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 Paula Hess  Wednesday, July 28th, 2010 SAVING YOU TIME
June sales report in 2:56 minutes. That’s all the time you need to view C.A.R.’s “June Market Update” presented by C.A.R. Chief Economist Leslie Appleton-Young. Find this video on the home page of car.org, where you can hyperlink to it, upload it to your Web site, or e-mail it to your clients.
If you prefer the printed word, find C.A.R.’s “June Sales and Price Report” at http://www.car.org/newsstand/newsreleases/junereport/. Here, you’ll find additional information, including charts and graphs, regional data, and the Unsold Inventory Index by price point, that are not available in the above video.
Learn Smartphone tips and tricks on the fly at Mobile Jolt! These two 60-minute sessions at CALFORNIA REALTOR® EXPO 2010 will serve up java and apps. Bring your phone; we’ll supply the caffeine. For only $10 per workshop, you can join us for hands-on instruction and an introduction to the latest and greatest apps for your Smartphone (http://expo.car.org/workshops.html).
Tweet and Friend HAFA: Join C.A.R’s Certified HAFA Specialist community on Facebook and Twitter to learn from and share insights with HAFA expert Ray Mathoda and other REALTORS®. Participation is free. Join the Facebook Fan Page (Certified HAFA Specialist [CHS] at http://www.facebook.com/#!/pages/Certified-HAFA-Specialist-CHS/108110262571299?ref=sgm or follow on Twitter (CHS_HAFA Specialist at http://twitter.com/HAFASpecialist). Learn more about C.A.R.’s HAFA Certification program(http://www.hafacertification.com/).
Continue reading: Your Membership, Your Way – July 2010
Steve Goddard Thursday, July 15th, 2010
 Steve Goddard - 2010 C.A.R. President Dear C.A.R. Member,
Good news bears repeating.
President Obama recently signed a bill extending the closing deadline for the federal
home buyer tax credit to Sept. 30, 2010. The NATIONAL ASSOCIATION OF REALTORS® estimates that as many as 17,700 home buyers in California would not have received the tax credit without the extension. Perhaps you know someone who now will benefit from this legislation.
The president also signed HR 5569, the National Flood Insurance Program Extension Act of 2010, funding the program through Sept. 30, 2010—good news for homeowners in the Sacramento-San Joaquin Valley and other 100-year floodplains. As you know, flood insurance is required for mortgages on properties in a 100-year floodplain. Congress has allowed the program to lapse three times this year, forcing many real estate transactions to be put on hold and, in some instances, cancelled. What happens in Sacramento and Washington, D.C., really does matter to your business.
The passage of these two pieces of legislation—which C.A.R. and NAR advocated for—demonstrates the importance of REALTOR® involvement in government. Legislative wins such as these require a focused and relentless presence at the state and national levels.
C.A.R.’s advocacy in the political arena this year also helped preserve property profiles after title companies stopped providing them in reaction to a letter issued by the Department of Insurance; thrice defeated a 3-percent independent contractor withholding proposal that would have accelerated income tax payments for our members; and defeated point-of-sale retrofits proposed through several pieces of legislation that could have added as much as $20,000 per home prior to closing escrow.
Continue reading: Your July Message from C.A.R. President Steve Goddard
Janelle Fallan Saturday, July 10th, 2010
June home sales increased 3.3% from 1,720 in May to 1,777. Year to year, the current figure is 1.9% higher than the 1,744 units reported in June 2009. Conventional sales – non REO or short sales – make up a majority (38% or 675 units) of all sales this month. This is 3.4% more than the 632 REO units sold (35.6%) Short sales round out the remainder of sales, accounting for 26.4%, or 470 units, of the total. The median sales price continued to increase, rising 2.1% from $190,000 to $194,000. The current figure is 7.8% higher than the $180,000 median price last year. The $200,000 – $249,999 price range mode accounts for a majority (19.3% or 343 units) of the 1,777 total sales this month, while homes under $100,000 totaled 183 (10.2%) units.
The Total Listing Inventory has recently been split up to more accurately display the current market. Active Listings numbered 4,485 properties and Active Short Sales Contingent showed 2,369. Active Short Sale Contingent properties are short sale properties on which initial offers have been made and are not entirely “active.” After breaking down Total Listing Inventory, we find that the Housing Market Supply figure is more accurately reflected. Month to month the Housing Market Supply figure change slightly, from 2.4 Months to 2.5 Months. This figure represents the amount of time – in months – it would take to deplete the Active Listing Inventory (4,485) given the current number of closed escrows (1,777). According to MetroList® MLS data, the average home spent 60 days on market (from the time it was listed to the time escrow was opened) and was 1,751 square feet. Of the 1,777 sales this month, 157 (8.8%) had 2 bedrooms or fewer, 919 (51.7%) had 3 bedrooms, 548 (30.8%) were 4 bedroom properties and 148 properties (8.3%) had 5+ bedrooms.
Continue reading: Month-to-Month and Year-to-Year Increase in Sales Volume, Median price
Nelson Janes Wednesday, July 7th, 2010
Board Action
The Board of Directors adopted a political assessment of $49 per Member beginning with the 2011 dues cycle. This assessment is for the California Real Estate Political Action Committee. If the C.A.R. Member chooses, the assessment can go instead to the C.A.R. fund for non-candidate political purposes.
The Board also approved a new structure for the statewide MLS that will merge calREDD® with the Multi-Regional Multiple Listing Service Inc. (MRMLS). After the merger, the state’s system will be called CALMLS. An additional $750,000 was also approved for the CALMLS line of credit.
SAR Successes
- SAR received the award for raising more money for the REALTOR® Action Fund than any other large association in the state – nearly $127,000!
- SAR’s Housing Opportunity Committee also won a $50,000 grant from the C.A.R. Housing Affordability Fund. The Association will more than match that amount to launch a new program that will give grants to homebuyers needing to make energy upgrades. Watch for the announcement of this new program that will help more buyers qualify to improve the energy use and comfort of their home.
- Our newly formed REALTOR® Action Fund (RAF) Committee secured a grant from the NAR to host a fundraising event for RAF, which they did in conjunction with Legislative Day.
Committee Reports
The Legal Action Fund Trustees have reviewed eight cases and requests for funding since their February meeting. The Trustees authorized three amicus briefs.
A landmark decision by the California Supreme Court occurred in the case of Steiner v. Thexton, supported by the Legal Action Fund. C.A.R. was concerned about the impact on the RPA-CA because of the buyer’s ostensible right to cancel a contract due to the failure of a contingency without having to state a reason. The Supreme Court acknowledged C.A.R.’s concerns as expressed in a brief and indicated in a footnote that “bilateral contracts subject to a contingency, which are widely used in real estate transactions, are not affected by our holding.”
Continue reading: C.A.R. Legislative Week Meetings Report
Caylyn Brown Tuesday, July 6th, 2010
On July 2, President Obama signed into law H.R. 5569, an extension of National Flood Insurance Program (NFIP) authority until September 30. The bill is retroactive and will cover the lapse period from June 1 to the date of enactment. NAR will continue to work with Congress on the 5-year NFIP Reform bill and [...]
Caylyn Brown Tuesday, July 6th, 2010
It wasn’t pretty, and the debate went well into the evening, but on June 30 the Senate passed a stand- alone bill that extended the date for closing on a tax credit-eligible home from June 30 to September 30, 2010. The bill passed the Senate on a voice vote in a process known as [...]
Barbara Harsch Friday, July 2nd, 2010
 My client wants to list a house that is in probate. How do I do that? Is it really true that some homes downtown are not connected to the sewer line? What is a dye test? How can I make Facebook work for me?
The answers to these and other questions can be answered [...]
Caylyn Brown Thursday, July 1st, 2010
After a close brush with the deadline, Congress has passed an extension of the Homebuyer Tax Credit closing deadline, the Homebuyer Assistance and Improvement Act (H.R. 5623). The extension applies only to transactions that have ratified contracts in place as of April 30, 2010 that have not yet closed. The legislation is designed to [...]
Vicki Cox Golder Thursday, July 1st, 2010
 To: All REALTORS®
From: Vicki Cox Golder, 2010 NAR President
Date: July 1, 2010
Re: NAR Update: Tax Credit Deadline Extended; Flood Insurance Program Reinstated
Dear fellow REALTOR®,
I am happy to report that Congress has passed a bill extending the Homebuyer Tax Credit closing deadline to September 30, 2010. This is a huge win for REALTORS® and homebuyers, and NAR worked closely with members of Congress to make it happen.
The extension applies only to transactions that had ratified contracts in place as of April 30, 2010, and have not yet closed. There will be no gap between June 30 and the date the President signs the bill into law.
Additionally, Congress has extended the National Flood Insurance Program (NFIP) through September 30th. The bill is retroactive and will cover the lapse period from June 1, 2010, to the date the law is enacted. NAR will continue to work with Congress on the NFIP Reform bill, and we will keep you posted on those efforts.
Continue reading: NAR Update: Tax Credit Deadline Extended; Flood Insurance Program Reinstated
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