Home prices hit yet another new all-time high

Home prices increased in the second quarter of 2017 to yet another all-time high due to low levels of housing supply, according to the latest quarterly report from the National Association of Realtors.

The national median existing single-family home price increased 6.2% in the second quarter to $255,600. This is up from the second quarter of last year when home prices came in at $240,700, and surpassed the third quarter of 2016’s $241,300 as the new peak in quarterly median sales price.

Home prices increased in 87% of measured markets during the second quarter, or 154 out of 178 metropolitan statistical areas, the report showed. Only 23 areas recorded a decrease in median home prices from last year.

“The 2.2 million net new jobs created over the past year generated significant interest in purchasing a home in what was an extremely competitive spring buying season,” NAR Chief Economist Lawrence Yun said. “Listings typically flew off the market in under a month, and even quicker in the affordable price range, in several parts of the country.”

“With new supply not even coming close to keeping pace, price appreciation remained swift in most markets,” Yun said. “The glaring need for more new home construction is creating an affordability crisis that needs to be addressed by policy officials and local governments. An increasing share of would-be buyers are being priced out of the market and are unable to experience the wealth building benefits of homeownership.”

And the market shouldn’t expect new waves of inventory anytime soon. A new joint report from the U.S. Census Bureau and the U.S. Department of Housing and Urban Development shows housing starts and building permits decreased in July.

However, NAR’s report shows less metros are seeing double digit growth in home prices at 23 metros in the second quarter, down from 30 metros in the first quarter. But while less metros are in the double-digit range, more metros are seeing increases as only 85% of measured markets saw an increase in home prices in the first quarter.

At the end of the second quarter, there were a total of 1.96 million homes available for sale, down 7.1% from the 2.11 million home for sale at the end of the second quarter last year. This represents about 4.2 months’ worth of supply at the current sales rate, down from 4.6 months last year.

“Mortgage rates have subsided in recent months, which has only somewhat helped take away some of the sting prospective buyers are experiencing with the deteriorating affordability conditions in many areas,” Yun said. “Household incomes may be rising and giving consumers assurance that now is a good time to buy, but these severe inventory shortages will likely continue to be a drag on sales potential the second half of the year.”

NAR warns of text message scam

The National Association of Realtors (NAR) has released a warning about a text message scam that asks members to pay a fine or sales tax on a prize.

In the text asking for payment of a fine, the sender says NAR has been investigating “claims of racist text and emails sent by you,” and threatens repercussions for those supposed actions.

Shortly after the initial text, the sender shoots off another message asking for a $1,345 fine to be paid via the Square Cash app.

The message(s) asking for payment of a fine.

In the second version of the scam, members are told they’ve won a car or TV sponsored by NAR, but in order to get the prize, members must pay a sales tax of $1,200.

Text scam asking for payment of sales tax.

NAR has reported both scams to the FBI and is advising members to take the following precautions:

  • Report the incident to the FBI IC3 website.
  • Do not click on any links in the text or otherwise engage with the sender. If you have clicked on a link in a suspicious text, promptly follow up with an IT specialist to ensure that the device is free from malware.
  • Erase the text from your device. You can take a screen shot of the scam text prior to erasing it to use it in your report to the FBI.
  • If you want to follow up with the FBI after filing the IC3 report, you can call your local FBI field office.
  • If you suspect that any phone numbers or contact information were obtained due to a breach of your IT system, alert your IT department or engage an IT specialist to scan your systems and devices to make sure that you are free from malware.
  • Visit NAR’s Data Privacy and Security page for more information about how to protect your business from cybercrime.

Email Marian McPherson.

Hudson Gateway Association to co-host Global Real Estate Summit NYC

The Hudson Gateway Association of Realtors will co-host the Global Real Estate Summit NYC on Oct. 2 at the New York Marriott Marquis at 1535 Broadway in Manhattan.

The conference will be held from 8 a.m. to 5:30 p.m. and include information and networking opportunities for real estate professionals and entrepreneurs seeking to work with foreign buyers.

HGAR Realtors
Richard Haggerty

“This is our first year participating in this exciting event, and we are looking forward to providing a wealth of valuable information for all of our members in the Hudson Valley and Manhattan,” said Richard Haggerty, CEO of the Hudson Gateway Association of Realtors.

According to a recent report from the National Association of Realtors, foreign buyers and recent immigrants bought $153 billion of residential property between April 2016 and March 2017, a 49 percent increase from the previous year.
In the commercial sector, 47 percent of Realtors reported an increase in the number of international clients over the past five years.
The National Association of Realtors is the premiere sponsor.

The Staten Island Board of Realtors is also organizing this year’s event, which will feature more than 25 speakers and global real estate professionals including brokers, investors, developers, legal and technology experts and government officials.

For more information and for a full list of speakers, visit globalrealestatenyc.com.

The Hudson Gateway Association of Realtors is a White Plains-based, roughly 11,000-member trade association in Westchester, Putnam, Rockland and Orange counties, as well as Manhattan. Last year, the organization announced that it would merge with the Manhattan Association of Realtors.

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Fannie Mae Prices $1.069 Billion Connecticut Avenue Securities Risk Sharing Deal

“We saw strong interest for our CAS 2017-C06 transaction, despite the increase in global market volatility seen over the last few weeks, and continue to see new investors in the program.” said Laurel Davis, vice president of credit risk transfer, Fannie Mae. “Our next and likely final CAS transaction of 2017 is scheduled for late October, subject to market conditions.” 

The reference pool for CAS Series 2017-C06 consists of more than 135,000 single-family mortgage loans with an outstanding unpaid principal balance of approximately $31.9 billion. The reference pool will include two Groups, compromised of collateral with loan to value ratios of 60.01 to 80.00 percent and 80.01 to 97.00 percent.  The mortgage loans that have a loan to value ratio of 60.01 to 80.00 percent were acquired from January 2017 through February 2017 and mortgage loans that have a loan to value ratio of 80.01 to 97.00 percent were acquired from January 2017 through March 2017. The loans included in this transaction are fixed-rate, generally 30-year term, fully amortizing mortgages and were underwritten using rigorous credit standards and enhanced risk controls.

Fannie Mae will retain a portion of the 1M-1, 1M-2, 1B-1, 2M-1, 2M-2, and 2B-1 tranches in order to align its interests with investors throughout the life of the deal. Fannie Mae will retain the full 1B-2 and 2B-2 tranches.

Class

Offered Amount

($MM)

Pricing Level

Expected

Rating

1M-1

$156.644

1-month Libor plus 75 bps

BBB–sf from Fitch Ratings and

BBB+ (sf) from Kroll.

1M-2

$281.958

1-month Libor plus 265 bps

Bsf from Fitch Ratings and

BB (sf) from Kroll.

1B-1

$78.322

1-month Libor plus 415 bps

This class will not be rated

2M-1

$117.869

1-month Libor plus 75 bps

BBB–sf from Fitch Ratings and

BBB (sf) from Kroll

2M-2

$360.974

1-month Libor plus 280 bps

Bsf from Fitch Ratings and

B+ (sf) from Kroll

2B-1

$73.668

1-month Libor plus 445 bps

This class will not be rated

Barclays Capital Inc. (“Barclays”) is the lead structuring manager and joint bookrunner and Morgan Stanley Co. LLC (“Morgan Stanley”) is the co-lead manager and joint bookrunner. Co-managers are Goldman Sachs Co. LLC (“Goldman Sachs”), J.P. Morgan Securities LLC (“J.P. Morgan”), Merrill Lynch, Pierce, Fenner Smith Inc. (“BofA Merrill Lynch”), and Nomura Securities International, Inc. (“Nomura”). Selling group members are Multi-Bank Securities Inc. and Great Pacific Securities.

With the completion of this transaction, Fannie Mae will have brought 22 CAS deals to market since the program began, issued $27.3 billion in notes, and transferred a portion of the credit risk to private investors on single-family mortgage loans with an original unpaid principal balance of approximately $908 billion. Since 2013, Fannie Mae has transferred a portion of the credit risk on approximately $1.1 trillion in single-family mortgages through all of its risk transfer programs.

Fannie Mae’s deliberate issuer strategy works to build the CAS program in a sustainable way to promote liquidity and to build a broad and diverse investor base. To promote transparency and to help investors evaluate our program, Fannie Mae provides ongoing robust disclosure data to help credit investors evaluate the program, as well as access to news, resources, and analytics through its credit risk sharing webpages. This includes Fannie Mae’s innovative Data Dynamics tool, which enables market participants to analyze CAS deals that are currently outstanding.

In addition to the flagship CAS program, Fannie Mae continues to reduce risk to taxpayers through its Credit Insurance Risk Transfer (CIRT) reinsurance program and other forms of risk transfer.

About Connecticut Avenue Securities

CAS notes are bonds issued by Fannie Mae. The amount of periodic principal and ultimate principal paid by Fannie Mae is determined by the performance of a large and diverse reference pool. For more information on individual CAS transactions and Fannie Mae’s approach to credit risk transfer, visit our credit risk sharing website. To view the periods in 2017 during which Fannie Mae may issue Connecticut Avenue Securities (CAS), please view our 2017 CAS Issuance Calendar.

Statements in this release regarding the company’s future CAS transactions are forward-looking. Actual results may be materially different as a result of market conditions or other factors listed in “Risk Factors” or “Forward-Looking Statements” in the company’s annual report on Form 10-K for the year ended December 31, 2016. This release does not constitute an offer or sale of any security. Before investing in any Fannie Mae issued security, potential investors should review the disclosure for such security and consult their own investment advisors.

Fannie Mae helps make the 30-year fixed-rate mortgage and affordable rental housing possible for millions of Americans. We partner with lenders to create housing opportunities for families across the country. We are driving positive changes in housing finance to make the home buying process easier, while reducing costs and risk. To learn more, visit fanniemae.com and follow us on twitter.com/fanniemae.

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SOURCE Fannie Mae

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Fannie Shareholders Press Government to Stop Postponing the Inevitable

The needless exercise in pulling teeth continues as shareholders in Fannie Mae and Freddie Mac were forced yet again this week to seek a court order to get access to documents that have no business remaining walled off.

The three-year battle to open up the most voluminous privileged log tin he country’s history focused this week on a new motion to compel (Appendix) the disclosure of documents. In this motion, attorneys for Fairholme Fund’s shareholders in Fannie and Freddie ask the U.S. Court of Federal Claims to order the use of the “quick peek” procedure for about 1,500 documents of government deliberations dating back more than five years. The government continues to reserve the right to assert various forms of privileged treatment as it undertakes a painstaking review of these documents. Thus, getting to the facts surrounding the Net Worth Sweep has devolved into a plea for a mere glance at documents that most likely should never have considered secret in the first place.

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net worth sweep Fannie Mae Freddie Mac
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To put the latest development in context, in the drawn out discovery process involving some 12,000 documents, the government initially coughed up roughly 3,500 documents. Earlier this year, a Federal Circuit resisted the government’s attempt to end the discovery process altogether and kept open the option for shareholder attorneys to get a look at specific documents on a case-by-case basis as the government examines the still vast trove of emails, memos, analyses, etc., it still possesses. The government completed its re-examination of the documents listed on the privileged log in late May but the teeth-pulling continued.

Not surprisingly, Fairholme shareholders’ attorneys identified a number of items as highly relevant in delving into the legality of the Net Worth Sweep, the 2012 amendment to the terms of the conservatorship that started the process of diverting Fannie and Freddie’s earning to the U.S. Treasury. Fairholme’s attorneys then asked the government to review once more 38 of the documents it was still withholding under claims of privilege. The government agreed to unseal an additional 22 documents but dug in on the others, saying essentially these documents were of no concern to shareholders. After a series of communications between Fairholme attorneys and the Justice Department this summer, on August 1, the government conveyed its refusal to agree to use the “quick peek” procedure on many documents but agreed to produce 17 more documents.

In the latest motion to compel, Fairholme’s attorneys acknowledge the government has not failed to make a “good faith” effort to comply with the court’s orders but its apparent foot-dragging on such a large and complex case continues to be a matter of concern. Less diplomatically stated, it is hard to escape the conclusion that the government is covering something up and impeding the administration of justice for shareholders.

Consider documents unsealed late last week. One of them is a straightforward report of the financials of Fannie and Freddie. It is not a confidential, personal exchange about the political considerations of policy options but merely numbers. Why did it take the government three rounds of reviews to decide a routine financial summary from five years ago could, at last, be made public?

Two other documents unsealed last week could make some former government officials squirm. Nonetheless, it should have been obvious a long time ago that these pieces of information did not meet the two relevant legal tests to justify the government withholding them: the deliberative process and bank examination privileges. One concerned a discussion about “re-recording certain deferred tax assets that had been written-off.” It was not only relevant to deliberations concerning the Net Worth Sweep but also – and more troubling – it directly contradicts a statement by Mario Ugoletti, a senior Federal Housing Finance Agency official closely involved with decision making related to the conservatorship of Fannie and Freddie. The other was an email summarizing a June 2012 meeting between FHFA officials and Fannie’s CFO Susan McFarland that affirmed yet again what has already been established: Officials knew the GSEs were about to become quite profitable even though the Sweep was later justified, in part, as a way to protect taxpayers from possible vulnerability at Fannie and Freddie. Again, McFarland’s previously unsealed statements have affirmed these facts, so why was it necessary for another round of reviews for the government to produce this email exchange from five years ago?

In light of the persistent obstacles to reviewing documents that have been shown to have no justification for being hidden away, Fairholme attorneys want the Court to order the use of the “quick peek” procedure to enable them to review documents – only a subset of documents from May 2012 onward – without waiving the government’s claims of privilege. They estimate there are only about 1,500 such documents. Given that many are likely short email exchanges, there is no reason why the re-examination process could not be completed within a month.

In other words, shareholder attorneys want to make it easier for the government to arrive at the inevitable conclusion that more documents need to be produced. This would help put to rest suspicions that the government is concealing facts to hide wrongdoing or trying to spare officials from embarrassment.  If the government is confident that officials discharged their duties consistent with the law, then government attorneys should welcome the chance to fully document its position.

Freddie Mac economist: If housing is affordable, why is homeownership out of reach?

Despite housing affordability being near-record highs, homeownership still feels completely out of reach for many people, Sean Becketti, Freddie Mac vice president and chief economist, stated in a blog.

Becketti referenced how the National Association of Realtors’ Housing Affordability Index currently sits near-record highs, and yet most news headlines talk about an affordability crisis in the country.

So if housing affordability is alright, what’s causing the hold up?

Becketti broke the issue down into three reasons why homeownership feels out of reach.

1. Houses are expensive

House prices have risen over 6% per year on average since the house price trough in 2012, and they show no sign of slowing down. Incomes, however, have not kept up.

According to the latest report from CoreLogic, the property information and analytics provider, home prices increased 6.7% from June 2016 to June 2017 and are forecasted to continuing increasing.

2. Houses are hard to find

The limited supply of available homes increases the perception that homes are unaffordable.

The most recent new home sales report found that new home sales increased in June by 0.8% from May. However, this growth will be limited if homebuilders don’t start to produce homes buyers are calling for.

“The market for new homes is facing a growing imbalance between what buyers want and what homebuilders are producing,” said Tian Liu, Genworth Mortgage Insurance chief economist. “And this is the biggest bottleneck facing the housing recovery today.”

3. Borrowers are uncertain if they can qualify for a mortgage

The HAI tells only part of the story—it measures whether the median-income family has sufficient income to comfortably cover the monthly mortgage payment on the median-price house. But there are other qualifications as well.

Borrowers should talk to a lender in order to see what they qualify for.  Joel Gurman, vice president of mortgage banking at QuickenLoans, previously provided seven myths Millennials believe about mortgage lending, with one being “talking to a lender comes before choosing a home.”  Gurman explained that along with getting preapproved, all the details a home shopper has will not matter until the lender looks into the specific situation.

Fannie, Freddie continue efforts to reduce mortgage portfolio


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Freddie Mac and Fannie Mae continue to make progress on efforts to transfer risk and reduce the size of their mortgage portfolio, the companies announced separately.

Freddie Mac has settled a Seasoned Credit Risk Transfer offering which securitized guaranteed senior and unguaranteed subordinate securities worth about $2.47 billion. As part of the transaction, Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, issued about $2 billion in guaranteed senior certificates and around $421 million in unguaranteed mezzanine and subordinate certificates. The certificates are backed by 9,939 fixed- and step-rate modified seasoned loans as collateral. The collateral loans were previously modified to help borrowers at risk of foreclosure keep their homes.

The offering is under a securitization program that is part of Freddie Mac’s efforts to lessen the amount of less liquid assets in its portfolio of mortgage-related investments and reduce credit and market risk.

Nationstar Mortgage Holdings provides servicing for the loans. Credit Suisse Securities (USA) was the lead manager and sole bookrunner for the offering, while Citigroup Global Markets and Wells Fargo Securities were the co-managers. Loop Capital Markets was a selling group member.

According to Freddie Mac, it has so far sold $7 billion in nonperforming loans and securitized $31 billion in reperforming loans, of which $26 billion are in PCs and $5 billion are in structured offerings.

Meanwhile, Fannie Mae announced that it began marketing a sale of about 11,000 reperforming loans. The pool has an unpaid principal balance of about $2.5 billion and is being offered to qualified bidders. Fannie Mae is collaborating with Citigroup Global Markets to market the loans. The deadline for bids has been set for Sept. 6.


Related stories:
Fannie Mae posts $3.2 billion in net income for Q2
Another Fannie-Freddie bailout could cost taxpayers $100 billion – report
 

Freddie Mac Prices $643 Million Multifamily K-Deal, K-BF1, Backed by Properties Controlled by Brookfield Asset …

MCLEAN, VA–(Marketwired – Aug 15, 2017) – Freddie Mac (OTCQB: FMCC) recently priced a new offering of Structured Pass-Through Certificates (K Certificates), backed by floating-rate multifamily mortgages with seven-year terms. The approximately $643 million in K Certificates (K-BF1 Certificates) are backed by five properties indirectly controlled by Brookfield Asset Management. K-BF1 is expected to settle on or about August 30, 2017.

The transaction collateral is part of Freddie Mac’s single-asset, single borrower (SASB) execution. The SASB execution transfers first loss credit risk on either one or multiple properties owned or controlled by a single sponsorship group.

K-BF1 Pricing

Details

  • Co-Lead Managers and Bookrunners: Wells Fargo Securities, LLC and Morgan Stanley Co. LLC
  • Co-Managers: Goldman Sachs Co. LLC, J.P. Morgan Securities LLC, Multi-Bank Securities, Inc. and PNC Capital Markets LLC

Related Links

The K-BF1 Certificates will not be rated, and will include one senior principal and interest class, one interest only class, and one class that will receive static prepayment premiums. The K-BF1 Certificates are backed by corresponding classes issued by the FREMF 2017-KBF1 Mortgage Trust (KBF1 Trust) and guaranteed by Freddie Mac. The KBF1 Trust will also issue certificates consisting of the Class B, C and R Certificates, which will be subordinate to the classes backing the K-BF1 Certificates. The KBF1 Trust Class B, C and R Certificates will not be guaranteed by Freddie Mac.

Freddie Mac Multifamily is a leading issuer of agency-guaranteed structured multifamily securities. K-Deals are part of the company’s business strategy to transfer a portion of the risk of losses away from taxpayers and to private investors who purchase the unguaranteed subordinate bonds. K Certificates typically feature a wide range of investor options with stable cash flows and structured credit enhancement.

This announcement is not an offer to sell any Freddie Mac securities. Offers for any given security are made only through applicable offering circulars and related supplements, which incorporate Freddie Mac’s Annual Report on Form 10-K for the year ended December 31, 2016, filed with the Securities and Exchange Commission (SEC) on February 16, 2017; all other reports Freddie Mac filed with the SEC pursuant to Section 13(a) of the Securities Exchange Act of 1934 (Exchange Act) since December 31, 2016, excluding any information “furnished” to the SEC on Form 8-K; and all documents that Freddie Mac files with the SEC pursuant to Sections 13(a), 13(c) or 14 of the Exchange Act, excluding any information furnished to the SEC on Form 8-K.

Freddie Mac’s press releases sometimes contain forward-looking statements. A description of factors that could cause actual results to differ materially from the expectations expressed in these and other forward-looking statements can be found in the company’s Annual Report on Form 10-K for the year ended December 31, 2016, and its reports on Form 10-Q and Form 8-K, filed with the SEC and available on the Investor Relations page of the company’s Web site at www.FreddieMac.com/investors and the SEC’s Web site at www.sec.gov.

Freddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders. Since our creation by Congress in 1970, we’ve made housing more accessible and affordable for homebuyers and renters in communities nationwide. We are building a better housing finance system for homebuyers, renters, lenders and taxpayers. Learn more at FreddieMac.com, Twitter @FreddieMac and Freddie Mac’s blog FreddieMac.com/blog.

International homebuyers contribute $18.66 billion to Texas economy from 2016-2017

AUSTIN, Texas, Aug. 15, 2017 /PRNewswire-HISPANIC PR WIRE/ – Texas home sales from international buyers added $18.66 billion to the Texas economy from April 2016 to March 2017, according to the Texas International Homebuyers Report released today by the Texas Association of Realtors. Attracting buyers from across the globe, Texas ranked second among U.S. states for international home sales volume.

“This surge in international home sales activity underscores the growing reputation Texas has as a global destination for owning a home or investment property,” said Vicki Fullerton, chairman of the Texas Association of Realtors. “The state’s low unemployment, diverse industry base and world class higher education institutions are just some of the reasons why international residents seek to attend college, raise a family or do business in Texas.”

There were 34,135 international home sales in Texas between April 2016 and March 2017, a 59 percent increase from the same time frame last year and 12 percent of the 284,455 international home sales nationwide. Second only to Florida, Texas joined California, New Jersey and Arizona as the most popular states for international homebuyers. The sales dollar volume of $18.66 billion from foreign home sales in Texas during this time frame is almost double from last year’s report.

In recent years, the ratio of Texas homebuyers from Latin America (including Mexico) compared to the rest of the world has narrowed. From April 2016 to March 2017, homebuyers from Latin America and Asia/Oceania (including China and India) each constituted approximately 40 percent of international homebuying activity in Texas.

Texas had the highest volume of homebuyers from Mexico of any state from April 2016 to March 2017, with nearly half (43 percent) of Mexican homebuyers who purchased a home in the U.S. choosing Texas. The Lone Star State also experienced a significant share of Chinese buyers, with 11 percent of international homebuyers from China purchasing a home in Texas.

Chairman Fullerton concluded, “As our state’s population continues to grow and diversify, it’s increasingly important for our real estate industry practitioners to be knowledgeable about the unique needs and challenges facing international homebuyers. Whether you’re an international buyer seeking to purchase a home in Texas or a Texan seeking to purchase a home abroad, a Texas Realtor with a Certified International Property Specialist (CIPS) designation can provide the expert knowledge, network and tools needed for a successful transaction.”

About the Texas International Homebuyers Report
The Texas International Homebuyers Report is based on survey data from the 2017 Profile of International Home Buying Activity by the National Association of Realtors, the 2011-2015 American Community Survey by the U.S. Census Bureau and the 2016 Yearbook of Immigration Statistics by the U.S. Office of Immigration Statistics. The Texas Association of Realtors distributes insights about the Texas housing market each month, including quarterly market statistics, trends among homebuyers and sellers, luxury home sales, condominium sales and more. To view the current Texas International Homebuyers Report in its entirety, visit texasrealestate.com.

About the Texas Association of REALTORS®
With more than 110,000 members, the Texas Association of REALTORS® is a professional membership organization that represents all aspects of real estate in Texas. We advocate on behalf of Texas REALTORS® and private-property owners to keep homeownership affordable, protect private-property rights and promote public policies that benefit homeowners. Visit texasrealestate.com to learn more.

Contact:
Hunter Dodson
512-448-4950
rel=”nofollow”hdodson@piercom.com

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SOURCE Texas Association of Realtors

How CEO Bob Goldberg Plans To Smash NAR’s ‘Ivory Tower Facade’

The first thing that National Association of Realtors (NAR) CEO Bob Goldberg did upon addressing a crowd of association leaders at NAR’s Leadership Summit today is grab a guitar.

“I’m going to let you in on a little secret,” said Chris Polychron, 2015 president of NAR, in introducing Goldberg to the stage and, naturally, handing him a red electric beauty.

The real reason Goldberg wanted to be CEO, you see — is to follow in the footsteps of his hero. That hero and those footsteps were not former CEO Dale Stinton’s. Polychron explained that “Bob Goldberg is a Bruce Springsteen fan. And for 22 years, he wanted to be ‘the boss.'”

Indeed, Goldberg has seen Springsteen live over 200 times since 1975. But his wife still won’t let him don the tight jeans and red bandana.

Goldberg soon put the guitar away to get serious (we didn’t get to hear a strum), but the intro set the excited tone for the rest of his message to an eager crowd hoping to take back good news to their member…