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 As part of a newly-proposed economic stimulus plan under consideration on Capitol Hill, the U.S. House proposed an increase in the size of home loans that can be purchased by Fannie Mae and Freddie Mac. The National Association of REALTORS® sent a letter to Congress urging this move earlier in the month. The conforming loan limit will rise to $729,750 for one year. The current limit is $417,000. The Federal Housing Authority will also be allowed to indefinitely insure loans up to the same level, which is currently set at $367,000. “The stimulus package announced today is a positive step toward strengthening the housing market and our economy,” NAR President Dick Gaylord said in a public statement. “The increase in loan limits should provide liquidity to the mortgage market in all parts of the country allowing qualified home buyers who may have been on the sidelines to enter the market.” NAR estimates that the increase would strengthen current home prices by 2-3 percentage points, reduce the supply of homes on the market to one to one-and-one-half months, generate $42 billion in increased economic activity and possibly reduce foreclosures by 140,000 to 210,000. In high cost states, such as Massachusetts, home buyers with good credit could save up to $5,000 a year by not being forced into the current jumbo mortgage market, according to NAR. |
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 On December 12, 2007 the Boston City Council voted unanimously to approve a new law regulating access to roof decks on residential buildings. The ordinance sponsored by Councilor Michael Ross (District 8-Back Bay, Beacon Hill, Fenway, Kenmore, Mission Hill, West End, Allston) was done in response to an increase in accidents involving tenants on rooftops in the City of Boston. The Greater Boston Real Estate Board was the only real estate organization to participate at the public hearing and successfully amended the ordinance to insure that landlords who have taken steps to prevent unauthorized access to flat roofs would not be unfairly penalized. The City of Boston Inspectional Services Department is developing the permits necessary to comply with the law and has indicated they will be available within the next few weeks. GBREB will notify members when the Roof Deck Permit is available. Members needing additional guidance in the implementation or interpretation of the new law should consult their own legal counsel. Click here for a copy of the new law Click here for legal guidance on how to comply with the new law |
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 Sales of detached single family homes and condos rose modesty in greater Boston in 2007 from the prior year by defying state and national trends, which saw sales fall last year. As the only region in the state to see sales of homes and condos climb in 2007, Greater Boston also experienced stable to modest home price appreciation in the home and condo markets - with the median selling price of single family homes unchanged at $480,000 and the median price of condos climbing nearly five percent to $356,000. For a summary of fourth quarter and year-end market data visit the Housing and Research Data section at marealtor.com. Watch for the latest issue of GBAR’s Real Estate Rewind, with more detailed fourth-quarter and annual data for the 54 cities and towns in the GBAR jurisdiction due out next week. |
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 In early November we sent the 2008 GBAR dues to our membership. If you have not paid as of yet, the deadline to do so is Monday, February 4. You can ensure that you will continue to receive all of the services and benefits of REALTOR® membership by submitting your dues with a postmark no later than February 4 or call GBAR Member Services at 617-423-8700. |
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 A new slate of officers for the Greater Boston Association of REALTORS® was sworn in last week at the annual officer installation hosted by the Greater Boston Real Estate Board. This year’s president is David Friedberg (third from left) of Coldwell Banker Residential Brokerage in Brookline. David joined GBAR in 1989 and has been an active member ever since. He’s been a member of GBAR’s Business Development, Professional Standards and Education Committees. He has served on the Board of Directors for the Greater Boston Real Estate Board, GBAR and the Massachusetts Association of REALTORS®. Look for David’s new monthly e-mail entitled “Beyond the Headlines,” which will provide GBAR members with industry talking points that go beyond what is depicted in the media. John Ranco of Gibson Sotheby’s International Real Estate in Boston is president-elect and will become president of GBAR in 2009. John joined the board in 2002. In his short time as a member he has already served as GBAR’s Treasurer and sat on GBAR’s Education and Nominating Committees and GBREB’s Finance Committee. In addition, John has sat on the Board of Directors for GBAR and GBREB. He is also a recent graduate from MAR’s Leadership Academy. John has been an MAR Director for the past two years. Amleto “Mel” Martocchia of Martocchia REALTORS® in Waltham will serve as vice president. One of Mel’s focus points for the year is increasing member awareness and participation in the REALTOR® Political Action Committee. Mel joined GBAR in 1990 and has served on the Board of Directors for GBAR, MAR and GBREB. He has been a member of GBAR’s Nominating, Education and Business Development Committees. Mel is also this year’s Greater Boston Regional Vice President for MAR. Finally, Barbara Nickerson of Coldwell Banker Residential Brokerage in Milton will serve as this year’s treasurer. She’s been active in GBAR since 1994 and has sat on GBAR’s Nominating and Grievance committees. Barbara has sat on GBAR’s Board of Directors and will serve as a MAR Director this year as well. Congratulations to all officers – we are looking forward to a year filled with new and exciting opportunities for the GBAR membership. For a complete list of the GBAR Board of Directors click here. |
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 Keep an eye out for GBAR’s new Events and Education e-newsletter, which should arrive in your inbox during February. It will be published twice a month, in between the publish dates of On the Home Front. We believe this new correspondence will serve as a helpful reminder for our members to keep track of our continuing education courses and other exciting events that we are scheduling for the New Year. Many of you requested that we limit the amount of e-mails we send to you, and in light of those comments, you can expect to usually receive one e-mail a week from us (special events may be promoted in several e-mails). Click here for our Events and Education Calendar, which features classes on a variety of topics including Foreclosures/Short Sales, Closing and Settlement and Residential New Construction. Don’t forget that a requirement of your membership in the REALTOR® organization is to complete ethics training every four years. We have five more Code of Ethics classes scheduled, which you can register for online. You can also look on our website to see if you need to complete the course. |
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