FOR IMMEDIATE RELEASE
FEBRUARY 23, 2010
(Garden City, NY - February 23, 2010) Henry F. Weber, President and Regional Director of RE/MAX of New York, Inc., the state’s leading provider of comprehensive real estate services, has joined Dave Liniger, RE/MAX International Chairman and Co-Founder, to call upon government and economic leaders to push lenders to release foreclosures to help speed the housing recovery. Liniger made his comments as a featured speaker at the Five Star Government Forum in Washington D.C. The Forum brought government and industry leaders together to share ideas for building stability in the nation’s housing market.
Liniger explained that in some markets experiencing high foreclosure rates, homes in price ranges that qualify for FHA financing are attracting a lot of attention. In these areas, there are multiple offers from investors and first-time buyers, which indicate there is a real shortage of available homes.
The situation is the New York State real estate market reflects the need for these changes. Foreclosure activity is on the rise. According to RealtyTrac, in 2009 there were 6,341 REO filings in New York State. In New York City the number of REOs grew from 290 in December 2006, to 1,750 in September 2009, according to a report released by NYU's Furman Center.
“I urge government and economic leaders to recommend lenders release foreclosure properties. Lowering the housing inventory in New York will lead to a more rapid housing recovery. Vacant homes sitting on the market reduce home values and cost lenders money every day that they are unoccupied. These properties represent a large portion of the market that is just sitting on the sidelines. REO properties represent a major opportunity for our agents to do what they do best, sell homes,” said Henry Weber, President and Regional Director of RE/MAX of New York, Inc.
Over the past year, RE/MAX has led the way on the housing recovery. Dave Liniger and other RE/MAX representatives met with Housing and Urban Development Secretary Shaun Donovan, as well as officials with FHA, Fannie Mae, the Treasury Department, and the Homeowner Preservation Office. RE/MAX offered recommendations for streamlining the Short Sale process, some of which the Treasury Department adopted when it announced a new process last November.
In 2009, RE/MAX trained more than 10,000 agents to handle Short Sales. More RE/MAX agents have earned the Certified Distressed Property Expert (CDPE) designation than agents with any other real estate company. Surveys show that after earning a CDPE designation, agents are twice as likely to be able to keep families in their homes. And, if the best route is a Short Sale, CDPE agents are much more successful at completing the transaction.
“We expect REO filing to continue to rise in New York. REO and short sale transactions will dominate the market for the next year. After the housing inventory is reduced, we can expect the market to stabilize. Putting these properties is the right thing to do. Short sales, in many cases, offer the best solution to both the lender and homeowner,” added Weber.
For more information, visit www.remax-ny.com.

Yesterday after showing houses in the bitter cold (-8) wind chill I had an appointment to meet a new buyer at my office. This buyer is a first time buyer who has spent time on the internet for the past few months and is trying to get a handle on the process of buying. While there is a lot of information on the internet it is hard to put all of the information in order. I met this buyer and we spent two hours getting to know each other. When you are a new buyer you don't always know all the questions you need to ask. 













