NEWS Release

Sellers allegedly stated a racial preference and refused to sell home to black couple who submitted highest offer

WASHINGTON – The U.S. Department of Housing and Urban Development (HUD) today announced that it is charging a Chicago couple, their real estate agent, and a real estate broker with refusing to sell a home listed for $1.799 million to a black couple because of their race, in violation of the Fair Housing Act. The charge alleges that owners Daniel and Adrienne Sabbia and real estate agent Jeffrey Lowe stalled negotiations and took the property off the market after receiving a $1.7 million offer from radio personality and comedian George Willborn and his wife, businesswoman Peytyn Willborn.

The Willborns submitted the highest offer the sellers had received in the two years the property was on the market. Yet, when faced with the sales contract, the Sabbias refused to sign it. Real estate agent Jeffrey Lowe told HUD investigators that Daniel Sabbia expressed a preference not to sell his home to an African-American.
The charge also names the Lowe Group Chicago, Inc. and real estate broker, Prudential Rubloff Properties.

“Racial fairness is important at all income levels. Civil rights enforcement must be the effective shield against housing discrimination that in this case wealth was not,” stated John Trasviña, HUD Assistant Secretary for Fair Housing and Equal Opportunity.
The Fair Housing Act prohibits housing discrimination based on race, color, national origin, religion, sex, familial status, and disability. This includes the selling, brokering or appraising of a real estate property. HUD’s action is also on behalf of the prospective buyers’ real estate agent who was effectively denied a commission by the alleged discriminatory action of the sellers.

The HUD charge will be heard by an Administrative Law Judge unless any party to the charge elects to have the case heard in federal district court. If an administrative law judge finds after a hearing that discrimination has occurred, he may award damages to aggrieved persons for the damages caused them by the discrimination. The judge may also order injunctive relief and other equitable relief to deter further discrimination, as well as payment of attorney fees. In addition, the judge may impose fines in order to vindicate the public interest. If the matter is decided in federal court, the judge may also award punitive damages to aggrieved persons.

FHEO and its partners in the Fair Housing Assistance Program investigate more than 10,000 housing discrimination complaints annually. People who believe they are the victims of housing discrimination should contact HUD at 1-800-669-9777 (voice), 800-927-9275 (TTY).

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HUD’s mission is to create strong, sustainable, inclusive communities and quality affordable homes for all. HUD is working to strengthen the housing market to bolster the economy and protect consumers; meet the need for quality affordable rental homes: utilize housing as a platform for improving quality of life; build inclusive and sustainable communities free from discrimination; and transform the way HUD does business. More information about HUD and its programs is available on the Internet at www.hud.gov and espanol.hud.gov.

It’s no secret that the housing crisis has strained Fannie Mae, Freddie Mac and the Department of HUD.  So, congress just passed H.R. 5981.  This bill gives FHA the authority to adjust its mortgage insurance rates to increase funding to the FHA Mutual Mortgage Insurance Fund.  This move will immediately begin to yield $300 million per MONTH to the fund.  The current increase is not set in stone, and if the powers that be at FHA decide they need a little more cash, they can simply raise the fees some more.   My guess is within the next 6 months, the rates will indeed be increased.

After September 7th, 2010 all new FHA loans will incur substantially higher mortgage insurance (MI) fees.  If maxed out the increase to the consumer could be upwards of 10% on your monthly payments!  This is, in fact, a TAX on those who are looking at purchasing their first home.  These are the very people we need to encourage getting in the market, not dissuade them from doing so.

I’ve attached a link to a document released by Mr. David H. Stevens, Assistant Secretary for Housing / Federal Housing Commissioner as to HUD’s announcement.

HUD_August_Special Edition_080510

Additionally, I’ve linked to a great video about the effect of these changes that really explains the program.  http://www.thinkbigworksmall.com/mypage/archive/1/52542/

Bottom line, if you’re thinking of buying a home, and will be using FHA as a financing option, you need to act now, before the costs rise!

Feel free to tell me what you think with a comment below!

The Get Home Denver Team is pleased to publish this post written by VA expert James Kelley.

Homebuilders in Denver, CO are very optimistic about the local economy.  According to a recent Denver Post article, builders are buying vacant lots all over Denver with the intention of constructing new homes to meet predicted demand.

Although many of the perks of the real estate market are starting to cool down, many military members returning home to Denver next year will be able to not only take advantage of some new homes, but also the $8,000 Veteran’s tax credit.

The popular credit that gave real estate agents a boost in business this year was extended for military men and women. “Qualified service members” have until April 30, 2011 to enter into a binding contract and June 30, 2011 to complete the sale.

To make sure, these deserving men and women do not miss out on their chance.   Here are a list of new rules and qualifying standards for the credit.

• The first-time homebuyer must be a member of the armed forces, Foreign Service or Intelligence community.
• The service man or woman must have served on official extended duty overseas for at least 90 days between Dec. 31, 2008 and May 1, 2010.
• Must be a first-time homebuyer. However, there is a $6500 credit for repeat homebuyers who have owned a principal home for a period of five consecutive years in the eight years prior to purchase.
Other Rules and Benefits:
• A single-person buyer is now allowed a salary up to $125,000. For a married couple, the limit is $225,000. Allowances might be made for some above the annual income.
• The home must have a market price that is less than $800,000.
• Only one spouse is required to be overseas to qualify for the extension.
• Military members who have to move from their new home within three years because of being called back to duty are exempt from repaying the credit.
• Qualified service members who are repeat homebuyers may take advantage of a $6,500 tax credit.

Couple Your Tax Credit with the VA Loan

Along with the tax credit, military members can make the stressful process of buying a home ten times easier with the VA loan. It requires no money down, less-strict credit requirements, and lower closing costs.

Contact us today for more info!

James Kelley blogs on veteran’s issues, real estate and finance across American markets at VA Benefit Blog .He also works with VA Mortgage Center, proudly serving American military families as a leading national VA lender.

As a quick recap, while individual areas vary, April, 2010 combined MLS Residential Statistics had a number of positive indicators compared to April of 2009.

• Increase in the Number of Closed Sales to 3,308 (up 22.2% for the month)
• Average Days on Market reduced 22.5% to 79 days
• Number of Active Listings increased 1.3% to 15,843
• Absorption Rate dropped to 4.5 months (down 21.3%)
• Average Sold Price remains strong (up 7.8% from $254,442 to $274,253) compared to April, 2009.

April 2010

Two competing plans to repair the aging Colorado State Capitol dome, are being battled out in the state legislature.

A public walkway was closed in 2007 after a 10 pound piece of metal fell to the ground.  Architects estimate it will cost approximately $11.6 million to completely repair the dome.

“Weve got to get this fixed” said Senator Mike Kopp, R-Littleton

To view more on this story from the Denver Post, click here.

In an ongoing effort to provide you with unparalleled service I am now able to offer you access to the most comprehensive and intuitive, home-search website and integrated iPhone App on the market.

Hosted by a new service called iRealty, both my Property Search and iPhone App utilize data directly from the multiple listing service (MLS), so that you will be reviewing complete, real-time, property information during all of your searches. Some of the many features provided in my Website and App include:

• GPS-based property searches from your iPhone
• Interactive mapping to view properties for sale in surrounding neighborhoods
• Create, maintain and share your Favorites Folder
• Request Showings
• Review Open House date and times
• View comparable Sold Homes
• Unlisted Home Value Estimates
• Share individual listings with your Friends and Family
• View my Featured Properties
• And much more . . .

The property search can be found at: http://bloghomedenver.com/home-search/.

The iPhone Application is a free download waiting for you in the iTunes Store under the name “iRealty”. Upon opening the App for the first time you will be prompted to enter my AGENT ID which is: gethomedenver.

I am very excited about this new technology and am confident that you will find these tools to be an incredible resource during your home search and discovery process. I have not forgotten about those of you using a Blackberry and will be launching a mobile App for you soon as well.

Please contact me with any questions, as I would be happy to elaborate on the functionality and capabilities of the Website and App.

The 14th annual “Concerts at the Crescent” lineup was just announced! This weekly concert series is presented by the Goldsmith Metropolitan District, and feature 9 weeks of amazing outdoor performances by local bands.

The concerts all FREE, and located at the Crescent Amphitheater. Located in Greenwood Village, at the corner of Belleview Ave. and DTC Blvd. (Just east of Yia Yia’s Euro Cafe), this outdoor venue is a great place to spend an evening!  To get there, take I-25 to Belleview Ave., Head east to DTC Blvd. (approx. 1 mile), turn right and follow the signs for FREE parking.

All shows start at 7:00pm and last approximately to 8:30pm. The amphitheater is grass seating, so bring a chair or blanket and most people bring a picnic dinner. Adult beverages are acceptable, and there are plenty of kids around, so bring the whole family! The music is diverse, but always fun and enjoyable. Pets are not invited, sorry!

Here is this years lineup:

• June 8 – Soul X – They dress like Justin Timberlake, sing like Black Eyed Peas, and dance like nobody’s business!
• June 15 – Chase N the Dream – Covers a wide range from reggae, jazz, pop & R&B!
• June 22 – 17th Avenue Allstars – Family friendly a cappella.
• June 29 – Boogielicious – The ultimate party band!
• July 6 – The Jersey Tribute to Frankie Valli – An amazing tribute to Frankie Valli and the Four Seasons.
• July 13 – Message in a Bottle – World Class Police tribute band!
• July 20 – Patrick Emerine Band – Rock & Soul like you remember in the day.
• July 27 – Soul School – Golden oldies, beach, Motown, country, rock, funk & more!
• August 3 – The Fab-4 – An amazing Beatles cover band.

All concerts are open to the public and parking is FREE also!

Click HERE for a free .pdf printable schedule