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☆ The office apocalypse will see a wave of buildings demolished or converted to residential, New York City real estate exec says
▼ + stars: | 2024-01-28 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +4 min

The New York City property exec and veteran real estate broker pointed to potential trouble heading for the US office space, thanks to the plunging demand for office buildings since the pandemic, and poor lending conditions across the commercial real estate sector. AdvertisementExperts have been warning of trouble in the commercial real estate sector for the last year as credit conditions in the economy tighten. Many commercial real estate mortgages are financed at interest rates around 3.5%-4%. New York City alone has around 100 million square feet of empty office space, Knakal estimated. Office buildings, meanwhile, could soon double the price decline they saw in 2023, the real estate firm Cohen & Steers estimated.

Persons: —, Bob Knakal, Knakal, Banks, Cohen, Steers Organizations: Service, Business, New, CNBC, National Association of Realtors . New Locations: New York City, National Association of Realtors . New York City

☆ Most parents are still giving money to their young adult kids, survey found
▼ + stars: | 2024-01-27 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +4 min

The responses were collected via surveys in October and November 2023 of 3,017 adults and 1,495 young adults. Meanwhile among the young adults — those between 18 and 24 — 57% live at home with their parents, an increase from 1993 to 53%. Today's young adults are better educated, more employed, but worse off financially than their parents wereAbout 68% of young adults said they go to their parents for financial advice, Pew found. 67% of young adults ages 25 to 34 are employed full-time, compared to 55% in 1993. Only 9% of young adults reported their parents were too involved, compared to 22% who said they were not involved enough.

Persons: they're, Z, it's, homebuyers, HENRYs, Pew, — Organizations: Service, Business, Pew Research Center, National Association of Realtors

☆ The frozen housing market may be starting to thaw
▼ + stars: | 2024-01-26 | by ( Phil Rosen | ) www.businessinsider.com time to read: +3 min

The US housing market is showing renewed signs of life as 2024 begins. AdvertisementThe US housing market has been largely frozen for the last two years, but it's starting to show signs of a thaw as sales activity and mortgage applications pick up, and mortgage rates ease. AdvertisementPending home sales increased 8% in December. Mortgage applications have also picked up. "The housing market is off to a good start this year, as consumers benefit from falling mortgage rates and stable home prices," said Lawrence Yun, the chief economist for the NAR.

Persons: —, Odeta Kushi, Freddie Mac, Lawrence Yun Organizations: Service, National Association of Realtors, NAR, Federal Reserve

☆ Severe winter weather dampens home sales, keeping prices high, Redfin says
▼ + stars: | 2024-01-25 | by ( Laya Neelakandan | ) www.cnbc.com time to read: +2 min

Photographer:Severe winter weather is hindering home sales across the country, according to a Thursday report from real estate company Redfin . The median U.S. home-sale price has been steadily increasing, rising around 5% in the first four weeks of January, alongside asking prices, Redfin reported. While low inventory – down 4% year over year – and increased purchasing power have contributed to the high price tags, Redfin said winter weather has also factored into sluggish sales. Pending home sales are down more than 8% year over year, which Redfin reported as the biggest decline in four months. With potential homebuyers in areas facing severe winter weather staying home, that number has continued to climb.

Persons: Redfin, Christine Kooiker Organizations: National Association Of Realtors, Midwest, National Association of Realtors Locations: Geneseo , Illinois, U.S, California, Michigan, Redfin, Anaheim , California, New Brunswick , New Jersey, Miami , Florida

☆ The housing market capped off its worst year of sales since 1995. Here's how affordability, inventory, and demographics have changed in 3 decades.
▼ + stars: | 2024-01-24 | by ( Phil Rosen | ) www.businessinsider.com time to read: +3 min

Read previewHigh mortgage rates, lofty prices, and low inventory kept the US housing largely frozen in 2023, and home sales slumped to their lowest mark since 1995. Current owners have been reluctant to move off lower mortgage rates secured in prior years, stifling both buying and selling activity. AdvertisementAnd it's worth noting that even as mortgage rates in both years hovered around 7%, affordability has still worsened by a significant margin. NAR deputy chief economist Jessica Lautz highlighted in a note Monday that incomes have less power today compared to decades ago, as reflected in the real estate group's Housing Affordability Index. National Association of Realtors"All these factors have changed dramatically with limited housing inventory and the continual rise in home prices," she continued.

Persons: —, it's, hasn't, Jessica Lautz, Lautz, Zillow, Redfin Organizations: Service, Business, National Association of Realtors, NAR, National Association of Home Builders

☆ Here are the top 10 hottest housing markets in 2024 — and why you may consider other options
▼ + stars: | 2024-01-23 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +2 min

Buffalo, New York, made the top of the list, as the area is slated to see increased job growth compared with the number of approved construction permits for new homes. The list is based on an analysis of home value appreciation, how long it takes to sell a home and job growth relative to housing supply. What a 'hot' market means for buyers"Market heat" refers to the level of competition among buyers; when you have more buyers than sellers, you have a hot market, Divounguy said. "They're looking into warmer areas, favorable tax conditions and better housing affordability." Where the housing market is cooling

Persons: Grace Cary, Orphe Divounguy, Divounguy, Jessica Lautz Organizations: Finance, National Association of Realtors Locations: South, Northeast, Midwest, Buffalo , New York, Florida

☆ Premarket stocks: January’s turnaround could be a good omen for the year
▼ + stars: | 2024-01-22 | by ( Krystal Hur | ) edition.cnn.com time to read: +8 min

New York (CNN) — US stocks rallied powerfully last week after a topsy-turvy start to the month. History indicates that if the market can cling to those gains, that could bode well for the rest of the year. But last week, all three major indexes turned positive for the year as tech stocks led the broader market higher. The January barometer, introduced in the Stock Trader’s Almanac, states that however stocks perform during January, their year-end performance will follow suit. That is good news for the 85 million homeowning households that enjoyed further gains in housing wealth, said Lawrence Yun, chief economist at NAR.

Persons: turvy, bode, Bell, Anna Rathbun, we’re, it’s, we’ve, Bryan Mena, ” Joanne Hsu, Anna Bahney, Lawrence Yun, Read Organizations: CNN Business, Bell, CNN, Dow Jones, Nasdaq, CBIZ Investment Advisory Services, The University of Michigan’s, National Association of Realtors Locations: New York

☆ There are 3 bullish signals flashing that point a recovery in the housing market, Compass CEO says
▼ + stars: | 2024-01-22 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +5 min

The housing market is flashing signs of life, Compass CEO Robert Reffkin said. AdvertisementThe housing market is flashing a handful of bullish signals for the year ahead, according to Compass CEO Robert Reffkin. The founder of one of the nation's top real estate brokerages said he believed the housing market will be on the path to recovery in 2024. But more owners appear to be moving out of necessity or have warmed up to the idea of selling as mortgage rates head lower. At this rate, buyers are outpacing sellers in the market, Reffkin said, noting that Compass's real estate agents are seeing more business in the new year.

Persons: Robert Reffkin, Reffkin, —, brokerages, Freddie Mac, Sam Lafoca, LM Otero, Sellers, Phil Noble, I've, Barbara Corcoran Organizations: Service, National Association of Realtors, CNBC, Community, Getty, Associated, REUTERS, Mortgage, Association, New Locations: lancaster California, USA, Dallas, Kirkham, England

High mortgage rates had a huge impact on the housing market last year, but we'll likely see conditions improve in 2024. Mortgage rates rose to a more than two-decade high last year, and homebuying demand all but disappeared as a result. "Mortgage rates are meaningfully lower compared to just two months ago, and more inventory is expected to appear on the market in upcoming months." See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's interest rates will affect your monthly payments. 15-Year Fixed Mortgage RatesAverage 15-year mortgage rates inched down to 5.76% last week, according to Freddie Mac data.

Persons: Lawrence Yun, you'll, Freddie Mac, it's, they've Organizations: Mortgage, National Association of Realtors, NAR, Zillow, Federal Reserve Locations: Chevron

☆ Markets tried to fight the Fed on rate cuts. It didn’t work
▼ + stars: | 2024-01-21 | by ( Bryan Mena | ) edition.cnn.com time to read: +8 min

Now there’s roughly a 50/50 chance that the Fed could either cut rates or hold them steady in March, according to futures. A few developments this past week tempered investors’ optimism, and now the possibility of a rate cut in March could be completely thrown out the window, according to economists. He echoed other Fed officials who’ve recently said that beginning to cut rates in March is just not realistic. In addition to officials’ comments, recent economic data also doesn’t bode well for a March rate cut. Markets are expecting twice as many rate cuts this year than what Fed officials themselves estimated in their latest economic projections released in December.

Persons: ’, Christopher Waller, ”, who’ve, Loretta Mester, “, Mary Daly, it’s, Daly, bode, Waller, ” Bill Adams, ” Daniel Altman, Jerome Powell’s, Donald Trump, Christine Lagarde, couldn’t, Jamie Dimon, Trump, Joe Biden, Bank of America’s Brian Moynihan, OpenAI’s Sam Altman, Johnson, Lockheed Martin, Levi Strauss, Booz Allen Hamilton, CNN’s Elisabeth Buchwald Organizations: CNN Business, Bell, DC CNN — Federal Reserve, Fed, Brookings Institution, ” Cleveland Fed, Bloomberg, ” San Francisco Fed, Fox Business, Commerce Department, Labor Department, Employers, Comerica Bank, CNN, Biden, Trump, Economic, European Central Bank, ”, JPMorgan, Bank of America’s, United Airlines, The Bank of Japan, Netflix, General Electric, Procter, Gamble, Johnson, Verizon, Lockheed, Haliburton, Tesla, IBM, Bank of Canada, Global, American Airlines, Southwest Airlines, Alaska Airlines, Co, Visa, Intel, Mobile, Comcast, Capital, US Commerce Department, Chicago Fed, US Labor Department, American Express, Colgate, Palmolive, Booz, National Association of Realtors Locations: Washington, ” San, East, Iran, Davos, Switzerland, Iowa, Swiss, United States

“Consumer views were supported by confidence that inflation has turned a corner and strengthening income expectations,” Hsu added. “Like December, there was a broad consensus of improved sentiment across age, income, education, and geography,” Hsu said. There may, however, be some relief in 2024 as mortgage rates fall in line with reduced interest rates from the Federal Reserve. “Mortgage rates will continue to remain a wild card for home shoppers,” said Danielle Hale, chief economist at Realtor.com. "Mortgage rates are meaningfully lower compared to just two months ago, and more inventory is expected to appear on the market in upcoming months."

Persons: Joanne Hsu, ” Hsu, ”, Danielle Hale, Lawrence Yun Organizations: University of Michigan, Republicans, Federal Reserve, National Association of Realtors, “, Realtor.com, National Association of Home Builders, Federal Reserve Bank of New, Federal Reserve Bank, Atlanta’s Locations: “, Federal Reserve Bank of New York

☆ The housing market in 2023 saw its worst year of sales in 29 years
▼ + stars: | 2024-01-19 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

Read previewThe housing market is coming off its weakest year of home sales since 1995, according to data out Friday from the National Association of Realtors. For the full 12 months, total existing home sales hit 4.09 million units, and sales were lower across all regions in the US year-over-year. Related stories"The latest month's sales look to be the bottom before inevitably turning higher in the new year," NAR economist Lawrence Yun said. AdvertisementTotal existing home sales, year-over-year. "Despite sluggish home sales, 85 million homeowning households enjoyed further gains in housing wealth," Yun said.

Persons: —, Lawrence Yun, Freddie Mac, Yun Organizations: Service, National Association of Realtors, Business, NAR Locations: homeownership

☆ Home sales in 2023 were the lowest in nearly 30 years, but prices still hit a record
▼ + stars: | 2024-01-19 | by ( Anna Bahney | ) edition.cnn.com time to read: +3 min

Washington, DC CNN —The residential real estate market tumbled in 2023, as soaring interest rates steadily slowed sales activity — but home prices still hit a record high. Even with all the disruptions of the onset of the pandemic, sales in 2020 ended at about 5.5 million. The next year, sales soared to over 6 million amid the frenzied market as mortgage rates sank in 2021. As mortgage rates hit 7.79% in October 2023, the highest in 23 years, sales sank again, to about 4 million. If there had been more listings on the market in 2023, we would have had more home sales.”

Persons: Lawrence Yun, ”, Yun, Lisa Sturtevant Organizations: DC CNN, National Association of Realtors, “, ”, Federal Reserve Locations: Washington, homeownership, —

The National Association of Realtors said Friday that existing U.S. home sales totaled 4.09 million last year, an 18.7% decline from 2022. Despite easing mortgage rates, existing home sales fell 1% in December from the previous month to a seasonally adjusted annual rate of 3.78 million, the slowest sales pace since August 2010, the NAR said. Last month's sales pace is short of the roughly 3.83 million that economists were expecting, according to FactSet. “The latest month’s sales look to be the bottom before inevitably turning higher in the new year,” said Lawrence Yun, the NAR's chief economist. The national median home sales price rose 4.4% in December from a year earlier to $382,600, the NAR said.

Persons: Freddie Mac, ”, Lawrence Yun Organizations: ANGELES, The National Association of Realtors, NAR, Federal Reserve, Treasury Locations: U.S

☆ December home sales slump to close out worst year since 1995
▼ + stars: | 2024-01-19 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +3 min

Sales were 6.2% lower than in December 2022, marking the lowest level since August 2010. Full-year sales for 2023 came in at 4.09 million units, the lowest tally since 1995. Regionally, on a month-to-month basis, sales were unchanged in the Northeast and fell 4.3% in the Midwest. There were 1 million homes for sale at the end of December, making for a 3.2-month supply at the current sales pace. Individual investors, who make up a large share of all-cash sales, bought 16% of homes, down from 18% in November.

Persons: Lawrence Yun, Danielle Hale Organizations: National Association of Realtors, Midwest ., Mortgage News, Homes Locations: Northeast, West

☆ I sold my house in Austin for full price in 2 months thanks to patience and some homework
▼ + stars: | 2024-01-18 | by ( Cork Gaines | ) www.businessinsider.com time to read: +8 min

Selling a house in this market can be tricky with high mortgage interest rates and steep prices. AdvertisementSelling a home for a good price in this housing market can be challenging but not impossible. What's more, mortgage interest rates remain high compared to several years ago but have dropped slightly recently. Buyers can still beat current interest ratesMeanwhile, some potential buyers are finding creative ways to avoid high interest rates and purchase homes. While nothing is guaranteed with interest rates, this is exactly what the Fed is projected to do, holding interest rates steady in the first part of 2024 before starting to lower rates later in the year.

Persons: —, Cork, there's, Gary Miller, Austin Organizations: Austin, Service, Cork Gaines, Brigade, National Association of Realtors Locations: Austin

☆ As a young person, how do you feel about the US housing market and your plans for the future?
▼ + stars: | 2024-01-18 | by ( Bryan Mena | ) edition.cnn.com time to read: +1 min

Washington, DC CNN —Americans are living through one of the toughest housing markets in recent memory. Home prices are rising faster than wages, mortgage rates are still hovering near 23-year highs and many Boomers across the country are refusing to sell their homes. The National Association of Realtors’ affordability index — which takes into account mortgage rates, family incomes and home prices — has been hovering near decades-lows. Homeownership is arguably a key part of the so-called American Dream, but for young people, it might be just that — a dream. We’d like to know how Americans younger than 31 are planning for their future given that it has become so unaffordable to own a home nowadays.

Organizations: DC CNN, Boomers, National Association of Realtors Locations: Washington

☆ When the broker is a chatbot: How AI will shake up commercial real estate.
▼ + stars: | 2024-01-17 | by ( Daniel Geiger | ) www.businessinsider.com time to read: +10 min

Brokers, Davies noted, normally "don't play with this" and the high-placed executive was "just really entertained." He believes AI assistants will become a common tool for salespeople and executives across real estate and the wider business world. Even boosters of the new tech's expanded role in the real-estate business acknowledge that chatbots could become viewed as a nuisance, a gimmick, or worse. "This is and always will be a relationship driven business," Dirkschneider said. But "the more advanced AI becomes, the less some of our services are needed, and that's what can get scary."

Persons: Chris Davies, Davies, Davies's chatbot, —, " Davies, flexibly, Rod Santomassimo, he's, Santomassimo, CBRE, Sandeep Davé, Davé, haven't, James Nelson, Nelson, Bob Knakal, Santomassimo's, David Dirkschneider, Dirkschneider, Dirkschneider doesn't Organizations: Business, Massimo Group, National Association of Realtors, NAR, New York, Oklahoma City Locations: Edmonton, Alberta, Canada, CBRE –, New, New York City, Oklahoma

☆ Move over, millennials: Gen Zers are coming for boomers' houses
▼ + stars: | 2024-01-17 | by ( James Rodriguez | ) www.businessinsider.com time to read: +11 min

After all their economic misfortune, they'll still face a turbulent housing market and potentially tens of thousands of dollars' worth of necessary updates to boomers' aging houses. In his 2022 paper, "Who will buy the baby boomers' homes when they leave them? ", Engelhardt argued that mass aging would send ripples through the housing market but fail to push down prices significantly. After that point, demand for home purchases will once again outpace supply as millennials buy more homes and younger generations, like Gen Z and Gen Alpha, file in behind them. The timing of boomers' exit will mostly benefit younger generations, like Gen Z and Gen Alpha, who should find themselves on steadier footing than their predecessors.

Persons: Xers, they've, Zers, they'll, Odeta Kushi, Kushi, Gary Engelhardt, Engelhardt, Issi Romem, Meredith Whitney, Boomers, Gen Zers —, Gen, who've, millennials, boomers, Jessica Lautz, Nicole Bachaud, They've, Redfin, Alpha, they're, Lautz, savvier, Zoomers, James Rodriguez Organizations: millennials, Syracuse University, Boomers, Federal Reserve, Alpha, National Association of Realtors Locations: granny, New York, Los Angeles, Chicago, Dallas

☆ A city famous for its beaches is helping residents age in place. What to know if you want to stay in your home
▼ + stars: | 2024-01-14 | by ( Lorie Konish | ) www.cnbc.com time to read: +4 min

About 10,000 baby boomers are expected to turn age 65 every day until 2030. An estimated 70% of those individuals will need long-term care services at some point, according to Genworth Financial. 'Forever grateful' for communitySylvia Bradshaw, an 84-year-old Laguna Beach resident who moved to the city in 1983, describes it as "paradise." "Anything that I've needed, I've gotten help," Bradshaw said. That has included help sorting through insurance choices, legal advice, transportation assistance and classes and social events, said John Bradshaw, Sylvia's son.

Persons: Laguna Beach , California Luciano Lejtman, Jessica Lautz, Lautz, Sylvia Bradshaw, Bradshaw, it's, Redman, I've, John Bradshaw, Sylvia's, John, Carolyn McClanahan, McClanahan, Tom West Organizations: Getty, National Association of Realtors, Laguna Beach, Planning Partners, Signature Estate, Investment Advisors Locations: Laguna Beach , California, Laguna, Ireland, Laguna Beach, Jacksonville , Florida, Tysons Corner , Virginia

☆ The biggest risks US businesses face in 2024
▼ + stars: | 2024-01-14 | by ( Bryan Mena | ) edition.cnn.com time to read: +11 min

But, while businesses have plenty to be grateful for and much to be optimistic about, the coast isn’t clear. Last week, surveys from the National Federation of Independent Business (NFIB) and The Conference Board detailed the biggest risks that businesses are currently worried about. Here are some of the biggest risks for American businesses in 2024. Those financial stresses can reduce the willingness of banks to lend to others businesses and also to consumers,” she said. Bank earnings look really bad this quarter.

Persons: there’s, “, John Maynard Keynes, ”, ” Dana Peterson, Bill Dunkelberg, ” Peterson, ” Suzanne Clark, We’re, Mike Johnson, Chuck Schumer, Fitch, Clark, JPMorgan Chase, Nicole Goodkind, Krystal Hur, FactSet, Martin Luther King Jr, Morgan Stanley, Goldman Sachs Organizations: CNN Business, Bell, DC CNN, Federal, National Federation of Independent Business, Board, US, of Commerce, of American, Conference Board, Conference, CNN, Fed, Corporate, US Chamber of Commerce, chamber’s State of American, AAA, Moody’s Investors Service, US Chamber, Commerce’s, Google, Citigroup, Bank, JPMorgan, FactSet, Revenue, Profit, Federal Deposit Insurance Corporation, Valley Bank, Signature Bank, Bank of America, FDIC, Citi, China’s National Bureau of Statistics, Alcoa, National Statistics, US Commerce Department, US Labor Department, Federal Reserve, University of Michigan, National Association of Realtors Locations: Washington, Wells, Corporate America, chamber’s State, BlackRock, Amazon, Argentina, Japan

☆ Can we turn all those empty office buildings into housing?
▼ + stars: | 2024-01-13 | by ( Anna Bahney | ) edition.cnn.com time to read: +9 min

Experts in housing, building, and urban planning say it may be difficult to convert office space to livable, likeable residential housing, but there’s an urgent reason they’re trying. More office space is sitting empty in the United States than at any point since 1979, Moody’s Analytics reported earlier this week. By some estimates, only 3% of New York City office buildings and 2% in downtown Denver are suited for residential conversions. Office space and homes are two fundamentally different types of buildings, according to builders and architects. Do you have another building where you can move them?”As result, according to Theodos, office conversions are not a solution to either the empty office glut or the housing supply shortage.

Persons: Biden, ”, Harold Bordwin, Keen, Brett Theodos, ” Bordwin, “, ” Maren Reepmeyer, ” Theodos, –, Nathaniel Meyersohn, Donald Judd Organizations: DC CNN, Moody’s, National Association of Realtors, Summit Capital Partners, Metropolitan Housing, Policy Center, Urban Institute, “, CBRE, Wacker, Chicago Business Locations: Washington, New York, Boston, Cleveland, United States, Manhattan, “, New York City, Denver, Chicago, Theodos

☆ US home prices jump another 5% on tumbling mortgage rates and tight supply
▼ + stars: | 2024-01-10 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

US home prices climbed 5.2% year-over-year in November, according to CoreLogic. Falling mortgage rates and a dwindling supply have helped prop up the market. AdvertisementUS home prices have continued to climb, according to CoreLogic data, with tumbling mortgage rates helping prop up the nation's supply-starved housing market. The US housing market stagnated last year – but there have been signs of a thaw in recent months, with mortgage rates falling away from 23-year highs. Home prices rose the most in the US's northeastern region in November – with the Rhode Island, Connecticut, and New Jersey housing markets each experiencing double-digit year-over-year growth.

Persons: Selma Hepp, —, Freddie Mac Organizations: Service, Biden Administration, National Association of Realtors Locations: –, Rhode Island , Connecticut, New Jersey, Idaho , Utah, Washington

☆ This US couple bought a 400-year-old Italian tower on a handshake. Here’s what happened
▼ + stars: | 2024-01-09 | by ( Tamara Hardingham-Gill | ) edition.cnn.com time to read: +9 min

“I just had a passion for Italy,” Aileen tells CNN Travel. Italian dreamTom and Aileen White purchased a home in the Italian village of Exilles back in 2017. “They met us the next day and we bought the house on a handshake,” explains Aileen, who runs a real estate consultancy. The couple say they faced some minor issues during the sale process, particularly with regards to opening an Italian bank account, but were able to overcome this hurdle with the help of an Italy-based attorney. ‘Magical place’The couple say that they've been embraced "like family" by the local community in Exilles.

Persons: Aileen, Tom Winter, who’ve, “, ” Aileen, Tom, Aileen White, ”, they've, ’, Winters, they’ve, Torre Piccolo, Li Americani, “ Everyone’s, it’s, ” “, Exilles, “ We’ve, they’re, “ Don’t, he’s Organizations: CNN, CNN Travel, realtors, Gran Bosco, Torre Piccolo Locations: Italy, Boulder , Colorado, Susa, Piedmont, Italian, Exilles, Turin, “, ”, Provence, Tuscany, Spain

☆ The head of the National Association of Realtors abruptly resigned. She says she faced a blackmail threat.
▼ + stars: | 2024-01-08 | by ( Associated Press | ) www.businessinsider.com time to read: +2 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewThe National Association of Realtors is grappling with more turmoil in its top leadership ranks just over two months after the trade group's CEO stepped down well before his planned retirement. The Chicago-based organization said Monday that NAR president Tracy Kasper has resigned, effective immediately, and is being succeeded by the trade group's president-elect, Kevin Sears. In a statement, the NAR said Kasper recently received a "threat to disclose a past personal, non-financial matter unless she compromised her position at NAR." In early November, former NAR CEO Bob Goldberg announced he would be stepping down nearly two months before his planned retirement.

Persons: —, Tracy Kasper, Kevin Sears, Kasper, Bob Goldberg, Nykia Wright, Kenny Parcell Organizations: Service, Association of Realtors, Business, NAR, Chicago Sun, Times, The New York Times Locations: Chicago, Kansas City , Missouri, The, Utah

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