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 Janelle Fallan  Thursday, January 13th, 2011  Doug Covill, REALTOR® with Coldwell Banker in Sacramento, was installed Tuesday as the 94th President of the Sacramento Association of REALTORS®.
Mr. Covill has been a full-time REALTOR® in Sacramento for over 28 years. He has served on the Masters Club Steering Committee, Government Relations Committee, Legislative Committee, Budget Committee, the Political Action Committee, and a C.A.R. Director.
Barbara Harsch, REALTOR® with Lyon Real Estate Downtown, was honored for her contributions as 2010 President. Mr. Covill said, “You have brought forth much positive change and growth for SAR. We recognize the unyielding commitment, dedication, integrity and professionalism you have brought to your presidency.”
The officers installed for 2011 were: President-elect Patrick Lieuw, RE/MAX Gold Natomas; Secretary/Treasurer Chris Little, Little Real Estate Services; Immediate Past President Barbara Harsch and Past President Charlene Singley, Dunnigan REALTORS®. The 2011 Board of Directors includes: Erin Attardi, Dunnigan REALTORS®; Judy Covington, Keller-Williams Realty Elk Grove; Kathy Fox, Prudential NorCal Realty Carmichael; Ron Greenwood, Coldwell Banker; Jeff Jurach, Lyon Real Estate Sierra Oaks; Michelle Lehman, Century 21-Noel David Realty; Rob McQuade, McMartin Realty; Deniece Ross-Francom, McMartin Realty; Ted Russert, Lyon Real Estate Sierra Oaks; Scott Short, Comstock Mortgage; Paula Swayne, Dunnigan REALTORS®; Dave Tanner, Tanner and Associates; Mary Willett, Lyon Real Estate Sierra Oaks, and Linda Wood, Dunnigan REALTORS®.
Neva Cimaroli of Folsom, the first woman president of SAR in 1979, was given the Lifetime Service Award. She joined the Sacramento Association of REALTORS® in 1955. She was a Regional Vice-president of the California Association of REALTORS® and a past director, National Association of REALTORS®.
Continue reading: Covill Installed; Cimaroli, Fox, Nunn, Kloss and Harsch Honored
Beth L. Peerce Tuesday, January 11th, 2011
 Dear C.A.R. Member,
A new year, and with it, new beginnings and new opportunities. I’m looking forward to meeting the challenges that invariably present themselves as the new year gets underway.
One of the challenges I know many of you have been dealing with is working with short sale transactions, and I promised last month to keep you informed on C.A.R.’s efforts to address your concerns.
First, just last week I, and other C.A.R. officers, met with officials at Bank of America to ask for their commitment in streamlining and improving their short sale process. The bank has agreed to meet with our Distressed Properties task force in the very near future to discuss ways to ensure a smoother short sales process. We’ll also be meeting with the other major lenders over the next several weeks and will share any outcome with you.
Additionally, C.A.R. recently sent letters to officials at the U.S. Treasury Dept., Fannie Mae, Freddie Mac, and the Federal Housing Finance Agency requesting immediate changes to the HAFA program and recommending solutions so the program can succeed. The letter attracted the attention of the banking trade American Banker, which ran an article last Thursday noting C.A.R.’s concerns about the dearth of HAFA short sale closures. The article is sure to be noticed by the lenders and servicers who greatly need to make immediate changes. Read the letter to industry regulators.
We will continue to remain vigilant in the area of short sales, so stay tuned for further updates.
Continue reading: C.A.R. Monthly Message January 2011
Janelle Fallan Friday, January 7th, 2011
December posted increases month to month with sales volume increasing 15.5% from 1,302 to 1,504 units. Making up these sales were 655 REOs (43.6%), 340 short sales (22.6%) and 509 conventional sales (33.8%). These numbers have changes slightly month to month with REOs up by 3% and conventional sales down by 3.7%. The percentage of short sales remained unchanged month-to-month.
The median home sales price decreased .6% from $180,000 to $179,000. Compared with the same month last year ($187,500), the number is down 4.5%. The current year-end median sales price, however, posted a positive trend for the first time since 2005. The year-end median sales price for 2010 was $183,385, 1.9% above the $180,000 year-end median sales price of 2009. The $200,000 – $249,999 price range mode still accounts for a majority (17.8% or 267 units) of the 1,504 total sales this month, while homes under $100,000 totaled 196 (13%) units. Conventional financing continued as the primary source of all home and condo sales (584, 35.9%) with cash (454, 27.9%) and FHA financing (468, 28.7%) making up the two other large categories. Conventional and FHA financing both increased; 6.8% and 2.1%, respectively. Cash financing on units decreased 5.1% from November to December. VA loans (43, 2.6%) and other financing (80, 4.9%) rounded out the remainder. The other category includes CalVet, contract of sale, creative, farm home loan and owner financing. The median amount of days spent on the market (from list date to opening escrow) was 47 – up 11.9% from the 42 median DOM of sales in November.
From the table below, we can see that the median sales price has been bumping along in the past two years from the lowest price in 8 years (April 2009) up to $194,000 median price in June 2010 and back down to the current $179,000 median price. SAR President Elect Doug Covill commented on the current market, stating “the interest rates are incredible, the inventory is there; we are just waiting for confidence to return. Distressed properties are still dominating the market (43.6% of sales are REO).”
The Total Listing Inventory has recently been split up to more accurately display the current market. Active Listings numbered 5,156 properties and Active Short Sales Contingent showed 1,669. 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. The Housing Market Supply figure for December was 3.4 Months – down 15% from the 4 Months Inventory of November. This figure represents the amount of time – in months – it would take to deplete the Active Listing Inventory (5,156) given the current number of closed escrows (1,669). According to MetroList® MLS data, the average home was 1,732 square feet. Of the 1,504 sales this month, 139 (9.2%) had 2 bedrooms or fewer, 799 (53.1%) had 3 bedrooms, 459 (30.5%) were 4 bedroom properties and 107 properties (7.1%) had 5+ bedrooms.
Continue reading: Year Ends With Less Total Sales, but Positive Trend in Median Sales Price
Stella Ling Thursday, January 6th, 2011
Let’s kick off the New Year with a Legal Live webinar on the new laws for 2011. California REALTORS® are invited to attend this free webinar on January 10, 2011 from 1 to 2 p.m. C.A.R. attorney Stella Ling will address 2011 laws, including the prohibition against short sale deficiencies, new disclosure requirements, and [...]
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Doug Covill, REALTOR® with Coldwell Banker in Sacramento, was installed Tuesday as the 94th President of the Sacramento Association of REALTORS®.
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