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 Tony Vicari  Wednesday, December 16th, 2009 For the first time in over three years, the single family home median sales price made an increase year-to-year, signaling a possible end to the home price freefall.
Single family home sales decreased 16.1% month-to-month, totaling 1,439 units in November – 277 less than October. Year-to-year, the current figure is also 16.1% below the 1,716 sales of October 2008. Of the 1,439 sales this month, REO sales made up 40.2% of the total sales while short sales and conventional sales made up the remainder of sales at 21.5% and 38.3%, respectively. When compared with October, REO sales decreased slightly while short sales and conventional sales showed slight increases.
Continue reading: Single Family Home Median Sales Price Higher Than One Year Ago
Caylyn Brown Wednesday, December 16th, 2009
2010 C.A.R. President Steve Goddard sent out the following letter concerning short sales:
Dec. 16, 2009
Dear C.A.R. Member:
I wanted to bring to your attention some important details about the recently announced Home Affordable Foreclosure Alternatives program (HAFA), which provides instructions for lenders and servicers participating in the Making Home Affordable Program and [...]
Chris Ly Wednesday, December 16th, 2009
Written by Kenneth R. Harney
HUD Secretary Shaun Donovan made it official last week: Applicants for FHA insured mortgages in the coming months are going to be hit with higher costs and tougher credit standards.
In congressional testimony, Donovan said some of the changes are likely to include the following:
Number one: Higher downpayments. The current minimum is 3.5 percent. Donovan didn’t say how much higher the agency might push it, but congressional critics want to see at least a five percent minimum.
Number two: Look for FHA’s generous “seller concessions” to be cut in half — from the current six percent to three percent of the loan amount — and maybe even lower.
Continue reading: Washington Report: Higher Costs, Tougher Standard
Janelle Fallan Wednesday, December 16th, 2009
A proposal to create an Auxiliary Membership for home buyers and home sellers was recognized as a “game changing” idea by the National Association of REALTORS®.
NAR received more than 200 submissions. Fourteen associations, including the Sacramento Association of REALTORS®, received grants to undertake their chosen projects.
Nelson Janes, Sacramento AE, had long thought that Members’ clients, both buyers and sellers, could also benefit directly from the Association’s services. The Auxiliary Membership will be provided through REALTOR® Members and will not available any other way.
Upon taking a listing, the seller’s REALTOR® gives a Membership to the seller. Upon entering an agency relationship, the buyer’s REALTOR® gives a Membership to the homebuyer.
The Auxiliary Membership includes access to a website with Members-only information on preparing their house for sale, real estate statistics and demographics and new legislation affecting private property rights. Also included is access to affinity programs and discounts developed by the local Association.
Continue reading: SAR Awarded NAR “Game Changer” Grant
Steve Goddard Wednesday, December 16th, 2009
 Steve Goddard - 2010 C.A.R. President
Dear C.A.R. Member:
I wanted to bring to your attention some important details about the recently announced Home Affordable Foreclosure Alternatives program (HAFA), which provides instructions for lenders and servicers participating in the Making Home Affordable Program and Home Affordable Modification Program (HAMP).
HAFA helps standardize the short sale and deed-in-lieu process by creating an alternative to foreclosures for homeowners unable to successfully modify their troubled mortgage under HAMP.
Although not perfect, the program reflects C.A.R.’s efforts in the federal arena to standardize the short sale process, protect your business, and safeguard commissions. It also makes clear the timeframes by which servicers must respond to an offer on a short sale.
The HAFA program will permit pre-approved short sale terms before a property is listed; prevent servicers from attempting to reduce real estate commissions established in the listing agreement as a condition for short sale approval; release borrowers from future liability for the debt; and provide financial incentives to borrowers, servicers, and investors.
Continue reading: C.A.R. Update on Home Affordable Foreclosure Alternatives Program
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