The Senate has passed the National Flood Insurance Program Extension Act of 2010 (H.R. 5569), an extension of the National Flood Insurance Program until September 30, 2010.  This will allow transactions to move forward.  The bill is retroactive and covers the lapse period from June 1, 2010, to the date of enactment of the extension.  Additionally, Congress passed an extension of the closing deadline for the Homebuyer Tax Credit, the Homebuyer Assistance Improvement Act (H.R. 5623).  More

The National Association of Home Builders (NAHB) and a coalition of housing industry groups recently announced plans to file a lawsuit aganst the federal Environmental Protection Agency (EPA) for removing the "opt-out” provision from its Lead: Renovation, Repair and Painting rule (LRRP).  The rule applies to homes constructed before 1978 when lead paint was banned.  Its opt-out provision, which expired July 6, let consumers allow contractors to bypass extra preparation, clean-up, and recordkeeping requirements in homes where there were no children under age 6 or pregnant women, thus avoiding additional costs.  More

To comply with stricter lending guidelines of Fannie Mae and Freddie Mac, and to avoid accusations that the loans sold to Fannie and Freddie are based on inflated appraisals, some real estate professionals have reported lenders lowering home values on appraisals submitted to them.  However, effective September 1, Fannie Mae is prohibiting the purchase of loans from lenders who change appraisers’ numbers.  More

Fannie Mae and Freddie Mac (GSEs/Government Sponsored Entities) recently announced they will deploy a complaint process to address suspected violations of the Home Valuation Code of Conduct (HVCC)More

Homeowners are on pace to spend $128 billion this year in remodeling, up from $116 billion last year, according to the National Association of Home Builders (NAHB).  However, the return on investment has been decreasing.  The percentage of costs recouped at resale was approximately 64 percent last year compared with 67 percent in 2008.  Based on that, experts advise against major remodeling for homeowners who plan to sell within a year as they are not likely to recoup the expenses of the remodel. More

The California Association of REALTORS® entry-level housing affordability was 66 percent in the first quarter of 2010.  This compared with 69 percent in the first quarter of 2009.  The median price of an entry-level home in California wasMore

The Federal Reserve has been purchasing mortgage-backed securities guaranteed by Fannie Mae and Freddie Mac since early last year.  The purchase program has helped maintain low interest rates for borrowers.  As planned, the Fed will stop purchasing these securities at the end of this month.  Many analysts anticipate this will result in a slight rise in rates by year’s end.  More

Home sales decreased 11.7 percent in February in California compared with the same period a year ago, while the median price of an existing home rose 14.1 percent, according to a report by the California Association of REALTORS®.  More

National bank and thrift servicers implemented more than 680,000 home loan modifications and payment plans in the third quarter of 2009, a 69 percent increase compared with the second quarter, according to a report released by the Office of the Comptroller of the Currency (OCC) and the Office of Thrift Supervision (OTS).

 

The percent of current and performing mortgages declined for the sixth consecutive quarter to 87 percent of the servicing portfolio, serious delinquencies rose to 6.2 percent, and foreclosures in process surpassed 1 million mortgages, according to the report. 

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Information received from the Veterans Affairs (VA) in Circular 26-10-01 provides guidance on fees and charges a veteran may pay when obtaining a VA-guaranteed home loan.  More

Thousands of potential home buyers are expected to converge the weekend of March 13 and March 14 at the Los Angeles Convention Center, 1201 S. Figueroa Street, Los Angeles, for the FREE third annual Southern California Home Buyer's Fair.  The Southern California Home Buyer's Fair, open 10 a.m. to 5 p.m., Saturday, March 13, and 11 a.m. to 4 p.m. Sunday, March 14, features more than 50 educational "how-to" seminars designed to help home buyers navigate today's real estate market with confidence and peace of mind. More

A recent report shows that one in five U.S. homeowners owed more on their mortgage than their home was worth in the fourth quarter; however, California's housing market is bucking the national trend and is telling a different story.  Although the report by Zillow.com claims that the percentage of American single-family homes with mortgages in negative equity rose in the fourth quarter, the report does not account for seasonal changes.  The traditional home-buying season is April through August.  Historically, this time period also is when median home prices rise.  In September, median home prices generally show a declining trend, and remain steady from November through February.  The change in the median home price noted by Zillow.com is a typical year-end seasonality adjustment in price.

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The Federal Housing Administration (FHA) is proposing raising minimum credit scores for borrowers who receive FHA-backed mortgages, increasing down payment requirements, and limiting the amount of money sellers can provide toward closing costs. More

MRMLS underwent many changes throughout the past year.  Through its growth and expansion, MRMLS strives to be the best MLS provider in the state.

The list below represents only some of the best accomplishments and advancements that MRMLS and the MRMLS Matrix system has brought to you this year.

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The California Association of REALTORS® reports that median home prices and sales in California both increased in November year-to-year comparisons.  The median home price of an existing, single-family home rose 5.8 percent in November compared with a year ago, the first time the median home price has increased in year-to-year comparisons since August 2007.  More

Some homeowners underwater on their houses—who owe more on their mortgages than their homes are worth—wonder what would happen if they were to stop paying their mortgages.

 

When lenders do not receive payments, the first action by the lender is to report the missed payment to the credit bureaus by the first day of the next month.  Sometimes this can happen in as little as two weeks from the due date, depending on when the payment is due.  Generally, this action will leave a negative mark on a credit report and decrease the homeowner’s credit score by as much as 200 points.

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Sales in new-home communities of 10 units or more in California declined 11 percent in September compared with a year ago, according to the monthly California Building Industry Association report.  Sales of single-family homes declined 17 percent, while sales of townhomes and multiple-unit homes decreased 11 percent.  Condominium sales, however, rose 12 percent compared with a year ago.

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A program by the U.S. Treasury Department aims to provide $29 billion to state and local housing finance agencies over the next year.  Housing finance agencies provide loans to low- and moderate-income borrowers and have faced challenges in recent months as investors have been reluctant to purchase their debt.More

The U.S. Department of Housing and Urban Development (HUD) offers an online guide to preventing foreclosure.  The guide provides consumers with information such as how to contact a housing counselor, when and how to talk to their lender, how to find foreclosure resources, tips on avoiding foreclosure and foreclosure scams, as well as information for consumers who cannot keep their home.  More

Governor Schwarzenegger has signed Senate Bill 94 (Calderon), and the legislation took effect immediately upon his signature.  Thus, California law now prohibits any person, including real estate licensees and attorneys from demanding or collecting an advance fee from a consumer for loan modification or mortgage loan forbearance services affecting 1 to 4 unit residential dwellings.

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For mortgages, 620 is the new magic number.  Near historic low mortgage rates, favorable home prices, and the federal tax credit for first-time home buyers have contributed to home purchases in the past year.  However, the onset of the credit crisis, new regulations for home appraisals, and more stringent guidelines for purchases and refinances have resulted in confusion for some potential home buyers.

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After back-to-back years of sharp declines in sales, the California housing market bounced back in 2008 with a 27 percent increase in sales.  The increase was due in large part to the growth in the absorption of distressed properties, which comprised over half of the sales. More

Many homeowners have experienced difficulties and frustration getting through to their loan servicer when trying to obtain a loan modification.  To help alleviate some of the stress associated with this task, the National Consumer Law Center in Boston is offering the following tips:

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The monthly California Building Industry Association/Hanley Wood Market Intelligence (HWMI) New Home Sales and Pricing Report showed that sales in new-home communities of 10 units or more declined 26 percent compared with May 2008, but sales improved from the 31 percent decline in the prior month and is the fourth consecutive month of that improvement trend.  During May, 3,019 new homes and condominiums were sold in the subdivisions tracked by HWMI, compared with 4,094 in May 2008.  Sales of single-family homes were down by 30 percent, while sales of townhomes and "plexes” – duplexes, triplexes, etc. – were down 24 percent and sales of condominiums were off by 16 percent.  Compared with the same period last year, the median base price of homes sold dropped by 5 percent.

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AB 333 has been signed by Governor Schwarzenegger.  The bill extends the life of active tentative subdivision maps and parcel maps for a period of two years.  It is a measure aimed at assisting new residential constructon by ensuring that the necessary land entitlements are in place when California’s economy and housing market begins to rebound. Legislation adopted last year extended the life of active tentative subdivision maps and parcel maps for 12 months—to July 15.  The bill contains an urgency clause allowing the new law to take effect immediately.

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In April 2006, California Real Estate Technology Services (CARETS) began development of an aggregated database of Southern California listings.  The CARETS vision was to create a standardized data definition for listings, ONE set of MLS Rules and Regulations, ONE set of Data Integrity Standards, ONE set enforcement rules, and more.  MLSs such as CLAW, CrisNet, iTech, SoCal MLS and MRMLS collaboratively traveled this long journey to share this common vision for your benefit.

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Some industry analysts, including U.S. bank regulator, John Dugan, believe that reverse mortgages could be the next subprime mortgage product to gain traction.  Dugan says that while reverse mortgages can be beneficial, they also share some of the characteristics of the riskiest types of subprime mortgages.  Although the majority of reverse mortgages is insured by the Federal Housing Administration and poses limited credit risk, a different class of reverse mortgages is becoming popular—"proprietary” products—which offer less consumer protection.  More

A report by the Federal Housing Finance Agency shows foreclosure starts among the 30.4 million first-lien residential mortgages owned or guaranteed by Fannie Mae and Freddie Mac – most of them prime loans – jumped 63 percent during the first three months of the year.More

AB 957 – Choice of Escrow Bill – new language has been added and will codify in California law the federal RESPA rules for selection of title insurance, and extend the same rules to protect buyers in the selection of escrow services.  In a nutshell, the sellers will have to negotiate the selection of title and escrow.  Under the new language, if an REO seller wants to try and direct choice of escrow, the seller will have to pay for the privilege.  AB 957 also will impose new penalties on REO sellers who violate the law, and will empower state regulators to go after both RESPA and "steering” violations.

 

The Obama administration has announced additional efforts to stem foreclosures

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The U.S. Census Bureau recently reported that the national mover rate declined from 13.2 percent in 2007 to 11.9 percent in 2008, the lowest rate since the bureau began tracking these data in 1948.  In 2008, 35.2 million people one year and older changed residences in the U.S. within the past year, representing a decrease from 38.7 million in 2007 and the smallest number of residents to move since 1962, according to the report.

 

By region, people in the More

The Obama administration has announced new details under its Foreclosure Alternatives Program (FAP) enabling servicers and borrowers to pursue short sales and deeds-in-lieu (DIL) of foreclosure in cases where the borrower is generally eligible for a Making Home Affordable modification but does not qualify or is unable to successfully complete the three month trial period.  The program, effective through 2012, requires that prior to proceeding with a foreclosure, servicers must determine if a short sale is appropriate.

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The Foreclosure Alternative Program (FAP) may make some borrowers eligible for the U.S. Treasury Departments deed-in-lieu program, also referred to as "cash for keys.”

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The California Association of REALTORS® launched the Association's 2009 Consumer Advertising Campaign on the Web, on radio and – for the first time in 10 years – on TV.  Building on C.A.R.'s successful "Your Piece of California, Your Peace of Mind" theme, the 2009 campaign highlights the value REALTORS® bring to the transaction while raising awareness of the REALTOR® brand.

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Freddie Mac implemented the 2009 conforming loan limits for high cost areas (loans higher than $417,000 are called "super conforming" mortgages by Freddie Mac and "high balance" loans by Fannie Mae).   The American Recovery and Reinvestment Act (ARRA) raised loan limits for high cost areas to More

The proposed budget plan for fiscal year 2010 presented by President Obama includes a provision to reduce the mortgage interest deduction for those earning more than $250,000.  Based on a National Association of REALTORS® analysis, the reduced mortgage interest deduction will not only negatively impact families who earn more than $250,000, but also will impact home prices and values across the board. 

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The Franchise Tax Board (FTB) is advising taxpayers facing income tax troubles to contact them to have a specialist review their account and explain available programs that offer assistance.  FTB specialists can assist taxpayers by establishing payment plans, granting relief from state tax liens, or delaying some collection actions.More

The U.S. House of Representatives passed H.R. 1, the Economic Recovery Package.  The bill contains a number of issues critical to REALTORS® and the industry, including the extension, until the end of 2009, of all Metropolitan Statistical Area's (MSA's) 2008 Fannie Mae, Freddie Mac and FHA loan limits. The proposed legislation also will eliminate an existing payback requirement on the first-time homebuyer tax credit for qualified buyers who purchase a home between December 31, 2008 and July 1 of this year.

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The National Association of Realtors® will launch a consumer-radio show "Real Estate Today," on February 14^th.  According to NAR, "Today's consumers are faced with myriad questions and concerns about their own home and mortgage, how housing trends are affecting their immediate community, and whether they should buy or sell a home in the current marketplace.  "Real Estate Today will provide a forum where listeners can learn about real estate news; get comprehensive information about buying, selling and maintaining the value of their home; and ask questions of real estate experts from across the country."

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Division A, title X11 of the stimulus bill provides $2,000,000,000 in additional funding for the Neighborhood Stabilization Program (NSP).  The NSP was created by the Housing and Economic Recovery Act of 2008 (Public Law 110-289) to provide grants through the Community Development Block Grant program (CDBG) to states and localities to address the problems that can be created when whole neighborhoods are decimated by foreclosures.More

Some 48 percent of technology users usually need help from others to set up new devices or to show them how they function, according to a recent study by the Pew Research Center's Internet & American Life Project.  More

New data shows that more than half of loans modified in the first quarter of 2008 fell delinquent within six months.  According to the U.S. Comptroller of the Currency John C. Dugan, after three months, nearly 36 percent of the borrowers had re-defaulted by being more than 30 days pas t due.  After six months, the rate was nearly 53 percent, and after eight months, 58 percent.  A report scheduled to be published later will show continued increasing delinquencies and foreclosures in process for all first-lien mortgages held by the largest national banks and federally-regulated thrifts.  More

An REO lender cannot require a buyer to purchase title insurance from any particular title insurance company.  This title pertains to transactions involving a federally-related mortgage loan for one-to-four residential units as defined under the Real Estate Settlement Procedures Act (RESPA)(12 U.S.C. section 2608).  Although this is a well-established rule under RESPA, it bears repeating given the recent upsurge in REO transactions.

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Proposition 11, the Voters First Act, was approved by California voters at the November 4, 2008, General Election.  It calls for a redistricting commission to be appointed to draw new boundary lines for State Assembly, State Senate, and State Board of Equalization districts following each United States Census.  The next Census is in 2010.More

Driving Directions

Interactive Customer Portal

Visited Listings

Quick Add to Contacts

Refreshed new look and color scheme throughout Matrix

Smart Search Menus

Glowing Search Fields

Co-list Agents ability to Modify Listings

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Real estate related bills waiting for the Governor's signature are:

 

·        AB 2259 (Mullin) Ownership Rights in a Common Interest Development (CID) – A trend developed over the last few years by some homeowner associations to adopt restrictions that limit the ability of unit owners to rent their dwellings in CIDs.  The imposition of rental restrictions diminishes an owner's property rights. Property owners should enjoy the right to rent or lease their unit as it existed at the time the CID unit was purchased.  AB 2259 will protect this right, if it existed at the time the owner purchased the unit.

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The recently enacted Emergency Economic Stabilization Act includes extensions of a variety of energy efficiency incentives for home and business owners.  It extends for 8 years 30% investment tax credits for solar and fuel-cell installations while eliminating the credit cap on residential solar electric projects.  In addition to solar panels and fuel cells, small wind property would be added as a category of qualifying commercial investment.  Also, the law extends energy efficiency incentives for new and improved homes as well as for commercial buildings.

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The new housing bill includes a provision for homeowners to refinance their loan with the FHA and convert it to a 30-year fixed loan, and a first-time home buyer tax credit, among other things...

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The new cell phone law took effect on July 1st. Under the California law, all drivers will be prohibited from using handheld wireless devices, including cell phones, while driving beginning July 1.More

Any housing recovery is unlikely to occur until potential homebuyers believe prices have hit bottom according to a report by Harvard University’s Joint Center for Housing Studies.  The nation’s two-year old housing market downturn is as bad as any since World War 11 and record foreclosures and tighter credit will make it more difficult to reverse according to the report.

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Riverside County to alert property owners when changes are made to their property deed so that fraudulent transactions cannot be made without their knowledge. More

Consumer Protection Legislation:  AB 372 strengthens protections for California consumers by reducing barriers to obtain a security freeze on consumer credit reports.

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In a short sale, homesellers ask their lender to accept a buyer's offer that is less than the amount needed to pay off the balance of the mortgage.  Lenders who agree to a short sale also typically agree to forgive the remaining debt.  Many call short sales a win-win for lenders and homeowners.  The homeowner avoids foreclosure and banks avoid the cost of carrying the property through the lengthy foreclosure process, not to mention the hassles of selling an empty property in a market saturated with other foreclosures.  On average, lenders lose approximately 19 percent of a mortgage's value with a short sale but lose an average of 40 percent on mortgages that proceed to foreclosure.  What is the problem with short sales?  ....

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The housing starts in May dropped to their lowest level since 1991 in a sign of continued weakness in the housing sector according to the U.S. Department of Commerce. The May figure was down 32 percent from the same month a year ago and slightly lower than expected by economists.  In the West, which includes California, starts were down by 10 percent.

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Proposition 8: The law requires the Assessor to annually enroll either a property’s Proposition 13 value (factored for inflation no more than 2% annually), or its current market value as of January 1 (lien date) of each year, whichever is less.  When the current market value replaces the higher Proposition 13 value on the roll, that lower value is commonly referred to as a "Prop 8 Value.”

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Freddie Mac’s recent quarterly review shows that the dollar volume of equity cashed out during the first quarter of 2008 declined to $29 billion with only 56 percent of Freddie Mac-owned refinanced loans including a 5 percent increase above original mortgage balances, compared with the revised 77 percent in the fourth quarter of 2007, the smallest percent of cash-out refinancing activity since the second quarter of 2004. More

Two-thirds of the nation's 149 metropolitan real estate markets experienced lower home prices during the first quarter of 2008 according to a report by the National Association of REALTORS®. The slowdown is most pronounced in high-cost markets.  In the West, which includes California, the median price was down 12.3 percent to $296,300 compared with a year ago. 

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The percentage of households that could afford to buy an entry-level home in California rose to 44 percent in the first quarter of 2008, up from 26 percent in the same quarter a year ago and 33 percent in the final quarter of 2007, according to the California Association of REALTORS®’ First-time Buyer Housing Affordability Index.  Households needed an income of $67,830 to purchase a home costing $356,350, which is 85 percent of the statewide median home price.More

Speakers include:
Bob McManus--"Short Sales, REOs and Foreclosures," Los Angeles County Supervisor, Michael Antonovich, and Bob Mac Culloch--"Using Facts and Logic in an Emotional Market!"

You cannot afford to miss this exciting real estate event!

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The NATIONAL ASSOCIATION OF REALTORS® Health Insurance Coverage survey found that 91% of REALTORS® believe that the U.S. health care system should be reformed.More

Mortgage Relief Plans for homeowners has been announced by the Bush Administration that it is expanding federal mortgage assistance for subprime borrowers who are at risk of losing their homes, giving the Department of Housing and Urban Development’s (HUD) Federal Housing Administration (FHA) increased flexibility to insure more mortgages.  Under HUD’s FHASecure expansion plan, some 500,000 families are expected to be able to refinance into prime-rate, FHA-insured mortgages by the end of this year.

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One of the most important documents in detecting fraud is the original sales agreement and any addenda to that agreement.  It is the document which the real estate agent is most likely to be involved in preparing.  Thus, care must be exercised in preserving its accuracy. More

VA home loan guarantee loans in the loan limits provided to FHA and Freddie Mac and Fannie Mae were left out of the Economic Stimulus Act of 2008.  The loan limit for VA loans remains at $417,000. Several bills have been introduced to assure the nation’s veterans receive the same benefits from the Economic Stimulus bill as other citizens.

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Senate Bill 1287 (Hollingsworth) passed out of the Senate Judiciary Committee on a unanimous vote.  The bill seeks to curb real estate fraud by allowing Riverside County to implement a fraud alert program that notifies property owners when changes are made to their property deed.

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The Economic Stimulus package approved by the Senate and the House is being sent to President Bush for signature. The $170 billion package which includes tax rebates for millions of working Americans and business owners includes a temporary increase in the conforming loan limit.

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Financial crimes are one of the fastest growing areas of criminal activity in the United States and one of the fastest growing areas of financial crimes is mortgage fraud...

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Some common examples of mortgage fraud as described by the FBI include:

 

 

 

• Property Flipping
• Silent Second
• Nominee Loans/Straw Buyers
• Fictitious/Stolen Identity
• Inflated Appraisals
• Equity Skimming

…

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Over the past 30 years, the median price of existing homes has increased an average of more than 6 percent every year, and home values nearly double every 10 years, according to historical data from NAR’s existing home-sales series. 
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The Mortgage Debt Cancellation Relief (H.R. 3648 – Public Law 110-142) was signed on December 20, 2007.  Generally, individuals who are relieved of their obligation to pay some portion of a mortgage debt on a principal residence between January 1, 2007 and December 31, 2009 will not be required to pay income tax on any amount that is forgiven.

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Here is news on Moblehome Rent Control and Public Health District legislation, as well as, the health of Comercial Real Estate.

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The Southern California Home Buyer’s Fair will feature more than two dozen educational seminars presented in English and Spanish, designed to address many of the concerns of first-time home buyers and arm them with all of the practical information they need to know as they begin the road to homeownership.

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The CALIFORNIA ASSOCIATION OF REALTORS® reports that home sales decreased 40.2 percent in October in California compared with the same period a year ago, while the median price of an existing home fell 9.9 percent.

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The HOPE NOW Alliance has established a consumer hotline for homeowners facing foreclosure.  The HOPE Homeowner's hotline is being managed by the Homeownership Preservation Foundation, and provides free, independent, and bilingual, HUD approved counseling and advice.

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The CALIFORNIA ASSOCIATION OF REALTORS® Disaster Relief Fund has received $872,638 in donations to assist those who lost their homes and/or businesses in the series of wildfires that have consumed more than 1,700 homes across Southern California.

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The CALIFORNIA ASSOCIATION OF REALTORS® reports that home sales have decreased 36.2 percent in November in California compared with the same period a year ago, while the median price of an existing home fell 11.9 percent.

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"New" loan limits anything but; OFHEO blows opportunity to improve homeownership opportunities for Californians.

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REALTOR® William E. Brown will serve as the 2008 CALIFORNIA ASSOCIATION OF REALTORS® president; REALTOR® James Liptak, is president-elect; REALTOR® Beth Peerce is treasurer; and C.A.R. Executive Vice President Joel Singer is state secretary. More

Richard F. "Dick” Gaylord is the NATIONAL ASSOCIATION OF REALTORS®”100^th President.  Gaylord made a commitment to fine tuning NAR’s priorities and processes to reflect current member concerns.  Gaylord plans to spend much of his time at regional and local meetings listening to members and learning first-hand what NAR can do to help them. More

The U.S. Census Bureau says that nearly 39.8 million Americans moved in 2006.  The West had the highest moving rate (16 percent), followed by the South (15 percent), the Midwest (13 percent) and the Northeast (10 percent).

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The Federal Reserve in a recent survey shows that 41 percent of banks say they have tightened their lending practices, compared with 15 percent when last surveyed in July.  More

REALTORS® say that 44 percent of their business originates from the Internet, according to the CALIFORNIA ASSOCIATION OF REALTORS® "2007 Use of Technology Survey."

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The United States Flag flies over the Inland Valleys Association of REALTORS® office in Riverside.  What makes this flag so special?  It was flown over the U.S. Capitol soon after September 11, 2001.  The staff in the Washington D.C., office of Congressman Joe Baca was instrumental in having the flag flown over the U.S. Capitol for the Association.

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Construction spending was up 0.2 percent in August from July, according to the latest data from the U.S. Census Bureau.  The seasonally adjusted annual rate of spending for August was $1,166.7 billion, up from a revised July estimate of $1,164.4 billion, and 1.7 percent below August 2006 at $1,186.3 billion.

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A record $257 billion was invested in commercial real estate in the first seven months of 2007, up from $146.7 billion in the same period in 2006 – that total does not include transactions valued at less than $5 million, or of investments in the hospitality sector.

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Remodeling projects are undertaken by sixty percent of buyers within three months of closing, and they typically spend near $4,500.  The most targeted room for improvement by these recent buyers is the kitchen, followed closely by bathrooms.  (NAR)

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Safe Marketing Is Smart Marketing

 

REALTORS® keep your safety in mind when you are preparing or updating the marketing materials and information you make public. Read the five tips that Richard recommends...

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Do not Dial and Drive Cell Phone Safety on the Road

When it comes to cell phone safety, the best tip of all is:  Do not make or accept cell phone calls while you are driving.

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Every day REALTORS® across the nation put themselves in positions where they can be victims of dangerous crimes.  Yet most REALTORS® do not think about the potential dangers until it is too late...More

California Department of Real Estate (DRE) has new discipline powers. Beginning January 1, 2008, the DRE will have the authority to suspend or revoke a real estate license based upon a misdemeanor conviction (or guilty plea) More

What do buyers want? Air Conditioning, Master bedroom with walk-in closet, Hardwood floors and Granite Countertops, Cable/satellite TV-ready, Energency Efficiency ...

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The Homeownership Rate has declined to its lowest level since 2003 according to U.S. Census Bureau data.  The homeownership rate peaked at 69.4 percent three years ago, has now declined over the last three quarters to 68.4 percent.  More

REALTORS® and the home buying public should be aware of a new form of fee being imposed on homebuyers.  Private Transfer Taxes, or PTT’s, are being incorporated into the contracts for the purchase of newly constructed homes in several new developments.  They are often written into a deed to trigger every time a home sells and have been seen as high as 1.75% of the sales price.  More

International buyers – foreign citizens who legally enter the United States to purchase a home – are making up a growing share of business for real estate practitioners, according to new research by the NATIONAL ASSOCIATION OF REALTORS®.

 

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Proposed updates to the Title 1 program of FHA will allow more Americans to achieve the dream of homeownership!More

Having trouble making your mortgage payment?

2.2 million American households with subprime mortgages have lost or will lose their homes.

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What do Buyers Want in Their Kitchens and Bathrooms?

The American Institute of Architects rates the most popular kitchen and bathroom features...

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The percentage of households that could afford to buy an entry-level home in California stood at 25 percent in the first quarter of 2007, compared with 26 percent for the same period a year ago, according to the CALIFORNIA ASSOCIATION OF REALTORS® First-time Buyer Housing Affordability Index (FTB-HAI).

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The annual pace of construction has slowed for the 13^th consecutive month in April, falling 2 percent from a year ago to a seasonally adjusted annual rate of $1.19 trillion, according to a recent report from the U.S. Census Bureau.More

REALTORS® invested heavily in technology with more than half of brokers, sales agents, associate brokers, and managers saying they spent more than $1,000 last year, according to a new survey by the NATIONAL ASSOCIATION OF REALTORS®.  The 2007 REALTOR® Technology Survey, conducted by NAR’s Center for REALTOR® Technology, also found that 25 percent of respondents spent more than $2,000 on technology in 2006.More

Commercial real estate practitioners can anticipate leasing and sales activity in the third quarter of this year to be approximately 0.8 percent higher than the third quarter of 2006 according to a report by the NATIONAL ASSOCIATION OF REALTORS®

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The House Financial Services Committee

passed a number of housing bills, including manufactured housing, rural housing, and assisted-housing reform:




- FHA Manufactured Housing Loan Modernization Act of 2007
- Rural Housing and Economic Development Act of 2007
- Section 8 Voucher Reform Act of 2007
- Federal Housing Finance Reform Act of 2007

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Nine out of 10 Americans say affordable housing is a top priority, and a majority believes U.S. housing policy fails to address this issue, according to a survey commissioned by a coalition of public, private, and nonprofit advocacy groups including the NATIONAL ASSOCIATION OF REALTORS®. 

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Second-home sales according to the NATIONAL ASSOCIATION OF REALTORS® including vacation and investments properties accounted for 36 percent of all home transactions in 2006 were down from 40 percent in 2005.

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The Department of Real Estate reminds us that buyers dreaming of homeownership often shop for loans by looking for the program that has the lowest payments.  In the past several years increasing numbers of these buyers have chosen payment option adjustable rate mortgages (ARMs) to purchase a home thought unaffordable and to limit their monthly payments.More

Natural Disasters Past, Present and Future:  According to the U.S. Geological Survey (USGS) natural disasters cause hundreds of deaths and cost billions of dollars in disaster aid, disruption of commerce, and destruction of homes and critical infrastructure.  The economic cost of major disaster response and recovery continues to rise.  Each decade, property damage from natural hazards events doubles or triples.

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The Housing America Workforce Act has been reintroduced in Congress.  The Housing America's Workforce Act is designed to help Americans gain access to more affordable housing by offering financial incentives to employers who offer an Employer Assisted Housing benefit program.  The act has three main components, the first of which provides employers with a tax credit of up to 50% of the benefit that they offer their employees.  The second component of the act treats housing benefits as nontaxable income to the employees, similar to the way Health, Dental, and Life insurance benefits are administered under the current tax code.  Lastly, the act establishes a competitive grant program to assist non profit housing organizations who offer logistical support, outreach, or technical assistance to employers who offer their employees a housing benefit.

 

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 Standard & Poor's in their 2006 study which analyzed 640,000 mortgages with second liens, found that these borrowers are 43 percent more likely to go into default than those who have similar loans but no second mortgage.

 

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The median price of a home in California increased 5.7 percent from a year ago to $564,700 and sales decreased by 9.6 percent in February, according to a report by the CALIFORNIA ASSOCIATION OF REALTORS®.

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The Federal Reserve is expected to leave interest rates unchanged for the remainder of 2007.  This would be the first time with no rate changes since 1993.  Rates have been raised 17 times from June 2004 to June 2006 by the Federal Reserve. More

Every successful businessperson will surely stand by this tenet: You have to know your customer. Read on for the questions you need to be able ask to determine your customer knowledge.

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The CALIFORNIA ASSOCIATION OF REALTORS® reports that home sales decreased 12.6 percent in January.  The median price of an existing single-family home in California increased 1.9 percent in January.  The median price declined in all areas except Los Angeles, the San Francisco Bay area, and Riverside/San Bernardino.  The unsold inventory of existing homes jumped to 9.1 months in January, after staying around the long-run average of 7 months since the middle of 2006.

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Housing affordability stood at 25 percent of households who could afford to buy an entry-level home in California in the fourth quarter of 2006.

 

 

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Have you noticed that there is more "stuff" out there that needs to be done and you are just out of time, space and more importantly energy? --MRMLS reccommends that you use Smart Trac.  Still, for email...More

Real estate pros put the visibility and glamour of television to work for their business. "People just love having a chance to look inside somebody else's house," says Melissa Sykes, summing up the explosion of real estate television shows in recent years. Indeed, it seems that every time you turn on the TV, another salesperson or designer is explaining the intricacies of real estate to a wide-eyed buyer or seller.

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Selling a home quickly at a top price isn't something that just happens; it requires skill and planning. Tony Marsella, vice president of classified marketing for the Newspaper Association of America, shares some expert advice on maximizing your ad budget.

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LOS ANGELES (Oct. 18) – The rate of home price appreciation will post a modest decline next year following several years of steep increases, while the sales pace will decrease as the market stabilizes throughout 2007, according to the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) "2007 California Housing Market Forecast."More

Housing Market Expected To "Coast" Into 2007 With Modest Price Gains

NEW ORLEANS, November 10, 2006 - 

Following a correction in home sales and prices in 2006, existing-home sales are expected to "coast" at roughly the same level next year, although there will be some additional decline in the new-home market, according to a forecast released today at the National Association of Realtors® Conference & Expo here. 

 

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One of the most crucial skills sellers' want from their agent is their ability to negotiate.  Most agents have no strategy.  No strategy means it is not addressed in the listing presentation.  This makes the agent vulnerable to discounting agents. 

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The California Department of Real Estate reports that real estate salesperson exams are down by 25% from a year ago while real estate broker exams have risen by 25%.  Salesperson licensees were renewed by 78% of licensees as of November 30, 2006, compared with 82% from a year ago. Real estate broker renewals were 89% and 88% for the same period.  Overall, the total number of licensees has risen by 10% over the past year.

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The Median price of a home has increased to $567,690, up 3.7 percent from a year ago December according to a report by the CALIFORNIA ASSOCIATION OF REALTORS® but sales have decreased by 15.3 percent for the same period.More

Housing Affordability remains a concern in the residential real estate market in California, with the share of first-time homebuyers declined to their second lowest level from 30.5 percent 2005 to 27.1 percent in 2006, according to the CALIFORNIA ASSOCIATION OF REALTORS®.More

Three Realtors tell what works best in choosing the right sales-driving education as seen on www.rismedia.com, publishers of Real Estate magazine.

 

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The number of vacant homes for sale nationally jumped more than 30 percent during the third quarter from a year earlier, to 1.9 million homes according to the latest Census Bureau data.More