Realtists Perform Vital Role in Housing Market

Much has changed today in terms of race relations and the nature of the real estate market, but even with the changes, the need for Realtists remains strong, according to NAREB's national president, Larry Cameron, and Robert Morgan, president of its Cleveland chapter.

One of the most important functions NAREB members perform in today's housing market, according to Morgan, is to provide real estate services in urban centers throughout the country--primarily to minority neighborhoods that have been traditionally underserved. "We have been the only real estate organization that has not abandoned the inner cities," he says. The organization devotes significant resources to local civic initiatives to assist in stabilizing the central city markets while expanding into additional markets in an effort to provide clients with greater housing choices. In addition, NAREB focuses on broader issues that inhibit or limit the range of housing choices open to minorities.

NAREB continues to address issues that affect families who desire to become homeowners. The most significant concern at the national level currently is the difficulty many families experience in accumulating enough money for a down payment on a first home. People who rent often pay a substantial portion of their income for rent, leaving little or nothing to accrue for savings towards a home. To help overcome that, says Cameron, the association is helping to develop a program requiring only a three percent down payment on a property. The organization has also co-sponsored and participated in sessions designed to assist prospective clients with home ownership prepurchase information.

NAREB continues to seek opportunities to work in partnership with officials at all levels to accomplish its goals. The association meets regularly with the secretary of Housing and Urban Development, representatives of the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac) and members of the Congressional Black Caucus. Explains Cameron, "It is important that NAREB continue to serve the underserved communities and be the voice of those who cannot readily speak for themselves."

Other articles in this issue:

Legislation Opens Opportunities for CDFIs

For CRA Evaluations, it's Performance That Counts

Factors: An Alternative Source of Credit for Distressed Communities

McGowan Named 4D Community Affairs Officer

Cleveland Residential Mortgage Project Moves Ahead

Fannie Mae Surveys Show Homebuying Dream Remains Strong

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