1. More Reports of Online Listing Scams
• Just in the past week, we have received numerous complaints about
websites that allow consumers to post ads that have fraudulent
listings with incorrect information to scam unknowing consumers.
• The most frequently mentioned sites are Craigslist and HotPads.com.
• To their credit, most of the sites are very responsive when they are
notified that a fraudulent listing appears on their site.
• For our part, we have done interviews with Channels 2, 13 and 26 in
the last month highlighting the need for consumers to do their due
diligence when responding to online ads on other sites—and the
increased level of confidence when using a REALTOR®.
• The scams generally take a property for sale and list it for lease at a
much reduced asking price. The “owners” are almost always
overseas and ask for the consumer to wire money to them. In some
cases, the scammer creates an email address with the name of the
actual owner so it makes it more difficult to make sure you are dealing
with the real owner. As with all things, if it sounds to good to be true…

2. How Low Can They Go?
Mortgage Rates Hit Yet Another Record Low
• Mortgage rates hit record lows again in the week ending May 31, with the
30-year fixed-rate mortgage average declining to 3.75% from 3.78% in
the prior week, Freddie Mac said Thursday in its weekly report. These
data go back to 1971. The rate was 4.55% a year earlier.
• "Market concerns over tensions in the Eurozone led to a decline in long-
term Treasury bond yields helping to bring fixed mortgage rates to new
record lows this week," said Frank Nothaft, Freddie Mac's chief
economist.
• The 15-year fixed-rate mortgage also hit a record low in the most recent
week, falling to 2.97% -- this is the first time the rate has reached below
3% -- from 3.04% in the prior week. These data go back to 1991.
• Meanwhile, the average rate on the 5-year Treasury-indexed hybrid
adjustable-rate mortgage ticked up to 2.84% from 2.83%. The 1-year
Treasury-indexed ARM remained at 2.75%.

3. Weekly HAR Market Stat
Although the latest (national) jobs report was less than exciting for those waiting for
economic recovery to cast a warming glow all across the land, the residential real
estate market continued to jog along at a nice pace. For the most recent week, buyer
activity was higher than year-ago levels while listing activity registered lower. Keep
watching inventory and sales activity throughout the summer to see if this runner's high
will continue into fall.
In the Houston region, for the week ending May 27:
• New Listings decreased 0.1% to 2,328
• Pending Sales increased 36.5% to 1,815
• Closed Sales decreased 8.3% to 1,515

4. Texas Affordable Housing Specialist Certification
Texas Association of REALTORS® and local associations are offering the
Texas Affordable Housing Specialist Certification to Texas REALTORS®
throughout the state in 2012. The certification boasts 12 MCE hours, including
The Texas REALTOR® TAHS Elective Training an 8-hour course, as well as the
4-hour United Texas: Housing Initiatives that Work course. Texas REALTORS®
who have earned the title of Texas Affordable Housing Specialist are listed by
city on the TexasRealEstate.com Web site under Affordable Housing.
United Texas Housing Initiatives TAHS Elective Training
Date: Monday, June 18th Date: Tuesday, June 26th
Time: 8:00am-12:00pm or 1pm-5pm Time: 8:30am- 5:30pm
Location: HAR Central Location: HAR Central
Investment: $40 Investment: $35
Register at www.har.com/edu Questions? 713-629-1900 ext. 6