05.14.12 Howard County Housing Gathers Industry Professionals to Discuss Housing Market
May 14, 2012
Media Contacts: Kevin Enright, Director, Office of Public Information, 410-313-2022
Thomas P. Carbo, Director, Howard County Housing, 410-313-6318
Howard County Housing Gathers Industry Professionals to Discuss Housing Market
Focus on foreclosure & FHA changes that can hinder condominium sales
ELLICOTT CITY, MD – Howard County Housing will host three FREE forums to discuss issues that may impact the sale of condominiums in Howard County. “Protecting Homeownership: Condominium Sales in a Recovering Housing Market” will be offered:
• Thursday, May 17 from 6:30 to 8:30 p.m. at the North Laurel Community Center, 9411 Whiskey Bottom Road in Laurel;
• Wednesday, May 23 from 6:30 to 8: 30 p.m. in the Banneker Room of the George Howard Building, 3430 Courthouse Drive in Ellicott City
• Thursday, May 31 from 6:30 to 8:30 p.m. in Room 400 of Howard Community College’s Rouse Company Foundation Student Services Hall, 10901 Little Patuxent Parkway in Columbia
Over the last few years, the Federal Housing Administration (FHA) has been engaged in efforts to lower its mortgage insurance program risks, especially in condominium communities. These efforts involve tightening existing underwriting standards and imposing new criteria for condominium associations to qualify for FHA financing. Given FHA’s important role in making homeownership attainable, these changes have adversely affected the condominium sales market in many places around the country.
In Howard County, real estate experts fear these changes will begin to hinder the condominium sector’s resurgence. Howard County is already experiencing a growing portfolio of condominium units on the market, both foreclosed and for sale, which could continue to grow and negatively impact unit values, sales and community stability in the County.
“Condominiums are often a first time homebuyer’s starter home and without FHA financing, many buyers will now have no way to get approval for a single unit purchase,” says Thomas P. Carbo, Howard County Housing Director.
The “Protecting Homeownership: Condominium Sales in a Recovering Housing Market” forums will feature a panel of industry professionals to present the facts, consider the outcomes and discuss possible solutions. The forums are targeted towards community association managers, real estate professionals, condominium unit owners and financing professionals; however, the public is invited to attend as well.
Register by calling 410-313-3441 or e-mail firstname.lastname@example.org and indicate which session you plan to attend.