Real Estate

What do superstar actor Will Smith, Miami’s Latino scene, The San Francisco Bay Area, Mortgages, Real Estate, Salsa Dancing, and Healthy Latino Cooking have in common?

Armando Tam.

At 32, Armando “Mando” Tam, of Concord, California has achieved much in his young business life. Originally from Rivas, Nicaragua, the son of Chinese and Nicaraguan parents, Mando arrived in America at age 3.

A few years ago, after spending several years in retail management and a few more in telecom and insurance, Armando Tam started teaching Salsa dancing and began singing with a Latino band. His dancing skills landed him a job with Will Smith in the Welcome to Miami Summer hit video. His lyrical skills got him his own record deal. More recently, he competed in a reality TV cooking show with a healthy Latino cooking cuisine.

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LandAmerica Financial Group, Inc. (NYSE: LFG) announces that Dan A. Robledo, Vice President - Arizona Operations Manager, has been inducted to the Board of Directors of the National Association of Hispanic Real Estate Professionals (NAHREP).

NAHREP is a non-profit trade association headquartered in Washington, D.C., with 15,000 members in more than 60 affiliate chapters in 48 states. Its mission is to increase the sustainable Hispanic homeownership rate by empowering real estate professionals serving the community. The association accomplishes this by providing educational tools and a networking forum, and through the power of advocacy. NAHREP members include real estate agents, brokers, loan officers, mortgage brokers, title officers, escrow officers, appraisers, insurance agents and other professionals from diverse cultural backgrounds.

“We are very pleased to welcome Dan Robledo to our Board of Directors,” said Timothy Sandos, President and Chief Executive Officer of NAHREP. “Dan is a tremendously talented leader, as evidenced by his career in the industry, and his contributions to NAHREP will help make the American Dream of homeownership come true for more Hispanics across the country.”

Visit http://www.nahrep.org for more information about the National Association of Hispanic Real Estate Professionals.

About LandAmerica Financial Group, Inc.
LandAmerica Financial Group, Inc. is a leading provider of real estate transaction services with over 700 offices and a network of more than 8,500 active agents. LandAmerica serves agent, residential, commercial and lender customers throughout the United States, Mexico, Canada, the Caribbean, Latin America, Europe and Asia. For the second consecutive year, LandAmerica is recognized as number one in the mortgage services industry on Fortune’s 2008 list of America’s most admired companies.”*

Now an agent with Keller Williams Realty in Kernersville, Peregrina has found that being bilingual has paid off, but in ways he never imagined. How many Realtors can explain fideicomiso, or escrow, in Spanish? For his Spanish-speaking clients, Peregrina has become as much of an educator as he is a real-estate agent.

“It can be a very confusing process. Like adjustable-rate mortgages really confused a lot of people, and agents had to use young children to translate during the complicated process of buying house,” Peregrina said.

He noted that in the Mexican culture most people do not go into debt to buy their homes. They start to build their houses and then stop until they get the money to complete the construction process, sometimes taking two to three years to finish.”*

As Americans struggle with the rising cost of living and a suffering housing market, investing in Mexican real estate is beginning to look muy bueno. Property prices in Mexico are significantly more affordable than in the U.S., and the forthcoming retirement of the baby boomer population is likely to create huge demand for property markets offering the pleasant climate, glittering beaches and rich cultural traditions for which Mexico is famous.

Mexican real estate might seem like a surefire place for investment, but the process of obtaining ownership of property in Mexico can be risky and complicated. (For more general information about owning Mexican real estate, read our previous article, The Myth of Mexican Property Ownership). Because finding the right place for investment can be equally challenging, NuWire has selected five Mexican real estate markets that show potential for growth and appreciation.”*

A 26-acre mixed-use development will soon target Dallas’ Latino population with a sports and entertainment complex, plus substantial retail and residential components.

The development, called Foro Dallas, will built at Interstate 35 and Regal Row. The project will include La Plazita Sports & Entertainment, an 8-acre area set aside for sporting events and concerts called. La Plazita will include soccer fields, and volleyball and basketball courts, among others.”*

Throughout California, the nationwide mortgage crisis — driven by adjustable-rate mortgages, subprime loans and an already plummeting economy — hit Latino families especially hard due to language barriers, unfamiliarity with the mortgage process, unforeseeable income changes and subprime lenders who didn’t verify income.

Being a Latina, Maria Enomoto, a Consumer Credit Counseling Services counselor who led the Spanish-speaking workshop, said she understands that in Latino culture, “It means a lot to own our own home. If you have your own property, you are successful.”"*

On a recent Saturday, Coldwell Banker Residential Brokerage real estate agent Robert Aldana let it be known throughout the Hispanic community that he would be at his office should anyone want to stop by with real estate questions, get help with documents they didn’t understand, or get his assistance one on one with any other housing issue.

The host of a daily Spanish-speaking radio show called “Hablando de Casas,” Aldana referred to the Saturday event as “Puertas Abiertas,” translated “open doors.” His plan was to keep his door open for visitors from 10 a.m. to 4 p.m., but when he left for the office he told his family he would probably be home by early afternoon. To his amazement, Aldana was greeted by a line of people out the door and around the corner at his Coldwell Banker Residential Brokerage office. His day didn’t end until 10 o’clock that night.”*

The FBI reports mortgage fraud cases are skyrocketing nationally. Yesterday, a key figure in a San Diego scheme admitted to forging documents to secure loans for mostly Latino borrowers who couldn’t afford them. A judge then sentenced Alejandro Lopez to three months in prison and four months in a residential re-entry center.

KPBS Reporter Amita Sharma has more on how the mortgage fraud worked in this case.”*

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This stretch of Lafayette Avenue in the Manassas area is a fairly gloomy scene. “For Sale” signs flap outside two of the 30 1960s-era red brick starter homes on the block. Eight others appear to be vacant. Few cars are parked on the street. The worn sidewalks are deserted.

But to Pannell and Kipp, it is a tableau of hope. And victory.

For much of the past decade, according to the women and other neighbors, parking was bumper-to-bumper and most of the empty houses were packed with Latino residents they believe were in the country illegally. Now Pannell and Kipp are convinced that Prince William’s illegal-immigration crackdown, which both championed as first-time activists, has helped flush many of those people out of their neighborhood, West Gate.”*

*From: http://www.washingtonpost.com
Traducido: usando Google o Altavista/Babel Fish

The housing market crash and the ensuing troubles in credit markets in the past year have caused home values to plummet, forced mortgage foreclosures, slowed the economy and put many businesses in financial peril.

First-time, low-income home buyers have been particularly hard hit as lenders are increasingly reluctant to take chances on them.

Latino newcomers have been especially impacted as North Carolina has experienced an influx of immigration, said Paul Stock, executive vice president of the N.C. Bankers Association.”*

*From: http://media.www.dailytarheel.com
Traducido: usando Google o Altavista/Babel Fish

A Hispanic homeowner sued Lehman Brothers Bank on Thursday, accusing the lender of charging minority mortgage applicants higher fees and interest rates than white customers.

Pedro Rivas, who described himself as a Latino homeowner living in Pecoima, California, filed suit in U.S. District Court in Manhattan, charging the wholly owned unit of Lehman Brothers Holdings Inc with implementing a policy that causes “minority borrowers to pay subjective fees such as yield spread premiums and other mortgage-related finance charges at higher rates than similarly situated non-minority borrowers.”"*

*From: http://www.reuters.com
Traducido: usando Google o Altavista/Babel Fish

A Solano County woman and her daughter are among a growing number of people who have lost their homes and thousands of dollars to scams targeting property owners facing foreclosure, a county official said Tuesday.

“This woman lost her house, and so did her daughter, and they gave the perpetrators $12,000, and their homes are still on the block,” said Solano County District Attorney’s Office investigator Sonny Ash.

It’s part of a rash of kick-’em-when-they’re-down schemes aimed at defrauding people desperate to save their homes, he said.”*

*From: http://www.timesheraldonline.com
Traducido: usando Google o Altavista/Babel Fish

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From: http://cbs4denver.com
Traducido: usando Google o Altavista/Babel Fish

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From: http://rismedia.com
Traducido: usando Google o Altavista/Babel Fish

Su Casa Realty, one of the biggest real estate agencies catering to Hispanic immigrants in Memphis, has largely stopped selling homes to people without Social Security numbers, often a sign that they are here illegally.

Juan Romo, part owner of the Century 21 franchise, said mortgage programs for people who lack Social Security numbers aren’t likely to come back as banks clamp down on credit in response to the sub-prime housing crisis.

Also, it’s increasingly hard for illegal immigrants to keep steady jobs, he said.”*

*From: http://www.tradingmarkets.com
Traducido: usando Google o Altavista/Babel Fish

While industry heavyweight Realogy, the parent of Century 21, Era, and Coldwell Banker report net losses for 2007 of $797 Million, feisty Casa Latino Real Estate reports continued system growth.

According to the 2008 edition of the well respected industry trend bible, the Swanpoel Trends Report, “Casa Latino (www.casalatino.com) is the first true national Latino real estate franchise. The Company’s entire structure, focus and mission are designed to effectively service Hispanic home buyer and sellers”. The report further hints that Casa Latino has a shot at becoming the “next real estate giant”.”*

*From: http://www.franchisewire.com
Traducido: usando Google o Altavista/Babel Fish

The Gonzales Group, the preeminent business consulting and research firm in the field of multicultural markets for the real estate and financial services industries, announced today that it has teamed up with RISMedia, Inc., to provide RISMedia’s readers with in-depth multicultural news articles and business development solutions. The partnership will help RISMedia readers identify transaction-focused business opportunities in this rapidly changing and growing multicultural home-buying consumer segment.

The partnership was formed in response to the rapidly growing multicultural population, as evidenced by the projected increase of the U.S. Hispanic and Asian population of 13.45% and 13.59% respectively over the next five years (2007 U.S. census). Comparatively, the White non-Hispanic population is expected to grow by 1.6% over this same time period.”*

*From: http://rismedia.com
Traducido: usando Google o Altavista/Babel Fish

Real estate experts say the mortgage mess has hit the Hispanic community especially hard, in part because Latinos represented such a large chunk of the class of first-time buyers who — it seemed — finally had a chance to borrow money and chase the dream of homeownership.

In many cases, people simply bit off more than they could chew.

In some cases, mortgage brokers helped bring people into the market who they knew or should have known would struggle, according to real estate professionals.”*

*From: http://www.napavalleyregister.com
Traducido: usando Google o Altavista/Babel Fish

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From: http://www.tradingmarkets.com
Traducido: usando Google o Altavista/Babel Fish

More than 40,000 homes are up for sale in the area, many of them foreclosures. The numbers are enough to scare away even the most informed homebuyer.

But some real estate agents, such as Antonio Matarranz, a real estate broker and president of Avangard Real Estate Services Inc., are undaunted.

He’s still trying to get one message across to many Latinos thinking of owning a piece of the American dream: There’s never been a better time to buy a home.”*

*From: http://www.tradingmarkets.com
Traducido: usando Google o Altavista/Babel Fish

The National Association of Hispanic Real Estate Professionals will host the Asian Real Estate Association of America (AREAA) and the National Association of Real Estate Brokers (NAREB) at its 2008 Legislative Conference in an unprecedented move that brings together the top minority trade groups in the real estate industry in one forum. The three groups will discuss the devastating economic impact of mortgage defaults and foreclosures on the minority community and possible solutions at the meeting that will be held on March 27, 2008 at the Hilton Washington Hotel at 1919 Connecticut Avenue NW. For a complete schedule of the meeting, go to www.nahrep2008legislativeconference.com.

The disproportionate economic impact on minorities due to subprime mortgage foreclosures and the potential setback it will mean for minority neighborhoods sets the tone for the coalition’s discussion. Real estate practitioners, business leaders and appointed government officials will exchange ideas about proposed policy and regulatory issues in a schedule that includes:

The announcement of a five-point plan by the Minority Coalition of Real Estate Professionals that addresses foreclosures, programs needed to drive recovery in the Hispanic, Asian & African American communities.

“Economic Viewpoints from the Industry Regulators” (9-10:30 am), a session that features open forum discussions with economists from Freddie Mac, the Federal Reserve and PMI and live audience polls including an introduction by Federal Reserve Board Governor Randall Kroszner.

“An Analysis of HMDA Data to Identify Future Patterns of Mortgage Default and Foreclosures in Minority Communities” (10:30-11 am) featuring fair lending expert Maurice Jourdain-Earl, Managing Director of Compliance Technologies. Jourdain-Earl, an emerging markets consultant, will offer insights on HMDA data trends relative to minorities and the current subprime mortgage crisis.

“Housing Issues Before the Banking and Finance Committees of the U.S. Senate and House” (11:15 am-12:45 pm) – a town-hall forum featuring the heads of NAHREP, AREAA, NAREB and the National Council of La Raza and a live poll that will capture practitioners’ opinions on the current bills before the House and Senate. U.S. Treasurer Anna Escobedo Cabral will offer comments at the outset of the session.

Keynote Speaker Alphonso Jackson (12:50-2:20 pm).

“Key Regulatory Issues Impacting Today’s Real Estate Professionals” (2:30-4 pm) – FDIC Director Sandra L. Thompson will make a presentation that will also include a live audience poll of practitioners.

“The combination of defaults and foreclosures, falling values, declining markets and fewer financing options is painting a particularly dismal outlook for minority buyers if legislative measures aren’t taken soon,” said Felix DeHerrera, NAHREP Chairman. “We need solutions for the present critical issues and reforms that keep the door to homeownership open for people of color and still keep the brokers in business that serve them.”

The annual NAHREP summit will also include the installation of two new officers and eight new board members at an evening gala on March 27. Rebecca Gallardo-Serrano will succeed DeHerrera as chairman and Tino Diaz will be sworn in as vice chair.

The National Association of Hispanic Real Estate Professionals, a non-profit 501c6 trade association, is dedicated to increasing the homeownership rate among Latinos by educating and empowering the real estate professionals that serve them. Based in Washington D.C., NAHREP is the premier trade organization for Hispanics and has more than 15,500 members in 48 states and 62 affiliate chapters.”*

*From: http://www.businesswire.com
Traducido: usando Google o Altavista/Babel Fish

The Denver company that provided Gonzalez’s mortgage, called Su Casita, or “Your Little House,” finances up to 90 percent of home costs and requires a down payment of at least 10 percent.

That’s one reason its mortgages typically don’t go into default, said Jose de Jesus Olivares, a spokesman for Sociedad Hipotecaria Federal, a Mexican federal agency that regulates and helps fund mortgage lenders doing business in Mexico.

“Our job is to serve the immigrant, to help them bring their dreams to life,” said Ivan Funes, general director of Houston-based Conficasa, which offers cross-border mortgages catering to Mexicans in New York, Atlanta, Chicago, Dallas, California and Ohio. “A lot of Mexicans go to the United States dreaming that they will one day return to their beloved Mexico.”"*

*From: http://ap.google.com/
Traducido: usando Google o Altavista/Babel Fish

Guerra, who was a co-owner of Showcase Realty, bought Alabama’s franchise rights to Connecticut-based Casa Latino last week and plans to hire as many as 15 bilingual agents in the next six months.

Casa Latino’s local office opens as many real estate agents and service providers across the country are responding to a new crop of homeowners and first-time buyers in the growing Hispanic communities.”*

*From: http://www.bizjournals.com
Traducido: usando Google o Altavista/Babel Fish

Homeownership is the foundation for Latino wealth in this country, just as it is the base of increased prosperity for white, black and Asian ethnic groups.

That’s why any threat to Hispanic homeownership gets the nation’s largest Latino civil rights and advocacy organization to sound an alarm.

The president of the National Council of La Raza testified before Congress late last month that the subprime mortgage crisis is on track to reverse the financial gains Latinos have achieved so far in this decade.”*

*From: http://www.chron.com
Traducido: usando Google o Altavista/Babel Fish