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REBT TO DEVELOP TRANSACTION MANAGEMENT PLATFORM, NAR
TO INVEST $1.2 MILLION C.A.R.- subsidiary Real Estate
Business Technologies LLC (REBT) announced yesterday during
Tech Tuesday at California REALTOR® EXPO 2004 that it is developing
a REALTOR®-centric transaction management platform for both
the real estate industry and other related service providers
in the marketplace. REBT also announced that the National
Association of REALTORS® (NAR) has agreed to invest $1.2 million
in the company in exchange for an equity interest in the venture.
REBT also stated that it has recently purchased software assets
originally part of the eRealtor.com initiative to accelerate
development of its own platform. "I am inspired by this bold
step that organized real estate is taking today to expand
its reach in providing REALTOR®-owned, mission critical solutions
to enhance the services we provide to clients," said NAR President
Walt McDonald. The REBT platform will facilitate interactive
collaboration between consumers and their REALTORS®, with
each party receiving an electronic copy of the appropriate
documents when the real estate transaction is complete. The
platform also will have the ability to track document content
as well as create and deliver the transaction's document history
and then archive the documents electronically at the transaction's
close. REBT's transaction management platform will support
contact, task and workflow management, and will allow users
to delegate tasks to assistants or transaction facilitators.
Through an anticipated one-click interface with this electronic
forms software, users will be able to create a transaction,
apply a workflow, move data from the forms to the transaction
management platform, and then move the forms themselves to
the document management system. The REBT transaction management
platform is expected to be delivered to market in 2005.
C.A.R.'S 2005 FORECAST CALLS FOR DOUBLE-DIGIT PRICE
INCREASES, MODERATING SALES The median price of a
single-family home in California will again increase by double-digits
next year, reaching $522,930, while sales will decrease slightly
from this year's pace to the second best year on record in
2005, according to C.A.R.'s "2005 Housing Market Forecast"
released today at California REALTOR® EXPO 2004 in Santa Clara.
The median home price in California will increase 15 percent
to $522,930 in 2005 compared with a projected median of $454,720
this year, while sales for 2005 are projected to reach 603,700
units, falling 2.5 percent compared with 2004. The double-digit
gain in the median price of a home, which California has experienced
for most of the past four years, will again be fueled by the
continuing shortage of housing across much of the state, according
to C.A.R. economists. California typically gains nearly 250,000
new households, yet only will build about 200,000 new housing
units this year, creating a shortfall of about 50,000 units.
Home sales for California in 2004 are expected to reach a
record 619,300 units, surpassing the prior sales record of
601,770 set in 2003, according to C.A.R. economists. "We expect
the economy in 2005 to generate modest growth in jobs both
nationally and here in California, while productivity gains
and competition will likely keep inflation in check next year,
" said C.A.R. Vice President and Chief Economist Leslie Appleton-Young.
"While the increase in interest rates will be enough to moderate
the pace of home sales in 2005, population and household growth
will continue to put pressure on home prices, resulting in
greater price appreciation in California compared with the
nation."
C.A.R. Newsline is published by the CALIFORNIA ASSOCIATION
OF REALTORS®, a trade association representing more than 135,000
REALTORS® statewide.
