a | r | e Summer 2012

Advocacy in Action

Meeting with Federal Policymakers and Advocating for AAPI Homeowners Fighting Homeownership

Discrimination Against Asian Americans and All Communities Real Estate Professionals Thrive in Atlanta’s Vibrant Asian American Community

Taking her show on the road Summer2012

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한국어 (Korean):

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Tiếng Việt (Vietnamese):

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Summer 2012 Volume 4, Issue 2 O n t h e C o v e r : Kathy Tsao in Manhattan Photo by Michael Paras

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features 12

AREAA's First-Ever National Policy Day From sharing personal messages about the needs of AAPI homeowners with Congress and the Federal Reserve to seeing President Obama, National Policy Day was impactful for both attendees and legislators alike

32

Real Estate Professionals Thrive in Atlanta’s Vibrant Asian American Community The AREAA Greater Atlanta Chapter is growing just as fast as the Asian population in the Georgian metropolis

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By Lauren Eckels

44

Kathy Tsao: Taking Her Show on the Road Not taking her responsibilities as Chair lightly, Tsao has logged an astounding 100,000+ miles spreading awareness about AREAA and connecting with members both internationally and domestically

By Ivan Choi

44

Prudential real estate Committed to serving the Asian community.

Together, we can help restore confidence in the dream of home ownership.

Proud sponsor of AREAA.

Š 2012 BRER Affiliates Inc. Real Estate brokerage services are offered through the independently owned and operated network of broker member franchisees of BRER Affiliates Inc. Prudential, the Prudential logo and the Rock symbol are registered service marks of Prudential Financial, Inc. and its related entities, used under license with no other affiliation with Prudential. Equal Housing Opportunity.

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56

Contents 16

AREAA Members Drop a Pebble in the Federal Reserve Pond

Language barriers and inventory woes were among the topics discussed in a meeting with Fed Governor Sarah Bloom Raskin

By John Yen Wong

18

Departments 30

38

What's New in Scams: How to Protect Your Clients

Helping You Answer Your Clients’ Questions About Buying and Owning a Home Tips on the financial benefits of homeownership, down payment requirements, mortgage products, refinances and options for distressed borrowers Presented by Bank of America

24

Fighting Homeownership Discrimination Against Asian Americans and All Communities

A special guest column from HUD Assistant Secretary for Fair Housing and Equal Opportunity, John Trasviña

6

From her signature dish to training her rescued pug, get to know what life is like for the AREAA Executive Director away from the association

Five Steps to Becoming the Ultimate, Paperless, Techno-Savvy Agent

We guarantee that your business workflow will improve immensely by using a combination of these five simple tools and tips

By Tom Tran

Scammers are taking advantage of distressed homeowners every day. Know the signs of a scam and keep your clients safe.

22

Profile: Hope Atuel

50

Assume the Role of Managing Your Credit Prudently and Watch Your Credit Score Improve

9

From the Editor

10

A Message from Chair Tsao

11

Past Chair Perspectives

28

In My Neighborhood with Caron Ling

2012 Leadership Summit

56

2012 AREAA Global Real Estate Summit

A recap of the annual event, which brings together AREAA leaders from across the country

A summary of AREAA's first global real estate convention, which attracted some of the biggest players in the industry

Tsao reminds us that our advocacy work was not completed on the Hill, it has only just begun

Past chairs discuss the often misunderstood AAPI community and why is it important for us to engage with our legislators to represent this diverse market

The active young REALTOR shares some of the local institutions that make living easy in Honolulu’s Makiki neighborhood

How to make good decisions to manage credit wisely

By Barrett Burns

54

Congress is built to represent us, so let's hold them accountable and make our voices heard

53

Economic Update

60

Around the Association

Sluggish Economy Continues Despite Improvements in the Housing Market

AREAA's mission goes to Korea, a new chapter in the Bay Area, new leadership in California's Central Valley and more...

Adv e r t i s e r s 2012 AREAA National Convention........................................................................................Back Cover www.areaa.org/convention AREAA Foundation Japan Rebuild Fund.....................................................................Inside Back Cover www.areaafoundation.org/japan-rebuild.php AREAA National Facebook Page............................................................................................... Page 43 http://facebook.com/areaa.national

Advertising rates begin at $200; to find out how you can promote your business, visit us online:

AREAA National Twitter.............................................................................................................. Page 49 http://twitter.com/areaa

www.areaa.org/a-r-e

Bank of America .........................................................................................................Inside Front Cover www.bankofamerica.com/neighborhoodlending

or contact:

Bernice Brubeck Wong, AllAboutProperties / Brubeck-Wong REALTORS �������������������������������� Page 48 www.AllAboutProperties.com Rita Chen, Presidential Real Estate, Inc..................................................................................... Page 48 www.ritachen.com

Praveen Sharma

psharma@areaa.org 760-692-5721

theEDGE................................................................................................................................... Page 21 http://areaa.org/EDGE Daniel C. Eng, Engvest Realty.................................................................................................... Page 49 www.engvest.com First American Title Insurance Company, Strategic Markets Division ������������������������������������������� Page 2 www.firstam.com Meiling Kravarik, Nextage M3 Realty.......................................................................................... Page 48 www.NextageM3Realty.com Linda Lee, Keller Williams Realty................................................................................................ Page 48 www.buy858.com Tarlien (Richie) Lin, Prudential Douglas Elliman........................................................................... Page 49 www.elliman.com/tarl LSI - A Lender Processing Services Company............................................................................. Page 1 http://www.LSI-LPS.com/ Loan Modification Scam Alert...................................................................................................... Page 3 www.loanscamalert.org Prudential Real Estate.................................................................................................................. Page 5 www.PrudentialRealEstate.com Nancy Suvarnamani, Century 21 S.G.R., Inc............................................................................. Page 49 www.Century21SGR.com Kathy Tsao, Prudential Douglas Elliman..................................................................................... Page 49 ktsao@elliman.com Lidia Yun, Presidential Real Estate, Inc....................................................................................... Page 48 www.presidentialinc.com

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Summer 2012

Volume 4, Issue 2

Edi to r- i n - Ch i e f Dan T. Shanyfelt

Creative Director

Editor Ivan Choi

Praveen K. Sharma

Associate Editor

Editorial B oard

Joseph Lai

Darren Lennemann

Caron Ling

Meredith Magee

is a publication of the Asian Real Estate Association of America (AREAA), a national nonprofit trade organization dedicated to increasing sustainable homeownership in the Asian American community. For more information visit: http://areaa.org. Š2012 by the Asian Real Estate Association of America.

Reproduction in whole or part without permission is prohibited. Opinions expressed by individual authors are not necessarily the opinions held by AREAA. Direct article submissions and advertising inquiries to: Praveen Sharma | a-r-e@areaa.org Office: Asian Real Estate Association of America 5963 La Place Court, Suite 314 Carlsbad, California 92008 760-918-9162 Phone 760-585-1397 Fax Previous issues available online at: http://areaa.org/a-r-e

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F r o m t h e Edi t o r

I recently returned from the AREAA National Policy Day in Washington D.C., which was an awe-inspiring experience. I always enjoy a trip to our nation’s capital, but beyond the monuments, I am reminded of why democracy is so important. I am reminded that the idea of democracy is fragile and requires more than punching a hole in a ballot.

In recent years, we as a society have allowed the media to build up our elected officials to near celebrity status, but they are not individuals performers or athletes – they are “us”. We cannot forget that Congress is built to represent us. They are our representatives. Nor can we lose sight of the fact that our representatives are human and may be fallible (some more than others), but that their decision-making must have roots. If we are not educating our elected officials on issues that are important to our community, who is? We can never be afraid of voicing our concerns, holding our elected leaders accountable, or at minimum asking that they explain their positions.

No matter what side of the aisle you sit, you have to engage. Engage at the local level, engage at the state level, and engage at the federal level. We are the voice of the fastest growing segment of this nation’s population...We need to be heard."

During our National Policy Day, AREAA did just that and had a chance to flex its housing muscle. We were honored to be able to address Governor Sarah Bloom Raskin at the Federal Reserve with updates from our regions; we visited and helped educate nearly 50 Congressional representatives on behalf of AREAA, and we listened to our sitting President address us live at the APAICS awards dinner. On top of this, I was happy to learn that a record-breaking 26 Asian Americans are running for Congress this year.

To walk the halls of Congress is an empowering feeling, to walk the halls of Congress representing ideas and beliefs that are bigger than ourselves is even better. But feeling empowered is not enough.

No matter what side of the aisle you sit, you have to engage. Engage at the local level, engage at the state level, and engage at the federal level. We are the voice of the fastest growing segment of this nation’s population (according to the most recent census). We are the voice of our neighborhoods. We are the voice of our generation and those that will follow. We need to be heard. Many say the system is broken, and at times I would tend to agree. Because of this public sentiment it is crucial that we, as leaders of our communities and representatives of the housing sector, double our efforts and re-ignite the engine and the foundation of our country.

AREAA is blazing a trail in the political arena on behalf of its chapters and members, but it is still up to you to follow. As election season draws near, get to know the issues that affect you, your community, and the members of AREAA and make a plan to get involved. Vote AREAA in 2012.

Dan T. Shanyfelt Editor-in-Chief magazine

9

Chair Tsao’s Message

O

We need to bring awareness and solutions to our lawmakers and we need to rally to protect the American Dream...

10

n Monday May 7th, in the warm and glorious spring time, 30 AREAA leaders from across the country ascended the steps of Capitol Hill in Washington, D.C. to lobby on behalf of our Asian American/Pacific Islander community and our real estate industry. Senators like Dianne Feinstein and Barbara Boxer, Congressmen John Lewis and Al Green, and Congresswoman Judy Chu were are among the 46 members of Congress that we visited. We also had the honor of meeting with one of the members of the Federal Reserve Board - Governor Sara Bloom Raskin to discuss AREAA’s legislative priorities for 2012. This visit was critical for our AAPI community as we need to bring awareness and solutions to our lawmakers and we need to rally to protect the American Dream and defend the benefits that homeownership provides to the people of this great nation.

AREAA's current legislative priorities are summarized in our 2012 Five-Point Plan, which includes: guiding homeowners to the path of credit recovery, clearing the way to real estate recovery, restoring confidence in the mortgage market, reinvesting in America’s homes and neighborhoods and, finally, preparing for a diverse future. I encourage you to download the complete FivePoint Plan at http://j.mp/2012fpp.

According to 2007-2009 American Community Survey 3-Year Estimates, the Asian American homeownership rate is at 59%, which is significantly lower than the 66% for the general population. Our Asian American community has suffered greater losses in homeownership rates, home equity and credit access than the overall population during this economic downturn. The UCLA Asian American Studies Center states that the housing crisis erased nearly a decade of AAPI real estate wealth gains. The myth of “model minority” has created a misconception that AAPI’s prosper in homeownership. The social and economic diversity within Asian American communities, coupled with rapid growth, makes Asian Americans a complicated group to understand and serve.

According to the 2010 Census, the Asian population in the U.S. grew 46% between 2000 and 2010, faster than any other racial group nationwide. Making up almost 5.6% of the general population, we have an estimated 17.3 million Asians living in the U.S. The Census also estimates that 60% of Asian Americans were born outside of the U.S. This trend will continue because the drive for rapid AAPI growth is continued immigration from abroad. The Census estimates that by 2050, AAPIs will grow to more than 40 million people, or about 9.7% of the total population. The Census Bureau’s 2002 and 2007 Survey of Business Owners has shown that Asian American entrepreneurs own over 1.5 million businesses, employing about 3 million people with an annual payroll of nearly $80 billion. Between 2000 and 2009, the buying power of AAPIs increased 89% from $269 billion to $509 billion, contributing to the economic growth in this nation.

Despite having the highest per household income, highest educational qualifications and high purchasing power, AAPIs are still facing many homeownership bar-

riers. According to 2007-2009 American Community Survey 3-Year Estimates, roughly one out of every three Asian Americans has limited-English proficiency (LEP).

Language barriers continue to limit opportunities for millions of Asians in this country. AREAA advocates for mandated in-language counseling requirements for government-supported programs and for lenders to offer in-language foreclosure counseling to AAPI borrowers. AAPIs have high entrepreneurial and self-employment rates, meaning that they often rely on alternative or non-traditional mortgage credit in order to purchase their homes. We need to ensure that qualified mortgages (QM) and qualified residential mortgages (QRM) include a wide variety of traditionally safe, well-documented and properly underwritten products. These products must also include alternative mortgage credit options for the AAPI borrower credit profile and those regulatory requirements cannot put forth unreasonable qualifications that limit legitimate homeownership access.

AREAA advocates to continue mortgage interest deduction (MID) within tax codes and to continue government support of lending via Fannie Mae, Freddie Mac, the Federal Home Loan Bank (FHLB) system, and FHA. AREAA also supports foreign investment in the U.S. Historically, Asia has been a dominant investor in our nation’s mortgage debt and securities; now those investments have moved more into real estate. AREAA advocates that the EB-5 investor visa program continue and believes that legislation proposed by Senators Charles Schumer and Mike Lee will help stimulate a housing recovery and rebuild AAPI communities across our nation.

In addition to advocating for housing policy, we also need to make sure our lawmakers truly understand that the AAPI community is a community of great contrasts by reviewing the Census data and knowing the future trends. We need to find ways to better serve a population that includes affluent, third-generation English speakers and low-income refugees. We should also deepen our affiliation with other Asian community organizations across the country so our members can work with them to take on the grassroots efforts to make sure that our issues and our voices are heard.

As an association, we see this as both a time of challenges and opportunities. Today home and mortgage affordability are at all-time highs. We believe that by setting policies and encouraging institutions to meet the unique real estate and mortgage needs of AAPIs, we can look forward to diverse and thriving communities in the future. We at AREAA need to keep our leaders, members and community engaged and informed about our housing priorities. Our work did not stop on the Hill, it has actually just begun.

Kathy Tsao 2012 Chair Asian Real Estate Association of America

Why is it important for real estate professionals to engage with their legislators on behalf of the Asian American and Pacific Islander communities?

Past chairs share their opinions

J o hn Wo n g

Allen Ok amoto

Emily Moer domo Fu

San Francisco, California

San Francisco, California

Atlanta, Georgia

2004-2005

here exists a tendency in halls of Washington D.C. and State Capitols to see only the extremes. Asian Americans and Pacific Islanders are viewed as either highly successful welleducated members of a model minority or a source of poor, newly immigrated non-English speaking burdens on society. These views stereotype the Asian segment as extreme polar opposites.

A clear look at AAPI communities reveals a much broader diverse picture and a continuum of characteristics that have a wide spectrum of needs.

All these needs must be taken into consideration by our legislators if they are to make good decisions. Real estate professionals who work in Asian American and Pacific Islander markets interact with the entire continuum that makes up Asian American and Pacific Islander communities. We work with renters, first-time homebuyers, move-up buyers, new investors, and experienced real estate magnates. As real estate professionals, we bring the stories of all these constituents to our elected officials to assist their decisions.

If we do not tell these stories, who will? AREAA’s real estate professional members make a difference when they stand up and advocate.

2006-2007

hen the Asian Real Estate Association of America was first conceived, our mission was to address the underserved Asian Pacific Islander community as far as affordable and fair housing issues. Over the years we have found that AREAA can do so much more for our members and the community. For instance over the past few years AREAA has been a source for information on short sales and the foreclosure market. Recently we have found that our members are very interested in the international markets of China, Taiwan, Korea, Thailand and Vietnam and we have had many trade missions to Asia.

But as AREAA has grown we find that we have a powerful voice in local, state and federal issues. I believe that it is our mandate to engage with our legislators to express our opinions and views on issues that affect our market. As it has been said “get into politics or get out of the business�.

Stay current on AREAA's advocacy intiatives:

areaa.org/advocacy.php

2008

s real estate professionals, we should be engaging legislators on behalf of the Asian American and Pacific Islander communities because their policies and regulations affect the communities we live in. We need to understand how these policies will affect us and be able to voice our concerns and input on behalf of our communities.

J oh n Fuku da 2010

Las Vegas, Nevada nfortunately, the AAPI community has suffered a disproportionate decline in homeownership levels during the most recent housing crisis. The AAPI community presents a unique set of characteristics (more than 60% are foreign-born, more than 70% prefer to speak a household language other than English, many are self-employed and therefore utilize non-traditional mortgage products, etc.) that make strong legislative guidance and shrewd policy choices mandatory.

Critical and impactful legislative decisions loom on the horizon, such as: the type of available mortgage products offered and secured by the GSEs and FHA, the continued waiver of tax liability for loan modifications and short sales, the offering of in-language loan documents and pre-purchase counseling, and the support of pre-foreclosure outreach utilizing organizations like AREAA. Our association has always endeavored to be a strong voice for the AAPI community and engaging our legislators to act in the near and long-term best interest of the AAPI homeowner is a noble endeavor indeed.

Photo Phi Nguyen

Photo Praveen Sharma

Photo Praveen Sharma

On May 7th and 8th, AREAA organized a delegation of 30 leaders from across the country and visited Capitol Hill to advocate for the needs of Asian American and Pacific Islander (AAPI) home buyers and owners,

presenting the organization’s five-point plan to members of Congress and other policymakers. National Policy Day kicked-off with an advocacy training session conducted by representatives from the Asian Pacific American Institute for Congressional Studies (APAICS), the Asian American Justice Center (AAJC) and the National Association of REALTORS (NAR). With help from volunteer leaders from across the country, AREAA was able to conduct meetings with nearly 50 congressional representatives and regulators, including the Federal Reserve Board, members of Congress, State senators and U.S. senators. Visits included senators Dianne Feinstein and Barbara Boxer, plus congressional leaders Kevin McCarthy, Judy Chu, Al Green, Maxine Waters and John Lewis. AREAA leaders also had a momentous meeting with the Honorable Governor Sarah Bloom Raskin from the Federal Reserve Board along with a few directors from the division of Consumer and Community Affairs to discuss the unique challenges that face local AAPI markets, including the language needs that are not currently being addressed.

During the visits, AREAA members raised awareness and offered solutions to some of the growing challenges facing the AAPI real estate community, one that has suffered greatly during this real estate downturn and seen a significant decline in the rate of homeownership. The association's policy plan covered five points:

Read the Five-Point Policy Plan

http://j.mp/2012fpp

1. Guide homeowners to the path of credit recovery by repairing the damage of foreclosure action and creating mechanisms by which homeowners can prove responsibility in a shorter timeframe.

2. Clear the path to a real estate recovery by confronting the overhang of foreclosure

properties and minimizing punitive legal action that delays the foreclosure process.

3. Restore confidence in the mortgage market by repairing the broken secondary market system of regulators, ratings agencies, insurers, lenders, and loan investors.

4. Reinvest in America's homes and neighborhoods by harnessing the interest level and capital inflow from Asian foreign investors.

5. Prepare for a diverse future by recognizing the AAPI's strong desire for sustainable

homeownership and offering relevant solutions to help achieve results, including nontraditional mortgage credit products and in-language homeownership counseling.

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Photo Phi Nguyen

AREAA DC Metro Chapter, co-hosts of the National Policy Day Reception with event sponsor, the National Association of REALTORS

Congresswoman Maxine Waters and Caroline Gim

AREAA Vice Chair Jim Park, Congressman Mike Honda, AREAA Chair Kathy Tsao, Congresswoman Judy Chu and AREAA Policy Chair Ivan Choi Photo Phi Nguyen

Photo Phi Nguyen

Caroline Gim and Congresswoman Lucille Roybal-Allard

Kanako Kakihara, NAR Managing Director for Legislative Policy Marcia Salkin, and Kathy Tsao at the National Policy Day Reception, sponsored by NAR

Caroline Gim, Congresswoman Linda Sanchez and Ivan Choi

Dan Shanyfelt, House Majority Whip Kevin McCarthy and Jim Park

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Kendrick Kim, Eric Tran, Senator Barbara Boxer, Arianna Gallegos, Mark Chu and Munish Ghai

APAICS 18th Annual Gala Awards Dinner

In commemoration of Asian Pacific American Heritage Month, President Barack Obama gave the keynote address at the Asian Pacific American Institute for Congressional Studies (APAICS) 18th Annual Gala Awards Dinner at the Ritz-Carlton Hotel in Washington, D.C. on Tuesday, May 8, 2012.

Secretary Norman Y. Mineta welcomed President Obama to the stage. The President shared stories of living in Hawai'i and Indonesia and how the night felt like a homecoming. President Obama spoke of the community's diversity from native to immigrant stories, addressing our rich history in the U.S. of resilience in the face of discrimination as well as achievement, leadership, and the challenges and opportunities ahead.

"It's a very special occasion to have the President address our community's rising leaders at this annual gathering," said APAICS president and CEO Gloria Chan. "In the four decades since the first Asian American became mayor of a major U.S. city, the ranks of AAPI political leaders at all levels of government have grown by leaps and bounds, in part thanks to President Obama."

Members at the gala included: President Pro Tempore Sen. Daniel K. Inouye and Rep. Mazie Hirono of HI; Rep. Judy Chu, Rep. Mike Honda, Democratic Leader Nancy Pelosi, Rep. Xavier Becerra, and Rep. Barbara Lee of CA; Rep. Madaleine Bordallo (GU); Rep. Eni Faleomavaega (AS); Reps. Al Green and Charles Gonzalez of Texas; Rep. Gregorio Kilili Camacho Sablan (MP); Rep. Robert C. "Bobby" Scott of VA; Rep. John Larson of CT; Rep. Emanuel Cleaver of MO; and Rep. Gregory Meeks of NY. Many federal appointees, state and local elected officials, and Hollywood’s finest also attended the night’s festivities.

APAICS was honored to present Community Leadership Awards to unparalleled leaders: Floyd Mori, National Executive Director of the Japanese American Citizens League, Karen Narasaki, immediate past President and Executive Director of the Asian American Justice Center, and the National Council of Asian Pacific Americans. APAICS also honored Mr. C.C. Yin, McDonald's Owner/Operator, founder of Asian Pacific Islander American Public Affairs Association, and co-founder of the Asian McDonald's Operators Association, with the night's Corporate Achievement Award.

APAICS’s youth leadership programs were also highlighted. APAICS alumni and fellows - including AREAA Fellow Harmeet Kaur - crowded the stage as outgoing Fellow Moh Sharma shared her invaluable experience as an AAPI leader working as a full-time staff member for the past nine months in Rep. Judy Chu's office in D.C. Harmeet will serve as the 2012-13 AREAA Fellow in Rep. Al Green's congressional office.

APAICS outgoing Chair Jim Park welcomed the new Chair Susan Jin Davis. "As Asian Americans and Pacific Islanders are the fastest growing in population and as we see record breaking political engagement, I am honored to be voted by my colleagues as the new chair of the APAICS Board," said Jin Davis. "With increased interest in serving in public office from our community, I am looking forward to continuing to strengthen our community's leadership during this historic moment.”

APAICS thanks the Asian Real Estate Association of America for its generous support during this year’s gala.

Photo Ramon G. Talusan

Photo Ramon G. Talusan

Photo Ramon G. Talusan

Photo Ramon G. Talusan

Clockwise from top: President Barack Obama // Congressman Mike Honda shares a moment on stage with AREAA members // APAICS fellows, including AREAA Fellow Harmeet Kaur (3rd from right) // APAICS Outgoing Chair and current AREAA Vice-Chair Jim Park // AREAA Leaders (back row, standing) Kendrick Kim, Mark Chu, Nancy Suvarnamani, Vinh Nguyen, Kathy Tsao, Tim Hur (front row, seated) Michelle Chang, Ivan Choi, Kenneth Li and Kanako Kakihara // House Democratic Leader Nancy Pelosi

Photo Ramon G. Talusan

Photo Ramon G. Talusan

15

AREAA Members

Drop a Pebble Federal Reserve Pond in the

By John Yen Wong

AREAA members are a varied lot. Some of us scan National Policy Day in Washington D.C., AREAA memthe headlines on pages of newsprint. Others check out the bers played a part in influencing future “Fed” decisions.

An understanding of the Federal Reserve System tweets that buzz or ding from our smart phones. Whichever medium we choose, the “Stop the Presses” “Bandwidth best begins with a technical description of when it was Overload” headlines that snap our collective heads to at- formed, what it does, and how it does it. The following tention begin with the simple phrase “Mortgage Interest is drawn from the 146-page official publication entitled Rates have just…” We are constantly asked “When should “The Federal Reserve System, Purposes & Functions”.

I lock my interest, are rates going up or down?” For us, the Your own copy can be downloaded from the website answer to this question is the life blood of our livelihood http://www.federalreserve.gov/pf/pf.htm.

The Federal Reserve System was authorized in 1913 by and the linchpin for our client’s journey to the middle class Congress to provide the United States with “a safer, more and on through to their financial serenity in retirement.

The United States Federal Reserve System, affectionately known as “The Fed,” is a player in shaping the answers to these mortgage interest rate questions. Most of us know of the “Federal Reserve”.

We are comfortable tossing “The Fed just…” into responses to our AREAA leaders with Governor Raskin (L to R): Dan Shanyfelt, Ivan Choi, Kathy Tsao, Federal Reserve Governor Sarah Bloom Raskin, John Yen client’s interest Wong, Kenneth Li, Andrew Lee (obstructed), Grace Choi, Amy Kong, Hope Atuel, Nancy Suvarnamani and Jim Park questions.

The names of the immediate past Chairman, Alan Greenspan flexible, and more stable monetary and financial system.”1 and the current Chairman, Ben Bernanke, are answers to Its core reason for being is to give Americans confidence Jeopardy questions that we would get right. in the stability of the U.S. Dollar and to ease its use in an However, beyond reciting the names, our understanding American’s day-to-day activities. Today’s Federal Reserve of what the Federal Reserve System does and how it does it duties fall into four general areas. can be more of a mystery. This article pulls back the curtain First, The Fed influences the monetary and credit condito put the spotlight on this iconic institution and how, as tions in the economy to maximize employment, to stabilize part of the Asian Real Estate Association of America’s 2012 prices, and to moderate long-term interest rates. The Fed 1

16

Board of Governors of the Federal Research System, June 2005, p. 1

works to balance the different parts of our financial lives so that we are not whacked with the uncertainty of crazy swings in cost and value of our money in our day-to-day lives.

Second, it supervises and regulates banking institutions. The Fed is the rules committee for how our banks operate and it manages the roles of bank regulators, the umpires and referees who see that these rules are enforced.

Third, The Fed is charged with maintaining the stability of financial systems. It has the delicate task of artfully balancing policies to maximize the chance for economic growth, but including enough controls to ensure that such growth is sustainable. The Fed is charged with vigilantly protecting the economy from institutions that are so integrally connected that their failure could domino the crash of our entire economic system, and balancing this protection in the context of a world where increasing interconnectivity also results in cost savings and ease of use for consumers.

Fourth, it provides financial services to depository institutions, the U.S. government and foreign official institutions. It is the bank for banks and government, and allows our financial institutions to cash flow and function just as our personal banks and credit providers allow us, as individuals and businesses, to manage our cash flow on a day-to-day basis.

One of the ways that the Federal Reserve System affects the market is through its Federal Open Market Committee (FOMC), which sets the target interest rates that a depository institution, such as a bank, would charge other depository institutions for use of its funds. This target rate pebble tossed by the Federal Reserve into the world pond ripples through the economic marketplace and has far-reaching impact on market interest rates and the supply of money. The decisions made by the Federal Reserve System, the United States’ central bank, have critical influence all across the globe.

The Federal Reserve System is modeled after AREAA’s structure -- or perhaps it is the other way around -- or perhaps it is pure coincidence. Regardless of which came first, both institutions are built to access in its decision process, local data and regional perspectives within the context of a national (now global) macro view. AREAA has its twenty-one local chapters and the Federal Reserve has its twelve regional Federal Reserve Banks.

AREAA has its national Board of Directors guided by Chairwoman Kathy Tsao. The Federal Reserve has its central Board of Governors guided by Chairman Ben Bernanke. The Board of Governors is comprised of seven members, who are appointed by the President of the United States and confirmed by the U.S. Senate.

The Honorable Sarah Bloom Raskin is a current member of the Federal Reserve’s Board of Governors. Prior to her service on the Board, Ms. Raskin was the Commissioner of Financial Regulations for the State of Maryland. She has also served as the Managing Director of the Promontory Financial Group and as Banking Counsel for the U.S. Senate Committee on Banking, Housing, and Urban Affairs.

On May 8th of 2012, fourteen AREAA members and staff had the opportunity to work directly with Board Governor Raskin in the Washington, D.C. Federal Reserve Board Room to discuss local real estate market conditions and specific impact on Asian American home buyers and sellers. The AREAA members spanned the association's national footprint and included real estate practitioners from New York; Chicago; Houston; San Francisco; Washington, D.C.; San Mateo, California; BakersAREAA members expressed field, California; San Diego; and Sacramenconcern that there is still an to. Three trends in unmet need for multi-lingual particular were common in these markets. support in loss mitigation First, the number of properties for sale efforts and financial literacy is low with many programs for loan origination. markets having less than a month of listing inventory for sale. Multiple offers with prices over asking have reappeared in many of these markets. AREAA members shared that with this evidence of a real estate market recovery, it was critical that regulations balance necessary risk protection with sensible underwriting guidelines that generate sustainable loans that allow the recovery to happen.

Second, AREAA members expressed concern that there is still an unmet need for multi-lingual support in loss mitigation efforts and financial literacy programs for loan origination. The members acknowledged that new in-language programs through HUD counseling agencies have been developed, but that the need continues to exceed the availability of programs. Specifically, AREAA members noted that the Attorney General settlement with Servicers had very little specific reference to use of the settlement funds for support of consumers whose language of comfort was one other than English.

Third, AREAA members reported that Community Banks have stepped into the vacuum caused by loan underwriting guidelines that are nonfunctional for risk appropriate Asian American buyers. Many of these Community Banks now originate a significant portion of the mortgages in communities with culturally diverse populations. AREAA offered to continue working with the Federal Reserve System with data to generate valid analytics on evaluating the Community Banks’ expanded underwriting guidelines.

This was a historic day for the Asian Real Estate Association of America. On this day, AREAA members who know the actions and activities on the streets of their local markets tossed some pebbles of information into the Federal Reserve Pond that will have far-reaching, rippling impact on America’s real estate recovery. On this day, Fed Street had a meeting with the Asian American Main Street.

17

June is National Homeownership Month and a great time to emphasize keeping homeowners in their homes. Real estate professionals like you continue to be a key resource for your homeowner clients, especially when mortgage problems arise.

Millions of homeowners still struggle to pay their mortgage with some desperate to save their home from foreclosure. For others it is already too late. You have probably heard about new government foreclosure programs on the news. Scammers have heard, too. Now they have new scams, which may even include homeowners who are current on their mortgage. You can help protect your homeowner clients from scams, old and new, when you know the signs.

Number to Know

What’s new about these scams? Scam artists

are not only preying on homeowners currently facing foreclosure, but also those who have faced foreclosure in years past. The homeowners may even be current. Two recent announcements, the $25 billion National Mortgage Settlement and the Independent Foreclosure Review, are the focus of new scams.

As the July 31 deadline approaches for the Independent Foreclosure Review, scammers have intensified their efforts according to alerts issued by some attorney generals.

With both programs, scammers may claim government affiliation and promise their services can secure thousands of dollars from their lenders via these programs and secure the money quickly. They may also claim the homeowner is on a special list.

How are these scams similar to other scams? The scammers request

money at some point. They make contact by phone, by mail, online or even in person. They may promise they can speed up the process or negotiate agreements with lenders.

They may appear legitimate and make promises to modify loans, save a home from foreclosure, or get funds more quickly. After the homeowner pays the money, scam-

mers often disappear without providing services. Victims lose money and sometimes their homes.

The Federal Trade Commission has made it against the law to pay in advance for these services.

They issued the MARS (Mortgage Assistance Relief Services) Rule which makes it illegal for companies/people to request payment upfront for loan modification and foreclosure rescue services without written approval from the lender.

But homeowners should not pay at all. Homeowners can work with their lender or a HUD-approved counseling agency for free.

Representatives from NeighborWorks® America have been educating homeowners about the warning signs of loan modification scams, a wave of fraudulent activity connected to the foreclosure crisis. The effort is an extension of Loan Modification Scam Alert, a national public education campaign launched in October 2009 to help homeowners protect themselves against loan modification scams, find trusted help and report illegal activity to authorities. The campaign brings together NeighborWorks® America, the U.S. Department of Housing and Urban Development (HUD), Federal Trade Commission, U.S. Department of the Treasury and other government and non-profit partners including more than 235

Homeowner’s HOPE Hotline: 1-888-995-HOPE (4673)

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community-based affiliates. Together, they have been alerting thousands of homeowners in hundreds of communities through real-life scam stories, fliers, postcards, e-cards, posters, print and broadcast advertising, radio public service announcements, events, and social media activity. Most of these resources are available in English, Spanish, Chinese, Korean and Vietnamese on www.LoanScamAlert.org with some available in Haitian Creole.

Real estate professionals can play an important role in preventing homeowners from being scammed. Through newsletters and e-blasts to homeowners, a real estate professional can provide clients with a valuable service - helping them keep their home and their money. If you have clients seeking foreclosure prevention assistance such as a loan modification, please make them aware of these ten tips to help homeowners:

Top 10 Tips to Avoid Foreclosure and Scams 1. Contact your lender first as soon as you get concerned about paying your mortgage.

2. Determine your options by speaking to your lender’s loss mitigation department.

3. Be patient but persistent with your lender, because getting a loan modification takes time.

4. Call the Homeowner’s HOPE Hotline at 1-888-995-HOPE (4673). Trained counselors are available 24 hours a day to provide assistance in multiple languages.

5. Connect with a local HUD-approved counseling agency for free by calling 1-888-995-HOPE (4673) or visiting www.LoanScamAlert.org.

6. Beware of loan modification scams. Some companies and individuals are out to take advantage of homeowners seeking loan modifications.

7. Avoid anyone who asks for a fee prior to providing any loan modification or foreclosure rescue service, including companies, individuals and even some lawyers.

8. Avoid anyone who guarantees to get your loan modified or stop a foreclosure, because nobody has the power to make this promise.

9. Avoid companies that tell you to stop paying your mortgage and to pay them instead or to stop communicating with your lender. This is a sure sign of a scam.

10. Report loan modification or foreclosure scams at any time by visiting www.LoanScamAlert.org or calling 1-888-995-HOPE (4673).

Resources These resources can also connect homeowners to free, HUD-approved counseling agencies and other helpful information that can help protect homeowners from scams.

Know the signs. Get the facts. Protect homeowners from loan modification scams. For more information about the campaign or to become a partner to access materials in English, Spanish, Haitian Creole, Chinese, Korean and Vietnamese, please visit www.LoanScamAlert.org. To access resources in additional languages, follow the links below: Chinese: http://www.loanscamalert.org/chinese.aspx Korean: http://www.loanscamalert.org/korean.aspx Vietnamese: http://www.loanscamalert.org/vietnamese.aspx You may also visit http://www.loanscamalert.org/media-resources.aspx for recorded public service announcements that can be downloaded or http://www.loanscamalert.org/getting-started.aspx to register to become a partner of Loan Modification Scam Alert. It is free to register. Visit www.LoanScamAlert.org today.

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Advertorial

Helping You Answer

Your Clients’ Questions About Buying and Owning a Home

ank of America provides con­sumers with home­ownership information, education and tools to become successful homeowners.

In the last issue, we provided a summary of resources available to help your clients evaluate whether it is the right time for them to buy a home. As a continuation of this topic, Bank of America shares frequently asked questions for your clients seeking to become homeowners.

B

Q: What are the financial benefits of homeownership?

A: When working with your first-time homebuyers, be sure to speak about the personal and financial benefits of being a homeowner. In addition to being able to enjoy a home and make improvements over time, there may be tax advantages to owning a home. As a general rule, most homeowners can deduct most or all of their interest payments on their home loan, property taxes and loan points. Be sure to advise your clients to check with their tax advisor about their specific tax situation.

Q: What percentage will be needed for a down payment?

A: Most homebuyers should be prepared to contribute at least 10-20% of the home’s purchase price toward a down payment. With a down payment in this range, home sellers and lenders may have increased confidence that your client is prepared to make an offer on a home and meet the qualifications of a loan. It also puts your client in a stronger financial position since they won’t need to borrow as much from a lender to purchase the home. In most cases, your client will be required to pay extra costs to carry private mortgage insurance (PMI) if they put less than 20% down payment. Bank of America offers an online interactive Home Loan Guide to help prospective homebuyers learn about the home buying process. You can visit the Home Loan Guide at bankofamerica.com/myhome.

Q: What options are available if my client doesn’t meet standard lender down payment requirements?

A: Bank of America participates in more than 2,500 housing assistance programs to help qualified borrowers with modest incomes receive down payment or closing cost assistance on a home purchase. The benefit of housing assistance is that your client may qualify for a loan that offers a minimum down payment or a program with varying forms of financial assistance depending on their eligibility and the location of the home.

In many areas, homebuyers can receive assistance with down payment and/or closing costs from local community agencies. Check with your local Bank of America mortgage loan officer to find out if your client qualifies for these programs. If you are not working with a mortgage loan officer, go to bankofamerica.com/agentresources to locate one near you.

Advertorial

Q: How do I know which type of mortgage is right for my client?

A: As you know, there are different types of mortgages available, and working with a reputable lender is key to understanding your options. Fixed-rate mortgages tend to be the most popular type of loan because they provide consistent payments over the life of the loan. Adjustable- rate mortgages (ARMs), may provide a fixed rate for a designated time then vary based on movement of interest rates.

Visit bankofamerica.com/agentresources to learn more about the mortgage loan options available at Bank of America or speak with your local Bank of America mortgage loan officer.

Q: How do I advise my client whether or not to refinance their mortgage?

A: Before your client refinances their mortgage, you will want to ensure they consider how long they plan to stay in the home and estimate the amount refinancing could save in monthly payments. There are fees associated with refinancing such as appraisal, credit report, processing, underwriting, and administrative fees. So, it is important to estimate the break-even point which is how long it takes for the reduction in your monthly payments to surpass the costs of refinancing the loan. You can use this measure with your client to evaluate whether it makes sense to refinance and how many years they need to stay in the home to reach the break-even point. Refinancing may result in paying more interest over the life of the loan, so you and your client should ask a mortgage loan officer to estimate costs to help your client evaluate their particular situation.

Q: What should my client do if they can’t make a monthly mortgage payment to a lender?

A: If an unexpected hardship or crisis impacts your client’s finances, they should call their lender immediately. Advise your client to be prepared to explain their hardship and work with a counselor to help prioritize debt and request payment assistance from the companies

and service providers to whom they pay their bills and obligations.

If your client is having challenges paying their Bank of America mortgage, they should go online to bankofamerica.com/homeloanhelp or call 1.855.694.7300. Bank of America has 50 Customer Assistance Centers in 25 states that offer face-to-face counseling and assistance in areas hardest hit by the housing crisis. Customers can meet with Bank of America specialists at Customer Assistance Centers or local outreach events to review options for home loan modifications or other alternatives to foreclosure, as well as review loan modification files already in progress. Visit bankofamerica.com/homeloanhelp for more information.

If your client prefers to work with a non-profit organization, there are Housing and Urban Development (HUD) approved housing counseling agencies available to provide counseling and work on their behalf with their lender free of charge. They can visit http://www.hud.gov to find a HUD approved housing counselor near them.

Q: Who should my client contact if they have a question about their mortgage application or an existing home loan?

A: Your client should contact their Bank of America mortgage loan officer to inquire about a mortgage application in process. If your client is ready to begin a new application, they can find a local Bank of America mortgage loan officer at bankofamerica.com/agentresources.

For information about an existing Bank of America home loan, your client should contact the toll-free number provided on their monthly printed or online loan statement.

By John Trasviña Ass i s t a n t S e c r e t a r y f o r F a i r H o u s i n g a n d E q u a l Opp o r t u n i t y U . S . D e pa r t m e n t o f H o u s i n g a n d U r b a n D e v e lo p m e n t

B

y all rights, Vincent Chin and Vikki Wong should be celebrating their 30th wedding anniversary this June. But Vincent Chin, then a 27-year-old husband-to-be, was killed on a Detroit street in June 1982 by two men who beat him over their anger with the Japanese auto industry.

This tragedy sparked a wave of activism and community leadership in Asian American communities across the nation and a response by the federal government and many state and local governments to take seriously and criminalize hate violence.

Today, hostile incidents have waned and we can be proud of the partnerships and progress made by Asian Americans and the nation as a whole. Record numbers of Asian Americans are serving in leadership positions in the Obama Administration and as judges, forming and leading businesses in the private sector and graduating from colleges and universities. Yet, discrimination in housing and a lingering sense of Asian Americans as foreigners persists. That is why HUD’s and AREAA’s partnership is so vital to continued progress and why I am so proud of the work that we have accomplished together over the past three years.

AREAA leaders, from your founders and subsequent national chairs to local chapter officers to members, play an essential role in making sure that Asian Americans are represented in the real estate industry, in housing policy and in housing opportunities for all Americans.

Our nation is rapidly becoming more diverse. One

24

of the most definitive indicators of America’s greater diversity is the dramatic growth of the nation’s Asian American and Pacific Islander (AAPI) community.

Asian Americans now number more than 16.6 million, 5.6 percent of the nation’s population. By the year 2050, Census Bureau projections estimate that this group will make up 9.7 percent of the U.S. population.

Population trends not only foreshadow what our nation will look like in the years to come, they underscore the critical importance of Asian Americans receiving fair and equal treatment when seeking one of life’s fundamental necessities – housing.

The federal Fair Housing Act makes it illegal to deny housing based on a person’s race, color, national origin, religion, gender, family status, or disability. Still, Asian Americans continue to face significant challenges when seeking housing.

Discrimination studies conducted by HUD indicated that Asian Americans face adverse treatment roughly one out of every five times they attempt to buy or rent housing. Yet, less than 1 percent of discrimination complaints filed with HUD and its partner agencies come from Asian Americans.

The persistence of unlawful practices that limit the housing choices of Asian Americans makes it more important than ever that HUD and organizations like AREAA work together.

Asian Americans must not face discrimination on their own.

HUD could not have a better partner in this effort. AREAA’s members are in a unique position to open doors of opportunity for thousands of Asian Americans seeking to take advantage of greater housing choices.

AREAA members play a key role in helping immigrants and newcomers move from traditional gateway cities to towns and communities throughout the nation where their numbers continue to grow.

As trusted members of the community, AREAA members represent an important link connecting the aspirations of families who want better lives for their children with the chance to live in sustainable communities with good schools and access to transportation and jobs.

More important, because of your stature in the community, you represent a valuable link to the federal government. HUD is charged with upholding the Fair Housing Act and other specific laws that guarantee everyone who calls America home the right to the housing of their choice, free from discrimination.

But merely enforcing the law is not enough.

We also have a responsibility to reach out to every community, including African Americans, Hispanics, immigrants and newcomers, to educate consumers about their rights under the law and what to do if those rights are violated.

HUD’s fair housing responsibility goes beyond the public as well. Real estate agents also suffer when housing discrimination occurs, through the loss of business and revenue from commissions. So it is important to educate the industry about both their rights and responsibilities under the Fair Housing Act.

Real estate agents, for the most part, are aware of and take seriously their responsibility to uphold the highest ethical standards.

But numerous cases we’ve handled involving steering and other forms of agent-initiated discrimination tell us that we still have work to do to ensure that the housing rights of families take precedent over failing to adhere to the law.

And our work is not just limited to addressing national origin discrimination. Each year, scores of Asian Americans are also subjected to discrimination based on family status and disability, as well as the other bases covered under the Act. In a case HUD recently handled in Renton, Washington, a landlord told Asian residents who complained about malfunctioning appliances to “go back home if you can’t use the appliances properly”, and suggested that they came from a country with no running water and that they cooked over an open flame.

Our investigation also found evidence that the property’s manager instructed her staff to show minority applicants apartments with less desirable amenities, steered minority applicants away from the building in which she lived, and banned her assistant manager from speaking Spanish to Hispanic applicants.

Much of the work that guided our actions in that case was based on fair housing tests, further indicating the effectiveness of testing as a tool for ferreting out unlawful practices.

We also believe that testing can be a powerful deterrent to individuals and housing providers who, were it not for the possibility of being detected, would engage in unlawful practices.

African Americans, Hispanics, and Asian Americans should not be denied housing because of racial or ethnic stereotypes associated with what a person looks like, where they were born, or what language they speak.

HUD and AREAA working together can help housing providers and housing consum-

Asian Americans face adverse treatment roughly one out of every five times they attempt to buy or rent housing.

Yet, less than 1 percent of discrimination complaints filed with HUD and its partner agencies come from Asian Americans.

In a case HUD recently handled in Renton, Washington, a landlord told Asian residents who complained about malfunctioning appliances

to “go back home if you can’t use the appliances properly”

25

victims of its discriminatory practices. And we achieved a change in the lender’s future practices.

Dr. Budde is not the only Asian American new mother to face this obstacle for her family. HUD just settled a case involving an Asian American mother who alleged that a national lender refused to process her application for a mortgage loan because she was on maternity leave.

In addition to paying the mother $30,000 and paying her attorney $16,180, the lender is creating a $100,000 fund to provide damages to applicants who may have been denied a loan or subjected to adverse loan terms because they were pregnant or on maternity leave.

No woman should be treated differently because of her family status.

Neither should any person have to hide their sexual preference or gender identity in order to have a place to live in America. HUD published a rule in March 2012 that requires housing assisted by HUD or insured by FHA to be made available without regard to actual or perceived sexual orientation, gender Assistant Secretary Trasviña accepts the 2011 AREAA Real identity, or marital Estate Person of the Year Award. Pictured with John Lee status. The rule also (left) and Eva Hom (right) // Photo by John Photography clarifies that the definition of “family” in mortgages to women because they HUD program regulations includes LGBT persons. are pregnant or on maternity leave.

Through our partnership with Because of women like Dr. Elizabeth Budde, who stood up for her AREAA and other industry groups, right to purchase a home, despite organizations with whom we share her maternity status, HUD was able common goals and values, we are to reach a significant settlement with also better positioned to take on one of the nation’s biggest lenders. particular housing challenges that Dr. Budde was compensated for we see today, such as lending disbeing unlawfully denied a mort- crimination and the housing crisis.

In today’s tight economy, everygage and the lender established a $750,000 fund to compensate other one understands that businesses ers alike to comply with the Fair Housing Act so that they don’t intentionally or unintentionally limit housing opportunities.

This year marks the 44th anniversary of the passage of the Fair Housing Act. Our theme for this year’s Fair Housing Month celebration in April was “Creating Equal Opportunity in Every Community”, which spoke to HUD’s determination to create communities of opportunity for all and to protect the right of everyone to live where they choose.

We also have a responsibility to take on relatively new forms of discrimination, such as lenders denying

26

Non-Profit Spotlight

The National Coalition for Asian Pacific American Community Development (National CAPACD) is the first national advocacy organization dedicated to addressing the housing, community and economic development needs of diverse and growing Asian American and Pacific Islander (AAPI) communities.

National CAPACD was founded in 1999 by established community development practitioners to be a voice for the community development needs of AAPI communities and to strengthen the capacity of community based organizations to create neighborhoods of hope and opportunities. In February 2010, National CAPACD was designated as the first and only AAPI-serving HUD housing counseling intermediary.

National CAPACD’s member-based network includes more than 100 community-based organizations and individuals, including community development corporations, preservation agencies, community-based social service providers, advocacy agencies, as well as national intermediaries and financial institutions.

Our members are in 17 states, implementing innovative affordable housing, community development and community organizing strategies to improve the well-being of low-income AAPIs. The Mission National CAPACD’s mission is to be a powerful voice for the unique community development needs of AAPI communities and to strengthen the capacity of community-based organizations to create neighborhoods of hope and opportunity.

For more information, visit: www.nationalcapacd.org

have a right to make decisions that ensure their stability and competitiveness in an increasingly global marketplace. But when business decisions lead to higher fees and interest rates for some consumers simply because of their race or nationally, what might appear to be good business policy may in fact be discrimination.

That’s why we are particularly proud of the work we’ve done with AREAA to address lending discrimination in the AAPI community.

We also believe that the housing counseling grants HUD awarded to the National Coalition for Asian Pacific American Community Development are going a long way to assist Asian Americans trying to become first-time homeowners or struggling to keep their homes in the midst of the current housing crisis.

At HUD, we will do our part in Washington, D.C., and our 43 field offices around the nation. But we also need the community’s help to reach the places and talk to the individuals who are facing discrimination.

Similar to how AREAA actively engages the AAPI community through face-to-face contact, HUD is conducting a series of housing conferences to strengthen our relationship with community organizations that work with and are trusted by immigrant populations and help the organizations recognize and report discrimination in

the communities they serve. This is especially important in communities where the number of immigrants is increasing.

To that end, HUD has translated over 100 vital documents into 18 different languages to help those who are limited English proficient learn about HUD programs, services, and activities.

In addition, our language phone line provides oral language interpretations to assist limited English proficient callers with filing fair housing complaints.

At the same time, we awarded grants through HUD’s Limited English Proficiency Initiative program to seven non-profit groups that are developing and translating materials

The federal Fair Housing Act makes it illegal to deny housing based on a person’s race, color, national origin, religion, gender, family status, or disability. in Bangla, Korean, Nepalese, Chinese, Tagalog, Vietnamese, Hmong, Burmese, Karen, Leo, Chin, and Bhutanese. The groups are also conducting training sessions for and disseminating information about HUD programs and services to new arrivals and leaders within the AAPI community.

AREAA has chapters in some of the largest metropolitan areas and we want to be there with you, partnering together to take on the housing challenges facing AAPIs today.

Significant obstacles present new and exciting opportunities. The work we are doing together is the perfect example of the great things that can be accomplished through government and industry partnerships.

Housing discrimination will end when every house in every community is open equally to Asian Americans and every resident of this nation.

Together, we will get there.

Assistant Secretary Trasviña poses with AREAA San Francisco Peninsula president, Carmen Chong Photo by Frank Jang

27

In my borhood Neigh ron Ling Ca with

Photos

by Ryan

Marn

Neighborhood:

Makiki City:

Honolulu, Hawaii

A friendly neighborhood, where “everyone knows your name”, sprinkled with the neighborhood coffee shop, super-

market, farmer’s market, hole in the wall restaurants, museums, hiking trails, scenic points and some of the top private schools in the state as well as down the street from the University of Hawaii, Ala Moana and the famous Waikiki.

Most notable residents: President Obama and Bruno Mars

What attracted you to this part of town?

The cool breezes, within five minutes of almost everything in metro Honolulu, and the feeling of community. It’s a hip, lively neighborhood, but has the residential quiet that is hard to come by in one of the most densely populated neighborhoods in Honolulu.

Makiki Farmer's Market

Resident Since:

2004

What’s the number one selling point that residents and buyers rave about?

Convenience, affordability and views that span from the mountain and city to the ocean. Everything you could possibly need is within five minutes of Makiki: the two major hospitals, art museums, downtown Honolulu, freeway on-ramps, the most highly rated private schools on the island, the supermarket, and the University of Hawaii.

What is your favorite way to spend an afternoon with the family here?

I love to take a drive to the Northshore of Oahu and stop by all the famous beaches, Sunset, Pipeline and Waimea, after a plate full of Giovanni’s Shrimp, one of the oldest shrimp trucks on the island.

Sometimes, you can see turtles riding the waves, or a beached monk seal, but you have to remember to stay 18 feet away as they are endangered species. I love stopping by Matsumoto’s Shave Ice on a sunny day on the way back home. If I’m not going to the Northshore for the day, I can be found playing a round of golf on some of the most beautiful, or some of the most difficult, courses in the world.

28

The view from Tantalus

What is the predominant architectural style?

Punahou School

There is a mix of styles from Hawaiian Plantation to Hawaiian Mission Architecture, reminiscent of the old farmhouses in New England. Makiki has a mix of modern to vintage and incorporates the old with the new. There is a law that was passed a few years ago to preserve historic homes that have been built over 50 years ago and many are on the National Historic Registry in areas such as Manoa and also Makiki.

What are the food trends in the neighborhood?

Makiki is more residential than filled with restaurants, but there are great “hole in the wall” style restaurants that are within walking distance. Vietnamese and Korean establishments can be found directly in our neighborhood. Within five minutes, you can go to a variety of Asian restaurants, from very elegant to something suited for a casual evening out. The stretch of Keeaumoku Street from Makiki to Ala Moana boasts an excellent selection of restaurants, including: ramen shops, the best sushi on the island, Italian, frozen yogurt, dim sum, breakfast, and more. If you want something to eat, you’re likely to find it here.

Do you volunteer with any local organizations/causes?

I am currently on the Board for both Catholic Charities Hawaii and the Young Business Council.

Catholic Charities Hawaii is a non-profit social work organization that helps 60,000 Hawaii residents with a “hand up, not a hand out”. It's located in Makiki, two blocks from my home. The Young Business Council is a non-profit organization focusing on leadership and networking among young Hawaii business professionals. In addition, I am very involved with the Toastmasters organization, competing in speech competitions and serving as the President of the two clubs I belong to: Liliuokalani Toastmasters and the advanced club Na Hoku Kai Toastmasters.

Is there a community or cultural center that you often visit?

One of my favorite things about Honolulu, and specifically where I live, is that many of the art museums have events monthly and free art days for the community. The Honolulu Academy of Art is within walking distance from my home, and they have an “Art After Dark” event the last Friday of every month. They have a different theme each month, and people get dressed up in “theme”, along with a movie, dancing, and dinner. Also located in Makiki is the Contemporary Museum, which recently merged with the Honolulu Academy of Arts, previously of the Spalding Estate. This is a beautiful garden museum with contemporary art. It's located on a mountain overlooking downtown Honolulu with beautiful ocean views.

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Hope Get to know AREAA’s Executive Director, Hope Atuel

2012 has been a year of growth for a | r | e : Outside of work and in between the travel that you do the Asian Real Estate Association for AREAA, what occupies your of America, highlighted by the time? addition of the Executive Director Hope Atuel: Just before I staff position. Finding the right relocated to Carlsbad, I rescued person for the newly created role a 2-year old pug that needed a home after her previous human proved to be a challenge, but when gave her up for adoption. Pooka Hope Atuel became a candidate, (my pug) and I are in the process the decision was easy. Since taking of completing a socialization and good canine citizen class to get over the reins in January, Atuel her acclimated with her new enhas already demonstrated the vironment and living with me. At dedication and passion necessary our last session, I am proud to say for leading the association to great that Pooka won the longest “sit/ stay” competition. She was able heights through the ups and downs to stay focused for almost three minutes! She’s also mastered the of the real estate industry. “wait” and “leave-it” commands.

We’re now practicing the recall or “come” command which is probably the most important

30

and hardest commands to teach dogs.

Maybe on the next issue of the magazine, I can give an update and also include our graduation picture.

After living in Chicago for almost twenty years, I’m sure there’s stuff that you miss from the Windy City. Care to share us what you miss?

HA: What I can tell you is that I don’t miss the extreme weather patterns in Chicago - the really cold winters and the dog days of

Atuel and Pooka the pug

summer. But I do miss my favorite neighborhood restaurants that I used to go to like Tango Sur in Lakeview (they’ve got the best bife vesuvio I’ve ever had) and SuperDawg on the Northside for hot dogs and delicious milkshakes in the summer! Of course

I wouldn’t be a true Chicagoan if I didn’t miss the deep dish pizza from Lou Malnatis!

What I also miss are the neighborhood and street festivals in the summer and the great assortment of concerts across the city for free!

I also miss volunteering at the food pantry at the church I used to attend which reminds me to start looking for places to volunteer around the area.

Where are your favorite hangouts in Carlsbad?

HA: 5963 La Place Court – get it?

The AREAA headquarters! Kidding aside, I haven’t really spent much time in Carlsbad to find my favorite hangouts yet. Although I do like to go to Broken Yolk for brunch on weekends or after our doggy obedience class. Oh, will Petsmart or Unleashed be counted as favorite hangouts? I think I’ve been at both places more than the regular grocery store.

I have to ask where is your favorite Filipino restaurant in San Diego?

HA: I think it depends on the dish

or food. Christy’s on Mira Mesa has the most delicious sigsig (it’s chopped pork that’s fried in onions, cilantro, garlic, jalapeno and lime juice) in town. For kare-kare (ox tail), I will usually go Gemmae. For baked good and pastries, I head to Red Ribbon for their delicious ensaymadas and sans rival. Filipino food is not exactly healthy so I try not to eat it on a daily basis.

I hear you’re a voracious reader.

Any book recommendations?

HA: The Little Prince by Antoine

St. Exupery and The Princessa by Harriet Rubin. I like these books

because it speaks of my relationship and management style. One of my favorite phrases in The Little Prince goes like this… “it is only with the heart that one sees clearly, what is essential is invisible to the eyes.” Isn’t that beautiful?

The Princessa was a book that was given to me by my sister after I got my first management position in 2000. She thought it would be helpful for me to discover management styles unique to women since we don’t have very many role models when it comes to leadership. The book is an antithesis of Machiavelli’s The Prince which I really didn’t care for when I read it in college. For women who are in management, I highly recommend this book!

What is your signature dish?

HA: I would think it’s my pancit

noodles. Whenever there was an order for this dish, I would be responsible making it.

The challenge with making pancit is all of the prep work involved – chopping, slicing, and deboning the chicken. I’m also told that I make a mean egg roll or lumpiang shanghai.

I still cook although not as much as I would want to. Most of the time, I will cook on Sundays so I don’t have to worry about meals for the week.

the operations of any association and we want to make sure we recruit and retain the talent that we have now.

Do you have any hidden talents?

HA: I used to own a

catering business called Sari-Sari. In Tagalog, it means “an assortment.”

With three of my friends, A couple of Atuel’s creations from her catering days: kare-kare (left) and her signature dish, we would cook differpancit (right) ent Filipino dishes and provide catering services for small On a serious note, what are the to medium sized events. The biggest top three priorities that you see event that we had to cook for was for for AREAA this year?

80 people at a ballroom dance party.

HA: First and foremost, we need an When the catering orders started to updated membership database sysincrease, we needed to rent a comtem if we’re serious about membermercial kitchen to accommodate ship growth. AREAA has outgrown for larger events. Unfortunately, all four of us just didn’t have the time to the system that we have in place and devote 100% to the catering business need to replace it with a more robust and easy system that our chapters so we didn’t grow the business. Also, can use. By the time this issue gets we were afraid to take the risk of into circulation, we will be in the getting bigger and competing with midst of replacing our membership other known Filipino restaurant system that will be ready to launch owners which some of them happen by the end of the year. to be good friends of mine. So, we The second priority is improving dissolved the catering business after a year. Luckily, we kept our day jobs! our staff attrition. Staff is critical to

Hope Atuel Professional Background

A native of Manila, Philippines, Atuel immigrated to San Diego with her family then moved to Chicago in the early 90’s. She began her professional career in PR and Marketing with the College of American Pathologists (CAP), the largest association of boardcertified pathologists in the world.

I feel that the team that we have in place now is a great team so we’re working on a more comprehensive benefits package that will help with our staff retention.

Thirdly, our national convention in Las Vegas will be huge. This event will be the commencement of AREAA’s ten-year anniversary as well as Jim Park’s installation so we have an exciting program that we have planned. Online registration for the event is already up and running so I hope our members will take advantage of the early bird registration. I also hope to see a lot of our members in Vegas!

Following her tenure with the CAP, Atuel worked in the private sector for companies such as the Westfield Group and Crane Co. Prior to accepting her role with AREAA and moving back to the San Diego area, Atuel served as the Director of Marketing and Member Services for the Appraisal Institute for nearly a decade, overseeing membership services for over 23,000 real estate valuation professionals and 91 chapters across the United States.

Real Estate Professionals thrive

AREAA Greater Atlanta Chapter Leadership

in Atlanta’s Vibrant Asian American Community B y L a u re n E c k el s P h o t o g r a p h y : B o o n Vo n g

Dire circumstances lead to new beginnings

as Dao Malaythong the AREAA Greater Atlanta chapter president has proven. Dao’s mother passed away in 2009, leading to her depressing divorce and Dao losing her own home. As a single mom with two young girls, she struggled to survive. She felt helpless when trying to find ways to save her home. She knew the only way she could help herself and others was to seek assistance and become better educated about available programs.

Tim Le, the 2011 chapter president, motivated her to become vice president of AREAA Greater Atlanta chapter and to use it as a platform to speak and advocate on behalf of the Asian American Pacific Islander (AAPI) community. Her entry into AREAA began in 2008 when the AREAA National Chair, Emily Fu invited Dao to join as a founding board member of the Greater Atlanta chapter. As a mentor, Emily Fu’s faith and encouragement gave Dao the confidence to become who she is today. Dao started to develop her vision for a grander AREAA Greater Atlanta chapter working alongside their founding president Yangsook Ku and the founding board.

The Atlanta Asian American community is very diverse and vibrant.

It is one of the fastest growing Asian American populations in the South.

After increasing by 128% in the

1990s, the number of individuals of Asian descent in Georgia grew by another 81.6% since 2000 bringing the total number to 310,004 in 2010 (U.S. Census 1990, 2000, 2010). Most of this growth occurred in metropolitan Atlanta, which currently has an Asian population of 279,112. Georgia’s most populated county is Gwinnett County. It is considered the melting pot of the South consisting of 10% Asian Americans. There are four prominent population groups in Metro Atlanta: Indian, Korean, Chinese and Vietnamese (The Asian Studies Center at Georgia State University). According to Dao, the Asian communities are very intertwined. For example, every year they come together to host the Asian Cultural Experience, which is in its 19th year, to promote their heritages. The Asian Cultural Experience is one of Atlanta’s most popular multi-cultural events where those of

Asian descent share their art, music, dance, cuisine, sports and games with other Atlantans.

On a local level there are many challenges facing homebuyers. Dao notes that one of them is the lack of good inventory. Some properties available are damaged and most have multiple offers or are pending lender’s approval. With the increasing number of short sales on the market, buyers can easily become impatient and frustrated. Another challenge is qualifying for a mortgage. Many Asian Americans are self-employed or they do not believe in the credit rating system. This creates a major challenge for homeownership in the Asian community. Becky Nguyen, a board member of the Greater Atlanta chapter and theEDGE, AREAA Young Professionals, chapter liaison says, “homebuyers in the Atlanta market are challenged with a lack of inventory and multiple offers, therefore quick action and serious offers are required on high-value properties”. A delay in responding may result in missing out on a great opportunity.

Although the national downturn has affected the Atlanta metro market dramatically, Becky is confident that the market will recover quicker than projected. “Our sustainability lies from our lower cost of living in comparison to other metro cities, multicultural diversity, four seasons, little industrial coupled with lots of green space and spans of trees to the easy accessibility of our international city. Come visit us and fly into the world’s largest international airport

and raise your family in some of the most sought after suburban areas,” says Becky.

The combination of the lower supply of active listings, lower median days on market, fewer failed listings and higher median sales to list price are strong indicators of a comeback market. The high number of distressed properties deters a full market recovery. However, with the shortage of inventory, buyers have fears of missing out on the low rates and sale deals. The number of home sales under $100k continues to keep their median sale prices low. Becky asserts that this is the perfect opportunity to create your portfolio of assets and build your wealth. The cost of ownership is less than renting and rentals are in high demand.

The Atlanta chapter has the opportunity to make a huge impact in their community and is a force in itself. Three of its members Tim Hur, Dao Malaythong and Tim Q. Le were listed as part of the 25 Most Influential Asian Americans in Georgia by the Georgia Asian Times (May 1-15, 2012 Vol. 9 No. 8). Not only are they impacting the Asian community and spreading the AREAA message but the Atlanta community as a whole, making it a better place to live.

AREAA Greater Atlanta collaborates with NAHREP and NAREB promoting unity as multi-cultural associations. The chapter provides real estate practitioners with education, access to resources and technology to help increase their business. They also partner with HUD Fair Housing to educate practitioners and consum-

Our sustainability lies from our lower cost of living in comparison to other metro cities, multicultural diversity, four seasons, little industrial coupled with lots of green space and spans of trees to the easy accessibility of our international city.

Becky Nguyen

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ers on their rights. The chapter participates often in community outreach events partnering with real estate professionals in the industry to provide education and access to resources that promote AREAA’s mission. An example of information they share with members is the Georgia Dream Home Ownership Program for first-time homebuyers, which makes purchasing a home more affordable for lowto-moderate income families and individuals. This program offers fixed and low-interest rate mortgage loans. In addition, many Georgia counties offer assisted down payment programs in which up to $8,000 is offered for first-time homebuyers.

On June 14th the AREAA Greater Atlanta chapter is proud to be hosting their first real estate conference, Reinvesting in Atlanta. The conference will create significant impact by

refocusing investors and future homeowners on the current real estate market in Atlanta. The Reinvesting in Atlanta conference will provide local real estate and housing industry professionals a unique educational and networking opportunity. Participation in general and breakout sessions will give attendees access to the most up-to-date market

research and policy information.

Through interaction with business, mortgage and real estate leaders, participants will gain valuable tools and knowledge to succeed in any market and any form of real estate.

Being an AREAA member has many benefits. Becky herself has profited from AREAA tremendously in the short six months she has been involved with the organization. The relationships she has formed have changed her personally and professionally. What is more important is that she has been able to serve her clients, her peers, and the Atlanta community in ways that she did not dream of. For Dao not only has being involved with AREAA increased her business opportunities but she has also gained respect and trust from her clients and community through her participation in AREAA. Along with the respon-

Atlanta stats

after a foreclosure. After spending countless hours calling the bank and their asset manager assigned to the property, Tim was told that he would get a call from the listing agent. Low and behold it was a fellow AREAA board member (and friend) who called asking him if he had inquired about the property - it was her listing! Although they had a few hiccups, they worked closely together, understood the Not having enough needs of their sustainable and affordable clients, and completed the housing affects everyone, transaction, Tim’s biggest whether you are Asian, this year. Being Hispanic, or Caucasian. My a member of AREAA helped passion has always been his client working towards building purchase the property they bridges between different wanted, and communities, in which since the agents knew each AREAA was a natural fit. other, they were able to work Tim Hur together to ensure the closing would happen. AREAA has been sibility of her title, people trust a tremendous asset to Tim, “it her when it comes to making one of the biggest investments of has allowed me to talk to other business professionals and learn their lives or as their broker. more, obtain more referrals Tim Hur had his biggest from out-of-state clients, and transaction this year from an AREAA relationship. One of his most importantly, obtain listings and work with buyers I would clients called and asked to purnever have been able to obtain chase a particular property that if it wasn’t for my involvement.” he was unable to find on MLS, For Tim, becoming an AREAA but knew it to be on the market

»YTD 2012 sales rose +17.1% from those of 2011 (largely from an increase of 30.6% <$100k) »Short sales: 25.8% Foreclosures: 16.7% Percentage of distressed sales equal to that of 2011, however short sales have increased market share from the previous 18.2%

» Median sales price: $122k Though units have increased, median sales price reduced due to the large increase in sales below $100k. 9.2% reduction over previous year » Distressed v.s. non-distressed median sales price: $95k vs $175k » Median days on market: 106 (down from 125 days in previous year) » Median days on market remained the same or dropped in all price points » 3 out of 4 transactions sellers are paying closing costs » 21% of Atlanta housing inventory was initially priced within the market » Using a 3-month average of 1Q 2012 sales yields a 5.8 month supply 1Q 2012 again displayed several indicators of a comeback market, such as higher sales (+17%), a better median S/L ratio, fewer failed listings, lower median DOM and much lower (-50%) supply of active listings. ··

However, the increased sales came from the low-price end of the market (70% at <$200K) causing the median sales price to fall by -9.2% in 1Q 2012.

··

A strong deterrent to full market recovery continues due to the high distressed properties percentages of both sales (42.5%) and currently active listings (20%) that are causing buyers to seek those lowerpriced alternatives when non-distressed properties appear to be priced higher. This caused a large percentage (63%) of sellers to take listing price reductions in order to sell, while 43.5% of all 1Q 2012 listings failed to sell during their listing period.

Statistics provided for Keller Williams Realty by ChartMaster Service, LLC

35

member was an easy decision - “Not having enough sustainable and affordable housing affects everyone, whether you are Asian, Hispanic, or Caucasian. My passion has always been working towards building bridges between different communities, in which AREAA was a natural fit.”

For the young professional wanting to enter the real estate world Becky suggests that they “surround themselves with high minded, fulltime professionals who are passionate about the people that are touched every day by the “work” that we do.

Real estate is more than buying and selling homes, it is about building strong communities and achieving the American Dream. Connect with trade organizations such as AREAA, become a REALTOR, be a part of the community. You will see that the most successful people in our business aren’t just helping people buy and sell, they are committed to the community, developing leadership skills, teaching and more.” Dao adds that young professionals have an added benefit because of their knowledge of technology and that they should utilize that to their full advantage. They can market themselves easily and often through social media to the younger consumers

36

Dao Malaythong AREAA Greater Atlanta President

Emily Moerdomo Fu 2008 AREAA National Chair

Andrew Nguyen AREAA Greater Atlanta Board Member

who are also tech savvy. Tim wants to remind young professionals to be prepared to network, and to remember – you are your own boss! That “the days of just listing a property and getting things sold have been long over- you have to be able to work with clients and provide real creative solutions. Although there are plenty of TV shows that have highlighted the careers of real estate agents making six figures at a time, just remember, it is a TV show. No two clients will ever be the same, so prepare to get your feet wet, make mistakes (hopefully nothing that would get you in trouble), and if you have any questions, always ask your broker!”

The future of the Greater Atlanta chapter is bright. Dao as their leader is hosting the first AREAA Greater Atlanta Real Estate Conference that is sure to be a hit. In the future she would love to see their city hosting the AREAA National Conference!

Becky says it best; she sees the chapter as recognized and respected by the community. “With Dao’s vision and the current board, we are creating more awareness within the professional community. With the first mini conference we are going big and will remain. In the next five years I see significant growth in our membership of practitioners beyond REALTORS, I see us as a voice for the Asian community.”

R egina Murray AREAA Greater Atlanta Board Member

Kelly Nguyen AREAA Greater Atlanta Treasurer

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steps to

becoming the

Ultimate Paperless Techno-Savvy

Agent

By Tom Tran

Are you tired of looking at piles of papers on your office desk, in your car, and even at home? Do you feel overwhelmed and need help getting organized?

Today is the day you are going to take a hold of your life and get organized! We’re going to show you how to implement easy strategies for maximizing efficiency and to cut clutter out of your life.

Paper can be your worst enemy because unorganized papers can take a tremendous amount of time just to dig through and sort out. In today’s modern age, the need to go paperless is essential to becoming better organized and efficient. Time is the most important aspect of our business and if we’re spending a chunk of our time looking for a document that we threw in a pile from last week, then we are not using our time productively. In this article, we’re going to show you how to improve your business workflow by getting organized and going paperless with this step-by-step instructional guide. Regardless of your skill level or organization ability, we guarantee that your business workflow will improve immensely by using a combination of these five simple tools and tips.

Adobe Acrobat Professional Version 9 or Later If you feel like paperwork has taken over your life with contracts and endless disclosures forms, then we have a solution for your problem!

You might ask, “What is a REALTOR to do with so much paperwork filling up their desk every single day?” Well, the answer is simple: Get Adobe Acrobat Pro 9 and this program alone will change the way you operate your business and it will take you a step closer to becoming a paperless office.

The biggest benefit of Adobe Acrobat Pro is that it allows you to typewrite any comments, notes, and contract terms directly onto any PDF document, therefore you no longer have to use your precious energy to hand write on any documents. After you install the Adobe Acrobat Program onto your computer, the tools are just one click away. On the top section you will see a little icon that resembles a typewriter. Most of you know what a real typewriter looks like; even I used one when I was younger and it wasn’t a pleasant experience. Now with this neat tool, I can type any verbiage anywhere onto the PDF document. I often type dates, buyer’s/seller’s names and anything else you can think of. This will save you time from having to print the document onto paper, hand writing what you want to write, and then scanning the file back onto a computer. Let’s save our valuable time and just simply type the words digitally onto our document and then move on to our next tasks.

Acrobat Professional Typewriter Tool

Another added benefit to Adobe Acrobat Pro is that it gives us the ability to rotate PDF pages 90 degrees or even upside down. I know you have seen a document lying on the side and then you have to rotate your head just to read it. Do that no more, Adobe Acrobat can rotate ALL pages of the PDF document in a matter of clicks. Just click on the top menu button called “Document” and then “Rotate Pages”.

Looking for more help?

These are just a few of the many benefits the program has to offer.

For quick tutorials on how to use Acrobat Adobe Pro 9, search for tutorial videos on

YouTube.com

Where can you buy this program? Adobe sells their products online at www.adobe.com. You can also try other shopping websites, such as www.eBay.com, where I’ve seen the full version for around $150.

Step 2: Multiple Monitors

» 39

Diamond USB Display Adapter for Multiple Monitor Use A multiple monitor setup gives you the ability to multi-task more efficiently than with just one screen. For example, when you’re composing an email, you can refer back to a document or website without losing your train of thought. That way you can stay focused on the tasks at hand and best of all you don’t have to minimize your other window screens. It’s all there right in your view for instant access. Your productivity should increase by 50-100% since you can do way more work in a less amount of time.

I suggest getting BIG 24” monitors. You can find the Samsung ones online for about $170 each.

1st Step:

Buy the Diamond USB adapter online at www.amazon.com for about $50-$60 (search for Diamond BVU195 HD USB Display Adapter). You’ll need one video card for every one monitor. Your laptop should come with one internal VGA display adapter (plug for the blue wire).

2nd Step:

Go to the website www.displaylink.com/support and download the driver.

3rd Step:

Restart your computer and plug in the USB adapter. Make sure both the power and VGA-Blue wires are plugged in.

Portable 13.3” Laptop As real estate professionals, we are constantly on the road, in and out of meetings and trainings. The only way to keep up on our daily tasks is to bring our office with us through the use of portable laptops. The ideal laptop for mobile users would be a 13.3” laptop because of its durability and physical thinness, which makes it amazingly lightweight. The technologies in these laptops are incredible and they are packed with the fastest processors to help you perform your tasks at high speeds. I highly recommend three laptops: the Acer Aspire S3, the Samsung Series 9 and last but certainly not least, the Macbook Air 13.3”.

4th Step:

For Windows users: Right-click on your mouse and click on ”Screen Resolution”. Go to the “Multiple Displays” link and click on “Extend desktop to this display”. Next, click on “Apply” and there you have it, multiple monitors in action.

My Laptop Setup

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Acer Aspire S3 Price: Processor: Memory: Hard Drive: Bluetooth: Weight: USB Ports:

$799.99 Intel Core i5 1.6GHz 4GB 320GB Yes 3 lbs 2

Photos: Acer

Samsung Series 9 Price: $1,050.00 Processor: Intel Core i5 1.6GHz Memory: 4GB Hard Drive: 128GB Bluetooth: Yes Weight: 2.88 lbs USB Ports: 1 Key Features: 3.0 USB port for faster data transfer, multi-touch SuperButton click pad Photos: Samsung

Macbook Air 13.3” Price: $1,250.00 Processor: Intel Core i5 1.7GHz Memory: 4GB Hard Drive: 128GB Bluetooth: Yes Weight: 2.96 lbs USB Ports: 2 Key features: Keyboard with backlighting, multi-touch trackpad Photos: Apple

Step 4: E-Fax // MetrofAX

» 41

E-Fax: Did you know that faxing documents can be as easy as sending an email? With the help of MetroFax, it’s really that easy; you can send and receive faxes in a matter of seconds. The cost is $80 per year for the service and it’s worth every single penny. To send a fax just compose a new email and type the [faxnumber]@metrofax.com and then attach any document to your email that you want to fax.

After you order the MetroFax service, you can also receive faxes with the new fax number provided to you. MetroFax gives you the option to choose your area code too. Whenever a client faxes a document to your new MetroFax number, you’ll instantly get an email from MetroFax with the attached PDF documents. An added bonus is the app, for iPhone or Droid that gives you the ability to fax documents with the touch of a few buttons on your cell phone!

Cost:

$80/year

Sign up:

www.metrofax.com

The only way to master the art of going paperless is through implementation. By using these tools on a daily basis,

you will see the instant positive results. Make sure you get your team on board and utilize the same tools so the whole team can gradually perform faster. There will always be paper involved with our business, what we can do is eliminate as much paper as possible by using these useful tools.

Cloud Storage: As real estate professionals, we’re becoming more dependent on our computers to store all of our business-related documents. If one day your computer crashes or someone steals your laptop, you’ll lose all of those important files and you’ll be devastated. Dropbox can solve this problem by automatically backing up files in the cloud and making them accessible through any portable device, such as your cell phone or iPad. It’s the best feeling to know that you won’t ever have to worry about losing your important files. In order to get the Dropbox software on your computer, you’ll have to go to www.dropbox.com and download the program. Next install the program and create a new account with your current email. You will then have a blue folder on your computer that looks like an open box.

Think of this blue magical box as a hard drive that is connected to a server. It’s no different than your “My Documents” folder except that any files in Dropbox are saved online. Whichever files you place into this folder will automatically upload to a secure server. Another major benefit of Dropbox is Illustration: Dropbox that it gives you the ability to share any individual folder with other Dropbox members. Any revisions made by other parties will be updated in the Dropbox folder instantly, so you’ll always have the latest version of all files. Dropbox makes the synchronization of files among teams much smoother and therefore you’ll have a more productive team.

theEDGE is dedicated to inspiring, empowering, educating and connecting AREAA’s young professional real estate community by complementing leading industry practices with innovative technology and social media to develop the next generation of AREAA leaders and to better serve the Asian home buying community.

Find out more: www.areaa.org/EDGE

” e k i L “

n o A

A E AR

facebook.com/areaa.national

Kathy Tsao: taking her

Show

on the

Road

by Ivan Choi

uring the weekend of October 1st, 2011 the Asian Real Estate Association of America (AREAA) was closing out its sixth annual convention at the historic Palace Hotel on Montgomery Street in San Francisco, California.

With more than 1,000 conference participants, the energy level and camaraderie remained high as the AREAA crowd walked through the hotel’s first floor to the Grand Ballroom. Whether in formal or semi-formal dress, convention participants were an intimidatingly fashionable, attractive crowd on this Saturday night as they entered and found seats at dinner tables.

This was AREAA’s ticketed, gala dinner event to acknowledge the year’s accomplishments, major sponsors, and the unfortunate earthquake victims in Japan. For AREAA as an organization, however, the gala marked the annual transition of leadership for its chairperson. As her name was called from the podium, Katherine (Kathy) Tsao rose from her table to accept the 2012 AREAA chairwoman title. Now at the podium ready to deliver her installation speech, standing at 5’11” with heels, Tsao may as well have been a movie star as she confidently walked on stage with a welcoming smile and hand waves.

Contrary to the glamor, Tsao proceeded to deliver a no-nonsense, yet heartfelt message that began as follows: Good evening… I am humbled by all of the trust and confidence that you are bestowing upon me by giving me the opportunity to serve as your chairwoman of this great organization. The way I see this position and any title is that we don’t own it; we are just merely a gatekeeper for a period of time…

Tsao then quickly recounted in a whirlwind of words her personal story of how she was born in Taiwan, grew up in New York, graduated from college, worked in a hospital, was married, had two boys, divorced and then struggled with life as a single mother over the 20 years after

Opposite: Kathy Tsao in Manhattan Photo: Michael Paras

her high school graduation. Tsao narrated those years as some of the “darkest of my life”.

For anyone that has worked or interacted with Tsao at AREAA, her personal struggle is usually not a topic she openly talks about. Tsao is almost always focused on the situation and issues at hand, and the tasks that need to be accomplished.

Tsao’s beautiful exterior and poise belies the fact that she is filled with a drive to spread positive energy, gets people’s input on Asian housing issues, looks critically at action plans, and charges forward to quickly achieve objectives. At a work level, some find Tsao’s drive can be daunting at times.

So when Tsao referred to some of her “darkest” years during her speech, a few longtime AREAA national board and committee members noticed. One national board member commented, “In the years I’ve had a chance to know [Tsao], she never talked much about her personal life at all.”

The Installation Tsao gives her inaugural address as Chair at the 2011 AREAA National Convention in San Francisco Photo: John Photography

On April 1, 2012, exactly six short months after her installation as chairwoman, Tsao is in her hometown of New York City for AREAA’s first-ever Global Summit at the Waldorf Astoria Hotel. By this time it’s clear that Tsao is dedicated to the job for AREAA. She’s logged more than 100,000 miles in travel that includes Southeast Asian countries for AREAA’s trade missions, as well as meetings and conferences domestically to represent AREAA, like the quarterly meetings for the National Association of REALTORS’ (NAR’s) presidential advisory committee on multicultural issues.

A bulk of Tsao’s travel included a rigorous schedule to visit individual AREAA chapters.

When asked about the aggressive travel and her

The way I see this position and any title is that we don’t own it; we are just merely a gatekeeper for a period of time...

Michael Paras

Michael Paras

commitment to seeing chapters, Tsao comments in her matter-of-fact manner, “It’s just something that had to be done. Our chapters have never gotten the [sic] personal attention from AREAA and in some cases have felt unsupported from [AREAA] National. I want to ensure that we have a presence and that the chapters get direct communication on what’s happening. The chapters are where the rubber meets the road.

You know how difficult it can be to start a chapter. But now we have 21 of them because of everyone’s hard work. Now that we have these chapters, we have so much work to do at the local level to do outreach and create opportunities. Just imagine the things that we can do!”

In a light drizzle, we walk out of the Waldorf onto Park Avenue across 50th Street to St. Bartholomew’s Church for the international networking session for the Global Summit. The main church gathering area serves as the venue with tables, open bar, and hors d’oeuvres served by wait staff. As is normal for Tsao, she is looking like a star with her big smile and sparkling blue dress. As we walk and arrive into the venue, a group of around 150 summit attendees are surrounding us. Some of the attendees stand next to us patiently, clearly wanting to speak with Tsao, but not interrupting out of courtesy.

Tsao quickly looks over to the waiting attendees, and tells them that she’ll be right with them, as they smile and nod in acknowledgement. Tsao leans over and says, “Let’s spend some time to do the interview

46

In Vietnam

now, because I don’t think we’ll have time later during the summit.” She moves to Tsao speaks in Saigon during AREAA's trade a side table where we get seated on the mission in 2011 outskirts of the crowd.

“So what would you like to know?” Tsao asks with Tsao worked, a smile. What people want to know about Tsao is the there were personal side, precisely because she rarely mentions it. a lot of FiliTsao hesitates to talk about the personal. She wants to pina hospital be pragmatic and talk about AREAA’s mission, its iniemployees. tiatives, the ideas she has, and how she plans to execute “I was suras chairwoman. But tonight, Tsao is pigeon-holed with rounded by direct questions about where she’s from, who she is, these Filipina and the path she’s taken. ladies at the “Most people don’t know it, but my family is actuhospital who ally from mainland China,” Tsao starts off. “But I all had more was born in Taiwan.” Based on the way Tsao speaks than one job,” Chinese, she easily passes for Taiwanese. From here, Tsao says.

Tsao begins to move quickly through her personal “So it felt history with a cursory timeline and short statements very normal. that completely gloss over her life. Reminded of her In hindsight, I have them to thank for the inspiration chairwoman installation speech, and how she didn’t and helping me to keep going.” give much detail about her personal story, Tsao begins In the 1990’s was when things began to change for to open up a little bit more.

Tsao. After buying her first home in the late 80’s, she “Do you remember in my installation speech how I ended up making a connection with her REALTOR. referred to my two sons as ‘naughty’?” she asks.

“She [the real estate broker] was a lot of things, but Tsao’s older son Kevin, age 24, is a certified public she was an especially kind person. That’s one thing I accountant (CPA), while her younger son Kenny, 22, clearly felt from her.” Tsao says. “Of course that was recently started off as an investment banker. “They the biggest purchase I had ever made. I was struggling grew up to be great boys, but I described them that way as a single mother. Buying that house, along with the because back then I could never get them to listen,” kindness my REALTOR showed, really made a big Tsao remembers. impact on me.”

The statement is a good indication of how tough With that experience, Tsao later was encouraged life as a single mother was for Tsao, trying to raise two to pursue real estate after realizing that she could boys. Tsao graduated high school in New York, earned help other people just like her. Like a lot of real estate a bachelor’s from St. John’s University, and also earned professionals, Tsao also realized that it gave her the a master’s degree. She was married, but unfortunately freedom to work as hard as she wanted to while also at the time “it did not work out,” and Tsao found hertaking care of her sons in a better way. Tsao officially self on her own. “Everything became black and white. left her hospital jobs and became a REALTOR in 1995.

My life became sharply focused on what I had to do to Just as Tsao begins to talk about her beginning live and support my two boys,” Tsao recalls. “That’s all months in real estate, we are interrupted by two ladies there was to it.” at the networking reception at St. Bartholomew’s Tsao worked two or three jobs through the 1980’s Church. Tsao stands and turns her head back. “Let’s into the mid 1990’s. “I didn’t think anything of it, havtry to spend some more time later. It was fun to talk! ing two or three jobs,” Tsao says. At the hospital where I’ll see you back at the hotel,” she says, as reception

Hotel. It’s an all-day, local real estate summit organized by the AREAA Greater Atlanta chapter. Kicking off the event with keynote remarks, Tsao remains seated at one of the front tables for the entire event, titled “Reinvesting in Atlanta”. The event is a continuation at the local level of AREAA National’s Global Summit in New York.

To Tsao, it’s clear that she truly cares about AREAA chapters. Tsao is the first AREAA chairperson to have visited the majority of local chapters. They – along with the work they accomplish – are a repeated theme throughout her individual chapter trips and visits. Even in a recent email dated June 15th, Tsao writes, as if it wasn’t clear enough how committed to chapters she really is: “This is how I view it. Going to our local chapters is worth every trip because I can:

1.

On behalf of National, convey my personal appreciation for what they do.

2.

Give them moral support. [Some chapters have expressed that they have been demoralized, feeling isolated.]

3.

Understand the unique chal-

in her a drive to help people and be humble in doing work. Tsao has traveled and worked very hard to find a way to enhance AREAA as an organization of 12,000 members, 21 chapters, and a bundle of national committees focused on everything from public policy to chapter development.

Long-time board member -- and now AREAA Vice Chairman -- Jim Park described Tsao this way: She doesn’t seek the limelight or recognition. She is all about getting the job done and doing the right thing, and frankly has approached her responsibility at AREAA with that same determination and work ethic. People know her as high energy, relentless and hard charging; however, that’s only when she feels a personal passion for the cause. I am proud to be her friend and AREAA will forever benefit from her passion for the organization’s mission.

s

It is now June 14th, a hot summer day in Duluth, Georgia at the Marriott

Out of 21 local AREAA chapters, Tsao has now visited with and attended the events of 18 chapters.

Tsao has even visited a few of them more than once.

Regarding the three chapters she has not visited, she is apologetic, “I am really sorry I have not visited those three yet… But I will see them before the end of [yearlong] term as AREAA chair.”

Even though we may never find out all of the details of Tsao’s personal background, we now know from the little bit she’s volunteered that her life path has instilled

Michael Para

attendees begin to surround Tsao as they see she’s become free.

Michael Para s

Everything became black and white. My life became sharply focused on what I had to do to live and support my two boys. That’s all there was to it.”

lenges each chapter faces, and do some quick brainstorming sessions to help them find solutions.

4.

Foster a stronger connection between National and Local [chapters].

5.

Encourage more collaboration and cooperation between chapters.

6.

Promote national events.

7.

Identify local talent.”

Visiting Chapters Tsao poses with local AREAA leaders Victoria Erfle, Lina Chu and Christina Shaw during one of her countless chapter visits; this time a homebuyer outreach event in California's Inland Empire

47

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Illinois

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Century21 S.G.R., Inc. 1823 S. Michigan Ave., Chicago, IL 60616 1(773)908-9908 Cell 1(312)326-7911 Fax Nancy@Century21SGR.com www.Century21SGR.com Specializing in the: - Acquisition and disposition of distress properties - The representation of international investors - Residential/commercial property consulting Representatives fluent in over 20 languages.

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AREAA Business Network New York Tarlien (Richie) Lin Vice President

Prudential Douglas Elliman 575 Madison Ave, 5th Floor New York, NY 10022 (212) 350-2245 Phone (917) 770-0310 Cell TLIN@ELLIMAN.COM www.elliman.com/tarl I am proud to be a board member of the AREAA NY Metro Chapter.

Kathy Tsao 曹凱西

Broker Associate, CBR®, EcoBroker Certified®, GREEN Prudential Douglas Elliman 575 Madison Ave #402 New York, NY 10022 (212) 891-7788 Phone (646) 497-5418 Fax ktsao@elliman.com www.elliman.com Servicing Manhattan, Queens and Long Island since 1995

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Join the AREAA Members-Only Forum on

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Assume the Role of Managing Your Credit Prudently and Watch Your Credit Score Improve

bigger picture. Every time you use credit, you have an impact on your credit files, whether you are paying for groceries with your credit card or taking advantage of interest-free financing on your living room furMost credit score models are sim- niture.

It’s critical to understand that each ply a measure of the likelihood that you will default on a loan payment, person’s credit history is completely which is defined as being more than unique, so the impact of the deci90 days delinquent or “past due”. sions you make when handling your Lenders use your credit score in con- credit is unique to you. That’s why it junction with other criteria to help determine whether to approve you for credit, ranging from a mortgage to a credit card, and what interest rate and terms to offer you. In addition, other businesses – including utilities, landlords and more – may check your credit score to see if you are likely to pay your bills to them.

In reality, your credit score is simply an interpretation of the information in your is so important to be your own credit credit files – a fact that sometimes manager and focus on making prugets lost when people focus too much dent decisions based on your own on the ups and downs of their score, financial situation.

This is the first of two related arletting their credit score determine their credit behaviors rather than ticles I will be contributing to a | r | e vice versa. The purpose of this paper about how credit-related activities is to help you make good decisions impact credit scores. This first one and manage credit wisely. If you do provides a solid base of information that, you can leave your credit score about credit files and their relationon autopilot until you actually need ship to credit scores. It will also cover credit. The key is to understand the how common credit actions such as 50

opening up a credit card, or missing payments directionally impacts credit scores. In a follow-up article I will get more specific. In that article I will provide borrower profiles, and demonstrate how hypothetical credit behaviors would likely impact credit scores.

Credit Files and Their Relationship to Credit Scores Even the financial gurus on television often make the mistake of not differentiating between credit scores and credit files. Credit files are often also called credit reports, which are compilations of the credit files.

In some cases, a consumer’s credit report may also be referred to as a credit disclosure.

Your credit score is a three-digit number derived from a mathematical interpretation of the information in your credit files. Lenders report this information based on your credit-related activity, which includes things like mortgage payments, credit-card balances and credit inquiries.

This information also might include public records, such as tax liens and Source: TransUnion

The three numbers that make up a credit score have become an obsession to some people. But what’s really important is how you manage your credit.

Barrett Burns President & CEO VantageScore solutions

other information from government sources. The credit files (and thus, credit reports) are maintained by the three national credit reporting companies (CRCs): Equifax, Experian and TransUnion. Most lenders report activity to some or all three of the CRCs each month. Credit score models, such as the VantageScore® model, use the information in your credit files to arrive at your credit score.

Lenders and other institutions typically use a VantageScore credit score or other credit score – along with information they obtain directly from your actual application, such as income, total monthly debt payments, down payments and employment status – to make decisions. Together, the information helps a lender determine the terms of a loan, which can affect the amount you might pay in interest and finance charges. A higher VantageScore credit score indicates a lower likelihood of risk to lenders, so if you have a higher credit score, you generally can get credit at more competitive rates than you could if your score was lower.

Do Credit Scores Change Often?

The short answer is yes, credit scores do change often.

Your credit score probably will be different each time it’s obtained because the information in your credit

files has most likely changed since the last time your score was requested. The information in your credit files changes when a lender provides an update on the status of one of your credit accounts, such as whether you have made payments on time, how much credit you’ve used, and how much credit you have left.

For example, your credit score goes up as you make on-time payments on a loan or reduce the balance on a credit card. Your score goes down when you make a late payment or increase the balance on your credit cards. Your credit score also changes when you apply for additional credit, take out a new loan or experience a charge-off1, foreclosure or bankruptcy.

In theory, if you have ten accounts in your credit files, your score might change ten times a month if a score is pulled after each single account is reported. There are roughly 200 million consumers with credit files in the United States, and approximately 36 billion pieces of credit data are recorded on their credit files every year. That’s an average of more than 15 changes to a credit file each month for each consumer. The impact that the information in your credit files has on your credit scores changes over time as well. Negative information may become less impactful over time.2 Don’t be alarmed by this. It’s entirely healthy and routine for your credit scores to change slightly.

How Much Do Scores Change?

Roughly 70% of credit scores change by up to 20 points in any given 90day window. A 20-point change isn’t very significant most of the time; a 40-point drop is more of a concern.

As you can see in Figure 1 (opposite page), most consumers experience a score improvement rather than a score drop. In fact, 56% of credit

scores shift higher, Figure 2 Impact of Various Actions on Credit Scores while 34% drop, and the remaining Low ACTION LENDER INTERPRETATION...

SCORE IMPACT Risk 10% stay the same.

Of those that expePays bill on time Wisely handling debt Improvement rience a score drop, Low credit utilization Sufficient access to credit, Improvement 6% see a drop of unlikely to need additional funds more than 40 points.

Mature accounts Experienced credit user Improvement For these consumers, it’s important to Uses diverse range Experience with different types Improvement of products of repayment requirements take steps to repair their credit profiles, Inquiry about a new Why the need for credit Small drop which is entirely loan exposure or normal expansion? possible over time, Opens a new loan Why the need for credit Small drop as you’ll see as you exposure or normal expansion? read further.

New accounts Will consumer effectively Small drop Higher credit manage new credit? scores always improve your likeliMaxes out credit Tipping point: potential for Drop hood of obtaining card (high utilization) significant exposure good credit terms.

Pays late - first time Tipping point: potential for Drop Of course, somesignificant exposure times even a small credit score drop Pays multiple loans All credit at risk Larger drop can be detrimental. late For example, if your Miss multiple All credit at risk Larger drop VantageScore credit payments on a loan score is 7003, but the (3 or more) minimum required Charge off Default Major score score for a loan with drop a particular lender is Foreclosure Default Major score 705, then there is a drop chance that you will Bankruptcy Default Maximum score not qualify for good drop, extended credit terms without time impact appealing directly to Source: VantageScore Solutions High Risk your lender or loan Lenders report behavior about each you are handling your credit wisely. officer.

The good news is that with simple credit account on a monthly basis to The actions in the red-shaded risk areas, which include paying multiple credit management techniques, you one or more of the CRCs. The impact on your credit score loans late and declaring bankruptcy, can typically improve your credit score by 10 to 15 points within a few from each single credit activity ap- signal that you are having problems months. For larger score improve- pearing in your credit files will vary, making payments on time.

The activities in the yellow-shaded ments of 40 or more points, you may but there are generally things that need to demonstrate disciplined have good or bad consequences. risk area can be entirely appropriate credit management over a longer Figure 2 explains how some credit- but still can cause your credit score to related actions and events generally drop slightly. This is because the miltime frame. lions of transactions and past conimpact credit scores.

The actions shaded green for “low sumer behaviors used to create and Why Do Scores Change?

As mentioned, most adults in the risk”, which include paying bills on test credit score models demonstrate United States have a consumer credit time and using a number of different that consumers with these actions file at one or more of the CRCs. types of loans, obviously signal that appearing recently in their credit files

A “charge-off” occurs when a lender, generally for tax purposes, declares that an amount of debt is unlikely to be collected, which can happen when a consumer becomes severely delinquent on a debt. The lender reports to the CRCs it has taken a loss, but the consumer is still responsible for paying back the debt.

2 More information about how the impact of certain credit activities changes over time is discussed later in this article.

3 There are many credit score models used by lenders, including the VantageScore model. Not all models use the same score range. The VantageScore range is from 501 to 990.

1

51

Figure 3 Length of Time Negative Information Generally Remains in Your Credit File Chapter 7 Bankruptcies

10 years

Late Payments

7 years

Foreclosures

7 years

Chapter 13 Bankruptcies

7 years

Collections

7 years

Public Record5

7 years

only negative item that remains in your credit files indefinitely is a tax lien. Other items disappear at different rates. The table in Figure 3 provides the length of time that certain types of negative credit information generally remain in your credit files.

But if one of these things has happened to you, don’t give up hope! Even though these items will stay in your credit files for the length of time indicated in Figure 3 above, they are not calculated in your credit score for the entire time they are in your files. Moreover, the impact these items will have on your credit score may diminish over time.

In other words, although a late payment stays in your credit files for seven years, it does not continue to drive down your credit score for the entire period. It is even possible to repair your credit score after a bankruptcy. This is because a credit score can and will change as the information in credit files becomes older and less impactful. In other words, information is weighted less by credit scoring models as it ages.

Here’s what you need to know about negative information in your credit files:

Source: VantageScore Solutions

are riskier; when risk increases, scores drop. But the score drops are minimal for the actions in the yellow area.

The small drop caused by the activities in the yellow area can be made up very quickly. For example, your score might go down slightly because an inquiry4 was reported to the CRCs and you opened a new credit account, but if the CRCs are notified that your payments are on-time and your balance is not excessive, your score begins to benefit from the positive information created as a result of the new credit account.

1.

Information, especially negative information, doesn’t stay in your credit files forever. Both positive and negative information reported by lenders drops off the file after a set period of time; the

2. Your score will experience the greatest drop in the first month after the negative event.

3. As time goes by, the event will have less and

less impact until at some point it has no impact whatsoever, even though the timeframe for which the event remains in your file hasn’t ended. Typically after two years most negative items have little impact on your credit score.

4. Of all these events, bankruptcies and public records have the biggest impact on your credit score, causing the largest drops and taking the longest recovery time.

5. With ongoing, good credit management, your credit score will improve and offset these events.

To illustrate this, Figure 4 tracks how five credit management activities can impact a credit score over the course of a two-year period.

Of course, proactively managing your credit means you avoid missed payments or any of the other negative actions. But if those kinds of events do occur, you need to become “current,” which means that you’ve caught up on all missed paySo long as additional negative information ments. Once you are current, the impact diminisn’t added to your credit files, the negative ishes over time as the benefits of making payments impact of all of these events on your credit on-time cause your credit score to improve.

The key to improving a credit score or maintainscore diminishes with each passing month ing a good score is to practice these behaviors for from the time the event occurred. a period of time – or better yet, indefinitely. The more evidence of wise credit management in your credit files, the more your credit score improves over time.

You also should plan ahead. If you need to finance the purchase of a car or if you plan to acquire significant levels of credit in the future, keep your credit card balances low. Don’t apply for unnecessary credit and cause inquiries to be reported to your credit files. It’s in the months and weeks before you plan to apply for a loan that your credit management activities enable you to get the best terms for the loan.

Having a good credit score is extremely important, but worrying about whether it goes up and down slightly is much less important than paying attention to the information in your credit files, which is the result of how you manage your credit behavior. By practicing good credit management, you can ensure that your credit files are full of positive information that will keep your credit score high, or reduce the behavior that is affecting your credit score negatively.

Manage your credit wisely, and your credit score will take care of itself.

Most credit score models accommodate the need for consumers to shop for the best interest rate for a single loan by inquiring with multiple lenders. The VantageScore model interprets all inquiries within a 14-day window as a single inquiry. This is discussed in more detail in Part 2 of this paper.

5 Public records include information filed or recorded by local, state, federal or other government agencies that is available to the general public. The types of public records that can affect your credit score include judgments against you from bill collectors or in small claims court, or tax liens levied by a government authority.

4

52

E c o n o m i c U p d at e

Sluggish Economy Continues Despite Improvements in the Housing Market Poor workforce development seen as major contributor to slow growth

LOS ANGELES, June 20, 2012 - In its second quarterly report of 2012, the UCLA Anderson Forecast’s outlook for the U.S. says that Gross Domestic Product (GDP) and job formation will remain weak in the near-term, mirroring conditions that have prevailed for the last two years. GDP growth is forecasted to be 2.4% by the end of 2013, increasing to 3.4% in 2014. The unemployment rate by the end of 2013 should be 7.7%. The forecast assumes the Federal Reserve Bank cannot risk a rate increase, particularly if the nation experiences the forecasted inflation rate of 1.6%.

In California, slow and steady gains are anticipated throughout 2012. More accelerated growth in 2013 and 2014 could see California’s unemployment rate decrease to 7.7% by the end of 2014, which is within 0.6% of the U.S. rate.

The National Forecast

In his June Forecast report, UCLA Anderson Forecast Director Ed Leamer speculates on the economic factors that will become the engine(s) of growth for the U.S. economy. In an essay titled, “Wall Street, K-Street or Main Street? Who Can Save US?,” Leamer suggests that the “distraction” caused by focusing on the financial sector (Wall Street) and the federal government (K-Street) is causing most to miss the “real Main Street problem,” that is, inadequate workforce development for 21st century labor markets. Re-emphasizing themes he’s discussed in previous forecasts, Leamer writes, “The solution is workforce development. We need to take a deep breath and accept the fact that two bubbles have disguised the inferior quality of our educational system. Good jobs in the United States in the 21st century will require humans to do things that are not suited to the capabilities of far-away foreigners, robots or microprocessors. We need a workforce that can think creatively and solve the new problems, not merely recall the solutions to old problems.”

Leamer’s essay notes that there has been no real recovery from the “Great Recession” of 2008/9. In each of the previous ten recessions, GDP returned to its previous peak within two years. This time it has taken almost four years. A recovery with exceptional GDP growth requires greater than normal employment growth. Payrolls have typi-

cally recovered to their previous peaks within two in multi-family construction, which is underto two and a half years. Given current lags, Leamer pinned by a low vacancy rate (5%), rising rents and a flood of institutional money coming into the says this recession could take seven or eight. sector.

In a companion piece, UCLA Anderson Senior Economist David Shulman casts an eye on the nation’s housing market. In his essay titled, “Rebuild- The California Forecast ing the Housing Economy,” Shulman writes that In the California report, Senior Economist Jerry average home prices have declined by one-third, Nickelsburg looks closely at California’s housa searing experience for most homeowners who ing market, specifically residential construction, never believed housing prices would ever fall. which “first led the decline in employment and Amid continuing foreclosure activity “and poteneconomic activity going into the recession and has tial homeowners either unable to meet more strin- been at the rear dragging down potential growth gent purchase requirements or fearful of continued during the recovery.” In an essay titled, “California price declines, the homeownership rate declined Housing Markets: Data, Mirages, and Recovery,” from a peak of 69% in 2004 to 66% in 2011 and is Nickelsburg writes that California’s unemployment forecast to drop to 65% by the end of this year.” rate rose faster than the nation’s due to 350,000 lost However, Shulman’s analysis suggests that the construction jobs. housing market may have bottomed out and that Is California’s housing market ready to turn? a recovery is underway. Foreclosures appear to Nickelsburg’s analysis suggests that California real have peaked. Existing home sales are on the rise. estate markets are “either still in the trough or Shulman says that this recovery is bolstered by a still declining toward it. While there is some data gradually improving labor market, a rebound in giving rise to optimism, there is no real indication household that the housing market is on formations the cusp of a recovery.” However, and record there is data that leads Nickelslow mortgage burg to expect the California Shulman notes that the “real drama” is rates. housing market to grow more coming in multi-family housing, citing the But he rapidly than the nation’s in 2013 current boom in multi-family construction, warns that the and 2014. “We expect a modest which is underpinned by a low vacancy recovery will growth in housing starts for the rate (5%), rising rents and a flood of instibe “gradual balance of the year at approxitutional money coming into the sector. and uneven.” mately one quarter of the U.S. The improving rate,” writes Nickelsburg. “This job market is will be predominantly multifar from healthy. While higher down payment and family housing. In 2013, we forecast a 40% jump in credit score requirements are nullifying some of permits, slightly above the U.S. rate and a dramatic the stimulative effects of the low interest rates, the rise to 130,000 permits in 2014, double the U.S. specter of exploding student loan debt will keep rate.” potential buyers out of the housing market for The current forecast is for continued slow steady years to come. gains in employment through 2012, with growth Housing starts are expected to increase from a expected to rise 1.9%, 1.8% and 2.5% in 2012, very depressed 610,000 units in 2011 to 755,000 2013 and 2014, respectively. Payrolls will grow units this year and 1.01 million units and 1.37 mil- more slowly at 1.6%, 1.8% and 2.4% for the three lion units in 2013 and 2014, respectively. Although forecast years. The unemployment rate will linger the increase is substantial, the recovery represents around 10.6% through 2012 and average 9.7% a return to a more normal level of activity. in 2013, about the same as was forecasted in the Shulman notes that the “real drama” is coming March report. The unemployment rate is expected in multi-family housing, citing the current boom to drop to 8.3% in 2014.

53

(L to R) Bibi Singh, AREAA New York Metro; Tanya Reu, AREAA National Director, Realogy; Kathy Tsao, AREAA National Chair; and Sherry Chris, President and Chief Executive Officer, Better Homes and Gardens Real Estate LLC AREAA National Director Fred Underwood leads the Table 3 discussion

very year, the AREAA Leadership Summit is amazingly packed with some of the top real estate professionals in the nation, doing business and learning how to lead in their own communities more effectively. The 3rd Annual Leadership Summit in New York was no exception. Representatives from the national board, committees and local chapters convened to set the path for the year and brainstorm ideas to move the association forward. Photos by Michael Paras Dionne Cuello, AREAA Dallas/Fort Worth Charlie Suh, AREAA National Director David Tran, AREAA National Director

54

Shawna Bridgman, Wells Fargo Home Mortgage Mark Kitabayashi, AREAA National Director AREAA Founding Chair, Allen Okamoto, supporting Jeremy Lin

Aaron Yu, AREAA National Director and Ellen Osmundson, AREAA Greater East Bay Membership Chair Nancy Suvarnamani, AREAA National Director Joey Lai, AREAA National Convention Co-Chair; Grace Choi, AREAA DC Metro President; and Carmen Chong, AREAA San Francisco Peninsula President Dan Shanyfelt, AREAA National Director and a | r | e Editor-in-Chief Sandy Wood, AREAA National Director, Bank of America

55

Vasif Imtiazi, Chief of Staff, CitiMortgage

In March of 2012, AREAA held its first-ever Global Real Estate Summit in New York City, covering everything from the latest happenings in major U.S. real estate markets to the global economy as a whole. From riding in the subway with true New Yorkers to ringing the bell at the New York Stock Exchange, it was the quintessential Big Apple experience. And of course, theEDGE event at Pranna Restaurant was the hippest scene we could have imagined!

Attendees included international real estate professionals from Canada, China, France, Indonesia, Japan, Korea, Malayasia, the Philippines, Taiwan and Vietnam, and the conference had an intimate, family feel, even with over 600 attendees. Staying at one of the most historic hotels in New York City, the Waldorf-Astoria, AREAA up-

held its standard of hosting conferences with style and panache.

New York is known for its hustle and bustle and staying up all night, so you would think its REALTORS would be the same. Well, they were.

However, in addition to rocking the real estate market in one of the finest cities in the world, they knew how to “rock” our visit. So much hospitality from the moment each guest arrived. Each New York REALTOR I met knew their city and knew how to show their visitors not only a good time, but the best time. Most of this can be attributed to our truly fearless leader and New York native, Kathy Tsao. The Global Real Estate Summit was something that had never been done before. Now, it’s something that will be a hard act to follow.

- Caron Ling

Kenneth Adams, Empire State Development President & CEO and Commissioner of the New York State Department of Economic Development

Photos by Michael Paras except where noted

Danielle Grossenbacher, 2011-2012 President of the U.S.A chapter of FIABCI, the International Real Estate Federation

Carol Galante, Acting Assistant Secretary for Housing-FHA Commissioner, U.S. Department of Housing (left) was the recipient of AREAA's Housing Industry Leadership Award, presented by Dawn Tsien (middle) and Kathy Tsao (right)

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Attendees learn how to improve their REO business during the Asset Manager Roundtable session

Young Woo, Principal and Founder, Youngwoo & Associates

Kathy Tsao and Michael R. Good, Chief Executive Officer, Sothebyâ&#x20AC;&#x2122;s International Realty Affiliates LLC President and CEO of Century 21 Real Estate LLC Rick Davidson and AREAA Founding Chair John Wong greet guests at a reception at the New York Stock Exchange, sponsored by Century 21

Photo: Ben Hider Photography

Alex Perriello, President and CEO, Realogy Franchise Group

Eric Belsky, Executive Director of the Joint Center for Housing Studies of Harvard University

Brad Blackwell, Executive Vice President, Portfolio Business Manager, Wells Fargo Home Mortgage

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Ron Phipps, 2011 President of the National Association of REALTORS速

AREAA leaders Allen Chiang, John Yen Wong, Allen Okamoto, Jim Park and Kathy Tsao receive gifts from special guest Kirkor Ajderhanyan of the French National Real Estate Federation, FNAIM Michael Innis-Thompson, Senior Vice President, Head of Community Lending & Industry Relations represents keynote luncheon sponsor Union Bank

Denia Graham, BLB Resources, and Lina Chu, AREAA Inland Empire, present on a panel about property management

Ryan Hennessy of Keystone Asset Management shares REO tips with Stephany Oliveros

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AREAA DC Metro leaders Genie Nguyen, Thai Hung Nguyen, Anne Thai and Grace Choi enjoy the international welcome reception

Attendees enjoy theEDGE event at Pranna, sponsored by the National Association of REALTORS速

David Stevens, representing the Mortgage Bankers Association

Kathy Tsao addresses a capacity crowd to kick off the general session

Andrew Lee and Peter Park recognize Margo McKay-Broughton of First Preston HT for her support of AREAA and its mission

Michael Gibson, Managing Director of USAdvisors, speaks to opportunities in the EB-5 investment program

Tina Mak of AREAA Canada shares tips on developing business relationships with international clients

Craig Nickerson, President of the National Community Stabilization Trust

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Around The AREAA Greater East Bay Inaugural Banquet The AREAA Greater East Bay chapter had its inaugural banquet in May, Asian Pacific Islander Heritage Month. 170 members and guests, some dressed in colorful cultural costumes, attended the historical event at Peony Restaurant in Oakland Chinatown.

The founding AREAA Greater East Bay Board of Directors, installed by John Yen Wong, Founding Chair of the Asian Real Estate Association of America, swore in to commit to uphold the AREAA mission to promote sustainable homeownership opportunities in the Asian American communities.

After enjoying a ten-course banquet, members and guests were entertained by Mark Zhang with a comedian performance and by a colorful couplet of Thai dancers from the Thai Cultural Center.

To share the cultural richness of the evening, guests who dressed in cultural costumes were invited on the stage. Countries represented on stage included China, Vietnam, Thailand, Japan, Malaysia, Korea and the Philippines.

Under Vinny MaNguyen’s presidential leadership, the AREAA Greater East Bay Board has been working very hard to bring quality educational and networking programs for its members.

Front row: VP - Denise MaNguyen, VP - Arianna Gallegos, Secretary - Thuan Bui, Membership Chair - Ellen Osmundson, Treasurer - Jessica Yap, Director of Education - Frances Low, Membership Co-chair - Chery Tamaru, Membership Director - Mayury Bounprakob, Back row: VP - Don Cruz Datanagan Director of Technology - Kenny Truong

Join the new AREAA Greater East Bay chapter online:

www.areaa.org/eastbay AREAA Central Valley Installation Dinner AREAA Central Valley Chapter’s first annual installation dinner was held on March 23, 2012 at the Fort Washington Country Club in Fresno. Mark Chu, Broker at Big Realty was sworn in as the chapter’s new president. Chu takes over for founding chapter president Kayin Ho. Board members sworn in include: Munish Ghai, Vice President; Crystal Togo, Board Member; Lisa Sasaki, Board Member; Ross Geller, Board Member; Sandy Darling, Board Member; Victor Thao, Board Member; Phillip Thich, Board Member; and Matt Held, Board Member.

The Central Valley is one of the hardest hit distressed markets in California. The Central Valley chapter will focus on partnering with community organizations and industry leaders to improve communications with the Asian American community.

The installation dinner was sponsored by First American Title, Community Housing Council, Academy Mortgage, Big Realty, Home Star Real Estate, JCP Disclosures, Neighbor’s Financial and N&H Construction.

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AREAA Greater East Bay President Vinny MaNguyen The Wells Fargo team enjoys the banquet Comedian Mark Zhang performs

A s s oci a t io n Suh Forms AREAA Relationships in Korea In May 2012, AREAA National Director Charlie Suh traveled to Korea to promote AREAA's International Outreach initiative. He made successful visits to four real estate associations in Seoul and Daegu, including the Korea Association of REALTORS (KAR), the Global Real Estate Brokers Association and the Construction Association of Korea. The relationship between AREAA and KAR was officially established and announced by the KAR Executive members. The KAR Chapter President’s Council appreciated the visit and look forward to promoting AREAA's mission in Korea.

1. KAR Director Suck Yoon Jung, Charlie Suh, and CAK Daegu Branch President Chong Soo Cho 2. Suh, CAK Daegu Branch President Chong Soo Cho, and KAR Daegu Branch President, Yong Chong 3. AREAA Korea Liaison President Yong Soo Choi, Suh, and KAR Director Suck Yoon Jung 4. Suh with members of the Global Real Estate Brokers Association in Seoul including President Don hy Jung and Secretary Hang Joon Cho

Ellen Osmundson named Director o f D iv e r s i t y o f B e t t e r Ho m e s a n d G a r d e n s M a s o n - Mc D u f f i e R e a l E s t a t e First official position as Diversity Director for a real estate brokerage Pleasanton, CA – May 10, 2012 – Ellen Osmundson has been named Director of Diversity for Better Homes and Gardens Mason-McDuffie Real Estate, it was announced today by Ed Krafchow, CEO and Chairman of the company. This newly established role is believed to be the first of its kind for a residential real estate brokerage company.

“As a Bay Area based company, it’s important that we effectively serve the international community in their goal to buy real estate here,” said Krafchow. “Ellen brings a unique set of talents to our company that will strengthen our collective ability to work with foreign buyers and thus increase our global business.”

In her new role, Ellen will provide training on diversity to ensure that agents in the company are equipped to serve clients from all cultures. In June 2012, Ellen will attend the trade mission jointly organized by AREAA (Asian Real Estate Association of America) and the Osmundson and Ed China Real Estate Association (CREA) Krafchow, CEO and to establish professional real estate Chairman of the Board relationships between the two counat Better Homes and tries. Forty-one representatives from Gardens MasonAREAA will visit Beijing, Hangzhou and McDuffie Real Estate Shenzhen.

“International buyers have strong buying power, and they are growing in numbers, especially here in the San Francisco Bay Area,” said Osmundson. “But they need the guidance and counsel of a professional REALTOR so they can make educated decisions based on information on the market, schools, daily shopping, transportation and the community.”

Foreigners spent $82 billion buying up U.S. homes in the 12 months ending in March 2011, up 24% from 2010, according to the National Association of REALTORS (NAR). That represents 8% of total U.S. sales. Overall, about 1 out of every 10 homes sold in California and Texas is sold to a foreigner. In Florida, 1 in 3 homes are sold to a foreigner.

Ellen brings more than 16 years as a REALTOR to this position.

She is a former columnist on real estate for Sing Tao Real Estate Guide and the author of American Home Ownership: The Chinese American Dream. Her language skills in Chinese - Mandarin and Cantonese - have helped her Chinese speaking clients from China, Taiwan and Hong Kong understand the transaction process in the United States.

Ellen has been a resident of Walnut Creek for 19 years. She is the founding chair for the CCAR Diversity Committee. She is a member of a number of industry organizations, including: Asian Real Estate Association of America, Chinese Real Estate Association of America, National Association of Hispanic Real Estate Professionals, Women's Council of REALTORS and the Walnut Creek Chamber of Commerce, to name a few.

Ellen can be reached at the Walnut Creek-Riviera branch of Better Homes and Gardens Mason-McDuffie Real Estate at 925-8904276 or Ellen.osmundson@bhghome.com.

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Around the A s s oci a t io n AREAA G r e a t e r Lo s A n g e l e s Super Summit On April 19 and 20th, AREAA Greater Los Angeles hosted a two-day Super Summit at the Sheraton Universal Hotel in Los Angeles, California. The Super Summit was an unprecedented success with over 650 attendees from various AREAA chapters. Real estate professionals traveled from across the nation to attend, including various regions of Southern California, Arizona, Sacramento, the San Francisco bay area, Nevada, Utah and as far as Chicago.

AREAA Greater Los Angeles was able to educate participants on a number of topics with featured sessions such as: iPad Training, Commercial BPO Training, HUD Marketing, Social Media Best Practices, Property Management, Short Sale Best Practices and much more!

In addition, the Summit included an Asset Manager Roundtable with over 15 different asset management companies and over 20 asset managers. Some of the rountable participants included: Fannie Mae, LPS, iServe, PEMCO, LRES, VRM, Skyhill, and New Vista.

Attendees also had the opportunity to gain insight on being successful in REO during the roundtable sessions, where they had a chance to speak with the top REO brokers one-on-one.

Day 2 of the Super Summit featured an expo with various vendors from around the industry providing valuable tools and resources for real estate agents to better their businesses.

Vendors such as Wells Fargo, First American, Res.Net, Frost Escrow, and Academy all participated in the event.

The chapterâ&#x20AC;&#x2122;s president, Peter Park, and his leadership team had a vision for the Super Summit to give more value and benefit to local members by offering education and networking opportunities usually found only at the National Convention level. By all accounts, they succeeded.

Summit highlights included Congresswoman Judy Chu's presentation of a Certificate of Congressional Recognition to the host chapter. In addition, several asset managers participated in an auction to help support the chapter. Asset Managers from iServe, Precision, VRM, and Matt Martin were just a few who participated in the live auction.

The Summit ended with a fun night at the Penthouse Ballroom. The chapter hosted a salsa night, which included a live salsa band and a delicious three-course meal. Many of the Summit attendees had a chance to relax, have fun and mingle with other AREAA members. AREAA Greater Los Angeles is looking forward to hosting the Summit annually and hosting more successful events in the near future.

Us e t i Wr To have your news, awards and accomplishments considered for publication in future editions of a|r|e magazine, contact us at:

a-r-e@areaa.org 62

Congresswoman Judy Chu

David Lau (left) and Peter Park (right) present Young Ahn with the President's Award of Service

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