Obama Signs Tax Credit & Expansion

Tax Credit Passes! You did it OKCMAR!

A Message from NAR President Charles.....

You did it. You’ve succeeded in achieving a huge victory for real estate. Congress heard you on the need to both extend and expand the homebuyer tax credit to continue stimulating the housing sector of the economy. The Senate voted 98-0 on Wednesday and yesterday the House voted 403-12 on legislation that includes the extension and expansion of the credit. President Obama is expected to sign the legislation, perhaps as early as today.

Thank you for making this victory happen. Your letters in response to our Call for Action made a very big difference, as did the thousands of REALTOR® phone calls, visits by Federal Political Coordinators—all members of NAR—in getting this legislation passed. This is a great victory for the economy, for homebuyers, and for all of you in real estate. You made your case to Congress. We deeply appreciate your commitment and involvement on this issue and trust your continued support will follow in the weeks ahead on all our future Calls for Action.

More information on the tax credit and what it means to you please visit the REALTOR Action Center!

Thursday, November 5, 2009

KUDOS to the RPIC Committee

Great News OKCMAR! Your legislative RPIC (REALTORS Political Involvement Committee) Committee has secured $10,000 from the state association to support MAPS. Your state association, OAR, sets aside funds each year to assist local associations in issues mobilization (in plainspeak- promoting good laws that benefit homeowners and REALTORS or defeating bad laws that seek to strip property owners of their current rights or results in harm to the real estate industry). These funds are given very judiciously and their use should impact all Oklahoma REALTORS.

MAPS is a great example of how economic development in the heart of our capital city can impact our entire state through dollars and visitors brought into our state. This legislation will ripple through all of Oklahoma and will not only maintain our vibrant real estate industry but open up even more opportunities for growth in both the commercial and residential segments.

A special thank you to RPIC Chair, Lorna Koeninger, of Paradigm Realty, whose passionate and informed testimony in front of the state committee secured the maximum available funding. Thank you Lorna on behalf of all of OKCMAR and the OKC REALTOR citizens!

Seats at the Table

OKCMAR you should be proud! This week I got the news that OKCMAR will fill three seats on the National Association of REALTORS 2010 committees. Now, OKC will have an active voice in the national leadership that defines us all. Mike Cassidy, of Paradigm Realty, has been selected to serve on the national Land Use & Private Property Rights Committee. Bart Binning of Prudential Alliance Real Estate has been selected to serve on the national REALTORS Commercial Alliance Committee and I, Dawn Kennedy, will be a member of the AE group.

When one joins the local association there is an opportunity to be a part of a national force that affects policy and legislation for our society as a whole. No more is this proven than when our association is asked to have a seat at the table and be a voice in national policy. This is only accomplished through dedicated leadership,vision and the member committment to the growth and development of a local association. Your efforts have been recognized!

Health Reform Passes the House

The house passed the health care reform bill by a small vote margin. Your OKCMAR staff is currently reviewing the bill- it is 1990 pages and will post information as soon as our analysis is complete

You Made a Difference!

Legislation passes 85-2 to clear the way for an extended tax credit AND to include move-up buyers in the credit! You all did this through your response to the call to action. You have made a tremendous difference in the lives of Oklahoma citizens who otherwise could not afford a home and for those homeowners looking to sell their home and invest in another!

To read the full details click here

Why You Need to Vote Yes for MAPS

OKC REALTORS, we have an opportunity of a lifetime looming in the future: MAPS3. Passage of this important legislation is essential to the long term growth of our industry and our market. Over the last three years, as cities across the country are seeing record losses in real estate sales and property values, Oklahoma City has received national recognition for our healthy real estate market and sales have continued to climb.

Because we were uniquely positioned to survive the economic downturn we are also uniquely positioned to leapfrog over other cities as the most desired vacation/second home/ retirement/ commercial market. We are in an exceptional position to deliver!

But the great future ahead of us cannot be realized without the passage of MAPS. There are several key components to MAPS detailed below with talking points in red as to the benefit to the REALTORS:

The sales tax extension for the Ford Center renovations expires at the end of March 2009. Mayor Mick Cornett and the city released the official plan for MAPS 3 on September 17, 2009.

The official plan calls for a December 8, 2009 vote on a continuation of the one-cent sales tax for a period of 7 years and 9 months. According to the city, if approved, the total $777 million would be used for the following:

• A new, approximately 70-acre central park linking the core of downtown with the Oklahoma River- Increases the quality of life in OKC which in turn positions OKC as a desired relocation area
• A new rail-based streetcar system, plus potential funding for other rail transit initiatives, such as commuter lines and a transit hub-Increases the desirability of downtown housing
• A new downtown convention center- Brings dollars into the city from other states through increased convention activity
• Sidewalks to be placed on major streets and near facilities used by the public throughout the City- Walkability is the statistically proven primary factor in a city's growth- growth means housing and commercial real estate opportunities created
• 57 miles of new public bicycling and walking trails throughout the City- Major corporations consider the quality of life for its employees and potential growth when considering new sites for corporate facilities. Also increases the quality of life in OKC which in turn positions OKC as a desired urban relocation area
• Improvements to the Oklahoma River, including a public whitewater kayaking facility and upgrades intended to achieve the finest rowing racecourse in the world- Draws dollars into the community from other states
• State-of-the-art health and wellness aquatic centers throughout the City designed for senior citizens- Positions OKC as a desired second home/ retirement market
• Improvements to the Oklahoma State Fairgrounds-Positions OKC as an area of consideration for large outdoor events

TO LEARN MORE: www.yesformaps.com

FHA Announces Credit Tightening Policies

The FHA (which insures mortgage lenders against losses) is required by federal law to maintain a supplementary reserve of 2% of the loans it insures. This Friday (September 18th) the FHA announced that they would fall below the reserve requirement and were initiating action. The FHA is confident that they can control the situation through several measures. The FHA assured the press and the public that the shortfall WOULD NOT affect the premiums borrows pay or the current 3.5% down payment requirement.

The Wisconsin Journal Sentinel reported, "Appraisals will be valid for no more than four months, down from six to 12 months previously. The FHA also plans to change rules aimed at averting pressure on appraisers, making them more consistent with those adopted earlier this year by Fannie and Freddie. Mortgage brokers or bank employees paid on commission won't be allowed to order appraisals."

Lenders providing FHA loans will now be required to have 1 million dollars in assets as opposed to the current quarter of a million.

Of concern is that Inman News reported that the minimum consumer credit score for an FHA backed loan would increase from 633 to 693. After much research, I could not find verification from a credible source of this report. I would ask our lending affiliates to verify this through blog comment.

NAR is Launching Its First Video Contest!! Win $500!!

The 2009 REALTOR Party Video Contest challenges REALTORs to make a short, personal video explaining how the Home Buyer Tax Credit has helped their clients buy their first home.

The contest will run until September 30. The winning entry will receive a $500 American Express gift card and be shown at the Annual Convention in San Diego in November. Two runners-up will receive Flip UltraHD Camcorders.

All of the information about the contest, including the rules and instructions on how to enter, is located at http://www.realtoractioncenter.com/video

What a great opportunity for OKCMAR members to show what the tax credit has done for us! Please contact me if you decide to summit a video for this contest. We will help in any way possible. GOOD LUCK!

Monetized Tax Credit for Oklahoma First Time Home Buyers!!

The Oklahoma Housing Finance Agency has announced a program to monetize the Federal First Time Homebuyer Tax Credit to allow qualified buyers to use the funds for down payment, closing costs & pre-paid expenses for the purchase of their home.

The Buyer has to be eligible for the Federal Tax credit to access this program and have a minimum credit score of 620. FHA guideline apply.

For more information on how you or your buyers can use this program talk to you lender or see www.ohfa.org.