Tuesday, August 31st, 2010Supporting the Annual Masters Club Charity Golf Tournament is not only fun, but contributes to the health and well-being of our community. Last year we donated nearly $10,000 to our beneficiaries. We hope to meet or beat that number this year, and your participation and support will make that possible! All proceeds raised at the tournament this year will go to The GreenHouse, Moral Values Program (MVP) and Wellspring Women’s Center. Supporting the Annual Masters Club Charity Golf Tournament is not only fun, but contributes to the health and well-being of our community. Last year we donated nearly $10,000 to our beneficiaries. We hope to meet or beat that number this year, and your participation and support will make that possible! All proceeds raised at the tournament this year will go to The GreenHouse, Moral Values Program (MVP) and Wellspring Women’s Center. [...]
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California’s legislature has recently passed SB 1178 (Corbett), C.A.R.’s sponsored bill to extend anti-deficiency protection to homeowners who have refinanced. C.A.R. is asking all California REALTORS(r) to contact Governor Schwarzenegger to urge him to sign SB 1178. Please Contact Governor Schwarzenegger TODAY to urge him to sign SB 1178! What’s At Stake: C.A.R. is [...] SB 1178, sponsored by C.A.R., the anti-deficiency bill designed to protect homeowners who refinanced for better interest rates passed out of the Senate and Assembly and is how headed to the Governor’s desk. The Governor now has 30 days to sign or veto this important bill. Jim Wasserman posted a great piece in today’s [...]  Steve Goddard - 2010 C.A.R. President Dear C.A.R. Member, Summer is coming to a close and with it brings the expiration of one of California’s tax credits. As of this writing, California’s first-time home buyer tax credit expired effective midnight, August 15. That announcement came after the Franchise Tax Board (FTB) realized it had received more than enough applications to cover the $100 million allocated for eligible first-time home buyers. It is encouraging to learn that more than 33,000 Californians have taken advantage of this credit. When working with your buyers, keep in mind that the FTB will continue to accept applications for the state’s New Home Credit. As of this writing, the state had received 12,090 reservation requests and applications, which is expected to utilize nearly 80 percent of the $100 million allocated to this program. The FTB will stop accepting applications for that program once it determines it has received sufficient applications and requests. You can follow that tax credit’s status at http://www.ftb.ca.gov/individuals/New_Home_Credit.shtml. One tradition for me and many of your colleagues is your Association’s annual Tech Tuesday and CALIFORNIA REALTOR® EXPO. The event always presents top-line speakers and sessions, plus a chance to learn new business skills and technologies that will aid you in adapting to a market that is still in recovery mode. This year’s event, Oct. 5-7 at the Anaheim Convention Center, has been revamped, and if you’re a regular attendee, you’re in for a surprise: The content and the format are radically different. If you’ve never attended, plan to—you won’t be disappointed. Social media, millennial movers and shakers, cloud computing, and two new workshops, “speed dating” and a ReBar Camp, will take center stage. You can pick and choose sessions a la carté-style or choose one of our four educational tracks and stay in a designated lane during the event—your choice. This event is free, but registration is required. If you haven’t registered for CALIFORNIA REALTOR® EXPO 2010, take a few minutes to sign up today by visiting http://expo.car.org or calling toll-free (800) 242-2732. Tech Tuesday, which precedes CALIFORNIA REALTOR® EXPO, has a separate paid admission and offers a full day of technology training, will be held Oct. 5 at the Anaheim Convention Center. Continue reading: Your August Message from C.A.R. President Steve Goddard Home sales in July decreased 23.3% from 1,777 in June to 1,363. Year to year, the current figure is 26.2% lower than the 1,848 units reported in July 2009. Conventional sales and REO sales combined made up more than 76% of all sales (REOs 38.5%, Conventional 38.2%), while short sales rounded out the remainder of sales (23.3%). Compared with last month, REO sales increased 8% while short sales decreased 11.7%. After a five-month increasing trend, the median sales price dropped 4.6% from $194,000 to $185,000. Compared with last year, the median sales price is 2.8% higher than the $180,000 of July 2009. The $200,000 – $249,999 price range mode accounts for a majority (17.5% or 239 units) of the 1,363 total sales this month, while homes under $100,000 totaled 144 (10.4%) units. The Total Listing Inventory has recently been split up to more accurately display the current market. Active Listings numbered 4,748 properties and Active Short Sales Contingent showed 2,097. 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 increased 40% from 2.5 Months to 3.5 Months. This figure represents the amount of time – in months – it would take to deplete the Active Listing Inventory (4,748) given the current number of closed escrows (1,363). 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 1,736 square feet. Of the 1,363 sales this month, 120 (8.8%) had 2 bedrooms or fewer, 706 (51.7%) had 3 bedrooms, 432 (31.6%) were 4 bedroom properties and 105 properties (7.7%) had 5+ bedrooms. Continue reading: A Decrease in Sales Show Slow July Activity  In August we brought in Juliet Funt as our speaker for the Main Membership Meeting. She was hilarious. With a brief clip of an episode of her father’s old TV show, Candid Camera, she reminded us of how comical that program was and how families used to sit around the TV on a Sunday [...] |
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