i've talked to many realtors about this concern. i have even gone so far as to talk to people who do the actual appraisals and they, too, have some concerns. so i thank you for hosting this hearing. i'm looking forward to hearing much of the evidence and i have to say, much of it because as you know, there are many things happening today without getting into all of what's going on, and i'm being pulled in many different directions, but i had to be here for this because of the importance associated with it. thank you again and i yield back the balance of my three seconds. >> thank you, mr. green. we're delighted to have our panelists here today. we are -- we are going to have two panels and so we will start with panel number one. we have mr. william b. shear, director of financial markets and community investment, government accountability office. thank you for being here. mr. don rogers, president, association of appraiser regulatory officials and then mr. james r. park, executive director, appraisal subcommittee federal financial i

i'm a realtor but earn my living as a real estate appraiser. my qualifications are fully detailed in my written testimony. nar believes a strong independent rah appraisal profession is important to real estate consumers and the industry and vital to restoring faith to the mortgage origination process. appraisals are critical for the housing market recovery. there's no question about the importance of appraisals in real estate and mortgage transactions. a credible valuation by a competent, licensed or certified professional provides benefits to the lender, borrower and secondary markets. public trust in the real estate profession is enhanced. there are obstacles to preventing realization of these benefits. among the obstacles is weakened appraiser competency. despite good intentions, litigation and regulation has diminished the importance of appraisal economicy as criteria for appraisal selection and retenti retention. the insertion of appraisal management companies between loan originators and appraisers results in a focus on fee and turnaround

well it wasn't because realtors weren't trying to sell the land. everybody thought san francisco would expand eventually. all of these real estate guys were trying to sell lots and nobody was buying. it was cold, foggy. there was no good transportation. it just wasn't a good buy. but then one of these real estate guys, who owned a couple of blocks just south of sutro, saw these cars lining up and

. >> the national association of realtors does not have a specific policy related to your question. however, unlike a lot of other federal agencies, asc operates without an appropriation. they don't have flexibility or funds to move in the same way that a lot of federal agencies do. and i believe that has to be taken into account. the folks that are funding the operation of the appraisal subcommittee are actual licensed and certified appraisers and as mr. park testified, that number of folks is diminishing. >> thank you. mr. kelly? >> thank you. we would like to see the asc move quicker. as i testified, states are already proceeding with registration and other standard development and so i believe that the asc could be helpful with moving along with their agenda. >> ms. mann. >> thank you, there's a pressing need for speed ty implementatio. >> i think your mike again. >> i'm sorry. there is a pressing need for speedy implementation by rule making of many of the dodd-frank appraisal provisions that have yet to be addressed. they include important issues including supervision, registr

well it wasn't because realtors weren't trying to sell the land. everybody thought san francisco would expand eventually. all of these real estate guys were trying to sell lots and nobody was buying. it was cold, foggy. there was no good transportation. it just wasn't a good buy. but then one of these real estate guys, who owned a couple of blocks just south of sutro, saw these cars lining up and saw the popularity of them. he decided, well, if you can't beat them, join them. so he made a little deal. he bought 50 old cars, dragged them out to his land just south of sutro in the sanddo you knows. and he said, if you buy a lot from me, $35 up front, $7.50 a month, i'll toss in two cars. so you can pretty much move in today. it's like a starter home. and it kind of helped get attention to the whole thing. he built what he called novel seaside cottages. so this is one of his novel seaside cottages where he basically elevated these cars to a second story. here's one in construction. and off on the right there is his little real estate office, in anothe

now, realtors are out trying to provide a service to a buyer and seller. mortgage bookers are trying to provide a mortgage to a buyer/seller. the appraisers are trying to provide service to everybody. we put them in such a difficult situation that it's just not working. we put them in a situation where it's stifling the ability of the economy to recover because we decimated values in homes with the downturn of the economy. we're not doing what's necessary, that we've hit a bottom, to start building it back up or letting it come back up on a natural basis. we are stepping it, steps, and we're stopping it right there because we've mandated things that don't work. i hope somebody's starting to listen. hey, we're not happy with what we did. we messed up. we're not happy with you not listening to us wanting to correct what we did wrong. that's the problem today. we've got to fix it. it's got to be done. somebody needs to listen, and madam chairman, you've been more than generous. i would yield back my time twice. thank you. >> thank goodness. >> madam chair, ma

as a realtor yourself -- i can see where appraisers are going crazy.till, my question -- my particular area -- i note you don't have a crystal ball -- are we bottoming out? the economy and jobs seem to be picking up. a lot of my friends are getting jobs, a lot are seeing an opportunity to switch to a better job. you read about shadow inventory. i want to know, how can i figure out if this is just a false reality, and that there is shattered inventory being held -- shadow inventory being held 3 8 million shadow, 4.5 million on the market, who knows how many underwater? my thing is, look, how do we figure out where we are with this so that some can get back into the market that are not investors? i'm talking about the numbers that i quoted you, between 200 and 400. we are close to the beach, with the perfect weather. unheard of to touch anything in my area between 400 and 500. guest: there are a lot of areas in the country where there are not a lot of markets, and flippers can come in and resell house very quickly. the real way to alleviate that from bec

. >>> realtors say they're watching the market one month at a time. over the last few months they've seen a slight turn around statewide. baltimore is in the forefront. >> a large inventory of homes in maryland are ready for the taking, add in great rates and programs designed to get buyers motivated in action, that's why realtors are reporting a boost in housing sales this month. >> i looked at over six houses. >> bran -- brandon leery is a first time home buyer and firefighter. he used the grant to purchase the home. >> the country is -- the economy is turning over. it's an investment. . >> over the last 5 months realtors have seen a steady increase in housing sales statewide. last month they sold more houses than any other month since june 2010. >> the rental prices are going up. essentially it's costing more to rent a house than to buy a house. it's not that much convincing i have to do to the client. >> while sales are up everywhere, baltimore is in the forefront. >> baltimore holds the key to a lot of the challenges we have from growth in our re

did you ever question the realtor what "unwarranted" means? you are not buying a four-unit building. you bought a two-unit building. >> you could call me naive, and will not question that. it is the only unit i ever bought. i have never gone through this before. now, knowing what i know now, if i heard that, of course i would not get into it. i am pay utilities for the entire building. and you know pg&e charges four times as much. i do not know if you know, because of the tier system, they act like it is only one person using that power when it is really three units and the common areas, and i have to pay all of it. my bills are over $700 a month for just this one little building. i wanted solar panels. i could not get solar panels. this has put me in a horrible -- it has been my worst headache and my worst nightmare, and this building absolutely love. i have never loved anything as much as i love owning this building and living in it and taking care of it the way that i have. it has put me on the horns of such a dilemma. truthfully, there is

realtors say that many are getting multiple offers and even cash!ancisco sold at $1 million over the asking price. in palo alto, there was one that received the offers. hundreds of thousands of dollars over the asking price. realtors said that there is a lull and low in inventory sole purchaser cannot have a lot to choose from. this is one of the lowest inventory they have seen in years. kate thompson, kron4. >> the olympics continuing kron 4 will sit down with the youngest gymnast. to have a gold medal! ♪ >> the u.s. olympic trials for gymnastics are underway. the youngest to win a gold medal. dominique achieved superstar status when she was only 14! today she spoke to the kron 4 about the trials, her involvement. >> the u.s. olympic trials are going very well. we're looking excellent we have a great shot for a lot of bubbles at the olympic games. it always takes me back. we have a great shot for a lot of -- metals. i am able to relax with my husband in the stands. i would also like to be an advocate for the athlete and give them advice. if not, i

, these weas wl theato the movemen s remaeahid t ou kaooe of the interest groups, realtors, apartmentowners, property deelopers, very, very well raizd. imeytgtoi ovthavtg ghalert. aamr l so the movement could succeed wi these folks in a leadership position. t co ohaedp re fpe treh ed t iehe people that couldn't pay, the people, the lderly, the working-class homeowners, te people who could really lose eomeyn thdt locrlef edhpp all tax protest movement. it really shifts to the people that are we nd u an, uo ay,y xrts. cal s,h innh x. the tax relief in setting targeted to the very wealthy, even though the movement may start as a moregats ve ohecnoterydd lsspo r g by. ttleae factor. in order to succeed you go through this leadership, and this leadership is naturally very, very used to gettin ings wouldell. alltetie. tis spl br. th ments, you know, of poor and middle-class people, the leadership wasn't of the sameeeadep i yo they do get some relief, okay? but the largt relie the biggt e, ihi

poll, apparently like 35% of realtors felt -- 35% of real estate deals were impacted by, quote, "low appraisals," and i wanted your opinion on this. >> host: thank you, tom. >> guest: appraisals are the key to the transactions going forward, and the number that was mentioned a second ago, roughly a third of realtors, still consistent today, have seen at least one of their deals have some problems resulting from the appraisal, and that means, perhaps, the transaction was delayed or cancels because the appraisal came in in lower than the sale price, and there's a number of reasons for that. one of which it's hard to determine value right now. if your neighborhood doesn't have a lot of transactions, some may be short sales or foreclosures, then the question is what's the true value of the home given we don't have a lot to compare to in terms of a typical sale, and rightly so, i mean, appraisers have pressures, regulatory and otherwise, and 5 lot of other additional constraints on the ability to conduct appraisals making their job more difficult in addition to the uncertainty in the mark

. >> while the housing market has been such a struggle for so many, 1 bay area realtor has been basking in success. he has been named the nation's top real-estate agent. he sold 106 properties last year, average price $2.7 million, and one of them was a blockbuster. a $100 million property. he shared his secret to success with kit . >> you could say that he is the steve jobs of real estate. he beat out more than 1 million agents to become the number one realtor in the country last year by raking in $275 million in sales. >> people ask me how to achieve success and i say three things, number one, undeniable genius, #2 unstoppable drive, and to understand modesty. being humble. >> to learn how he did we met at 48 clinton avenue, and 11,000 sq. ft. seven bedroom home that he helped design and build to coincide with the facebook ipo. he expected to sell quickly above the asking price of $9.9 million. the layout, materials, appointments, so >> service scores? happy a servant around. >> even the house were targeted to young well-educated millionaires from facebook and linked in and google. >>

. >>> and finally one french realtor has found a creative way around the weak economy. the lottery. that's right. the agency sells tickets for 12 buck as piece and then draws a winner and hands over the keys. why didn't we think of this. not a bad idea. >>> the braves avoid the broom, twin blasts from one met, and golf's british open gets under way. >>> plus, 2012's dream team gets fancy against their opponents from across the pond. your early morning sports headlines are straight ahead. >>> the weekend forecast is all about rain in the southeast and the heat wave relentlessly in the central plains. your forecast is coming up. you're watching "early today." >>> good morning. if you're just waking up, this is "early today." and in sports a red sox slugger hit his third three-run homer in the last two nights, this time for a clutch walk-off victory. here's nbc's fred roggin with an early look at all your sports headlines. >> good morning. this week's series between the red sox and white sox has had just about everything, and now you can add a walk-off to the list. we've got a ball and

the national association of realtors say home sales fell 5.4% in june. the biggest drop was in the northeast. realtors blamed the difficulty in obtaining a mortgage for the slow sales. one bit of good news for home sellers. the median home price is actually up nearly 8% from a year ago. retail sales, meantime, have been down for almost three months, but they could pick up according to the national association of retailers survey, parents say they expect to spend more on back to school this year. on average, about $688. that's up 14% from last year. college spending is expected to top $900. up about 12% and 60% of parents, barbara, say they will likely invest in some sort of electronic device, up from 52% last year. so, it looks like the bank of mom and dad, a little more generous when it comes to back to school this year. >> it's hard to believe we're already there, though, isn't it? >> i know. we're right up on it. i'm still trying to stretch out the summer. >> thank you, we'll see you later. >>> and this week's wednesday's child, we met a 14-year-old b

it maybe neglected and need major repairs and cash talks according to the listing realtor. the home had several offers and the bank with a cash our. the bank would not comment. >> you can't buy it? >> the term short sale is one of those ironic terms where it's not short at all. >> reporter: all he could do is think about what could have been. >> if you're trying to purchase a foreclosure or short sale, you may want to speak to a lawyer. they may be able to get the wheels moving when the bank suddenly gets cold feet. that way you don't waste your money. it's john matarese. >>> it's scam alert night. >> people are in some cases paying to have this done into what are they having this done? >> someone wants to pick up the bills for you. >> and dwi keeps growing. we'll tell you about the new record they just set. that's coming up. all right. 90 is the old record from 1940. you get the idea. 87, your two-degree guarantee. congrats. you get an abc2 umbrella. when we come back, we'll talk about the coastal system coming up out of the carolinas. you can track it 24/7. it's at your f

the realtors don't have the official numbers yet but the raw month lisa that sales up from a year ago. the home ownership rate is down and it's hovering again around those lowest rates since 1997. now, if sales are up, then why's the home ownership rate not moving? investors making up around 20% of sales and more if you factor in big bulk investor sales that don't go through the realtors. they don't occupy the homes and don't move the rates. another note, this rental vacancy rate moved down to 8.6% in q2, the lowest rate since 2001. renter nation rages on and means that rental rates will continue to rise. we have more of the numbers online. bob? >> thanks very much, diana. merck shows big numbers this morning in the earnings report. that stock is up after the company beat own wall street expectations. seema mody, you are up. >> absolutely. correct. bob, merck beat street sales thanks to a strong sales of a series of recently-approved drugs. blockbuster drugs sing ular raised the profits and said it was on track for regulatory approval of six new major drugs by the end of 2013. the lin

this is the national association of realtors for existing home sales.ack of foreclose juries and they're imploring the banks saying any bank-owned properties should be released expeditiously to help meet market demand and may get the wish because a new report of realty track shows in the first half of this year foreclosure activity did rise compared to second half of last year and seeing gains of over 20% in foreclosures in cities such as philadelphia, chicago, new york, tampa and baltimore. but in the west, not so much. and that's where most of the investor activity is. sue? >> diana, thanks. >>> facebook shares trading below the ipo price of 38 bucks. social network set to report the first quarterly results as a public company today after the closing bell. of course, we'll have it for you. where do you think facebook's stock will be one year after the listing? give you the yahoo! finance poll results after a quick break. we are up 200 points on the dow jones industrial average. 255 to the plus side the high of the day and the market's holding up well

if you think about some of the interest groups, realtors, apartment builders, property developers, very, very well-organized. anytime they have to give zoning approved, they have to go through local government. they are family with local government. so the movement could succeed with these folks in a leadership position. but the cost of that leadership position was switching the relief from the people that really need it, i.e., the people that couldn't pay, the elderly, the working-class homeowners, the people who could really lose their home by not being able to pay, the kind of the locus of belief, and this tends to happen in all tax protest movements. it really shifts to the people that are wealthy and our pain, you know, at a very, very high tax rates. you see the same thing with capital gains, with income tax. the tax relief inset being targeted to the very wealthy, even though the movement may start as a more grassroots movement on the concern, on their middle-class people. it's that leadership factor, in order to succeed you go through this leadership, and his leadership is natur

i am davy crockett, a san francisco realtor. one of the nice things about my job is that i often get to take newly minted san franciscans on an initial tour of their town. coit tower has been a wonderful place to start out. killer views, stories to tell about so many different things. the inside of the tower, part notwithstanding, has been underwhelming. and the commons that i have gone from people, why do they let that happen? i am happy to see that you are all making a move to change that. adding something like the oyster bar to the mix of the tea garden, crab cocktails, pink popcorn and now charter at the towers of like a runner -- like a wonderful thing to me. every property that they have touched has come away better for it. i really urge you to support them as concessionaires. if they could make a decent profit doing it, the city will be better for it. thank you very much. >> thank you. >> thank you, commissioners. i appreciate the opportunity. to those members of the operations committee, i apologize for repeating some of

. >> tricia mccarthy, president of the massachusetts realtors association, is encouraged to see any signs of improvement. unemployment in massachusetts is six percent compared to just over eight percent nationwide. >> mccarthy believes confidence in the housing market is essential for a recovery, but tough mortgage requirements are a hurdle. >> years ago, if you could breathe into a mirror you could get a loan, so it was very easy. now the pendulum has, you know, gone completely to the other side and the regulations are very strict. >> the original foundation is in place. >> that is not worrying the shotz family who see the historically low mortgage rates as a plus. >> it is the lowest rates that i can remember. >> right now is a great buyers time. >> so they are searching hard to find their massachusetts retreat from the nashville heat. seth doane cbs news, new york. >> glor: later, robots folding laundry, sorting socks, the new hand helping those in need. a challenging pension choice for public safety workers in california's capital, and is china downplaying the death toll after a cripp

a local realtor who sets the bar and his success. >>> 36 to 10 degrees warmer today than yesterday nowthe fog and the effect on a firework forecast as eyewitness news continues. the newbery and start up is putting your neighborhood on the net to the idea is to use the power of social now working to get closer with your neighbors. elizabeth club shows us how works. the had no trouble meeting the neighbors. did least the sellers in today's tests next door. with a few steps to verify he really that in the neighborhood and they became part of his next-door sleepy hollow. he also uses it to recommend household service providers. by the baby sitters even share solutions for getting rid of cardinals. it does make cities is to get some of them. >>> in the men's and get together with the more frequently is actually released its use. as co-founders came up with the idea of using technology. the more the committee can with your neighbors using on-line tools the more likely you are to communicate with them in person. she and her husband steve this is sort of gotten people out about. they say she f

. >>> and, finally, one french realtor has found a creative way around the weak economy. a lottery. that's right. the agency sells tickets for roughly 12 bucks a piece for the cost of the home and then draws a winner and hands over the keys. why didn't we think of this. not a bad idea. >>> well, coming up, the braves avoid the broom, twin blasts from one met and golf's british open gets under way. >>> plus, 2012's dream team gets fancy against their opponents from across the pond. your early morning sports headlines are straight ahead. >>> the weekend forecast is all about rain in the southeast and the heat wave relentlessly in the central plains. your forecast is coming up. you're watching "early today." [ snoring ] ♪ [ snoring ] [ male announcer ] introducing zzzquil sleep-aid. [ snoring ] [ snoring ] [ male announcer ] it's not for colds, it's not for pain, it's just for sleep. [ snoring ] [ male announcer ] because sleep is a beautiful thing. [ birds chirping ] introducing zzzquil, the non-habit forming sleep-aid from the makers of nyquil. ♪ >>> good morning. if you're just waki

in housing market has been such a struggle for some many people one realtor has been basking in successand has just been named to the top real-estate agent in the country. he sold 106 properties last year average selling price 2.7 million. but one of those properties was a real blockbuster. $100 million. in tonight's the secret to success was kiddo. you could say can guiliani. is this steve jobs of real-estate. to equate he'd be down more than a million agents to become the no. 1 real turn the country last year by raking in $275 million in sales. people ask me how i to so much success as saying undeniable genius unstoppable drive and understated modesty that the people of being humble. we met 48 linden avenue. at 11,000 sq. ft. 7 beds 6 bath home that he helped design and build to coincide with the base but that plo he expected to sell quickly above the asking price of $9.9 million the layout materials appointments seventh quarters exactly it's the happiest seven rounds. and even the out house are all targeted well-educated millionaires and clinton in google. looking at projecting their

. >> while realtor and neighbor likes the plan, he too, would like to see it scaled down.n alexandria, peggy fox, 9news now. >> we requested an interview with hospitality, but the calls were never returned. company reps are expected to be at the work session tonight, which is from 7:30 to 9:00 p.m. in the council chamber at city hall. >> perfect day to stroll the waterfront. >> definitely, yeah, you can really feel the humidity has gone down and feels really nice for a summer july day here in d.c. now, we are looking at some heat and the humidity to really ramp things up for tomorrow. in fact, we have a heat advisory for tomorrow, starting at noon until 8:00 p.m. for the d.c. metro area. this is basically starting at interstate 81 and points east. so, it's going to be a hot one tomorrow. our live look at our michael and son weather camera. sunshining, mostly sunny, temperature 87. dew points are in the 50s. that is really comfortable. i was able to finally open my window earlier today because it has been so humid recently. but not today. currently, temperatures are in the

. >> reporter: while realtor and neighbor john creager likes the plan, he, too, would like to see it scaled down. >> we requested an interview with carr hospitality but calls we made before noon yesterday were never returned. >>> question of the morning time. it is 4:54. according to a study, men who do this before work live longer than those who don't. is it a, meditate, b, eat breakfast, or c, kiss their wife? >> i think i know. what do you think? >> i don't know. i would say meditate. >> log on to the wusa9 facebook fan page. leave your thoughts on the answer. we'll reveal the answer in the 6:00 hour. >>> we are talking interest some serious heat today. about 4:55. we're glad you're with us on this thursday morning. temperatures are running a lot warmer than they have been and yesterday we got to 89. today we're going to make a run toward 100. heat advisory from noon until 8:00. 93 degrees by noon. 5:00 98. right now just want to point out we've got thunderstorms out in southwestern pennsylvania. this stuff is going to head maybe toward western maryland over the next few hours wit

of landlords, commercial landlords, particularly from boma and the san francisco association of realtors. our deputy city attorney has worked tirelessly on this. and i want to thank my a katherine on this matter as well. one thing i want to mention, if there's one additional amendment requested by the office of small business and supervisor carmen chu, which was to expand the application of this ordinance so it applies not just to small business tenants, which is defined in my legislation as businesses that lease 75 and is published seven of 500 square. less from a commercial landlord, but to expand the definition to all business tenants because every business tonight can be impacted. i am is open to consider this amendment that would like and appreciate feedback from the public office. with that, i know that supervisor mar as a great lineup to to get us on this. supervisor mar: thank you. the first speaker is regina dick-endrizzi will give us an overview on how we got to where we are today. >> thank you. i am going to provide an overview of where we are, somewhat how we got here. adjace

nancy dunning was a well known realtor affectionately called the queen of delray. >> if this brings more attention to the fact that there is still a reward fund, that the community hadn't given up, that we desperately want to find out who took somebody that was so important to the community away. >> reporter: police say on the morning of her murder nancy dunning went shopping at this target at potomac yards, was then to meet her husband and son for lunch but never showed up. police later released this surveillance image of a man seen inside the target store that same morning. >> we did not ever identify that person. i would think our prevailing issue now, though, is that that may not be as important an issue as we first thought it could have been. >> the former sheriff's body has been sent to a south carolina medical examiner for autopsy, but it's believed james dunning died of natural causes. >>> following breaking news out of new york city where a bomb squad is investigating a suspicious device with wires in it found on board a jetliner bound for madrid. these are live pictures from jf

wednesday, we find out how many new homes began construction next month and thursday realtors reportumber of existing homes that have been sold for the month. >>> finally, goldman sachs releasing an economic forecast this week on the upcoming summer games. analysts use models such as gdp growth, human capital, political stability, and previous athletic performance to predict country-by-country medal counts. the bank forecasting host country great britain will win 30 gold medals, a significant increase from the 2008 haul. >>> that will do it for today. thank you so much for joining me. next week, a look inside new york central park, green space making green. each week keep it right here where wall street meets main street. have a great week, everybody, see you next weekend. ♪ ♪ i want to go ♪ i want to win [ breathes deeply ] ♪ this is where the dream begins ♪ ♪ i want to grow ♪ i want to try ♪ i can almost touch the sky [ male announcer ] even the planet has an olympic dream. dow is proud to support that dream by helping provide greener, more sustainable solutions from the olympic vi

the realtors are out trying to provide a service. the mortgage brokers are trying to provide a service. they're trying to provide service to everybody. we put them in such a difficult situation that is just not working. i believe it is stifling the ability of the economy to recover. we decimated value. we are stopping it right there because we have mandated decisions that to north. with what wepy did. we messed up, but we're not happy with you not listening to we did wrong. we've got to fix it. somebody needs to listen. you have been more than generous. i would yield back my time twice. thank you. >> thank goodness. >> manages respond quickly? -- may i just respond quickly? i agree with much of what you said. however, i do not believe that used consider legislating on the basis of anomalies were here say. i have heard the stories, too. >> i did not mean to do that. >> no, you wouldn't. i appreciate that. there are 350 of them in the country. are they all the best and a good? no. are the good and great ones? yes, there are. but they d

president of the appraisal foundation, thank you and also the 2011 chair national association of realtors appraisal committee. thank you for being here. mr. don kelly, executive director of real estate valuation advocacy association on behalf of the coalition to facilitate appraisal integrity reform. thank you. ms. karen jane mann on behalf of the american society of appra e appraisers and the president of the appraisal institute. thank you all. we will then begin with the testimony and without objection your written statements will be made part of the record. you will each be roecognized wih a five-minute summary of your testimony. >> good morning. i'm the chief program officer for the national reinvestment coalition. i'm honored to testify before you today from both a consumer protection and a safety and soundness perspective in order to discuss options for improving the regulatory oversight of stake holders in the housing finance industry. we are an association of more than 600 community based organizations that promote access to basic banking services including credit and savings to c

talking to realtors and people in the industry, it is clear that the market has started to significantly rebound. we believe that two years from now, we probably will not be needing those 24 time-limited staff. if circumstances change, obviously we would bring that back before this body. but that is what we anticipate. supervisor chu: we have recently seen through the controller's office's report that transfer tax and spend at a very high level. in terms of your workload with regards to transfers, what do we expect from that. it sounds like they expect that the transfer tax level will not sustain itself. it is sort of at a high level and probably will not continue for several years. >> that is probably true. i mean, we have not figured out where the new kind of sweet spot is with the 2008-2010 increase. in the past few years, you would probably say $80 million would have been given as the median market in the past. with the new increases, it is kind of hard for, at least to me, to say -- perhaps the controller's office will have better estimates, but in terms of property taxes, as appeal

>> reporter: well, scott what you're saying is of course good news to realtors in the atlanta area , and some of their customers too. >> we added this nice brick back splash. >> reporter: jonathan orozco and his girlfriend ashley wingates are making an offer on this townhouse in sandy springs. >> it's a nice town home, it's multi level, there's a lot of room, there's hardwood floors, there's a movie theater, there's a lot of room to build a family. >> a great time as a buyer to be on the hunt for a house. >> reporter: jason lapene is the one selling the house, after renovating it for $10,000 he figures he'll make a $30,000 profit. >> this is something you couldn't have done two years ago, and this is showing me that you can still flip houses now and the fact that you can do that i think should instill some confidence in sellers and buyers nationwide. >> reporter: nationwide the number of homes for sale remains low, that's helped stop falling home prices. and buyers are also taking advantage of record low interest rates, now 3.49 on a 30-year fixed mortgage. do you think a year ago yo

. >> welcome news for local realtors tonight.edian price of a bay area home is nearing a four-year high. sales up 10.4% and the typical price of a home in the nine-county region rose to $417,000. it doesn't necessarily mean your house has risen in value but means higher end homes are selling better. >> and so it may be time to stop renting. a report show that's bay area rents are hitting their highest levels ever. san francisco apartment renters now paying $2700 a month, up 13% from a year ago. rents in oakland and san jose upwards of $1800 and you're going to expect to pay more than 1600s ndz walnut creek. this attributed to the fact many people still cannot get home loans are not confident about jobs and not willing to buy. >> and tonight's money matters there is a good day for your 401(k). good reports from companies like intel sent the dow jones up by more than 100 points today and there is s & p reached it's high yefl level since may. >> at ask t announced it will announce a new pricing plan. one line will cost 85s skpdz the

the realtors says that the owner of the island has lowered the asking price down to $5 million.nd the one earlier this year. there are no structures on the island is only accessible by boat or helicopter. >> darya: we will be back with more to get you going on this monday morning after the big fourth of july holiday week. we are back to work and traffic. púwnw what do you think of this one? really? what's this? this is a rose i made from a turnip. let's try together. perfect. two worlds that fit in one kitchen. come in today and save up to 20% on a kitchen from ikea. >> mark: a new poll released yesterday says the the presidential race between president obama and mit romney are still tight in battleground states. >> mark: 1 in 12 of those surveyed say their--the commercial tell all to their opinion about the president orca mitt romney. - >> darya: take a look at what they're looking at in colorado springs. the estimated cost of property is $110 million. the economic impact is far greater than that. there is no tourism in the area, all of the tourist destinations loss monday were