Mortgage Rates Remain at or Near Historic Lows
Freddie Mac released the results of its Primary Mortgage Market Survey® (PMMS®) last week, showing mortgage rates declining amid continued weak economic and housing data. While the 30-year fixed held steady, the 5-year ARM set a new all-time record low having fallen for the eighth consecutive week and now standing at 2.96 percent. More details >

A National Flood Insurance Program Lapse Would Hurt Irene Victims
The National Flood Insurance Program (NFIP) is facing a number of claims from Hurricane Irene. However, NFIP, which provides flood insurance to 5.6 million homes and businesses, is set to expire Sept. 30.

Standard homeowners' policies do not cover flood damages. The program is under debate in Congress. However, with the variety of issues that need to be addressed with the program, lawmakers say a short-term extension is the most likely solution for the immediate future. More details >

New Homestead Law Now In Effect
A state law that took effect yesterday has changed proof of residency requirements for homeowners applying for the property tax homestead exemption.

The new law requires applicants to provide a copy of their Texas driver's license or state ID card and vehicle registration receipt. The documents must show the same address as the property for which the exemption is requested.  More details >

Brokers & Managers - Do You Have TREC Policies in Place?
Over the past several months MetroTex staff has responded to a large number of requests for more information regarding new Texas Real Estate Commission rules and it has become clear that many of the brokers and managers in North Texas do not fully understand the TREC rules that went into effect January 1, 2011, and include clarifications to many aspects of agents' and brokers' businesses. These changes do affect the way you do business and require all offices to keep their records in writing! More details >

Revised MetroTex Seller's Disclosure Notice Now Available
Legislatively mandated changes have been incorporated into the MetroTex Seller's Disclosure Notice. Forms incorporating these changes must be used as of September 1st, 2011. The new version has been uploaded to zipForm and adds the following entries;

• a "single blockable main drain in pool/hot tub/spa" as well as a definition of such a condition
• "any rainwater harvesting system connected to the property's public water supply"
• designating whether any liquid propane gas is "community (captive)" or "on property"

Pathways to Professionalism
More conflicts are being reported that fall under “lack of courtesy” to consumers and may or may not be an actual citable Ethics or MLS rules violation. While many of these are covered under rules and regulations, the Pathways to Professionalism is a list developed by NAR Working Group of the Professional Standards committee to assist REALTORS follow the path to professionalism. Section 1 of Pathways to Professionalism is a reminder of common courtesy to clients – the “Golden Rule”. Agents should always treat customers and clients as they would like to be treated if the roles were reversed.  Read Pathways to Professionalism.