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Bay Area REALTORS® Gather at Third Annual Bay Area Multi-Cultural Real Estate Summit


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Monday, September 28, 2009

 Top officials of the 15 real estate associations that organized this year's Bay Area Multi-Cultural Real Estate Summit were recognized at the event. They were (left to right) Julia Truesdale Keady (Silicon Valley Association of REALTORS®, George McFadden (National Association of Hispanic Real Estate Professionals (NAHREP) of Silicon Valley), Yogendra Singh (South Asia Real Estate Association of America), Quincy Virgilio (Santa Clara County Association of REALTORS®), Olivia Edwards (San Mateo County Association of REALTORS®), John Lee (San Francisco Association of REALTORS®), Ed Diaz (NAHREP of San Francisco), Wilma Baltar (Filipino American Real Estate Professionals Association (FAREPA) – Santa Clara County chapter), Rosemarie Figueroa (FAREPA – SF/Peninsula chapter), Dexter Lat (FAREPA – Alameda County chapter), Eva Hom (Chinese Real Estate Association of America), Joyce Sun (Chinese American Real Estate Association), Don Faught (California Association of REALTORS® treasurer), Ramona Chang (Asian Real Estate Association of the East Bay), Pat Huffman (Bay East Association of REALTORS®). At far right is Karl Lee, chair of this year's BAMCRES steering committee.

Two-hundred real estate professionals from the Bay Area gathered at the Computer History Museum in Mountain View and assessed today's market situation at the Third Annual Bay Area Multi-Cultural Real Estate Summit. The summit was organized by 15 real estate associations, with the Silicon Valley Association of REALTORS® as host of the event, featuring industry officials as speakers, and panels of experts on legal, tax, financing alternatives, short sales and escrow issues.

California Department of Real Estate Commissioner Jeff Davi indicated last year's 235,000 foreclosures in the state were a record high from just 84,000 in 2007, but he predicted there would be around 200,000 by year-end and then expects the number to taper off beginning next year. The biggest problem officials are facing right now is the loan modification scams. Davi wants REALTORS® to inform clients to be wary of unscrupulous persons promoting themselves as loan modification experts.

Davi stressed the importance of REALTORS® in helping homebuyers in this market. Together with REALTORS®, he went on to assess the current market and described the current situation as better for homebuyers who are seeking to purchase homes for the long-term. "We know the rates are very low today," he explained. "The crazy instruments are gone and replaced with more reasonable financial instruments. If you are able to buy a home and intend to have a roof over you head for you and your family in California today, you will be better off."

California Association of REALTORS® Treasurer Don Faught said the positive climate in the market today is largely due to the first-time homebuyer tax credit. He said together with the National Association of REALTORS®, the state REALTOR® group and local AORs are urging lawmakers to extend the homebuyer tax credit and expand the credit to include repeat buyers. "Please contact your representatives," Faught told REALTORS®.

Davi emphasized the impact of the market on multi-cultural homebuyers with data that shows in the last 12 months, 35 percent of first-time homebuyers were white; 30 percent Latino; 22 percent Asian.

On the seller side, Dennis Moreno, a REALTOR®with MGM Real Estate in Sunnyvale and member of the Silicon Valley Association of REALTORS®, emphasized the importance of pricing a home right from the start and cautioned against over valuing a home. He said sellers need to be realistic and understand they cannot squeeze more value than their house is worth.

"I tell my sellers it's just like squeezing out what's left in a tube of toothpaste. You can only squeeze what's there. That's it," said Moreno, who along with Christina Chung of Coldwell Banker and Miguel Velasco of RE/MAX, formed a multi-cultural top producer panel.

The 15  real estate associations that organized this year's summit included the Asian Real Estate Association of the East Bay, Chinese American Real Estate Association, Chinese Real Estate Association of America, Filipino American Real Estate Professionals Association – SF/Peninsula chapter, Alameda County chapter and Santa Clara County chapter, National Association of Hispanic Real Estate Professionals of San Francisco and Silicon Valley, South Asian Real Estate Association of America, and six REALTOR® associations -  Bay East Association of REALTORS®, California Association of REALTORS®, San Francisco Association of REALTORS®, San Mateo County Association of REALTORS®, Santa Clara County Association of REALTORS® and the Silicon Valley Association of REALTORS®.

Wells Fargo Home Mortgage partnered with the associations in presenting a renovation training and short sales seminar. A finance panel included representatives from Bank of America and MSC Advantage, silver and corporate sponsors, respectively. JCP-LGS Disclosures/First American Title Company and innovae designs were booth sponsors.

Julia Truesdale Keady, president of the Silicon Valley Association of REALTORS®, was pleased with the turn-out at the event. "We hope the summit provided the region's real estate professionals with tools that can help them better serve their clients in our current market environment," Keady said.

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The Silicon Valley Association of REALTORS® (SILVAR) is a professional trade organization representing over 4,000 REALTORS® and Affiliate members engaged in the real estate business on the Peninsula and in the South Bay. SILVAR promotes the highest ethical standards of real estate practice, serves as an advocate for homeownership and homeowners, and represents the interests of property owners in Silicon Valley.

The term "REALTOR®" is a registered collective membership mark which identifies a real estate professional who is a member of the National Association of REALTORS® and who subscribes to its strict Code of Ethics.

For further information, please contact Rose Meily at SILVAR Public Affairs, email , or phone (408) 200-0109.

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