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NAHREP of Northern Virginia

News

October 23, 2009

Hispanic and Asian Real Estate Professionals to Discuss State of Multicultural Homebuyer Market at AREAA/NAHREP Real Estate and Marketing Conference Who we are The National Association of Hispanic Real Estate Professionals of Northern Virginia (NAHREP NVA) is a non-profit 501(c)6 trade association and a chapter of NAHREP, a national organization with over 15,000 members in over 60 affiliate chapters in 48 states. Our members are real estate agents, brokers, loan officers, mortgage brokers, title officers, escrow officers, appraisers, insurance agents and more. They are from diverse cultural backgrounds as membership is not limited to professionals of Hispanic descent. For more information, visit us at nahrepnva.org

Hispanic and Asian Real Estate professionals and industry business leaders will convene at the 2009 AREAA/NAHREP Real Estate and Marketing Conference on October 25-27 in Las Vegas at the Palazzo Resort & Casino to discuss the state of the current multicultural homebuyer market. Hosted by the Asian Real Estate Association of America (http://www.areaa.org) and the National Association of Hispanic Real Estate Professionals (www.nahrep.org), the meeting is the single largest industry gathering of multicultural real estate professionals and is expected to draw 1,500 practitioners that actively work with the underserved market. The conference will feature 22 different sessions that include general session discussions about the state of the multicultural real estate market and practitioner-based tips workshops on topics like foreclosures, short sales, appraisals, loan modifications and more. National leaders such as FHA Commissioner Dave Stevens; Lloyd Frink, CEO of Zillow; Economists Lawrence Yun, National Association of Realtors; and Eugenio Aleman, Wells Fargo; Political Consultant Howard Glaser; Barrett Burns, CEO of Vantage Score and senior executives from Fannie Mae, Freddie Mac, Bank of America, Chase and Wells Fargo will participate in the event. Leading servicers and asset managers will also offer insights about current trends in the foreclosure market. Asian, Hispanic and African American homeowners have been broadly impacted in the foreclosure crisis due to the high proportion of sub-prime mortgages used by them to purchase or refinance homes. Many minority neighborhoods have been devastated by foreclosure. Real estate and housing leaders will discuss strategies to help stabilize these neighborhoods, rescue beleaguered homeowners and make it possible for new buyers to purchase homes while government tax incentives are available and housing is affordable. “Asian Pacific Americans faced a significant decline in homeownership rate in 2008. In such a time, the industry needs trade

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Did You Know? As of July 1, 2008, the estimated Hispanic population of the United States was 46.9 million, making people of Hispanic origin the nation's largest ethnic or race minority. Hispanics constituted 15 percent of the nation's total population. In addition, there are approximately 4 million residents of Puerto Rico. (U.S. Census Bureau Population Estimates)

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groups like AREAA more than ever. Along with our industry partners, we will work to reverse this trend by focusing on education and professionalism to empower the real estate professionals that serve the APA community,” says Allen Chiang, Chairman of AREAA. The mission of both minority real estate trade groups is to increase the rate of homeownership in their respective communities by educating and empowering bicultural, multi-lingual practitioners that work with underserved buyers. Language barriers and the cultural distinctions of minority consumers are factors in the home buying process. “Latinos have suffered huge losses in the current foreclosure crisis and many important lessons have been learned. Despite the setback, the Latino community still has a high desire for homeownership and, by their sheer numbers alone, have the potential to be a key driver in the housing recovery with their purchases,” says NAHREP Chairman Tino Diaz. “It's our job to ensure they get the proper protections and access to credit that enables them to achieve Sustainable homeownership.” This is the first conference the two minority trade associations have hosted together. The groups have joined forces before on previous policy events that have also included the National Association of Real Estate Brokers. For more information about the 2009 AREAA/NAHREP Real Estate and Marketing Conference, go to:http://www.areaa.org/convention/ agenda.html

City of Alexandria Receives $7. 7 Million in Funding for Homebuyer Assistance The City of Alexandria has been awarded a new allocation of funding from the Virginia Housing Development Authority (VHDA) to help make homeownership more affordable for households with members who live or work in the City. This funding, totaling $7.7 million, is being provided through VHDA’s Sponsoring Partnerships and Revitalizing Communities (SPARC) Program. The newly released VHDA SPARC funding will be used in conjunction with the City’s Homeownership Assistance Program (HAP) and Moderate Income Homeownership Program (MIHP). The HAP Program assists lower-income households with annual incomes of up to $82,160 for a family of four, while the MIHP Program provides assistance to households with incomes of up to $102,700 for households of 4 or more. SPARC mortgage financing can also be

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used in conjunction with the federally-funded Neighborhood Stabilization Program (NSP) initiative which targets communities that have been most affected by foreclosures. The City was awarded $936,955 in NSP funding in 2009. Participants in the City’s homeownership programs must be first-time homebuyers, must have lived or worked in the City during the most recent six month period, and the home they purchase must be located within the City of Alexandria. All funds are limited and anyone interested is encouraged to inquire immediately and to register to participate in mandatory, free homeownership training offered through the City’s Office of Housing. For more information, call the City of Alexandria’s Office of Housing at 703.746.4990, TDD: 703.838.5056.

FHA tightens condo-loan rules The Columbus Dispatch Federal rules set to take effect in two weeks are expected to make it much tougher to buy and sell a condominium. The rules, which reduce the number of condominiums that qualify for Federal Housing Administration loans, will push down already depressed condo sales, condominium experts say. "It could be a big problem that people will find out about when they can't get an FHA loan," said Jim Chew, owner of Condo Management of Columbus, which manages 28 central Ohio condominium communities. Condominium associations, along with the National Association of Realtors and the National Association of Home Builders, are seeking to overturn or change the regulations, which are scheduled to take effect Nov. 2. Among other things, the rules would prohibit more than 30 percent of units in any condominium community from receiving FHA-insured loans. Chew and others familiar with condominiums say it's common for communities to have more FHA loans than that, especially new ones whose units are aimed at first-time buyers. Read complete story

Obama administration facing new pressure on foreclosures Reuters

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The Obama administration is facing stepped up pressure to provide more details about its efforts to help struggling homeowners stay in their homes. U.S. Treasury Secretary Timothy Geithnerearlier this month said about half a million American families are now participating in a home loan modification program initiated by the Obama administration to try to slow the rate of foreclosures. "But the measure of success for the Home Affordable Mortgage Program (HAMP) is not only the number of borrowers who enter the process," said New York Bank Superintendent Richard Neiman, a member of the Congressional Oversight Panel (COP) which oversees the government's Troubled Asset Relief Program (TARP), the $700 billion bailout launched under the Bush administration. Read complete story

Democrats May Extend Tax Credit for Homes The New York Times Democratic Congressional leaders are working with the White House to extend an expiring $8,000 tax credit for first-time home buyers, and aides said Wednesday that they were considering making it available to current homeowners who purchase a new residence. Extending and possibly expanding the popular home-buyers credit, which is due to expire after November, is high among options for further stimulating the economy and creating jobs, Congressional aides said, though a White House official said it was only briefly mentioned on Wednesday in an Oval Office meeting between President Obama, Speaker Nancy Pelosi of California and SenatorHarry Reid of Nevada, the Senate majority leader. The Democratic leaders met with the president to discuss a broad range of options to combat persistent high unemployment, officials say. The existing credit for first-time home buyers will expire at the end of next month if not extended, and two other components of the economic safety net — unemployment compensation and health care benefits for those who have been out of work for long periods — will expire at the end of the year. Read complete story

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GMU study finds Northern Virginia housing market steadies InsideNoVa.com The housing market in Northern Virginia has steadied these past few months due largely to falling prices and to the nearness of government jobs, according to statistics compiled by George Mason University’s Center for Regional Analysis. Moreover, the future economy for the region bodes well, as the GMU estimates for 2010 and beyond show a bounceback of gross regional product levels to those seen in 2003 and 2004. GRP measures the market value of goods and services that are produced in a specific area and is a key indicator of evaluating economic health. Between 2003 and 2009, the GRP for the Washington area fell nearly 6 percentage points. By 2012, the center’s numbers show, the GRP for Northern Virginia should return to the level in 2004. A healthier economy means a healthier housing market — and, in fact, GMU’s study predicts just that for the region, including Prince William County. Read complete story

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NAHREP of Northern Virginia News  

October 23, 2009

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