President, Ventura County Coastal Assn of Realtors
July 22, 2000
Thank goodness for a Federal Reserve that oversees our monetary policies without having to clear their path with the president and his advisors.
The interest rate adjustments are having the desired effects and we should all be glad. The fever is subsiding to a healthy temperature.
We note that sales are still brisk and prices are still strong. There are fewer multiple offers and new asking prices are not quite as high over the last price as they were.
The cooling means there are fewer buyers willing or able to handle the higher interest rates. Now that the affordability factor in Ventura County has gone from 29 percent of the population to 31, we could take a little heart but our entry-level buyers who relish the fixer-upper and the condo are finding fewer opportunities for home ownership. Rising interest rates hurt them the most.
The Federal Housing Administration just announced that there are no more funds for the purchases of condos using FHA low down payment programs.
This factor alone will change the resale market for condos in a big way. There are a few major lenders who are able to use funds for these purchase programs but the smaller brokerages had bad news to tell to REALTORS® and their buyers.
As election time draws nearer, REALTORS® will be watching for the bullet points of campaigning and how high housing affordability in this county ranks as an issue.
The disparity of housing costs within our ten cities is alarming. The Local Government Relations Committee of the Ventura County Coastal Association of REALTORS®, chaired by Nancy Stepp, will be studying candidates and issues that impact our jobs to help County residents participate in home ownership.
This committee will be hosting and co-sponsoring a number of campaign debates and interviewing the candidates to see where we can place our support.
The REALTOR® Associations around the State and the Nation play a major role in keeping housing issues at the forefront.
Our Association is unique in that we involve ourselves in the widest range of issues that affect our everyday life such credit scoring, tenant-landlord rights, eminent domain, conflicts of interest for elected officials, taxing issues, school bond balloting, septic tank requirements and appropriateness of fees. The list is long and everything we do relates to the preservation of property rights.
Kay Wilson-Bolton is president of the Ventura County Coastal Association of REALTORS®. For more information, contact Kay Runnion, Interim CEO, Ventura County Coastal Assn of REALTORS® at 981.2100. Our website is http://www.vc-realtors.com