State Roundup: California, New York, Arizona, and Florida

July 1, 1996


PHOENIX---The largest statewide increase in existing-home sales during the first quarter of this year was reported here, with sales up 25.4 percent compared with the same period last year, says the NATIONAL ASSOCIATION OF REALTORS®. Nationally, existing-home sales were up 10.8 percent compared with the same quarter in 1995, says NAR. Surging sales were attributed to low mortgage interest rates in the first quarter.


SACRAMENTO---The state's prolonged economic recession has shown signs of easing during the last 12 months, according to The Real Estate Outlook, published by the NATIONAL ASSOCIATION OF REALTORS®. Last year, employment growth outpaced that of the nation as a whole for the first time in five years. Immigration from foreign countries is spurring population and household growth. Home prices have started to stabilize after dropping steadily since 1991.


TALLAHASSEE---A bill that would have created a presumption of a transactional brokerage relationship between salespeople and clients prior to their agreeing to an agency relationship has died in the state Legislature. The Florida Association of REALTORS®, which had supported the bill, said it'll pursue the issue again next year. Nonagency transactional brokerage relationships have been legal here since 1994, but the law doesn't presume the existence of any relationship between salesperson and client until they sign a formal agreement. The bill was approved by the state House but died when a state Senate committee failed to report it out.

New York

WEST BABYLON---A recent armed robbery of a salesperson has prompted the Long Island Board of REALTORS® to offer a $2,000 reward for information leading to the arrest and conviction of the assailant.

The robbery took place while the Central Islip salesperson was showing a vacant property to a lone man. As the two went into the basement, the assailant pulled a gun; handcuffed the salesperson to a pole; and stole the salesperson's credit cards, cellular telephone, and pager.

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