DUES DEADLINE IS DECEMBER 1ST!

FREDDIE MAC SUSPENDS ALL FORECLOSURE SALES OF OCCUPIED HOMES FROM DAY BEFORE THANKSGIVING UNTIL JANUARY 9, 2009

 
Temporary, but good news for those homeowners facing a possible sale date...

McLean, VA – Freddie Mac (NYSE: FRE) today announced it has ordered its national network of mortgage servicers and foreclosure attorneys to suspend all foreclosure sales and evictions involving occupied single family and 2-4 unit properties with Freddie Mac-owned mortgages between November 26, 2008 and January 9, 2009. The suspension will help servicers implement the Streamlined Modification Program recently announced by Freddie Mac, Fannie Mae, the Federal Housing Finance Agency (FHFA), HOPE Now and 27 mortgage servicers. The temporary suspension is also expected to give servicers more time to help borrowers avoid foreclosure. 

Specifically, Freddie Mac servicers and foreclosure attorneys were told to contact as quickly as possible an estimated 6,000 borrowers with foreclosure sales scheduled between November 26, 2008 and January 9, 2009. If the property is occupied, the servicers and foreclosure attorneys will halt the sale. This temporary suspension of foreclosure sales will not apply to vacant single family properties. Additionally, no evictions will be completed between November 26 and January 9. 

"By working closely with FHFA and our servicers, Freddie Mac is on track to help three out of every five troubled borrowers with Freddie Mac-owned loans avoid foreclosure this year," said Freddie Mac Chief Executive Officer David M. Moffett. "Today’s announcement builds on this momentum and provides a new measure of certainty to many of these families during the holidays." 

Moffett said that by delaying these foreclosure sales, the nation’s servicers will have the opportunity to work with more borrowers who could qualify for a modification under the new Streamlined Modification program scheduled to begin by December 15. 

"Today’s announcement has the potential to enable more families struggling in these extraordinary times to take advantage of this vital new initiative developed with FHFA, the Treasury Department and the mortgage finance industry," said Moffett. 

Moffett also emphasized that lenders servicing Freddie Mac-owned mortgages will continue to work with borrowers to consider all workout options Freddie Mac employs to help distressed borrowers who can and want to stay in their homes, such as permanent rate reductions and mortgage term extension modifications. 

This year, Freddie Mac expects to approve 84,000 workouts for the estimated 140,000 who are delinquent on Freddie Mac-owned mortgages. 

For more about Freddie Mac workout options, see freddiemac.com/avoiding_foreclosure

Freddie Mac’s temporary suspension of foreclosure sales is the latest in a series of efforts to help troubled borrowers. Other recent initiatives have included, delegating expanded workout authority to servicers, doubling the amount of money servicers are paid for successful workouts, and paying non-profit organizations to reach out to worried borrowers. 

Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation's residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Over the years, Freddie Mac has made home possible for one in six homebuyers and more than five million renters. 
    

NAR News and Issue Updates

  
Home Prices Rise in Some Metros 
Four out of five metropolitan areas recorded lower home prices in the third quarter from a year earlier, while existing-home sales fell in 32 states from the second quarter, but in a positive sign, 28 out of 152 metropolitan statistical areas showed increases in median existing single-family home prices from the same quarter in 2007, NAR data show. Distressed sales are at the root of the drop in prices in many of the areas. "A very large proportion of distressed home sales are taking place at discounted prices compared to more normal conditions a year ago," says NAR President Charles McMillan. "It's very challenging to understand proper valuation, given the differences between distressed sales and a larger share of traditional homes in sound condition. Under these circumstances, it's extremely important for consumers to be armed with professional expertise." Distressed sales--foreclosures and short sales--accounted for 35 to 40 percent of transactions in the third quarter, pulling down the national median existing single-family price to $200,500, which is 9 percent lower than the third quarter of 2007. A year ago, when there were significantly fewer distressed transactions, the median price was $220,300. 

NAR Concerns Reflected in RESPA Rule 
A preliminary review by NAR of a final rule implementing changes to the Real Estate Settlement Procedures Act indicates HUD amended earlier versions to address many NAR concerns. Among the improvements is the elimination of a proposed mandatory closing script to be read by settlement officers. NAR will continue to review the rule, which will be implemented over one year with mandatory compliance beginning Jan. 1, 2010. 

Treasury Reacts Positively to Buydown Proposal 
Senior U.S. Department of Treasury officials met with NAR President Charles McMillan last week and were receptive to NAR's proposal to spur home buying by using funds from the $700 billion Wall Street rescue effort to buy down interest rates. The officials agreed that such a buydown could provide significant and effective economic stimulus but Congress must clarify Treasury's authority to use the funds for that purpose. 
 

YOUR ASSOCIATION NEEDS YOU!

Eric Caspary
2009 YCAR President

GET INVOLVED IN 2009!

Let’s make 2009 our association’s best year yet.  The key to success is surrounding yourself with the right people.  It’s time to give back to your association.

We need your help and your ideas on our committees.

Sign up this year... GET INVOLVED!

Eric Caspary

PROJECT SIGN UP Volunteer your time and talents to serve on the following YCAR committee(s) in 2009.   Building Advisory   Legislative   Education   RPAC   Equal Opportunity   Trade Fair   Soup Kitchen   Installation   Bylaws/Policy Review   Tutors   Affiliate Council Click here for your signup sheet!

One YSU Scholarship Available in 2009

  
As REALTORS® we all recognize the value of education. Therefore, when we have fulfilled our continuing education requirements, we eagerly pursue additional education to enhance our personal as well as our professional lives.

In this spirit, The Youngstown Columbiana Association of REALTORS® (YCAR) has established an endowment fund at Youngstown State University.

In 2009, YSU will award one (1) $1,000.00 scholarship then award one (1) $1,000.00 every year thereafter until the endowment fund is depleted.

Criteria for receiving a scholarship:

1. Applicant must be a REALTOR® member of the Youngstown Columbiana Association of REALTORS®
    or the spouse or child of a REALTOR® member of YCAR.

2. Applicant must be a high school graduate with a 3.0 GPA or higher.

3. Freshmen entering YSU and YSU upper class students can qualify on a non-discriminatory basis.

4. Applicant must apply to YSU in spring or summer for upcoming September classes.

Scholarship application deadline is April 25th annually. Applications are to be submitted to the office of The Youngstown Columbiana Association of REALTORS® located at 5405 Market Street in Boardman.

All applications received at the association office by the April deadline will be submitted to the YSU Foundation and the Financial Aides offices will be responsible for selecting the scholarship recipient annually based on the criteria listed above, giving more weight to a student's financial need.

Click here for application

2009 Committee Leadership

IT’S MONEY IN YOUR POCKET!

As a REALTOR® Member of YCAR
YOU will receive $75.00 for every new Affiliate Member YOU recruit in 2009!

Call the association office at 330-788-7026 for an application packet!

TIPS ON RECRUITING AN AFFILIATE MEMBER

Who Is An Affiliate Member: An Affiliate Member of YCAR is any individual or company which services
or supplies the REALTORS®

Professional Contacts: As an Affiliate Member of YCAR you will have a built-in congenial source of
business leads and prospects through the REALTORS® , their clients, their contacts and other Affiliate
Members.

Involvement: Affiliate Members can actively participate in the association’s special events, community
projects and serve on committees. REALTORS® prefer working with people they know. As an Affiliate
Member, get involved and you will get noticed; get noticed and you will get calls; get calls and increase
your sales and profits.

Legislative Participation: Many of the same government regulations that inhibit your freedom to do
business and make a fair profit have the same impact on REALTORS®.  As an Affiliate your voice will be heard and become part of the collective and unified strength that will not only help block harmful legislation, but can promote legislation for the good of the business community.

Educational Offerings: An Affiliate Member can sponsor a continuing education class which helps
REALTOR® members to become more familiar with the Affiliate’s product or service.

Special Advertising: Affiliate Members have the opportunity to advertise their business at discounted rates to over 800 REALTOR® members through The Mahoning Valley REALTOR®, the association’s monthly on-line newsletter, and in the association’s annual Membership Directory.

Other Services Include: Affiliates can save on local and long distance telephone service through the
association’s partnership with First Communications.  Health care benefits are also available through our
partnership with R. Kashmiry & Associates, Anthem Blue Cross/Blue Shield. Membership in the Ohio
Association of REALTORS® is another optional benefit for Affiliate Members.

NOTE: Affiliate Members do not have voting privileges in the association.  However, a representative from one of our Affiliate Member companies does serve on the Board of Directors being elected for a two-year term.

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YCAR - 5405 Market Street, Boardman, Ohio 44512 - 330.788.7026 -  ycar.org