Knox County Ohio real estate needs.  

Apple Valley Lake Homes For Sale

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1. FHA Financing Allowed for Properties Being Resold within 90-Days.  FHA is allowing the use of FHA financing for properties being resold within the 90-day period after the previous acquisition. This is not limited to foreclosed properties. The purpose is to encourage investors that specialize in property renovation to acquire foreclosed and abandoned homes in an effort to increase the availability of affordable homes for homebuyers. In effect for all sales contracts executed on or after February 1, 2010 and will remain in effect for one year unless extended or withdrawn by the commissioner.
2. Maximum Seller Contributions Reduced to 3%.  Seller contributions to pay borrower closing costs is currently 6%, but will drop to 3%. Using $100,000 purchase price, that is $3,000 less the seller could contribute. This will go into effect this summer.
3. Up-front Mortgage Insurance Increased to 2.25%.  The Up-front Mortgage Insurance that FHA requires on most of their loans will be increased from 1.75% to 2.25%. This amount is added to the final loan amount, so there will not be additional funds needed at closing from the borrower. Good news is they will continue to allow this to be financed! Effective for FHA case numbers assigned on or after April 5, 2010.
4. Monthly Mortgage Insurance Premium (MIP).  They are pursuing legislative authority to allow flexibility to bring the annual MIP higher (currently capped at .55) so they can shift some of the premium increase from the up-front MIP to the annual MIP. The annual MIP is paid over the life of the loan instead of at the time of closing so this will reduce the impact to the borrower. This is still pending.
5. Low Credit Scores.  Borrowers with credit scores below 580 will now be required to put a least 10% down. This is kind of a non-issue because few lenders that offer FHA loans will accept credit scores below 620 in today's market. This will go into effect this summer.

According to USDA they have stated that "Once funding is exhausted, the Agency will not issue Conditional Commitments subject to receipt of appropriate funds. This is because it is not certain when additional funding will be available."  What this means to many homeowners is that if they wait until the last minute to take advantage of the First Time Homebuyer Tax Credit and they intend to use the USDA loan program there is a VERY good chance there will not be money available to fund the loans.  The bottom line is that you could likely lose out on this super affordable loan program AND you will lose out on the opportunity to take advantage of the tax credit and the potential of getting your $8,000.

The solution is to act fast and get your new home under firm contract as quick as possible and get your loan application started.  If you wait to get a home under contract towards the end of the first time homebuyer tax credit you will likely miss out entirely.  If you would like us to get your home purchase on the fast track send us an e-mail right away or give us a call at (740) 397-7800.

Sam Miller

UPDATE on May 13th, 2010:  

We just received an e-mail from one of our lenders confirming that Rural Development / USDA has ran out of available funding.  I will update you once I hear anything new.

Knox County, Ohio February Home Sales By Price Range

As of February 28, 2010 there are 292 homes listed in the Knox County MLS for sale . The average list price of these homes is $155,501 with a combined total dollar value of $45,406,353.

Watch for our regularly posted monthly statistics and if you would like to be kept up with the latest news on real estate listings in Knox County, Ohio, be sure to register for our automated Knox County, Ohio Listing Notification System at EmailKnoxCountyHomes.com.
 
View our Knox County Ohio Homes For Sale.

 

*All sales statistics are as reported to the Knox County MLS on March 1^st, 2010.

The table below shows the number of Knox County, Ohio homes sold and the price ranges they were sold.

As of January 3, 2010, there are 263 homes listed in the Knox County MLS for sale.  The average list price of these homes is $157,775, with a combined total dollar value of $41,495,059.

Watch for our monthly statistics and if you would like the latest news on our real estate listings in Knox County, Ohio, be sure to register for our automated Knox County, Ohio listing notification by clicking here.

View our Knox County, Ohio listings here.

* All sales statistics are as reported by the Knox County MLS.

Knox County, Ohio December Home Sales By Price Range

 
As of January 3rd, 2010 there are 263 homes listed in the Knox County MLS for sale . The average list price of these homes is $157,775 with a combined total dollar value of $41,495,059.

Watch for our monthly statistics and if you would like to be kept up with the latest news on real estate listings in Knox County, Ohio, be sure to register for our automated Knox County, Ohio Listing Notification at EmailKnoxCountyHomes.com.
 
View our Knox County Ohio Homes For Sale

*All sales statistics are as reported to the Knox County MLS

Did you know that a high percentage of the homes that are foreclosed on could have avoided foreclosure and the owner could have sold the home through a REALTOR?  This is where the term Short Sale comes into play.

The Short Sale Explained.  (Just click the play button) 

In today's current housing market, many people owe more on their home than their home is worth.  There are many reasons a homeowner may owe more on their home than it is currently worth and here are some examples:

1. This may have happened because the value of the home simply dropped.
2. They refinanced their original loan and rolled the closing costs into the new loan.
3. They may have added a home equity loan and financed the closing costs into the loan.
4. They did a cash out refinance to pay off other consumer debts, vehicles and credit cards.
5. Many owners refinance to pay unexpected medical bills or funeral expenses. 
6. Divorces, in many cases, create the need to refinance a home when one of the spouses wants to maintain ownership of the home and often at that point they are required to remove the ex spouse from legal ownership and financial obligation.
7. There are dozens of reasons why someone might owe more on their home than it is worth and in many cases it could even be a combination of any of the items listed above.

The Knox County Board of Realtors reported 42 residential home sales throughout Knox County including Mount Vernon, Centerburg, Gambier, Howard, Apple Valley, Fredericktown and the smaller villages. The average sales price for the Knox County, Ohio homes that sold in November was $111,068. The lowest priced home that sold was a bank repossession which sold for $33,000.  The highest priced home closed at $232,000.

November 2009 Compared to November 2008

I do extensive monthly market research and have completed monthly market studies for more than 15 years. When I pulled last years November 2008 home sales statistics, I compared them with the November 2009 statistics and the comparison made me smile. This November we had 42 homes sales and last year in the same time period we only had 29 home sales. That is a huge difference and that amount of increase in any market is considered BIG.  Here are the results for November 2009:

Number of Homes Sold	Price Range
13	$74,900 and under
7	$75,000 - $99,000
8	$100,000 - $124,999
3	$125,000 - $149,999
5	$150,000 - $174,999
3	$175,000 - $199,999
3	$200,000 and higher

Take the hassle out of hunting for a home.....have listings sent directly to your inbox as soon as they hit the market.  Click here to sign up today!

Click Here for our featured properties!!!  Some of the best property for sale is displayed right here. As experts in the Knox County real estate market, we can provide you detailed information on these homes, or any others!

*Disclaimer: The Knox County Board of Realtors MLS statistics as of December 1st, 2009

You may have heard the exciting news that the First Time Homebuyer $8,000 Tax Credit has been extended.  This will prove to be great news for thousands of Knox County, Ohio homebuyers and many existing homeowners who qualify for this financial incentive.  I asked national real estate expert David Knox to help me explain the benefits of this extended and revised tax credit.  In order for you to take advantage of this incentive you will need to buy and close your transaction before the tax credit deadline.

Knox County, Ohio has great properties for sale.  We can show you any property listed in the Knox County MLS.  The Sam Miller Team is proud to feature the following listings.  Contact us today for your private tour:

$100,00 and less
$100,000 - $150,000
$150,000 - $200,000
$200,000 - $300,000
$300,000 and up

Not only do we specialize in single family homes, but we also specialize in condominiums.  Click here for our complete list of Mount Vernon, Ohio condominiums.

Are you looking for a place to call home in Knox County, Ohio where you can spread out?  Click here to see our amazing properties with acreage.

Apple Valley Lake is a beautiful resort community located in Howard, Ohio.  One of it's incredible assets is the pristine lake that is perfect for all sorts of water sports throughout the year!!  Click Here for our complete list of our properties for sale in this fantastic community!

Interested in a bank owned property?  Search our list of bank owned homes in Knox County, Ohio.

For real estate listings sent directly to your inbox as soon as they hit the market, click here. 

Please feel free to bookmark this page and use the "Share This" feature so that you can forward this to your friends, family and business colleagues.

This year I was invited to participate in a private CyberProfessional real estate meeting.  This meeting is organized by an exclusive group of high tech real estate professionals who leverage their use of technology to provide a higher level of service to their clients and customers.  One of the many topics discussed during this meeting was how to market homes using HD video technology to make your listings stand out over other competing listings.  Each of the 40 CyberProfessionals in attendance had an opportunity to share their key strength relating to real estate technology.  This format created a tremendous synergy because everyone at the event had an opportunity to shine.  The real benefit of this format was after each member presented,  there was an open discussion and this is where the ideas really flowed.  There was so much information being shared that I took pages and pages of detailed notes.  The lesson I learned from this group is that even though I have some solid technology strengths...my skills and knowledge individually are not nearly as strong as the collective efforts of the CyberProfessionals and their members.  This was truly an amazing day! 

2009 marked my 10th year being invited to The Bill Barrett Top 50 Real Estate Superstar Group.  This is the single best real estate event I attend each year and this year was no exception.  The group is composed of the best of the best agents around the country and the goal is to share ideas, brainstorm concepts, fine tune systems, openly discuss group successes and challenges. The highlight of the meeting was when everyone has an opportunity to share their marketing materials.  This year one of the key discussions of the group focused on bank owned homes and pre-foreclosures. A discussion came up concerning more than 50% of all people who lose their home through foreclosure never seek help from a real estate professional. What is amazing is that a very large percentage of those homes could have either been saved or sold and the foreclosure could have been avoided.  The collective knowledge and experience of the members in this group are truly the best of the best. 

This year there was a new meeting at the conference headed up by RIS Media and Alan Dalton called "Top 5" real estate network.  The meeting was by invitation and only 150 agents worldwide were invited out of the 20,000 who were in attendance at this year's conference.  It was an interesting meeting and the concept behind the group could become very valuable for the members.  RIS Media is a key player in the real estate industry and is one of the best sources when it comes to providing communication to REALTORS.  From what I heard and learned about the "Top 5 Real Estate Network" it seems that RIS Media and Alan Dalton are creating a network of real estate professionals who will have access to materials and resources that would not be available to the average agents.  If "Top 5" can get off the ground in a big way and build some very key recognition within the real estate industry, I believe they are onto something that could become BIG.  

Lastly, I met with some of our leadership at RE/MAX International at their trade show booth at the convention.  We discussed new technology that is specifically related to RE/MAX offering enhanced client services and we also reviewed some recent changes that are taking place with our client foreclosure division.  This new enhancement with RE/MAX and their corporate website will enable my team to better serve and connect with consumers looking to purchase a bank owned and foreclosure home.  

The 2009 NAR conference was a huge home run event and I am already looking forward to next years event in New Orleans.

Sam Miller

If you're looking to buy or sell, I'd love to help.  Contact Me today!

Click Here to view our fantastic properties for sale.

Buyers who have owned their current homes at least five years would be eligible for tax credits up to $6,500 and the bill extends the $8,000 tax credit to those first time home buyers who haven't owned a home in the last three years.  To qualify, buyers in both groups have to have a signed purchase agreement by April 30, 2010, and close by June 30, 2010.

An article I read entitled, "Congress set to expand home buyer tax credit," by Stephen Ohlemacher, a writer from the Associated Press, quotes Senator Johnny Isakson, a Republican from Georgia who is a former real estate executive who championed the credits, "This is probably the last extension."  "We are still in a world of economic hurt, and Congress must continue to act boldly and creatively," said Senator Max Baucus, a Democrat from Montana, chairman of the Senate Finance Committee.  "With the right mix of tax breaks and investments we will get through this recession and get folks working again."  

According to this article, extending and expanding the tax credit for home buyers is estimated to cost the government about "$10.8 billion in lost taxes." 

The credit is available for the purchase of principal homes costing $800,000 or less, meaning vacation homes are ineligible.  The credit would also be phased out for those folks with annual incomes above $125,000 and for joint filers with incomes above $225,000.

For members of the military serving outside the United States for at least 90 days and more, the credit will extend until June 30, 2011.

This bill is H.R. 3548.

The house is scheduled to vote on this bill today, Thursday, November 5, 2009.  Stay Tuned.....

The numbers are in for Knox County, Ohio MLS sales for October 1, 2009 through October 31, 2009:

The Knox County, Ohio MLS is reporting 40 Home sales in October 2009. The average sales price for a home SOLD in October was $106,288. The lowest priced home sold in October SOLD for $24,000, which was a bank repossession. The highest priced home sold in October, SOLD for $195,000.  This was a country home with over 5 acres of land.

October 2009 home sales were up more than 25% as compared to October 2008 (a good sign).  According to the Knox County, Ohio MLS, RE/MAX Stars Realty represented more than 52% of all the listed homes that SOLD in October 2009. RE/MAX Stars Realty also represented more than 50% of all the buyers who purchased homes in October 2009.
 
The Sam Miller Team participated in the sale and closing of 19 real estate transaction sides in October 2009 which accounts for a very large percentage of the sales that closed within the Knox County, Ohio MLS in October.

The Knox County, Ohio real estate market is still very active and homes that are properly positioned are selling well. 
  

Disclaimer:  All sales data per Knox County, Ohio MLS sales statistics as reported on November 2nd, 2009*

Featured Listing:

13 Wildwood Lane - $210,000

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Highmeadows (Located between Wooster Road and Sychard Road)

Colony(Located on Historical East Gambier Street / State Route 229 East)

Maplewood (Located at corner of Eastern Star Road and Gambier Road)

Fairways (Vernonview Drive near Woodside and Upland Terrace)

Knolls (Located on South Main / Granville Road next to RE/MAX Stars)

I am aware of at least 2 pending sales in both the Fairways and also Woodberry developments. I am confident that there are other sales in the works because we have personally have tremendous buyer activity on 4 of our available condo homes. I predict there will be another 3 or more successful condo sales that will finalize and close by December 31, 2009.

There are 12 condominiums that are currently available in the Knox County MLS as I write this. The highest price for an available condo has a current asking price of $219,777 and the lowest listing price for an available condo in the Knox County MLS is only $110,000.  The average listing price for the 12 available condominiums in the Knox County, Ohio MLS is $152,187. This average listing price is more than $30,000 higher than the average sales price so far this year.
 
Because there were so many more condo sales this year selling in the $80,000 to $120,000 range, the average sales price was pulled down for 2009 considerably.  It is important that readers do not misunderstand these figures because this does NOT mean that the values of condominiums in Mount Vernon, Ohio dropped by more than $30,000. What this means is that there were a higher number of condo sales in the lower and mid price ranges while the upper end and more expensive condominiums were simply out sold by shear numbers this year.  I believe this was the case because most purchasers interested in buying an $80,000 to $120,000 condo did not generally need to sell an existing home in order to purchase. The same is not generally the case true for condo listings that are priced between $150,000 to $250,000 in Mount Vernon, Ohio. In the upper price ranges the interested purchaser often needs to sell their current home before they can complete the purchase and this factor alone explains why the upper end condo units have not kept pace with the more affordable condo sales in 2009.

I created a some links below so that you could view details, color photos, virtual tours and additional information on our available condominiums in Mount Vernon, Ohio. As always, feel free to call or e-mail us at any time.

1 Fairway Drive

16 Fairway Court

28 Fairway Drive

503 C East Gambier Street

16 Woodberry

34 Woodberry

62 Woodberry

Thank you for taking the time to read our real estate report!

Sam Miller

We have now made it easier to search for Knox County, Ohio homes.  Now you can search for homes by the school district you would like to be in!!!  Check out the new custom feature via the links below and let us know what you think.  This new feature should be perfect for home buyers who have very specific school district needs.

If you are interested in working with us to help you with a future home purchase we are happy to create a fully customized home search for you.  All you need to do is visit and complete the home buyer request form at "I Want To Buy A Home" and we will take care rest for you.  Within 24 hours you will be able to view specific homes that meet your needs and we will send you detailed listing information by e-mail until we find the home you want.

Twin Oak Elementary School is located at 8888 Martinsburg Road and is only about a mile from the Mount Vernon Middle School and the Mount Vernon High School.  Located on what once was the home of a fruit farm owned by the W.C. Rockwell family, the grounds of this school are simply stunning!!  Twin Oak has some of the latest and greatest technology found in Mount Vernon.  It features an impressive computer lab and utilizes several large interactive smart boards.  If you haven't personally had a smart board experience, you and your children are in for an educational treat.

See available homes for sale in the Mount Vernon Twin Oak School District by Sam Miller

August 2009 Knox County Home Sales Information

Number of residential homes sold                            38
Average Sales Price of those homes sold                   $112, 060.00
Total Amount Sold                                                  $4,258,000.00

August Knox County Listing Information
Total New residential listings for August                   83
Average New List Price                                            $157,000

Total Number of Homes Currently in the MLS            424
Average List Price                                                   $162,000

The market is showing significant signs of increased activity.  We've had a lot more showing traffic on our homes listed for sale as well as increased offers in negotiations and number of sold properties.  It feels like the market is beginning to pick up.  This may partially be due to the $8000 home buyer tax credit.  Houses must be closed by November 30, 2009 in order to qualify for this tax credit.  I think the end of the year looks to be real active and now is an excellent time to buy a new home or upgrade to a larger one.  It's a wonderful time to take advantage of the super homes listed right now as well as the incredible low rates. 

Homes for sale $100,000 or less

Homes for sale $100,000 - $150,000

Homes for sale $150,000 - $200,000

Homes for sale $200,000 - $300,000

Homes for sale $300,000 and up

In the market for a new home or ready to sell one?  Contact The Sam Miller Team for all your real estate needs. 

Yes!  According to an article in USA TODAY, titled Housing Prices Rounding A Corner?, "home prices rose 0.5% in May from April, according to the Standard & Poor's/Case-Shiller home price index, which measures changes in the value of residential real estate in 20 cities."   The article also states that a smaller inventory of homes for sale and a continuing rise in homes sales is a promising sign that the market is indeed stabilizing.  According to Wall Street economists, home prices in 15 of the 20 cities surveyed, rose or remained stable.

There are cities still struggling.  Phoenix, AZ, Las Vegas, NV, and San Francisco, CA to name a few!  The cities of Dallas, TX and Denver, CO, have reported three months of prices that were higher than the previous year.   Cleveland, OH and Boston, MA  were up 4.1% and 1.6% (Wall Street Journal, "Home Prices Rise Across U.S.")  respectively.  Although year on year growth rates are still not good, critics believe the housing market has hit rock bottom and is now on an upswing. 

Since January 2009, the home price index is now showing four consecutive months of smaller annual declines.  This positive data is good news for lenders, who will start to see the values of their assets move higher thus resulting in fewer losses. 

But according to USA TODAY and the Wall Street Journal, "economists say the big question now is whether the promising signs in the housing market will encourage homeowners enough to result in more consumer spending." (USA TODAY)  As reported in the Wall Street Journal, "the improvement in housing likely gave a small boost to U.S. gross domestic produce in the second quarter, economists said.  After data showed construction of new homes was stronger than expected in June and was revised higher in April and May, Macroeconomic Advisers, a St. Louis based forecasting group, ratcheted up its estimate of second quarter economic growth.  It now sees output shrinking as just a .5% annual rate in the second quarter, compared with declines of 6.3% and 5.5% in the previous two quarters."

According to the NAR (National Association of Realtors), more hints of an improving housing marketing include a rise in existing home sales for a third consecutive month in June.  And "sales of new homes in June jumped 11% from May, according to government figures, and the supply of homes for sale fell to 8.8 months, the lowest since October 2007." (USA TODAY)

Although it is still difficult to get a loan, the market is slowing getting better.  If you are in the market for a new home, now is a WONDERFUL time to buy.  There are various government programs out there now as well as rock bottom rates.   Contact us to find your Knox County, Ohio home!!!

Recently I attended the 20^th Anniversary Star Power Annual Conference in Denver, Colorado.    I enjoyed three full days of career- changing sessions with the best realtors in the country.  Some speakers included Howard Brinton, Founder and CEO of Star Power Systems, Dave Liniger, Co-Founder and Chairman of the Board, RE/MAX International, Jim Gillespie, President and CEO Coldwell Banker Real Estate, Alex Charfen, Founder and CEO, Certified Distressed Property Institue, Allan Domb, and more than 125 top active industry producers and experts in the business.

Together with Rob Levy and James Nellis, we taught a real estate technology class that had overwhelming response.

Star Power is an organization that is comprised of nearly 300 top working real estate agents from across the country, each of whom averages over 200 transactions per year.  These agents or "stars" extend their knowledge and strategies of their success out to other agents, from which they can then choose which strategies best suit their market and personality.  This is a phenomenal group loaded down with tons of knowledge.  The best in the business!!

Not only did I come away with career changing material, but I was able to network with thousands of other agents across the country.  Some of which specialize in bank owned real estate and corporate relocation.  I believe these wonderful connections and relationships will be extremely beneficial to my Knox County, Ohio clients.

By George White, RE/MAX Times Managing Editor 

CHICAGO - Demand built on demographics and population - rather than questionable lending policies - will spark the next wave of strong home sales in the U.S., Dave Liniger told nearly 700 Affiliates at the 2009 RE/MAX Summer Conference for Broker/Owners and Managers on Monday.

The confluence of two massive population groups - 80 million Baby Boomers born from 1946-1964 and 74 million Millennials born from 1980-1995 - will fuel a huge increase in transactions from 2012 onward, the RE/MAX International Chairman and Co-Founder said at the conference's Opening General Session. Immigration and minority household trends will add to the upturn, he noted.

As the Millennials, who are 15-29 now, reach their prime homebuying years - the average first-time buyer is 33, though that number appears to be trending downward - the Baby Boomers will be selling and downsizing. The rise in demand will drive the market upward, Liniger said.

"Very good years are coming," he said, adding that RE/MAX International - through technology, training, social media and other initiatives - will help Broker/Owners and Associates connect with these consumers.

Being successful today
For the time being, though, local markets will stay as they are, Liniger said. In fact, unemployment and a second wave of foreclosures in 2010 and 2011 are likely to make things worse before they get better. He urged Broker/Owners to help their Sales Associates close transactions through distressed properties, REOs, first-time homebuyers and investors. His constant theme: Affiliates cannot sit back and wait for a quick turnaround - because it's not coming.

"I'm not negative; I'm realistic," he said. "If you're not realistic, you can't make the adjustments you need to make in order to survive and prosper."

Liniger said RE/MAX leaders have met many times with key lenders and government officials to push for foreclosure solutions and a standardized and streamlined short-sale process.

He also called the Certified Distressed Property Expert (CDPE) course the best training he's ever encountered. More than 6,000 RE/MAX Associates have earned the designation, he said, and others should consider it.

"Short sales are the key for the next 18-24 months. Our people must be trained to handle them," he said, noting that true recovery simply isn't possible until the foreclosure problem is solved.

The smartest place to be
RE/MAX continues to be the best network for top agents, Liniger said. Its unmatched technology, brand name awareness, training, market share and advertising provide significant competitive advantages for Broker/Owners and Sales Associates.

Liniger also thanked Affiliates for their enduring support of Susan G. Komen for the Cure and children's hospitals, noting that RE/MAX will soon reach the $100 million mark in Children's Miracle Network contributions.

Rousing life lessons
Following Liniger's address, former Notre Dame and NFL star Joe Theismann explained how he has approached life since his football career ended suddenly - his leg was broken on national TV - in 1985. He drew parallels between his adversity and the real estate industry's current struggles.

"We all face obstacles and hurdles; the test is what you do about them," Theismann said. "Real champions don't stay down. They figure out what to do, and then they do it. Why is RE/MAX where it is? Because they reject the idea of failing."