OC Realtist Magazine March 2016

March 2016 Vol. 02 | Issue 2

What Are The Perks of Hiring A Mortgage Broker?

Real Estate Focus: Westminster, CA Featuring Congresswoman

Loretta Sanchez

We proudly welcome ZipRealty™ and its innovative technology platform to our family of real estate brands!

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CONTENTS: Mission and Vision of the Orange County Realtist Magazine................(page 5)

REAL ESTATE

THE POWER IS NOW INC.

The Perks of Using a Mortgage Broker..................................................(page 10)

Vol. 02 | Issue 2 Eric Lawrence Frazier, MBA President and CEO Office: (800) 401-8994 Ext. 703 Direct: (714) 361-2105 Eric.Frazier@ThePowerIsNow.com www.thepowerisnow.com www.blogtalkradio.com/thepowerisnow

EDITORIAL TEAM Eric Lawrence Frazier MBA Editor in Chief (800) 401-8994 Ext. 703 Alexandra Attinger Managing Editor (800) 401-8994 ext. 708 alexandra.attinger@thepowerisnow.com

Goldy Ponce Arratia Graphic Artist and Design Manager (800) 401-8994 ext. 711 goldy.ponce@thepowerisnow.com Andrej Jovanovic Graphic Designer (800) 401-8994 ext. 713 andrej.jovanovic@thepowerisnow.com

GREEN Traditional Vs. Tankless Hot Water Heaters.........................................(page 14)

FINANCE African American Credit Rating.............................................................(page 16) Consumer Debt of African Americans....................................................(page 20)

OUR COVER Loretta Sanchez........................................................................................(page 24)

REAL ESTATE MARKET FOCUS Westminster, CA.......................................................................................(page 28)

LEGAL Defeat of “Prop F” Sends Message to Industry: AIRBNB is here to Stay...........................................................................(page 32)

YOU African American Single Mothers..........................................................(page 34)

CONTRIBUTORS Orange County Realtist Research Team

The Orange County Realtist Magazine is an online and eZine publication of the Orange County Realtist a Chapter of The National Association of Real Estate Brokers® (NAREB).

The magazine is published and distributed by the publishing division of The Power Is Now, Inc., and has ten sections focused on the real estate market, economics in Orange County and the Realtist members who serve the community. The mission of the OC Realtist Magazine is to educate consumers and real estate professionals about the opportunities to buy or sell real estate in Orange County and to spotlight professional real estate agents who are Realtists.

profit organizations, and community organization that support the welfare of the citizens of Orange County and are affiliates of the OC Realtist.

The Digital Online subscription launched April and continually provides the best of the Orange County Realtist Magazine in an all-digital format.

With the Orange County Realtist Magazine, readers can have access to archived issues as well as current content online. Videos, online radio, webinars and other events provided by the OC Realtist will be available to empower its readers with information to achieve the American Dream.

The OC REALTIST MAGAZINE - The The magazine is free and is distributed by email American Dream and online to members of our local chapter and NAREB chapters nationwide. Over 30 The Orange County Realtist Magazine features thousands real estate professionals in Orange articles about real estate in Orange County and County, our state, federal and local city political informational interviews with local and national representatives in each of the 34 cities in Orange community leaders, real estate agents, banking County, non-profit housing organizations, church and investment professionals, and community. leaders in Orange County, and many affiliates of The Orange County Realtist Magazine also our chapter -- OC NAACP, OC Black Chamber, provides consumer focus content about buying OC 100 BMOC-- and others will receive the and/or investing in real estate, financing real estate magazine. and maintaining and protecting real estate as an asset for years to come. The magazine’s focus is In addition, our own email list of consumers on all aspects of buying and/or selling real estate is growing daily through our community from a consumer’s perspective because it is still outreach. The list will continue to grow due to the American Dream. the importance of homeownership and the strong support we have in the community to help others achieve it. We want the magazine to be of great value to our members, an excellent resource for our community, and a tremendous value to our advertisers as an affordable marketing strategy to a target consumers interested in real estate as a home or investment. The Orange County Realtist magazine will also provide free advertising to non-

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Mission The mission of the Orange County Realtist is to provide support and education for its members to grow and expand their businesses while assisting the community to achieve the American dream of homeownership.

Vision The vision of the OC Realtist is to become the largest Chapter of NAREB in the United States, comprised of successful Realtists® whose businesses are thriving from the support they receive through the chapter and the networking opportunities that exist by their affiliation with National Association of Real Estate Brokers.

Departments 1. OC Real Estate Market 2. OC Real Estate Resources 3. OC Real Estate Investing 4. OC Realtist Spotlight 5. OC Real Estate Financing 6. National Association of Real Estate Brokers News 7. California Association of Real Estate Brokers News 8. OC Realtist President’s message 9. OC Real Estate Business and Economic 10. OC Real estate laws and legislation

Cover and Feature story profiles: The OC Realtist Cover will never be sold as it will be our way of recognizing Realtists in Orange County and all over the United States who exemplify the Realtist spirit. The online magazine and eZine will have 10 sections for various articles under the OC Realtist theme: OC Real Estate Market, OC Real Estate Resources, OC Real Estate Investing, OC Realtist Spotlight, OC Real Estate Financing, National Association of Real Estate Brokers News, California Association of Real Estate Brokers News, OC Realtist President’s Message, OC Business and Economics, OC Real estate Laws and Legislation. The writers for each department will be industry professionals who are practitioners in their field of expertise. They are industry professionals who can provide advice, and information to make decisions that will enable consumers achieve the American Dream.

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CEO & Publisher Eric Lawrence Frazier, MBA 3739 6th Street, Riverside, CA 921506 Ph: (800) 401-8994 ext. 703 EDITORIAL Editor in Chief: Eric Lawrence Frazier MBA Managing Editor: Alexandra Attinger ONLINE Web Designer: Nicholas Clarkson DESIGN Art Director & Design Manager: Goldy Ponce ADMINISTRATIVE Administrative Assistant: Rachel Bacol

SALES National Sales Manager: Christina Kimble National Relationship Manager: Success Money HEADQUATERS The Power Is Now Inc. 3739 6th Street Riverside, CA 92506 Ph: (800) 401-8994 Fax: (800) 401-8994 Email: info@thepowerisnow.com www.thepowerisnow.com www.thepowerisnow.com/onlinemagazine www.thepowerisnow.com/ezine PUBLICATION AND SERVICES The Orange County Realtist Magazine The PIN Magazine The Power Is Now Radio The Power Is Now Publications The Power Is Now Radio Guide The Power Is Now VIP Agent Program The Power IS Now Power Consulting/Coaching The Power Is Now Association Management The Power Is Now Event Management

STATEMENT OF COPYRIGHT: The OC Realtist Magazine TM is owned and published electronically by The Power Is Now Inc. The Power Is Now Inc. has entered into joint venture with the OC Realtist for the design, publication and distribution of the Magazine.

Copyright 2013-2016 The Power Is Now Inc. All rights reserved. The name Orange County Realtist is a trademark of the Orange County Realtist Inc. A chapter of the National Association of Real Estate Brokers.

“The PIN Magazine and distinctive logo are trademarks owned by The Power Is Now Inc. “ThePINMagazine.com” is a trademark of The Power Is Now Inc. “Magazine.thepowerisnow.com “ is a trademark of The Power Is Now Inc. “Thepowerisnow.com” is a trademark of The Power Is Now Inc. “The Power Is Now Event Management” is a trademark of The Power Is Now Inc. “The Power Is Now Radio” is a trademark of The Power Is Now Inc. “The Power Is Now Publications” is a trademark of The Power Is Now Inc. “The Power Is Now Radio Guide” is a trademark of The Power Is Now Inc. “The Power Is Now VIP Agent Program” is a trademark of The Power Is Now Inc. “The Power IS Now Power Consulting/Coaching” is a trademark of The Power Is Now Inc. “The Power Is Now Association Management” is a trademark of The Power Is Now Inc. No part of this electronic magazine or website may be reproduced without the written consent of The Power Is Now Inc. Requests for permission should be directed to: info@thepowerisnow.com

editor’s note Esteemed Readers: As we leave Black History Month in February, it is vital to remember that February cannot be the only time of the year that we study the history and the current plight of African Americans. The journey from oppression to segregation to inclusion is just one journey. It is time to open up equality to all through equal financial opportunities.

This issue of Orange County Realtist includes articles that enhance your understanding of the current status of African Americans in this country. Some problems have not gone away in the past fifty years, and other issues transformed. We must unite with NAREB, CAREB, and all of the organizations around the country to fight for a better tomorrow.

Also in this issue, Congresswoman Loretta Sanchez is featured.

She is a powerful, influential woman that has taken Orange County and the nation itself by storm. Read her article to hear about her latest breakthrough in HUD legislation and how it will help minorities across the country in bringing the homeownership rate up in the U.S. This issue of Orange County Realtist focuses on various problems in the African American community. There are two courses of action with these problems. We can take them and ignore them, allowing them to fester and worse, or we can speak out. When we speak out individually and as a community, we regain power. Together we can unify our voices to raise issues in this nation and encourage understanding.

This March one should keep in mind the need to be a part of one’s community with your voice. Be active in politics and vote, vote, vote. This is not only for the presidential election coming in November. Be knowledgeable citizens and vote for local legislature. Vote for judges. Vote for your school board members. Only you can enact change in the way that you want and need it done, so get out and do it! Take an interest and fight for what you believe in. The power is now!

Eric Lawrence Frazier M.B.A Editor-in-Chief

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THE PERKS OF USING A MORTGAGE BROKER remortgaging. Plus, not using a mortgage broker would mean no middleman. And, you can use the internet to brush up on mortgage hunting skills.

But, there is more to mortgage brokers than just that. There are a number of perks of using one, as highlighted below: ♦ Mortgage brokers are liable, by law, to provide you the best mortgage advice. This is because a duty of care is mandated in their job. They not only have to give suggestions and recommendations but also provide solid reasons why they are recommending a particular mortgage deal. You can use your best judgment to decide whether or not to go with their advice. In case a mortgage deal doesn’t work out, you have legal recourse. In other words, mortgage brokers know they have to offer the best possible level of service. ♦ There is more to finding a mortgage than just comparing rates. You have to go through a mountain of paperwork, not all of which is in plain English. Mortgage brokers are qualified and experienced enough to make the process simpler and easier for you. You don’t have to read the fine print if you find a reliable broker. Not to mention, your broker will do the necessary legwork to find you the best deal, which means great convenience for you in finding the right mortgage deal.

Purchasing is home is perhaps the biggest expense you will make in your lifetime, hence there is a good chance you will have to apply for a mortgage to finance the purchase. While there is no dearth of mortgage providers on the market, not all deals are made equal. You have to make sure you pick the best one so you can easily repay the loan.

This is where a mortgage broker can help. As you would know, a mortgage broker helps you secure the best mortgage deal according to your budget ♦ Lenders are biased (for obvious reasons) when and the price of the house. providing mortgage advice. At the end of the day, they want to secure you as a customer. In fact, you However, at the same time, you might feel you can might be convinced to go for the first mortgage get through it on your own and save the money you deal you find because the lender talked you into would have to pay the mortgage broker. You already it. On the flipside, a mortgage broker bats for have to deal with the additional costs associated your team. It’s you and your broker vs. the lender. with buying a home, which include moving and With a reliable broker on your side, you can rest march 2016 issue

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These are some of the major perks of using the services of a mortgage broker. Keep in mind, this is just the tip of the iceberg. There are many other ways in which hiring a mortgage broker will benefit you. The key is to ensure you find a reliable broker who is experienced and qualified.

assured, no lender will be able to connive and lure you in to a deal which is not the most favorable one for you. ♦ Mortgage brokers know the market and the mortgage industry inside out. They can provide solid advice based on their experience and insight.

In other words, they know things the average Joe and Jane don’t and can’t. This is why their advice proves invaluable and well worth the fee they charge in exchange for it. They cannot only help streamline the process but also ensure you find the best deal.

Sources: - Advantages And Disadvantages Of Using A Mortgage Broker | Investopedia. (2012). Retrieved February 22, 2016, from http://www.investopedia. com /f inancial-edge/1112/advantages-anddisadvantages-of-using-a-mortgage-broker.aspx - Guides. (n.d.). Retrieved February 22, 2016, from http://moneyfacts.co.uk/guides/mortgages/ why-use-a-mortgage-broker180511/ - Do I need a mortgage broker? | Homeowners Alliance. (n.d.). Retrieved February 22, 2016, from http://hoa.org.uk/advice/guides-for-homeowners/ i-am-buying/do-i-need-a-mortgage-broker/

GREEN

TRADITIONAL VS. T ANKLESS HOT WATER HEATERS As luck would have it, my 8-year-old hot water heater burst just two days before I was leaving town for the holidays. Gallons of water flooded my basement. Fortunately, the basement is unfinished and we rarely use it for storage. I was faced with the decision: should I replace the hot water heater with a traditional tank, or was it time to upgrade to a tankless? I began to do some research.

A traditional water heater typically holds forty to sixty gallons of water that is collected in a tank and then continuously heated until needed. Hot water is therefore readily available, but it comes at the expense of using significant energy in the process.

Meanwhile, a tankless water heater is significantly smaller because, as the name implies, it does not actually have a tank. Instead, it heats water as it needed before piping it to your shower, faucet, or appliance. Because water is only heated when needed, it uses much less power. By some estimates, a tankless hot water heater uses twentytwo percent less energy than a traditional water heater.

The cost savings from using less energy are offset by a tankless water heater’s higher initial costs. march 2016 issue

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GREEN

While a traditional tank costs anywhere from $300 to $650, a tankless water heater usually costs at least $700. A number of state and federal tax rebates exist for energy efficient appliances and virtually all tankless hot water heaters qualify.

Energy companies also offer incentives and discounts, so it is important to do some research in advance.

That said, even with rebates and discounts, tankless water heaters can be pricy. The installation process is not only more time consuming but fewer plumbers do so, allowing those that do to charge higher rates. Finally, tankless systems are powered by gas heat. If your home does not have a gas connection already, the cost of making his connection far outweighs the cost savings of a tankless system. Tankless heaters also require more energy when heating water, so often existing gas lines need to be upgraded to a bigger pipe during the installation process, adding additional cost to those who already have gas heat as well.

Tankless water heaters also have limited output.

If you have a large family and everyone needs to shower at the same time, or if you want to shower, do laundry, and run the dishwasher at the same time, then a tankless water heater presents a challenge. Tankless units can only supply a few gallons of hot water at a time.

Want to know more? Visit my website at www. thepowerisnow.com/blog for more details. Get to your home improvement store and get to work Some consider the upfront costs a worthwhile today, because the power is now! investment, because tankless hot water heaters can last up to twenty years, whereas the typical Eric Lawrence Frazier, MBA hot water heater lasts only about eight to ten President and CEO years, as I learned just recently. If you plan on staying in your home for a while, then tankless is a great option.

Tankless is also a good option for those who are in tight living quarters and need additional space. The wall-mounted tankless units use only a fraction of the space of a traditional hot water heater

A FEW OTHER CONSIDERATIONS: It takes longer to get warm water out of a tankless hot water heater, so if you are always rushing to and from, then this may frustrate you. Depending on where the tankless unit is physically located and where the water source is that you are tapping in to, it can take up to two minutes to get hot water to the outflow. This is particularly true in cold weather locations; the tankless unit heats water as it comes in from the ground so the colder the water is to begin with, the longer it will take to heat.

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FINANCE

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FINANCE

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FINANCE

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BUSINESS

Frazier Group Realty, Inc. As you venture into the World of Real Estate, we can help you put the pieces together and Naviagate you into Home Ownership

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Erica L. Frazier License# 01791095

Frazier Group Realty is the right place. Our Navigators are available to give you personalized service and answer any questions you may have. You can call, email or visit us and we will be there ready to help you every step of the way. Wether you are a first time home buyer or an experienced real estate investor, here at Frazier Group Realty you gain useful information about how to choose the “right” property, and everything involved in making an informed decision in today’s real estate market.

Making Clients for Life

3739 6th Street, Riverside, CA 92501 Office: (951) 686-5261 Fax: (951) 686-5264 www.fraziergrouprealty.com

FINANCE

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FINANCE

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FINANCE

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by Eric Lawrence Frazier MBA CA BRE: 1980407 NMLS: 1435243

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Eric Lawrence Frazier MBA CA BRE: 01143484 | NMLS 461807 The Power Is Now Inc. CA BRE: 1980407 | NMLS 1435243 Website: www.thepowerisnow.com

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Email: eric.Frazier@thepowerisnow.com Skype: Frazier.Eric Video Chat: https://zoom.us/j/5443077305 Mobile: 714-361-2105 | Office: 800-401-8994 ext. 703 Fax: 800-401-8994

Our Cover

LORETTA SANCHEZ Loretta Sanchez California’s 46th Congressional District is proud to be represented by Congresswoman Loretta Sanchez. This proud district includes the cities of Anaheim, Orange, Santa Ana, and Garden Grove. Settled in the middle of Orange County, the 46th Congressional District is a melting pot of culture that deserves only the best representative.

currently serves as the Ranking Member of the Tactical Air and Land Forces Subcommittee, where she works to prepare our Armed Forces for a new generation of security challenges. Rep. Sanchez is also a member of the Subcommittee on Strategic Forces, making sure our nation is appropriately prepared for any missile or nuclear attacks.

Representative Sanchez is that representative. She began her congressional career in January of 1997, and she is currently serving her tenth term in the U.S. House of Representatives. She presently holds prestigious, powerful positions in the House Armed Services Committee and the House Homeland Security Committee. She is a member of the Congressional Hispanic Caucus and serves as the co-chair of the Immigration Task Force in the hopes of reform to reach equality.

As the founder and co-chair of the Women in the Military Caucus, Congresswoman Sanchez advocates for female service members to serve in combat roles and fights to stamp out sexual assault in the armed forces. She passed a long-shot bill that updated sexual assault provisions in the Uniform Code of Military Justice, as well as a bill to create a sexual assault database. She is passing legislature in this nation that has long been overdue.

Before her time in Congress, Representative Sanchez graduated from Chapman University and American University’s MBA program. Loretta Sanchez worked in the financial markets and with firms including Booz Allen Hamilton and Fieldman Rolapp.

With her extensive background in finance, the 46th Congressional District flourished under her representation.

As a senior member of the House Armed Services Committee (HASC), Rep. Sanchez is a recognized leader on military and national security issues. She

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Congresswoman Sanchez has also served on the House Homeland Security Committee (HSC) since its inception after the 9/11 attacks and she is a senior member.

She serves on the Subcommittee on Border and Maritime Security, focused on keeping American land and sea borders safe and secure as well as the Subcommittee on Cybersecurity, Infrastructure Protection, and Security Technologies. On the HSC, Rep. Sanchez addresses problems ranging from immigration reform to human trafficking to oversight of surveillance programs.

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OUR COVER

In addition to her committee work, Rep. Sanchez gives Orange County a strong voice in Congress. She stays connected by traveling back to California nearly every weekend, regularly visiting schools and businesses and meeting with residents. She is committed to facilitating job creation, reducing crime, supporting quality educational opportunities and increasing access to affordable health care for everyone.

This is a congresswoman who is not only dedicated to bettering the lives of those around her, but is also fully invested in being a part of her community. Congresswoman Sanchez finds the time to visit Orange County’s various cities and more rural areas to ensure that she is making the correct choices when voting. This is essential in a nation that is going through so many changes right now. She takes initiative and fights to pass vital legislature.

Congresswoman Sanchez showed that initiative when she was eagerly involved in the House Homeland Security Committee, and on February 2nd, 2016 she fully supported the Housing Opportunity Through Modernization Act of 2015. The representative noted, “I firmly believe that homeownership is the key to creating stable, economically successful households and the key to providing security for current and future generations. I applaud this bipartisan effort to promote homeownership and improve homelessness prevention by streamlining, modernizing, and increasing flexibility within federal housing programs. I’m also pleased to see this bill directly addresses housing for our nation’s veterans. The bill adds more flexibility for Public Housing Agencies to give housing vouchers to veterans, and allocates grants specifically to fighting veteran homelessness.

We must do everything we can to keep struggling homeowners in their homes and our veterans off the streets.”

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By supporting HUD agencies and fully advocating raising homeownership rates, Orange County Realtist stands with Congresswoman Loretta Sanchez in our continued race to support our veterans and move African American homeownership to equal rates as white Americans. Representative Sanchez believes in equality and she is a powerful advocate in current politics. Orange County Realtist and The Power Is Now Inc. fully supports Congresswoman Loretta Sanchez as she rights the wrongs of the this country.

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Frazier, Eric, Lawrence is a CA Mortgage Brokerage Licensed by the State of CA BRE 01143484 and is not affiliated with any state or federal agency. Frazier, Eric Lawrence is also licensed by NMLS# 1273606 - www.nmlsconsumeraccess.org. Frazier, Eric, Lawrence is an equal housing lender. Our corporate office is located at: 3739 6th Street Riverside, CA 92501. Telephone and Fax: 800-261-1634 Eric Lawrence Frazier, MBA is a Licensed Loan Originator NMLS# 461807. This is not a commitment to lend or extend credit. Restrictions may apply. Information and/or data is subject to change without notice. All loans are subject to credit approval. Not all loans or products are available in all states.

REAL ESTATE

Real Estate Market

Westminster, CA Westminster, CA is a beautiful city that has the best of Orange County. Landlocked by Seal Beach, Huntington Beach, Garden Grove, and Fountain Valley, this metropolitan area has stayed out of the real estate spotlight; however, there is opportunity in this city.

Sales of new homes in Westminster, CA rose more than expected this year. The median home price jumped, revealing the jumpstart of the housing market after a temporary downturn occasioned by the 2008 global financial crisis. After half a decade of declining housing construction in Westminster, the number of construction permits issued for new, privately-owned residential houses in Westminster increased since 2010

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through 2015. Total residential units allowed in Westminster peaked at 970 in 2001, but suffered a major decline from 2005 through to 2009, to reach a low of 44 in 2009 during the global financial crisis. However, following the end of the financial crisis in 2011, the number of permits issued for home construction in Westminster, CA doubled from 2010 to reach ninety-six, a trend that has since continued with substantial rise being recorded year after year.

However, construction levels in the city have largely been blamed on limited availability of vacant land rather than on economic factors.

Nonetheless, the uptick in residential housing construction permits is a sign pointing to recovery of Westminster’s local economy.

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housing construction required from 2012 to 2032. Additional housing construction required was calculated at 5,400 units for the period from 2012 to 2022 and 4,000 units for the period from 2022 to 2032, for a total of 9,400 to 9,500 units over the two decades.

The total housing units demand was then broken down into single-family units, townhouses and multifamily units. Total demand for residential acres were then estimated based on residential densities of 3.5 units per acre for single-family units, 8.0 units per acre for townhouses, and 16 units per acre for multifamily units. These residential densities were based upon a slight increase over actual densities of recently completed projects and currently in the development pipeline. The result recommended residential acreage required to accommodate the demand through 2032 range from 1,540 to 1,830 acres total. Of this, approximately 1,200 to 1,400 acres will be for single-family homes, 120 to 150 acres for townhomes and 220 to 280 acres for multifamily units. (Higher density developments in the WURP site and Westminster Station areas, as well as other activity nodes in the city, could result in less total acreage demand for multifamily units.)

According to figures released by the Commerce Department, total house inventory in Westminster increased by eighty-two percent to stand at 474, up from 260 last year. The inventory of homes for sale has increased immensely, a level that represents a direction towards the highs during the housing boom of the 2000s, yet still falls short. With this limited offer, the median price of transactions rose eighteen percent in 2014 to $306,500 down from $391,000. BLLE’s forecast of housing demand is based on projected population growth in the city of Westminster.

Factors for population per occupied housing unit and estimated vacancy rates that range from 2.5 to 4.4 percent were applied to forecast total units of housing demand and additional

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The S & P / Case-Shiller index measuring prices for individual houses in twenty urban areas increased by five percent in March after an increase of the same magnitude in February, confirming the real estate market rebound.

Economists on average expected a 4.7% increase. Real estate prices continue to rise faster than household incomes and wages, which will have the effect of reducing the pool of prospective buyers significantly in Westminster.

This suggests that there will be a time to another moderating the rise prices.

The National Association of Realtors (NAR), the main federation of estate agents in the country, reported a 1% decrease in resale.

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The relative weakness of home resales alters one of the most positive segments of the U.S. economy after the slowdown of growth in the first quarter.

Westminster has seen less housing construction in recent years compared to the surrounding cities of Broomfield and Thornton. While the number of units permitted in Westminster averaged 386 between 2005 and 2015, Broomfield and Thornton averaged 700 and 1,120, respectively.

This is mostly due to the fact that the cities of Broomfield and Thornton have more developable vacant land than Westminster. In nearly all jurisdictions except Boulder and Denver, a greater percentage of multifamily units were permitted in the early 2000s. In 2001, sixty-four percent of total units permitted in Westminster were multifamily. By 2010, multifamily units comprised only seventeen percent of total units permitted. Across the ten-year period overall, thirty-seven percent of building permits issued in Westminster were for multifamily units. The proportion of multifamily units permitted In Adams County and Jefferson County between 2001 and 2015 was eighteen percent and thirtythree percent, respectively. Both Broomfield and Thornton have significantly more remaining vacant land than Westminster.

Westminster’s home resale inventories decreased slightly, with a one percent decrease since August 2015. Distressed properties such as foreclosures and short sales remained the same as a percentage of the total market in September. The median listing price in Westminster went up from August to September. There were a total of sixteen price increases and one hundred and twenty price decreases. According MPF Research’s Denver Apartment Market Report from the third quarter of 2014, the Metro Area’s apartment market was in the best shape since the tech boom in 2000 and 2001. With impressive job growth in the region, apartment occupancy rates were at their highest since 2001, at 96.3 percent. Rents are also surging, with suburban areas leading the

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rent growth. MPF Research reported annual rent growth of 6.8 percent in Westminster. New supply levels have been modest and apartment developers have been taking notice. In the past year, the number of multifamily units permitted has increased beyond the 2003 peak level of the past development cycle. Current housing development interest is also indicated by the 1,800 multifamily and single-family units in the city’s development pipeline. More growth is expected.

Westminster not only has the numbers on its side. This charming city has character and history to have any homebuyer running to a realtor. Westminster was originally established

by Rev. Webber, a Presbyterian minister that supported the temperance movement. The name of the city itself is derived from the Westminster Assembly of 1643 which noted the basic tenants of the Presbyterian faith. One famous story from Westminster is when the farmers refused to grow grapes for the infancy of the settlement. While you can now freely enjoy your favorite cocktail in Westminster, history buffs and homebuyers will revel in the rich culture and real estate opportunities.

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HUD AND CENSUS BUREAU REPORT NEW RESIDENTIAL SALES IN JANUARY WASHINGTON – Sales of new single-family houses in January 2016 were at a seasonally adjusted annual rate of 494,000, according to estimates released jointly today by the U.S. Department of Housing and Urban Development (HUD) and the U.S. Census Bureau. This is 9.2 percent (±13.5%)* below the revised December rate of 544,000 and is 5.2 percent (±12.6%)* below the January 2015 estimate of 521,000.

The median sales price of new houses sold in January 2016 was $278,800; the average sales price was $365,700. The seasonally adjusted estimate of new houses for sale at the end of January was 238,000.

This represents a supply of 5.8 months at the current sales rate.

Estimates of houses sold and for sale by stage of construction are now available on a seasonally adjusted basis as well as not seasonally adjusted basis. Historic seasonally adjusted data will be available back to January 1999 at http://www.census.gov/construction/nrs/historical_data/.

New Residential Sales data for February 2016 will be released on Wednesday, March 23, 2016, at 10:00 A.M. EST. Read more about new residential sales activity.

EXPLANATORY NOTES These statistics are estimated from sample surveys. They are subject to sampling variability as well as nonsampling error including bias and variance from response, nonreporting, and undercoverage.

Estimated average relative standard errors of the preliminary data are shown in the tables. Whenever a statement such as “2.5 percent (±3.2%) above” appears in the text, this indicates the range (-0.7 to +5.7 percent) in which the actual percent change is likely to have occurred. All ranges given for percent changes are 90-percent confidence intervals and account only for sampling variability. If a range does not contain zero, the change is statistically significant. If it does contain zero, the change is not statistically significant; that is, it is uncertain whether there was an increase or decrease. The same policies apply to the confidence intervals for percent changes shown in the tables. Changes in seasonally adjusted statistics often show irregular movement. It takes 3 months to establish a trend for new houses sold. Preliminary new home sales figures are subject to revision due to the survey methodology and definitions used. The survey is primarily based on a sample of houses selected from building permits. Since a “sale” is defined as a deposit taken or sales agreement signed, this can occur prior to a permit being issued. An estimate of these prior sales is included in the sales figure.

On average, the preliminary seasonally adjusted estimate of total sales is revised about 4 percent.

Changes in sales price data reflect changes in the distribution of houses by region, size, etc., as well as changes in the prices of houses with identical characteristics. Explanations of confidence intervals and sampling variability can be found on our web site listed above. * 90% confidence interval includes zero. The Census Bureau does not have sufficient statistical evidence to conclude that the actual change is different from zero.

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LEGAL

DEFEAT OF “PROP F” SENDS MESSAGE TO INDUSTRY: AIRBNB IS HERE TO STAY Although it was founded back in 2008, Airbnb has really taken off in the last few years. The online platform allows homeowners to list their properties – which can be single rooms, a suite of rooms, apartments, or even entire houses – for rent using the Airbnb website. The concept is not entirely new. Websites like VBRO and HomeAway have been around for years. Yet Airbnb has found a way to reach the masses and today offers 1.5 million listings in more than 190 countries.

regulations in place, and hotel owners are miffed because Airbnb owners aren’t subject to the same taxes that are applied to the hotel industry.

That is why all eyes were on San Francisco this past November as voters went to vote yay or nay on Proposition F, a ballot initiative that had the potential to dismantle Airbnb.

Prop F, otherwise known as the “Airbnb Initiative” was a measure put before voters in an effort to restrict private, short-term housing rentals. The Travelers love the service because they can details included: often find a place to stay at a lower cost than in a hotel, and Airbnb listings allow many travelers • Private, short-term rentals would be capped at to “live like a local” compared to a more sterile 75 nights per years; hotel environment. Homeowners love using • Provisions would require the owners of the platform because it can help them generate private rentals to pay hotel taxes and abide relatively passive income while they’re away. In by the same city codes that regulate the hotel some of the most expensive real estate markets industry ; like New York and San Francisco, renting out a • Rental hosts and “housing platforms” would property on Airbnb can help chip away at costly be required to provide quarterly guest and mortgages. For instance, a typical three bed, two revenue reports; bath home in Santa Barbara generates upwards of • The use of “in-law” units for short-term $400 per night when listed on Airbnb. rentals would be prohibited; and • New regulations would take effect regarding Not everyone is loving Airbnb, though. Cities and privacy, peace and quiet. towns have concerns over safety given the lack of

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LEGAL

The fact that Prop F was defeated in San Prop F would allow for both city government and private Francisco sets the stage for the defeat of citizens to initiate lawsuits against property owners similar challenges in other communities. found in violation of these regulations. Steep fines would There is also concern that converting apartment be imposed on anyone who did rentals in to short-term rentals will only restrict not abide by the new city law, upwards of $1,000 the local housing stock even further, thereby per day for each non-compliant rental listing. driving up costs that are already exorbitantly high Websites like Airbnb, HomeAway and VBRO, (the median rent for a one-bedroom apartment companies with rental listings nationally and now hovers around $4,000/month). internationally, stood the most to lose and faced millions of dollars in fines under the proposed The fate of Airbnb (in San Francisco, at least) was regulations. up to voters to decide once and for all.

Advocates of Prop F urged that with housing as expensive as it already is in San Francisco, more regulations were needed to keep long-term rental units intact for the welfare of residents. A Telegraph Hill resident told the L.A. Times that she voted “yes” on Prop F because she fears short-term rentals are wreaking havoc on the community: “I’ve seen it in my neighborhood – people have been evicted from [their units], and they’re no longer long-term rentals,” she said.

“Now they’re hotels, and we hear people go up and down and up and down with their roller bags all the time.”

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In an election that saw more than $8 million in campaign dollars spent on behalf of Airbnb alone, Prop F was defeated 55% to 45%.

The defeat of Prop F sent a signal to the real estate industry: Airbnb is here to stay. The fact that Prop F was defeated in San Francisco sets the stage for the defeat of similar challenges in other communities. Love it or hate it, the tech capital of the U.S. organized to remind the nation of our constitutional property rights which may be regulated, but cannot be taken away.

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YOU

mother homes in the African American community have been of particular importance and are probably one of the most visible issues with the black population.

Recent research found that seventy-two percent of black children are born into singleparent households.

This percentage is higher than any other racial group in the United States. In 2008, just seventeen percent of Asians were born to unwed mothers. For whites, this figure was 29 percent.

Hispanics? Fifty-three percent.

Sixty-six percent of Native Americans were born to unwed mothers, making this group the only group which comes closest to African Americans. However, for a little perspective, the overall rate for the United States was found to be 41 percent. So much attention has been given toward the seventy-two percent rate for African American that tables in many ways and its even a documentary on the effects are having vast ripple matter was produced. effects. Not only are children without a father in the home The documentary, titled 72 more likely to get into trouble, Percent, takes a hard and deep they are also at a disadvantage look at the phenomena occurring socially because of a lack of in the African American exposure to a functioning, long- community. Information in term relationship – skills which this footage examines welfare are missing in both black men policies, social norms, and women. However, single-

Single Mothers AfricanAmerican One common finding that hinders the progress of the African American community is a lack of fathers, to put it simply. Much attention in recent years has been put toward the amount of black homes in the United States that are headed by an unwed mother. This devastating cultural and social phenomenon has turned the

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YOU

celebrity examples, and how they may be pushing this percentage up for African Americans as it has now become totally acceptable and socially normal to have children out of wedlock. The Director Richard Batchelor also shares the story of a single African American woman who is raising three children without the help of the father and how much of a struggle this mother faces to really hit home and personify the issue.

While single-parent households in the African American community have become a norm, and also to be expected by many, it may be hard to grasp the idea that this rate was not always what it is today. Black families living in poverty have actually declined, for both kinds of households: married and single. However, since 1959, the rate of single-parent black families living in poverty has remained constantly and significantly higher than the rate of black families with two parents.

In 1959, 70.6 percent of black families with no male present lived in poverty. By 1975, this number decreased to 54.3 percent then went on to go down even further, to its lowest in 2000 of 38.6 percent. However, since 2000 the percentage of single-parent African American families living in poverty has increased to 41.2 percent.

In 1959, 54.9 percent of black families with twoincomes lived in poverty. The number dropped drastically by the 1970s to 30.1 percent then decreased less-so to 21.2 percent. However, for this group also, the rate living under the poverty line has been increasing since 2000. By 2012, 25.7 percent of black families lived in poverty.

These figures show that the stereotype of the single black mother has not always been present.

However, in recent years the image has begun to

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manifest itself in a pronounced way.

One running stereotype in the United States has long connected and associated African Americans with public assistance. Much of this could be credited to President Reagan and his story of a “welfare queen,” who is obviously black, riding down the street in a shiny pink Cadillac. Rather, it depends on the form of public assistance, according to U.S. Census Bureau information.

When it comes to housing section 8, 11.5 percent of recipients are African American. This is quite a bit lower than this group’s fifteen percent rate of the overall population. The same can be said about cash assistance, as 13.6 percent of recipients of this form of public assistance are African Americans.

However, for food stamps and Medicaid, AfricanAmericans are a greater percentage of recipients than they are of the population, with 25.1 percent and 39.4 percent, respectively.

In 2012, the U.S. Census Bureau found there to be wide gaps in poverty for all races compared to blacks. However, the gap closes somewhat for the group classified as the married-couple family.

The overall rate for all races was 5.8 percent while for blacks it was right at eleven percent. The poverty rate for the group classified as “female householder, no husband” of all races was 31.8 percent while the rate for this group in the African American community was 38.8 percent. If children under eighteen years of age are factored into either equation, the percentage jumps by ten percentage points. This alone shows the benefit of equalizing effects when a household has two parents. This effect is especially important for African Americans because the domino affects are more crucial to this group’s prosperity.

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Successs Money

SECOND VICE PRESIDENT success.money@ocrealtist.org 800-790-0941 ext. 737

Eric Lawrence Frazier PRESIDENT

Kym Thompson

DIRECTOR AND ASSISTANT TO THE PRESIDENT kym.thompson@ocrealtist.org 714-293-2098

Christina Kimble

Ivery Summers

R. Ann Ellis Hall

FIRST VICE PRESIDENT ivery.sells@verizon.net 310-920-3455

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THIRD VICE PRESIDENT christina.kimble@ocrealtist.org 800-790-0941 ext. 705

SECRETARY ann.annellis@gmail.com 626-864-4127

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Our board of directors

Mary Ann Epstein

Edilma Friesen

EXECUTIVE VICE PRESIDENT Edilman.Friesen@ocrealtist.org 949-209-7708 657-900-2066

La Toya James

VICE PRESIDENT OF AFFILIATE latoyajamesrealestate@gmail.com 323-767-6933

VICE PRESIDENT OF TECHNOLOGY maryann@realpro.la 909-539-7196

Felsia Dailey

DIRECTOR OF MARKETING fdailey@ocregister.com 714-856-1743

For information about membership and upcoming events please go to www.ocrealtist.org

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