RPAC Auction Eve: One last sneak peek

We're down to the zero hour -- the 2010 RPAC Auction is happening tomorrow, June 2, 2010! Get to the GRRA at 11:30 a.m. to make sure you're present when bidding starts!

Here's one last preview to mark the occasion -- view more here.

"Guy's Night Out" Gift Basket

RPAC Auction Sneak Peek: Week 5 (pt. 2)

More great items continue to roll in to the GRRA offices for next week's RPAC Auction. Here's another taste of what's to come (hit the jump for more).

And don't forget to come out at 11:30 on Wednesday, June 2 to see the rest of our great inventory! It's a great way to support your REALTORS Political Action Committee!

Hand-carved table

RPAC Auction Sneak Peek: Week 5

We're exactly one week out from the 10th annual RPAC Auction here at the GRRA. There's still time to donate if you haven't already -- contact Barbara Gilliland if you have something to contribute!

Here are a few more items that will be on display when bidding opens at 11:30 a.m. June 2

Angel statue

Brian Casey on the changing Furniture Market

Brian Casey, president of the High Point Market Authority, spoke at the GRRA-REALTOR Commercial Alliance luncheon on Tuesday, and he had a lot of interesting things to say about the evolution of the market over the past few years. A few excerpts:

George Bell talks about the new Offer to Purchase

George Bell, WSRAR President and member of the NCAR forms committee, took a break from teaching his CE course on Thursday to give a quick update on the new Offer to Purchase form.

See more videos at the GRRA's YouTube Channel!

RPAC Auction Sneak Peek: Week 4

More new items for our blog readers this week, and stay tuned: We have some very exciting announcements on the horizon! Don't forget to mark your calendars for the start of bidding on Wednesday, June 2 at 11:30 a.m.

We'll be auctioning off original paintings by Nancy Radtke:

"Bill's Peonies"

Commercial mortgage market liquidity must be enhanced

This week, GRRA CEO Mike Barr and 2010 GRRA President Bill Guill are in Washington, D.C. talking with our representatives about several different issues. This is part of a series of in-depth looks at issues that affect the housing market in Greensboro and around the country.

Congress must take action to enhance liquidity in the commercial real estate market to avoid driving down economic recovery.

Liquidity challenges

Despite providing more than 9 million jobs and generating billions of dollars in federal, state and local tax revenue, the commercial real estate market is still in the midst of a serious financial crisis. Many property owners are underwater, and will face serious trouble refinancing the $1.4 trillion in commercial real estate loans that will mature by 2014.

Increase credit union lending caps

Credit unions are hampered by a business lending cap of 12.25% of total assets. Many commercial real estate owners have strong relationships with credit unions, which could help them refinance their properties but find the lending cap presents an obstacle.

Term extensions could save performing properties facing an equity gap

Instead of requiring a refinance at the end of a loan term (and having to deal with a troublesome equity gap), lenders should be encouraged to extend the term of the current loan for commercial properties that can support their current debt service. Currently, lenders do not offer term extensions because they are wary of regulatory oversight concerns.

House actions to date:

• 79 Members of the House, led by Reps. Kanjorski (D-PA) and Calvert (R-CA), signed onto a letter to Treasury Secretary Tim Geithner and Federal Reserve Chairman Ben Bernanke, urging them to take a more active role in addressing the problems facing commercial real estate markets.
• Reps. Kanjorski (D-PA) and Royce (R-CA) introduced H.R. 3380, the “Promoting Lending to America's

  Small Businesses Act,” to increase the credit union commercial lending cap from 12.25% to 25% of total

  assets.

  
  
  

What we're asking of our Representatives:

• Cosponsor H.R. 3380, increasing the cap on credit union business lending from 12.25% to 25%. Credit Unions can provide an important additional source of funding for small commercial properties that need to
  

  refinance.

  
  
• Support efforts to hold a House hearing solely focused on commercial real estate.
• Urge the Federal Reserve and Treasury to encourage banks to provide term extensions for performing

  properties.

Senate actions to date:

• Sen. Udall (D-CO) introduced S. 2919, the Small Business Lending Enhancement Act, to increase the cap

  on credit union commercial lending from 12.25% to 25% of total assets.

What we're asking of our Senators:

• Cosponsor S. 2919
• Support efforts to hold a Senate hearing solely focused on commercial real estate.
• Urge the Federal Reserve and Treasury to encourage banks to provide term extensions for performing

  properties.