Tuesday, December 20th, 2011REALTOR® Erin Attardi was featured in a KCRA report on the 4% increase in the November median sales price recorded by DataQuick. View the KCRA News report here.
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 Dear Member, I’m excited to begin my term as your 2012 President, but I first want to thank our outgoing C.A.R. President Beth L. Peerce for serving this organization so well over the past year. She helped keep you, the REALTOR®, at the center of the real estate transaction during this challenging time. Thank you Beth for your service to organized real estate! Like Beth, I also am a second-generation REALTOR®. I followed my mother into the real estate business in 1976 and became a broker a year later. I have served as a C.A.R. director since 1994. I’m going to continue serving the organization this year by helping you get through the tough economic times and be successful in your business. But I won’t be doing it alone. I’ll be joined by a very capable 2012 Leadership Team comprised of President-Elect Don Faught, Treasurer Chris Kutzkey, and C.A.R. Executive Vice President Joel Singer. I’m excited to serve with this incredible team. As one of my first duties, I’m pleased to share with you the good news that the FHA loan limit was reinstated last month so that middle-class home buyers have access to affordable home financing. The higher loan limit expired on Oct. 1, 2011, when it was reduced to $625,500, but now has been restored to $729,750 for an additional two years, through Dec. 31, 2013. However, the higher loan limits for Fannie Mae and Freddie Mac loans were not reinstated. C.A.R. and NAR both have long advocated for making higher loan limits permanent. Continue reading: C.A.R. Monthly Message from President LeFrancis Arnold  As part of the many benefits made available to members, C.A.R. offers its standard real estate forms in zipForm® 6, providing ease, convenience and a significant business tool for California REALTORS®. zipForm® 6 is the exclusive software of C.A.R.’s standard forms. It has recently come to C.A.R.’s attention that some members may be attempting to modify the pre-printed text of C.A.R.’s standard forms or upload blank or modified versions of C.A.R.’s standard forms into other software programs for use in those programs. C.A.R’s standard forms are protected by U.S. copyright laws which expressly forbid the unauthorized reproduction of any portion of copyrighted material by any means, including electronic formats. Blank C.A.R. forms may not be printed from zipForm® 6, and any placement of C.A.R. standard forms in other software programs for use in those programs (other than a completed C.A.R. form in locked, .pdf format and saved in connection with a real estate transaction) infringes upon C.A.R.’s copyrights in its forms and is strictly prohibited. If a member needs to view a form that is not filled out, forms with the water mark “Sample” are available for printing from the zipForm® 6 software but are not to be used in transactions. Additionally, the removal or modification of pre-printed text in a C.A.R. form is a violation of C.A.R.’s copyrights in its forms and a breach of the zipForm® 6 End User License Agreement. Member placement of blank or modified C.A.R. standard forms in other software programs for use in those programs could result in substantial liability to the member for copyright infringement under federal law, as well as termination of the member’s zipForm® 6 account for violation of the End User License Agreement. The C.A.R. copyright policy benefits our members in numerous ways. C.A.R. forms receive valuable protection under the C.A.R. User Protection Agreement. The C.A.R. User Protection Agreement will not apply, however, if the C.A.R. forms are used or modified in a way that violates C.A.R.’s copyrights in the forms. Additionally, proper use of C.A.R.’s standard forms in zipForm® 6 ensures that members are using the most current, up-to-date versions of the forms. Members can be confident that the C.A.R. standard forms in zipForm® 6 are reviewed in light of the latest changes in applicable law. C.A.R. standard forms in other software platforms may not be the most current version of the form and therefore may put you and your clients at risk. Finally, use of C.A.R. standard forms in zipForm® 6 helps to ensure that your membership dues do not subsidize the use of C.A.R. forms obtained from zipForm® 6 by individuals who have not purchased a license or otherwise are not entitled to such use. Continue reading: Reminder About Proper Use of C.A.R.’s Standard Forms and zipForm® 6  Five goals – some specific, some far-reaching – have guided the leaders and staff of SAR this year as we all work to serve you, our Members. As you read through this brief review, you will see that we have accomplished a lot this year.
SAR’s new charitable foundation will be fully up and running in 2012. Kathy Fox led the task force and Charlene Singley now chairs the Foundation board. Kathy continues to serve as vice-chair. SAR continues to be recognized for its charitable contributions. Allison Couchman and Jenifer Miller led the Community Outreach Committee. With fewer dollars to distribute, committee members shifted their efforts to developing relationships with the charities SAR Members support. Watch this newsletter every month to learn about the charities and how you can volunteer. The CanTree Committee under Ilah Turner and Bobby Campbell put on the Crab Fest and Sip & Support and has just finished building two Can Trees. Twenty nine years and going strong! Thanks to their efforts, SAR has given more than $2 million to the Salvation Army. Led by Sandi Burden-Bradley and Ted Williams, the Equal Opportunity Committee organized a highly successful Multi Chamber Mixer, with the numerous ethnic chambers of commerce in the Sacramento area. They also worked on strengthening our relationship with the Asian Real Estate Association of American, Realtists and the National Association of Hispanic Real Estate Professionals. The Senate passed another short term extension of the National Flood Insurance Program (NFIP) that would keep the NFIP funded through May 31, 2012. The measure awaits action in the House. The current extension expires in one week, on December 16th. While the new extension provides more time, it is imperative that a [...] Sales decreased for the holiday season to 1,531 units sold, down 5.1% from the 1,614 closed escrows last month. On the other hand, year-to-year closed escrows were up 17.6% from the 1,302 units sold last November. Making up the closed escrows this month were 514 REOs (33.6%), 453 short sales (29.6%) and 564 conventional sales (36.8%). These numbers have adjusted a bit from month to month with REOs down 8.1%, short sales up 9.6% and conventional sales up .1%. The median home sales continues bump along, this month increasing .1% to $165,000 from the $164,900 median sales price of last month. The median sales prices has bumped up and down in the $160,000s for the last 10 months (see chart below). Compared with November 2010 ($180,000), the median sales price is down 8.3%.  Median Home Sales Price for 2011 Chart The $200,000 – $249,999 price range mode still accounts for a majority (15.3% or 235 units) of the 1,531 total sales this month, while homes under $100,000 totaled 260 (16.9%) units. Closed escrows from conventional financing (545 units or 33.5% of all sales) increased 6%, cash buyers decreased 4.5% (445 units or 27.4%) and FHA financing increased 4.5% (522 or 32.1%). These numbers include the 94 condo sales this month. The average amount of days spent on the market (from list date to opening escrow) 72 days; the median DOM was 40. The Total Listing Inventory has been split up to more accurately display the current market. Active Listings numbered 3,236 properties and Active Short Sales Contingent showed 2,196. 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 November was 2.1 Months – a 4.5% decrease from last month. This figure represents the amount of time – in months – it would take to deplete the Active Listing Inventory (3,236) given the current number of closed escrows (1,531). According to MetroList® MLS data, the average home was 1,706 square feet. Of the 1,531 sales this month, 150 (9.7%) had 2 bedrooms or fewer, 832 (54.3%) had 3 bedrooms, 440 (28.7%) were 4 bedroom properties and 109 properties (7.1%) had 5+ bedrooms. Continue reading: Decrease in Sales Marks Seasonal Downturn, Sales Price Hovering in Mid $160’s |
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