Under the terms of an agreement between NAR and CIVIX-DDI, LLC, MLSs may purchase licenses under the CIVIX patents to avoid claims of patent infringement. NAR had to obtain payment for MLS license agreements covering 275,938 subscribers for a total payment to CIVIX of at least $2.5 million. NAR reached the first milestone of the $2.5 million. All associations/MLSs applying for a patent license by June 16 will receive a license. Look for your license to arrive in the mail after July 4. Those still interested in a license can apply to be in the second group by submitting the application form, payment, and license agreement to NAR no later than July 11. Click here for more information.
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Lease Accounting Proposal Reconsidered Again
On May 19, 2011, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) met to discuss a reworked proposal related to capitalization of leased assets. The organizations ultimately decided to revert back to an August, 2010 version of proposed lease accounting rules that would require businesses to capitalize leased assets, including real estate, onto their balance sheets. This proposal would force businesses of all sizes to claim leased property as a liability, and the resulting increase in liabilities could further stifle financing in an industry that desperately needs liquidity. Increased liabilities for lessees will likely lead to shorter-term and lower-value leases, reducing commercial building owners’ borrowing capacity. NAR will follow the issue as it unfolds, and will continue to work with FASB, IASB, and policymakers to ensure that those deciding on these rules are aware of the potential effects on business credit.
Home Ownership Matters to Commercial
Vital residential markets are crucial for a robust commercial sector. The home ownership issues NAR is advocating, such as protecting the mortgage interest deduction, have a direct impact on the health of markets and communities where commercial real estate resides. Learn about the issues up for debate and see how you can lend your support.
By: Jan Hope (The Source)
Click here to view source article.
Home Sales Drop After Seeing Gains
Existing-home sales fell 9.6 percent in February percent to a seasonally adjusted annual rate of 4.88 million, from an upwardly revised 5.40 million in January, NAR says. The sales rate is 2.8 percent below this time last year. “Housing affordability conditions have been at record levels and the economy has been improving, but home sales are being constrained by the problems of unnecessarily tight credit and continuing appraisal problems,” NAR Chief Economist Lawrence Yun says.
