Challenges to the real estate industry continue

By Nunzio Del Greco In partnership with the elected 2012 officers, new governor members and BMAR staff, we will meet the challenges facing our industry and the economy. Historically, previous recessions have been led by the real estate industry. Together, we will overcome the challenges to our industry. Beginning their terms of office Sept. 1, I am proud to announce the 2012 officers. They are: president, Matthew Schmelzer; president-elect, Richard Guarino; VP owner-management div., Danielle Erickson Noak; VP commercial-industrial div., Kathy Zamechansky; VP Bronx residential div.; Christina Taylor; VP Manhattan residential div., Shimon Shkury; secretary, Maxine Mears-Clarke; and treasurer, Stephen Wolinetz. The new governor members are: Joseph Fingerman, Signature Bank; Laurena Torres, Torresco Realty; and David Miller, Webster Lock. Schmelzer said, "It is a tremendous honor to begin my term as 2012 president. As your 55th president, I am reminded of the legacy of dedicated professionals who have led our organization through nearly a century of change. We are fortunate, that many of those leaders continue to actively participate in our board and help shape the future of our organization. In fact, we have no fewer than seven past presidents on our board of governors." Membership in BMAR is more important than ever. BMAR leadership and members are on the front lines and in the trenches battling against adverse regulations, legislation and the potential elimination of the Mortgage Interest Deduction (MID). As of the printing of this column, the Washington crisis with raising the debt ceiling has been temporarily resolved. President Obama signed into law, S. 365, the Budget Control Act of 2011, also known as the Debt Ceiling Bill. However, the structural problems with the economy, lack of economic growth, lack of job creation and weak consumer confidence continue. We also face regulatory challenges. While the preserving real estate tax provisions are essential, two additional and vitally important measures were not acted on by Congress in advance of the five-week summer recess. Congress did not act to extend the FHA Loan Limits and National Flood Insurance Program beyond the current expiration date of September 30. Congress is scheduled to return to Washington, D.C. on September 7, requiring swift action to prevent a lowering of the Loan Limits and a lapse in the Flood Insurance Program. Schmelzer said, "One of the great experiences of being a Realtor is the opportunity to have a positive impact on the communities we serve. Nowhere is this more evident than at the state meetings and national meetings of our association. If you haven't had the opportunity to attend, I encourage you to join us at Turning Stone in September or the National Meetings in Anaheim in November. Whether you are interested in learning more about technology, marketing, land use, or property management, NAR and NYSAR has it. As a dues paying member of our organization, there are a wealth of resources at your disposal. It's also a great way to interact and share ideas with other real estate professionals from around the nation. Every home sale touches dozens of different professions. NAR's campaign on Jobs and Home Ownership, "You can't have one without the other." The facts are important to remember. Good jobs enable people to achieve the American dream of home ownership. "And every time a house is built, bought, or sold, jobs are created - lots of them - right here at home." Recovery from previous recessions was led by the real estate market. We need our elected officials in Washington and Albany to create private sector jobs. Home sales in this country generate more than 2.5 million private sector jobs in an average year. Every home sale touches dozens of different professions. It has been estimated that for every home purchased, up to $60,000 is pumped into the local economy for furniture, home improvements and other related items. NAR and BMAR urges the Obama Administration and the U.S. congress as they debate the new federal budget and reform proposals for the nation's mortgage finance system to continue federal support for home ownership. BMAR sponsors four major networking events bringing together hundreds to over 1,000 professionals interested in renewing old friendships, saying hello to current customers or establishing new business contacts and 5 annual publications including the Realtor & Business Newsletter sent to over 13,000 contacts throughout the Greater New York metropolitan region. Whether directly or indirectly servicing the real estate industry or business community, you should join BMAR. Your future success may be undermined if you choose not to be involved and participate in the political and legislative process. All members are encouraged to support Realtors Political Action Committee (RPAC). Founded in 1924, BMAR is the local chapter for NYSAR and NAR. BMAR has a rich history with an extraordinary culture of inclusiveness, camaraderie, successful and dynamic business professionals. This fact is very evident since many of our members are 3rd or 4th generation of active companies in the organization. A range of programs and services are sponsored by BMAR. For more info, contact Grace Rivera at (212) 242-4343; (718) 892-3000 or email: [email protected]. Nunzio Del Greco, RCE is the CEO of BMAR, Bronx, N.Y.