Legislation was recently introduced in Congress by Reps. Gary Miller, R-Calif., and Carolyn McCarthy, D-N.Y., that is designed to provide a comprehensive strategy for reforming the secondary mortgage market.

H.R. 2413, the "Secondary Market Facility for Residential Mortgage Act of 2011," would give the federal government an exclusive role in ensuring a consistent flow of mortgage credit for all markets during variable economic conditions.

The facility would have no shareholders and would solely serve a national mission to facilitate the flow of mortgage capital to sustain liquidity during all market conditions. The proposal spells out methods to protect taxpayers, ensuring safety and soundness through new regulation and underwriting standards.

The return of private lenders to the market is necessary for a healthy market, but many believe that having private capital as the sole source of housing finance could severely restrict mortgage capital. Such a system could potentially be dominated by a few large banks that are "too big to fail," at the expense of consumers.


Single-family home sales were down modestly in Santa Fe city and county to 108 in June 2011, down from 115 in 2010. While sales dipped slightly, sales volumes inched up, to $55.3 million, up from $54.6 million. The median price of homes in Santa Fe city/county saw a bigger drop: to $357,000 from $400,000 a year ago — a decline of 11 percent.

Inventories are down, so the market appears to be balancing out at this time. June 2011 condo and townhome sales rose to 21, up four from the June 2010 figures, with the median price bumping up from $5,000 to $240,000 this June.

Land activity increased, with six sales reported last June and 11 this June.

One point of interest: Online visitors looking at Santa Fe listings are more often searching for properties in the $200,000 to $400,000 range.


The quality of schools is a pivotal factor for many when choosing a new home. One of the most common questions asked during the home-buying process is, "How are the schools?" By familiarizing ourselves with the issues that affect public education, each of us can be better prepared to make a real difference in our schools and communities.

The National Association of Realtors has a "Public Schools Toolkit" that can help you become more knowledgeable. It contains information about siting a new school, green schools and how schools are funded, along with real examples of how to get involved in improving schools in your community.

There are tips about how to organize a bike- or walk-to-school event, advocate for a specific school issue, and support an innovative school program. Don't wait to raise your hand for help. Visit www.realtor.org/government_affairs/smart_growth/toolkit_public_education to learn how you can use your unique talents to help your local schools.

Donna Reynolds is chief executive of the Santa Fe Association of Realtors (www.sfar.com).