The results are in and we are pleased to announce the newest 2010 GPBR Directors:

• Scott Adlhoch, Adlhoch & Associates
• Mario Como, Realty Executives Select
• Chace Wakefield, Bolton-Johnston Associates
  

They will be joined by returning Directors Mike Bojalad and Pat Chasteen. It was a very close race and we thank all of our candidates for participating.

The Officers for 2010 will be:

• President - Lewis Gazoul, Sine & Monaghan GMAC
• Vice-President - George Smale, Coldwell Banker Weir Manuel
• President-Elect - Randy Repicky, Johnstone & Johnstone
• Treasurer - Sandy Nelson, Century 21 Town & Country of Grosse Pointe
• Secretary - Judy Barker, Adlhoch & Associates
  

We would also like to extend a special thank you to Cheryl Gauss, Hugo Higbie, and Chris Cotzias who have contributed much to the Board and who will be leaving as directors at the end of this year, having fulfilled their terms of office. Your service to the Board is greatly appreciated.

We hope all our members will join us on Wednesday, December 9 at 6pm at the Grosse Pointe Yacht Club for our Installation Party. Tickets will be $25 per person. Thanks again to our Program & Events Task Force for organizing this event and our other special events throughout the year.

The National Association of Realtors® thanked Congress for speedy action in passing a congressional resolution on October 29th that would extend the current higher Fannie Mae, Freddie Mac and FHA loan limits through 2010. The present loan limits would expire at the end of 2009 and revert to previous lower limits.

“NAR commends both houses of Congress for their quick action in continuing these higher limits during a time for recovery in the housing market and national economy. The higher limits, along with the home buyer tax credit extension, are necessary to keep the markets moving at this critical time,” said NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth.

“Home sales have shown significant movement upwards in the past six months and reduced inventory in some segments of the housing market, but not in all. Home purchases in the middle-income and higher brackets have not moved much, and those markets must improve before we can experience a fully sustained housing recovery. These higher loan limits will help motivate qualified home buyers to purchase in those markets,” McMillan said.

The resolution would extend the present loan limits for FHA, Fannie and Freddie through the 2010 calendar year at 125 percent of local median home sales prices, up to a maximum of $729,750 in high-cost areas. The floor for FHA is $271,050; the floor for Fannie Mae and Freddie Mac conforming loan limits is $417,000.

The resolution now goes to President Obama, and he is expected to sign it today or Saturday to avoid a government shutdown.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.2 million members involved in all aspects of the residential and commercial real estate industries.

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