All the action was not in Beijing! Okeeheele Park at West Palm Beach, Florida was the host for the 2008 Goode Water Ski National Championships. With over 900 competitors of all age groups attending, these Water Ski Nationals are the Olympics of water ski competition.
On Thursday, 8/14/08, Erin Daugherty with Fairway Meadows Real Estate took First Place in the Women's Division 2 Slalom!
All the action was not in Beijing! Okeeheele Park at West Palm Beach, Florida was the host for the 2008 Goode Water Ski National Championships. With over 900 competitors of all age groups attending, these Water Ski Nationals are the Olympics of water ski competition.
On Thursday, 8/14/08, Erin Daugherty with Fairway Meadows Real Estate took First Place in the Women's Division 2 Slalom!
A welcome home celebration was held on Monday, July 21, 2008 for Jim Meyer of House of Brokers Realty, Inc. Jim has been serving in Kosovo and everyone was glad to have him back!
Elizabeth Mendenhall 2008 ATHENA Young Professional Award
At a ceremony on Tuesday, June 24, 2008, Elizabeth Mendenhall was awarded the Columbia Chamber of Commerce - Women's Network's 2008 ATHENA Young Professional Award. The ATHENA Young Professional Award actively supports and celebrates the ATHENA mission of supporting, developing and honoring women leaders, inspiring women to achieve their full potential - creating balance in leadership worldwide. The ATHENA Young Professional Award honors emerging leaders who strive toward the highest levels of personal and professional accomplishment, who excel in their chosen field, devote time and energy to their community in a meaningful way, and serve as a role model for young women. Elizabeth absolutely fits with this award. Congratulations, Elizabeth!
National Association of REALTORS® Board of Directors Appointment
The Columbia Board of REALTORS® learned on Wednesday, June 25, 2008, that Carol Van Gorp, CEO, received an appointment as one of 5 Association Executive Representatives for Local Boards to the 2009 National Association of REALTORS® Board of Directors. This honor for CBOR allows for much better access to NAR resources and better perspective to what is going on at NAR. Additionally, it gives the opportunity for CBOR to showcase the volunteer talents of the members of the Columbia Board of REALTORS®. Kudos to you, Carol.
During the past few months, the Columbia real estate market made an impact on the federal level. The Columbia Board of REALTORS® set out to change the definition of a "declining market" after Boone County found itself on the list.
The Office of Federal Housing Enterprise Oversight (OFHEO) requires the two Government Sponsored Enterprises, Fannie Mae and Freddie Mac, to require a higher percentage down for mortgages in declining market locations.
Carol Van Gorp, CEO of the Columbia Board of REALTORS®, led the effort for the change in designation. She learned earlier this week that OFHEO eased the requirements for Fannie Mae and Freddie Mac to require the maximum loan-to-value ratio for a loan by five percentage points in declining markets.
"This is wonderful for first time homebuyers, who no longer will have to come up with an additional down payment on their first home," Van Gorp said.
Under the Fannie Mae policy change, borrowers can get loans up to 95 percent loan-to-value, even in markets in which prices have been falling. Prior to the change, borrowers could only get loans up to 90 percent to give lenders a 5-percentage-point cushion to protect against possible price declines in the future.
Freddie Mac has announced that they are eliminating their "Declining Market" designation all together and will allow maximum financing up to 95 percent in all markets.
The Columbia Board of REALTORS® questioned Boone County's designation of a declining market. With a 1% overall decline in the OFHEO index for the most recent two quarters of 2007, Boone County received the designation. However, for the last two quarters of 2007, Columbia's rating was at 1.8%.
Van Gorp approached well-known economist Lawrence Yun to plead Columbia's case that it should not be on the declining market list. Yun was recently named among the top 10 economic forecasters by USA today, and is responsible for the National Association of REALTORS® real estate statistics and economic forecasting.
National Association of REALTORS® President-Elect Charles McMillan used Columbia as a "test" case to get the declining market designation removed. Local lenders and Appraisers gathered historical data which indicated that our market was not declining. McMillian hand carried statistical information to both Freddie Mac and Fannie Mae to review on April 30.
The National Association of REALTORS® agreed with Van Gorp's assessment. In a letter to The Office of Federal Housing Enterprise Oversight (OFHEO), CEO Dale Stinton stated, "...we are concerned about the impact of the GSEs' declining markets policies that require a five percentage point increase in the down payment if the home is located in a declining market. These policies run the risk of creating a self-fulfilling prophecy by stigmatizing markets, reducing demand, driving down home prices, and hurting communities."
The declining market designation change will be effective June 1.
NAR just wrapped up it's best-ever Midyear Legislative Meetings in Washington, D.C. Not only did they raise the "Voice for Real Estate" on a number of key political issues, but they also tackled many important business and association issues. Here are some of the hottest news and special highlights on three special member videos:
· First, by far the most popular event at this year's meetings was the interview with industry legend, Ebby Halliday, Chairman of the Board of Ebby Halliday REALTORS® in Dallas, Texas. At 97 years old, Ebby is more energetic than most REALTORS® half her age. See how Ebby has outperformed the competition for more than 60 years - in every kind of market.
· Second, the housing market was another hot topic of conversation at the meetings. Everyone wants to know when we are going to see a recovery. Watch this video to see NAR's Chief Economist Lawrence Yun share his insights with 2008 President-Elect Charles McMillan, and visit the Research section of Realtor.org for other commentaries and valuable insights from our expert staff.
· Finally, many REALTORS® who traveled to Washington, D.C., also wanted to know what REALTOR.com® has been up to lately. In the latest NAR President's Podcast, NAR Chief Executive Officer Dale Stinton was asked to give us a sneak preview of the upgrades that will be available to all REALTORS® this July. Watch the podcast now, and visit www.TourTheNewRealtor.com to see the upgrades for yourself!
During the past few months, the Columbia real estate market made an impact on the federal level. The Columbia Board of REALTORS® set out to change the definition of a "declining market" after Boone County found itself on the list.
The Office of Federal Housing Enterprise Oversight (OFHEO) requires the two Government Sponsored Enterprises, Fannie Mae and Freddie Mac, to require a higher percentage down for mortgages in declining market locations.
Carol Van Gorp, CEO of the Columbia Board of REALTORS®, led the effort for the change in designation. She learned earlier this week that OFHEO eased the requirements for Fannie Mae and Freddie Mac to require the maximum loan-to-value ratio for a loan by five percentage points in declining markets.
"This is wonderful for first time homebuyers, who no longer will have to come up with an additional down payment on their first home," Van Gorp said.
Under the Fannie Mae policy change, borrowers can get loans up to 95 percent loan-to-value, even in markets in which prices have been falling. Prior to the change, borrowers could only get loans up to 90 percent to give lenders a 5-percentage-point cushion to protect against possible price declines in the future.
Freddie Mac has announced that they are eliminating their "Declining Market" designation all together and will allow maximum financing up to 95 percent in all markets.
The Columbia Board of REALTORS® questioned Boone County's designation of a declining market. With a 1% overall decline in the OFHEO index for the most recent two quarters of 2007, Boone County received the designation. However, for the last two quarters of 2007, Columbia's rating was at 1.8%.
Van Gorp approached well-known economist Lawrence Yun to plead Columbia's case that it should not be on the declining market list. Yun was recently named among the top 10 economic forecasters by USA today, and is responsible for the National Association of REALTORS® real estate statistics and economic forecasting.
National Association of REALTORS® President-Elect Charles McMillan used Columbia as a "test" case to get the declining market designation removed. Local lenders and Appraisers gathered historical data which indicated that our market was not declining. McMillian hand carried statistical information to both Freddie Mac and Fannie Mae to review on April 30.
The National Association of REALTORS® agreed with Van Gorp's assessment. In a letter to The Office of Federal Housing Enterprise Oversight (OFHEO), CEO Dale Stinton stated, "...we are concerned about the impact of the GSEs' declining markets policies that require a five percentage point increase in the down payment if the home is located in a declining market. These policies run the risk of creating a self-fulfilling prophecy by stigmatizing markets, reducing demand, driving down home prices, and hurting communities."
The declining market designation change will be effective June 1.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
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