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 Caylyn Brown  Tuesday, July 28th, 2009 Governor Schwarzenegger signed a package of 27 bills today (July 28, 2009) instituting a new California State Budget. C.A.R. scored a big victory for REALTORS® across the state; the signed version did not include an additional withholding for independent contractors.
During budget negotiations, a proposal surfaced that would require 3% withholding from independent contractors. If this proposal passed, when an agent closed a transaction, they are typically paid by their broker, the broker would need to withhold 3% of the commission and pay it to the Franchise Tax Board (FTB). Agents would still pay their normal quarterly estimated income tax payments to the FTB in addition to the amount withheld by the broker. When the agent filed their state income tax return the following April, they would deduct the withholdings along with the quarterly estimated tax payments from their tax liability, and in theory receive a refund for the 3% that was withheld. This would have allowed California to earn interest on your money.
Continue reading: State Budget Victory!
Caylyn Brown Tuesday, July 28th, 2009
California Association of REALTORS® Federal Governmental Affairs Manager Matt Roberts hosted an excellent webinar on the Home Valuation Code of Conduct (HVCC). NAR, C.A.R., and SAR are listening to members, and know that HVCC caused problems in the industry.
HVCC was implemented in March 2008, after the New York Attorney General studied inflated home prices, including some in California. HVCC is not a regulation or a law, but a guideline for private businesses. The original intent was to help enhance integrity in the mortgage industry, and it was to only apply to Fannie and Freddie. C.A.R. learned from members that most loans are now subject to HVCC, because appraisal management companies (AMC’s) decided it is easier to hold all loans to the same criteria.
Continue reading: HVCC Webinar
Tony Vicari Tuesday, July 28th, 2009
June 2009 Statistical SummaryJune 2009 Zipcode Report Each month, SAR publishes a number of reports that reflect real estate trends in the county. You can find information on number of home sales and median price, which includes both listing and sales prices. New to June is the percetage of short sales, investor sales and REO sales in the total monthly sales.
Additionally, there is a zip code report that shows Continue reading: SAR’s Monthly Statistics – New Features, Available Reports
Charles McMillan Friday, July 24th, 2009
To: All REALTORS®
From: Charles McMillan, 2009 NAR President
Re: UPDATE: FHFA and GSEs Act on HVCC Concerns
Dear Fellow REALTOR®,
I am writing to you with an important update on NAR’s efforts to address ongoing problems with recent changes to appraisal rules.
As a direct result of my recent meetings with the New York Attorney General’s office, the Federal Housing Finance Agency, and Fannie Mae, both Freddie Mac and Fannie Mae this week issued new guidance to all lenders on the Home Valuation Code of Conduct.
The alert clarifies two very important points that we raised in our meetings with officials. First, it states that lenders should use appraisers who have clear experience in the geographic area. Second, it clarifies that appraisers are not prohibited from talking to real estate agents.
Continue reading: NAR Update: Fannie, Freddie Act on Appraisal Concerns
Nelson Janes Thursday, July 23rd, 2009
Carefully considered plans are taking shape for SAR in 2010 and beyond.
SAR volunteers gave two days to the Association for a Strategic Planning retreat in late June facilitated by Gar Anderson, NAR’s Vice President for Leadership Development.
Prior to the retreat, the SAR Staff took a day to review the existing plan, noting that all of its goals had been accomplished. They then made recommendations going forward, which were sent to Anderson for his consideration.
The plan features prioritized goals for the Association, with the purpose of providing the programs and services that will keep Members ahead of their industry.
Continue reading: SAR Has a New Strategic Plan
Devyn Henry Monday, July 20th, 2009
And the race is on! The 2010 SAR Officer and Directors Election opened this morning at 8:00am. By now you should have received your election email which includes your Login and PIN number as well as a link to the voting website. Paper ballots are available upon request.
This year SAR has filmed short campaign videos. We hope it will give Members an opportunity to get to know the Candidates and their goals for future of SAR. The videos are available on the election website by clicking the candidate’s name or you can view them here: http://www.youtube.com/user/sarelection09.
Continue reading: SAR Election – Start Voting Today!
Devyn Henry Wednesday, July 15th, 2009
Beginning next week, SAR Members will have the opportunity to cast their vote for the 2010 SAR Officers and Directors. On Monday morning, July 20th, you will receive an email from us with your login and PIN number along with a link the SAR Election web site. But just to let you know, you won’t be able to log in until 8:00am PST. And don’t worry, the site is secure and easy to use! So once you have logged in you will be able to read each candidate’s statements, view a quick campaign video and cast your vote.
And just in case you haven’t encountered them yet, the 2010 Officer and Director candidates have already begun their campaigning. And over the next couple of weeks you can find them out and about campaigning at the various Regional Meetings, Committee Meetings and of course at our August 4th Main Meeting.
Continue reading: SAR Election-Get Ready to Vote!
Tony Vicari Tuesday, July 14th, 2009
Sacramento activity has remained relatively consistent for the past few months, showing slight increases in sales volume. After a significant increase from April to May (7.7%), the median sales price made no movement for the current month. Distressed properties still account for a large number of transactions and make up a majority of the listing inventory. New this month is the comparison between REO sales, short sales and equity sales.
There were 1,744 single family home sales in June, a .6% increase from the 1,733 sales of May. Year-to-year, there is a 7.4% decrease from the 1,883 sales recorded last June. REO sales decreased 10.4% month-to-month, from 1,050 in May to 940 in June. These 940 REO sales made up 54% of June sales. Short sales, on the other hand, have been on the rise. In May, short sales made up 14.5% of all sales with 251. Short sales accounted for 16.6% (290) of the 1,744 sales this month. Comparing the two months, there is a 15.5% increase from 251 to 290 short sales.
Continue reading: Sales Volume Constant, Median Sales Price Unmoving, Affordability Climbs
Charles McMillan Monday, July 13th, 2009
To: All REALTORS®
From: Charles McMillan, 2009 NAR President
Re: Reaching Consumers in New Ways
Dear Fellow REALTOR®,
I am writing today with two exciting updates on NAR’s efforts to reach out to more consumers and bring them back into the market.
First, NAR’s real estate show, Real Estate Today, has been steadily increasing its local affiliates across the country. On Saturday, July 11, the show began airing in the number one market in the country – New York City – on 77 WABC AM. This is an enormous achievement, and I encourage all REALTORS® in the area to tune in between 4 and 6 p.m. EDT every Saturday to hear the show. Of course, everyone can hear the show anytime online at www.RETRadio.com.
Continue reading: NAR is Reaching Consumers in New Ways
Caylyn Brown Friday, July 10th, 2009
Yesterday, the California Association of REALTORS® reported the California Department of Real Estate (DRE) clarified the law that required DRE license numbers on business cards and all other solicitation materials intended to be the first point of contact with consumers.
Under the new Section 2773 regulation adopted by the DRE, the solicitation materials that must contain the license identification number include the following items:
- Business Cards
- Stationery
- Websites owned, controlled, and or maintained by the soliciting real estate license
- Promotional and advertising flyers, brochures, email and regular mail, leaflets, and any other marketing or promotional materials designed to solicit the creation of a professional relationship between the licensee and a consumer, or intended to induce a consumer to contact the licensee about any licensed services
Continue reading: DRE License Number Requirement Clarifications
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