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REALTORS® officials reflect on year of real estate achievements

Wednesday, January 11, 2012

Despite a challenging year in many respects, 2011 was a year that reinforced the value of homeownership for families and communities across the country. REALTORS® remained actively engaged to ensure that housing and homeownership issues were first on the nation's public policy agenda.

"We would describe 2011 as a rebuilding year, as well as one full of tremendous achievements," said Suzanne Yost, 2012 president of the Silicon Valley Association of REALTORS®. "The market is showing signs of improvement, and more than ever, people aspire to become homeowners. Throughout the past year, REALTORS® have worked hard to make sure everyone who is willing and able to assume the responsibilities of owning a home should have the opportunity to pursue that dream." 

In 2011, the National Association of REALTORS® released data that showed a significant majority of today's homeowners and renters agree owning a home is a smart long-term decision. In addition, more renters than ever before said they aspire to homeownership. Housing is also crucial to the local economy, according to the Silicon Valley Association of REALTORS®.

"A typical home sale pumps a total of $60,000 into the economy over time," said Yost, a REALTORS® with Alain Pinel Realtors in Los Gatos. "The importance of the housing market in relation to our nation's well-being couldn't be more evident than it is right now."

REALTORS® helped reshape housing policies throughout 2011 on behalf of would-be home buyers, sellers and owners. On October 1, Congress allowed conforming loan limits to revert from 125 percent to 115 percent of the local area median home price. This meant the higher Fannie Mae, Freddie Mac, and Federal Housing Administration (FHA) conforming loan limits of $729,750 were subsequently reduced to $625,500 in high-cost areas like Santa Clara County. It also meant fewer people had access to affordable mortgage loans. The Silicon Valley Association of REALTORS® and its members, along with REALTORS® across the country, successfully persuaded legislators to restore the FHA loan limit in high-cost areas for two years. In Santa Clara County, the maximum size of FHA-backed mortgages was raised back to $729,750 through 2013.

"Although limits for loans backed by Fannie Mae and Freddie Mac remain at the reduced level, the reinstatement of the FHA loan limit is significant for a segment of buyers and sellers and a step in the right direction," said Yost.

In addition, REALTORS® ensured that the National Flood Insurance Program was extended for an additional six months through May 31, 2012. The National Association of REALTORS® continues to work with members of Congress on a longer extension.

Yost said this year, REALTORS® will be keeping an eye on efforts to reform the secondary mortgage market to ensure that future home buyers have access to affordable mortgage financing. Preserving the mortgage interest deduction will also remain a top priority for REALTORS®.

"Homeownership matters to individuals, families and America," said Yost. "In addition to helping people achieve their dreams of owning a home, REALTORS® will continue to work tirelessly in 2012 to protect and sustain opportunities for responsible homeownership."


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.

Variations of this article have appeared in local area newspapers.

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

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