Michigan Association of REALTORS®

The FHA Modernization Act of 2007, passed last Friday, December 14th by the U.S. Senate, would help protect the interest of America’s current and future homeowners by giving borrowers a safer alternative to riskier mortgage products while also helping many homeowners who may be facing foreclosure, according to the National Association of REALTORS®.

“A reformed FHA is positioned to help homeowners who face unaffordable mortgage payments as a result of resetting adjustable subprime loans and help bring stability to local markets and economies,” said NAR President Richard Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach, Calif. “NAR commends the leadership of Majority Leader Harry Reid, D-Nev.; Senate Banking Chairman Christopher Dodd, D-Conn.; and Sens. Mel Martinez, R-Fla., and Richard Shelby, R-Ala., for passing the Federal Housing Administration reform bill, S. 2338, today.”

NAR has long supported FHA modernization legislation that would increase loan limits, reduce or eliminate the statutory 3 percent minimum cash down payment, and give FHA increased flexibility and the ability to streamline certain programs, in addition to strengthening the loss mitigation program.

“FHA can once again be a leader in providing safe loan products and preventing foreclosures by authorizing lenders to help borrowers who are in default. That assistance will make a substantial difference for many families that may otherwise face foreclosure,” Gaylord said.

In addition, the increase in FHA mortgage loan limits would help first-time home buyers, minority buyers, and people who do not qualify for conventional mortgages. Increased loan limits would also help people living in high-cost areas; current FHA limits make the program unusable in these areas,” said Gaylord.

Gaylord noted that FHA has made mortgage insurance widely available to individuals regardless of race, ethnicity or social status during periods of prosperity and economic depression. The FHA program makes it possible for higher risk yet creditworthy borrowers to obtain prime financing.

“NAR recognizes and appreciates the Senate’s bipartisan effort. We hope this bill is sent quickly to the President and that he signs it into law swiftly,” said Gaylord. “As the leading advocate for homeownership and housing issues, NAR believes that FHA reform not only helps home buyers, but also is a good catalyst for the nation’s economy.”

MAR’s membership systems coordinator, Julie Rowell has assembled some commonly asked questions about NRDS and MAR event registration. She will be compiling and sending NRDSChat from MAR as needed. The latest electronic publication was recently sent to local membership coordinators and association executives. If you need to be added to this list, please contact Julie at jrowell@mirealtors.com.

MAR Observes Holidays

MAR headquarters will be closed the following days to observe the holiday season:

More Real Estate Companies Spend Ad Dollars Online

Nationally, real estate companies are spending 26 percent more on online advertising this year, even as total real estate ad spending declined 3 percent, according to Borrell Associates, a research company.

By 2010, Borrell predicts, companies will be spending more ad dollars with online media than with newspapers.

Some frequently used online venues include Myspace.com and Craigslist.com, but blogs and dedicated Web sites are also popular with real estate advertisers. Some large developers are beginning to offer “live chat” with sales personnel 24 hours a day.

Jason and Bobby Schlesinger, principals of Ceebraid-Signal, who are building a large condo complex in Stamford, Conn., where the starting price is $1.4 million, are hedging their bets. They are spending more than $100,000 on a 2.5-minute video to be posted on the condominium Web site and also distributed as a DVD inserted in Connecticut newspapers.

Source: REALTOR® Online Magazine

CAR Donates Car

Each Year, the Commercial Alliance of REALTORS® (CAR) identifies a charitable organization that is need of transportation, and raises money through member donations to provide that vehicle. This year, CAR presented Our Hope Association in Grand Rapids with a seven-passenger van to transport the association’s residents.

Dearborn Welcomes New CEO

The Dearborn Area Association of REALTORS® has welcomed a new CEO. Dana Holben previously worked for five years with the South Dakota Association of REALTORS® were she gained experienced in everything from education to RPAC and Issues Mobilization. Dana holds a Bachelor of Science degree from South Dakota University.

Dickens to Lead Flint REALTORS®

Mark Dickens is the new association executive for the Flint Area Association of REALTORS®. Mark will continue doing some work with the Instructional Technology Services, Inc. Previously Mark was the executive director of the Michigan Podiatric Medical Association.