I have heard from members recently about the careless comments that appeared on the TODAY Show Money segment on July 2nd. I wanted to let you know that NAR has sent a letter to NBC asking them to clarify their misstatements. If your clients saw this piece, they may be asking you what the truth is. I recommend that you turn this into an opportunity to educate them with correct information about the current situation in mortgage lending.
In the piece, Matt Laurer stated, and Money host Jean Chatzky agreed, that zero-down payment mortgages are gone. This is not true. Fannie Mae and Freddie Mac have told NAR that they are still doing zero-down mortgages within special programs and limited to borrowers with high credit scores. The problem with zero-down payment loans is not in their availability – but whether mortgage insurance companies would insure such loans. Another problem with these loans is when they are abused by borrowers who take out this loan and find that it doesn’t meet their financial needs. Zero-down payment loans remain a good product for a specific type of borrower, which may turn out to be one of your clients.
Second, Ms. Chatzky also said that Federal Housing Administration (FHA) down payments in some areas were as high as 10 percent to 15 percent. Again, this statement is wrong. FHA loans are 3 percent down across the board. In response to our letter, on the TODAY Show website , NBC clarified this portion about FHA.
This is a great opportunity to educate your clients about current conditions in the marketplace that will help consumers get off the sidelines and back into the market. And that is why REALTORS remain the most trusted source of real estate information. -- Dick Gaylord, NAR President
Today, the Michigan Association of REALTORS® sent a message to all of their members, mourning the terrible loss of one of our fellow REALTORS®, at the hands of a disgruntled client.
Troy VanderStelt, a REALTOR® who lived and worked in the Muskegon area, was shot in his office yesterday by a past client, who recently found out that he could not sell his home for a price at or above what he paid in 2005. When I heard about this senseless tragedy, just a short drive from my own home in Grand Rapids, I wanted to share it with our members for two important reasons:
First, and foremost, I want to express my sincere condolences on behalf of the entire REALTOR® organization to Troy’s family, and all of the agents and employees of Nexes Realty Inc. in Roosevelt Park. Our thoughts and prayers are with you during this difficult time.
Second, I want to underscore to all agents and brokers the importance of safety education and training. Each and every day, REALTORS® meet with strangers in our offices and in their homes. While we can’t avoid all risks, we can help protect ourselves from many of them by being alert and aware.
Later this month, NAR will be sending the 2008 Safety Week Toolkit out to all state and local associations. I urge every association executive to use the resources included in the toolkit to reach out to your members and educate them about the dangers we face. And, I encourage all brokers to take a hard look at your offices and think about how you can make them safer for employees and clients. – Pat V. Combs, 2008 Immediate Past President
NAR has been trying for more than a year to put the current problems in the housing market in the proper perspective, telling the media and consumers that the housing “crisis” is really an isolated problem and that we already are working to fix it.
I have to give credit to Dennis Kneale for his commentary on CNBC last week. He provides the best assessment I have heard thus far about this so-called crisis and where the problem really lies. Listen to what he has to say and please forward this to your fellow REALTORS® and all of your clients today! – Dick Gaylord, 2008 NAR President
I just returned (literally) from the Strategic Planning Committee Meetings in Chicago. Actually, I spent this entire week in Chicago. In fact, the entire 2008 Leadership Team has been in NAR’s Chicago office this week for lots and lots of things but most importantly the Strategic Planning Committee, and I want, no, I need to say how I impressed I am with this year’s committee.
I’ve participated in these meetings in the past, and what struck me most this time was not just how many new faces were in the room, but also how engaged these new participants were in the planning discussion. I found the new committee members, many of whom have been in the business less than five years and are active every day, have a very strong sense of where the business is headed and what NAR needs to do long-term to help our members succeed. Sometimes I wonder why it’s so easy for these younger folks to figure this out and the rest of us struggle so much. Age has a funny way of doing those things!
So, while it’s important to have the “old” guys like me there to lend our perspective, I am proud that we have created an environment where all members feel vested in the future of our Association.
Believe me when I tell you that NAR’s Second Century is in very good hands. The next generation of REALTORS® really does understand what the real estate profession is all about – and they have lots of wonderful ideas to get us where we need to be and to keep our Association at the top of everyone’s list for the future. – Jim Helsel, 2008 NAR Treasurer
As President of NAR, I travel to a lot of wonderful places. But, last week was a very special trip for me, as I had the chance to visit my hometown of Steubenville, Ohio, and spend time with some great friends along the way. Here are just some of the highlights of my trip…
My first stop was in Pittsburgh, where my friend, Helen Hanna Casey, who also is on NAR’s Executive Committee, invited me to speak to REALTORS at the Howard Hanna Company Reception.
It was great to see Helen in action. There were about 250 agents at the dinner, which was held at the CLO Cabaret Theatre – a Pittsburgh landmark. And, let me tell you, their enthusiasm was contagious.
The Pittsburgh economy is improving, thanks to steady job growth, and that is helping the housing market. Howard Hanna’s agents are seeing new business, and they are very optimistic.
After the reception, I had dinner with my friend, and fellow Steubenville native, Chuck Bonfiglio, President of the Florida Association of REALTORS, and his wife Roberta. Helen and her husband Steve joined us for dessert. It was a perfect evening, and I left there feeling energized and excited.
On Friday, I made my way over to Steubenville, where I had a wonderful homecoming. I spoke to REALTORS from District 7 and explained to them that we are seeing some positive developments in many of the local markets there and that the job growth in Pittsburgh should help boost their markets, too. The elected officers from the Ohio Association of REALTORS were there, as well. In fact, Ohio Executive Don Freels shared some more good news – foreclosures have declined across the state.
Earlier that day, I shared the same positive outlook with local reporters at a press conference. Check out the great article that appeared the following day in one of the local papers:
http://www.heraldstaronline.com/page/content.detail/id/504608.html?nav=5010
Finally, I got a key to the city and visited my alma mater, Franciscan University of Steubenville, where I met with University President, Father Terrance Henry, T.O.R.
I could not have asked for a better homecoming. Many thanks to all of the officers and staff at the Steubenville Board of REALTORS for making it possible, especially Rick DeLuca and Joann McLain. No matter how far I travel, Ohio will always be home for me. – Dick Gaylord, 2008 NAR President
I have heard from many of you recently, and also know firsthand, how difficult the market is currently. But, no matter how tough the market is, REALTORS are tougher. And right now, REALTORS have a great opportunity to show our grit by letting U.S. Senators know how important it is to pass the Housing Stimulus legislation.
This bill will help restore confidence in the market by making the increases to the loan limits for Fannie Mae, Freddie Mac and the Federal Housing Administration permanent. It will help REALTORS do what we do best – put people into homes.
If you haven’t already communicated with your U.S. Senators, please join the more than 45,000 who already have. With the simple click of your mouse, you will join thousands of REALTORS who have let Congress know that this legislation is vital to jumpstarting the housing market.
Just go to the REALTOR Action Center to show your U.S. Senator just how tough we are. Do it now! -- Vicki Cox Golder, 2008 First Vice President
Last week, I spent a few days in Sacramento at the California Association of Realtors® business meetings. Before I gave my NAR update to the Board of Directors, I stopped in to talk with the NAR Directors. Rather than give them a similar update, I decided to ask them how they think NAR is doing this year.
To be honest, I expected a fair amount of criticism. After all, it’s a tough market, and this particular group doesn’t pull any punches. To my surprise, the directors praised our efforts this year to communicate and connect with members, especially through e-mail and videos. In fact, I had a number of people throughout the meetings approach me and say how useful our videos and podcasts have been. I was even more excited to hear how members and AEs are using the videos at other businesses meetings.
If you haven’t seen the latest and greatest, I urge you to take some time to visit our video page and the President’s Podcast on the President’s Report. I’ll even let you in on a secret: we are planning to produce several more videos this Summer, covering topics like political fundraising, commercial resources, and our Annual Conference in Orlando. So, keep and eye on your inbox for e-mails from me.
If you have other ideas how we can communicate and connect with members like you, please let us know. Just leave your comments and/or suggestions here. – Dick Gaylord, 2008 NAR President
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The Voices of Real Estate blog will keep REALTORS®, REALTOR® association executives, real estate brokers, and others informed about NAR’s priorities and activities.
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