Realtors(R) Identify Industry Trends and Challenges for Years to Come

SAN DIEGO, CA, Nov 14 (MARKET WIRE) --
Leading executives from major real estate firms believe the residential
outlook for 2010 is positive, given the extended tax credit for home
buyers as well as a steady rise in existing-home sales. These industry
leaders also acknowledged ongoing challenges during a panel discussion
hosted by the Real Estate Services Forum at the 2009 REALTORS(R)
Conference & Expo in San Diego today.

"Our role in this industry is to be confident leaders," said J. Lennox
Scott, chairman and CEO of John L. Scott Real Estate, Bellingham, Wash.
"We are at the bottom of this crisis and are beginning to finally see a
swing up."

Panelists emphasized the need to continue reaching first-time home buyers.
According to the National Association of Realtors(R)' 2009 Profile of Home
Buyers and Sellers, first-time home buyers accounted for a record 47
percent share of home sales over the past year. Lawrence Yun, NAR chief
economist has predicted there will be between 2.3 and 2.4 million
first-time home buyers this year.

"We need to start today and continue reaching out to first-time home
buyers," said Merle Whitehead, president and CEO of RealtyUSA, Orchard
Park, N.Y. "It's imperative to convey to consumers that purchasing a home
is a long-term investment."

To reach these consumers, more and more Realtors(R) are adding social
media to their traditional communication methods, and multi-generational
marketing has become a trend that Realtors(R) cannot ignore.

"Today consumers are on data overload and are relying on Realtors(R) to
interpret that data," said Whitehead. "We must be proactive in reaching
out to consumers through many different channels."

The industry will face several challenges in the coming year, including
mortgage affordability, rising interest rates, and unemployment.
Currently, the unemployment rate is predicted to climb to 9.5 percent by
the end of 2010.

"The unemployment rate is expected to rise and we have to figure out how
this will affect our market and how we can manage that challenge," said
Helen Hanna Casey, president of Howard Hanna Real Estate Services,
Pittsburgh, Pa.

Participants agreed that the commercial real estate industry will also
experience significant challenges in the year to come. Fueled by a credit
crunch and current economic conditions, the commercial market will
continue to struggle with rising vacancy rates and falling rents.

The National Association of Realtors(R), "The Voice for Real Estate," is
America's largest trade association, representing 1.2 million members
involved in all aspects of the residential and commercial real estate
industries.

Information about NAR is available at www.realtor.org. This and other news
releases are posted in the News Media section. Statistical data, charts
and surveys also may be found by clicking on Research.

REALTOR(R) is a registered collective membership mark which may be used
only by real estate professionals who are members of the NATIONAL
ASSOCIATION OF REALTORS(R) and subscribe to its strict Code of Ethics. Not
all real estate agents are REALTORS(R). All REALTORS(R) are members of
NAR.

For further information contact:
Leanne Jernigan
202/383-1290
Email Contact

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