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 Tony Vicari  Monday, November 28th, 2011 This past weekend SAR participated in the Sacramento Hmong New Year at Cal Expo. It started last Thursday at 9am and concluded yesterday afternoon around 4pm. More than 10,000 people were anticipated to attend. This was an effort put forth by SAR’s Equal Opportunity/Cultural Diversity Committee and more than 15 SAR Members volunteered to staff the booth in 3½ – hour shifts over the 4-day weekend.
 Susie, Lee, Tong, Gary at SAR Booth Friday AM A big draw to SAR’s booth was the spinning prize wheel where attendees could spin for a chance to win a variety of prizes. Several hundred Compact Fluorescent Lights (CFLs) were donated by the SAR Realty Supply Center to give away at the event, as well as other fun prizes donated by various Equal Opportunity Committee Members.
Continue reading: SAR at the Sacramento Hmong New Year
Caylyn Brown Monday, November 21st, 2011
The United States House and Senate restored FHA loan limits to the level they were at before they were allowed to expire at the end of September. As a result, the limits will rise to 125 percent of the area median home price from 115 percent, up to a maximum of $729,750, from $625,500. [...]
Janelle Fallan Monday, November 21st, 2011
 County Supervisor Roberta MacGlashan will help the Sacramento Association of REALTORS® celebrate the 29th year of CanTree.
Each year, local REALTORS® build “trees” entirely of canned goods to raise funds and awareness for the Salvation Army.
On November 21 and 22, the CanTrees will be constructed at The Secret Garden in Elk Grove and the Sunrise Mall. At the association’s Main Meeting on December 6, Supervisor MacGlashan will join hundreds of area REALTORS® as the check from this year’s fundraising efforts is presented to the Salvation Army.
The Christmas CanTree Project raised $80,000 in 2010. Since 1983, SAR has raised more than $2 million to feed Sacramento’s hungry citizens.
The food donated will be distributed to needy families and individuals through The Salvation Army’s Holiday Food Basket and year-round food assistance programs. More than 165,000 local individuals are expected to benefit from the food contributed through CanTree, according to The Salvation Army. CanTree is a critical factor in successfully feeding thousands of people at Christmas time.
The Christmas CanTree is sponsored by SAR, but many organizations and individuals contribute to its success through donations of food, money, or goods and services.
Schedule:
Continue reading: REALTORS® 29th Annual Christmas CanTree
Janelle Fallan Wednesday, November 9th, 2011
Sales decreased just .1% from 1,615 units sold in September to the current 1,614 units sold this month. Year-to-year, closed escrows were up 20.4% from the 1,341 units sold last October. Making up the closed escrows this month were 590 REOs (36.6%), 436 short sales (27%) and 588 conventional sales (36.4%). These numbers have stayed relatively level month to month with REOs down 1.8%, short sales up 3% and conventional sales down .2%.
The median home sales price barely changed month-to-month, increasing .4% to $164,900 from the $164,283 median sales price of last month. Compared with October 2010 ($179,500), the median sales price is down 8.1%. The $200,000 – $249,999 price range mode still accounts for a majority (14.7% or 237 units) of the 1,614 total sales this month, while homes under $100,000 totaled 311 (19.2%) units. Closed escrows from conventional financing (550 units or 31.6% of all sales) decreased 2.1%, cash buyers decreased 7.7% (499 units or 28.7%) and FHA financing decreased 5.7% (534 or 30.7%). These numbers include the 124 condo sales this month. The average amount of days spent on the market (from list date to opening escrow) 68 days; the median DOM was 39.
The Total Listing Inventory has been split up to more accurately display the current market. Active Listings numbered 3,477 properties and Active Short Sales Contingent showed 2,162. 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 October was 2.2 Months – the same as last month. This figure represents the amount of time – in months – it would take to deplete the Active Listing Inventory (3,477) given the current number of closed escrows (1,544).
According to MetroList® MLS data, the average home was 1,717 square feet. Of the 1,614 sales this month, 148 (9.1%) had 2 bedrooms or fewer, 873 (54%) had 3 bedrooms, 471 (29.1%) were 4 bedroom properties and 118 properties (7.3%) had 5+ bedrooms.
Continue reading: Sales Activity for October Remains Flat, Prices Show Similar Trend
Beth L. Peerce Tuesday, November 8th, 2011
 Dear Member,
Last month I informed you that Congress failed to extend the Fannie Mae, Freddie Mac, and FHA conforming loan limits and allowed them to expire Sept. 30. Since then, the Senate passed an amendment to an appropriation bill that would restore the $729,750 loan limits through December 2013. The Senate and House are now working out the differences between the Senate bill and the House bill, which the House passed earlier this year, but it did not reinstate the higher loan limits. If the House and Senate agree on a final bill, we will have a two-year extension to the conforming loan limits. C.A.R. is also working with the California Congressional Delegation to ensure this provision is included in the final bill.
C.A.R. and NAR are now working to get support for the extension in the House, but we need your help also. Please look for a Call for Action email from NAR asking you to call Sen. Dianne Feinstein and possibly other members of Congress. Please act now and urge your representative to extend the higher loan limits for GSEs and FHA. Well-qualified buyers don’t need another hurdle to access affordable mortgage financing.
Big changes on the way to help millions of distressed borrowers. Late October, the Federal Housing Finance Agency (FHFA) announced important changes to the Home Affordable Refinance Program (HARP) to help millions of underwater borrowers whose mortgages are backed by Fannie Mae and Freddie Mac. The changes will allow borrowers who are current on their mortgage payments to save an average of $2,500 a year by refinancing their mortgages, regardless of what their homes are worth. The revamped HARP Program will also streamline the refinancing process, eliminating certain types of appraisals and underwriting requirements, and reducing or eliminating fees that prevented homeowners from refinancing in the past.
The FHFA is working on details of the new rules, which should be finalized by Nov. 15. Banks may be able to start issuing refinanced loans by Dec. 1. We’ll continue to keep you updated on this issue.
Continue reading: C.A.R. Monthly Message from President Beth L. Peerce – November 2011
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