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How To Continue Your Commercial Real Estate Education
Homeowners faced a foreclosure surge this past March as lenders lifted temporary moratoriums and resumed legal actions against delinquent mortgage holders. In March alone, 341,180 properties reported foreclosure filings, which consist of default notices, auction sales notices and bank repossessions. This is 46% more than reported in March last year, and 17% more than February’s total, according to a report by the foreclosure listing firm, RealtyTrac Inc. Nearly 804,000 homes nationwide have received at least one foreclosure-related notice from January through March. Delinquent mortgages and foreclosures are expected to continue its growth as the failing job market and sputtering economy contribute to the housing crisis. More Americans will lose their homes this year as major lenders resume their foreclosing after the temporary hiatus.
There is hope growing throughout the real estate community as the National Association of Realtors reported the volume of signed contracts to buy previously occupied homes rose for the second month in a row. This is sign that homebuyers are taking advantage of bargain-bin prices, low interest rates and tax credits for first-time buyers. This gives hope that home sales may be showing signs of life. Many experts hope this is the leading edge of a housing recovery, but would need several months of sustained growth for an overall housing recovery and economic turnaround.
It is more necessary for real estate agents than ever before to sharpen their knowledge and expertise of the changing housing market. As foreclosures escalate, people who are buying homes are more likely to be first-time buyers with little to no buying experience. First-time buyers will lean more on their agent’s expertise than an average buyer, deferring to their commercial real estate education of an intimidating and unpredictable market. In the midst of this housing crisis, Austin Institute of Real Estate continues to provide substantial commercial real estate education.
Austin Institute of Real Estate offers courses in Austin real estate investing, real estate inspection, real estate appraisal, and real estate loan officer licensing. They are hosting two Mandatory Continuing Education courses this May that provide continuing knowledge of the market that will help any new or seasoned real estate practitioner. Both classes are being offered on Wednesday, May 27 at Austin Institute of Real Estate’s location at 8828 Research Boulevard in Austin, Texas.
The first class is titled “Changes, Nuances and Updates” and will be conducted from 12:30 p.m. - 3:30 p.m. This session’s purpose is to update agents and brokers on the current issues in the marketplace that continue to be misunderstood or unclear. The second class offered is titled “Analyze Your Market and Foreclosure Protocol” and will be conducted from 3:30 p.m. - 6:30 p.m. This session's purpose is to show agents how to evaluate any macro or micro real estate market. In addition, the session on foreclosures will give agents the specifics on the protocol for writing and presenting a foreclosure contract, which will increase their knowledge and professionalism.
The classes will be instructed by Hugh Parrish, an approved TREC instructor since 1984, and a MCE teacher since 1991. Parrish has been representing his clients in all aspects of real estate transactions for the past 27 years. His clientele includes Fannie Mae and more than 75 financial institutions, and has more than 6,500 transactions to date. He was an International Business Council Member of the Greater Austin Chamber of Commerce, and has provided residential real estate data for economic development prospects.
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