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C.A.R. is sponsoring Assembly Bill 1711, which will clearly define what constitutes an energy efficiency retrofit that would “unreasonably or unnecessarily” affect a home purchase. Recently enacted legislation requires the California Energy Commission (CEC) to pursue energy conservation in a way that does not “unreasonably or unnecessarily” affect the real estate sales process. [...] Borrowers seeking a review of their mortgage foreclosures under the Federal banking agencies’ Independent Foreclosure Review now have until July 31, 2012, to submit their requests. The new deadline provides an additional three months for borrowers to request a review if they believe they suffered financial injury as a result of errors in foreclosure [...]  Dear Member, Last month, at the Board of Directors’ meetings in Indian Wells, many of you expressed concern over a proposal by the Federal Housing Finance Agency, Dept. of Treasury, and HUD to sell large blocks of Fannie Mae- and Freddie Mac-owned foreclosed homes to large investors. A pilot program is expected to be announced, and Southern California is an area being considered. While the program may be beneficial in some parts of the country where REO inventory is high, it would not be favorable in California, where housing inventory is extremely low and demand is high, even in the state’s hardest hit areas. REOs in California are getting multiple offers at top dollar and usually closing within 60 days on average. We have expressed our concern with California Congressional members and have been working with NAR to ensure that our voice is heard. We will be meeting with the FHFA and FHA in Washington, D.C., at the end of this month to determine how we can assist the housing regulators in the disposition of REOs. I will keep you informed on this important issue as it unfolds. Read C.A.R.’s letter to California Congressional members. California’s housing market may get some much needed relief with last week’s announcement of the national mortgage settlement reached with the country’s five largest loan servicers. In the deal, 49 states, including California, agreed to a $25 billion settlement on abusive foreclosure practices. California will receive a large share of that amount to help struggling homeowners pay their mortgages or assist those facing foreclosure. Those who have already lost their homes could also benefit. Relief will go to areas hardest hit by the foreclosure crisis within the first year of the settlement. Read C.A.R.’s Realegal for more details on this settlement and find links to the California Attorney General and National Mortgage Settlement websites. Continue reading: C.A.R. Monthly Message from President LeFrancis Arnold  Sales decreased for the month to 1,289 units sold, down 22.7% from the 1,668 closed escrows in December. Year-to-year closed escrows were up 4% from the 1,239 units sold January 2011. Making up the closed escrows this month were 429 REOs (33.3%), 423 short sales (32.8%) and 437 conventional sales (33.9%). The median home sales price dropped this month to the lowest median price ($160,000) since February 2001 ($159,250). This is a .6% decrease from the $161,000 median sales price of last month. The $200,000 – $249,999 price range mode still accounts for the majority of the 1,289 total sales this month (14.3% or 184 units), while homes under $100,000 totaled 242 (18.7%) units. Closed escrows from conventional financing (467 units or 33.1% of all sales) increased 3.4%, cash buyers increased 5.1% (458 units or 32.4%) and FHA financing decreased 4.9% (380 or 26.9%). These numbers include the 124 condo sales this month. The average amount of days spent on the market (from list date to opening escrow) 67 days; the median DOM remained at 40. The Total Listing Inventory has been split up to more accurately display the current market. Active Listings numbered 2,531 properties with 935 Active Short Sales making up 36.9% of that number. Active Short Sales Contingent properties totaled 2,122. 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 January was 2 Months – an 11.1% increase from last month. This figure represents the amount of time – in months – it would take to deplete the Active Listing Inventory (2,531) given the current number of closed escrows (1,289). According to MetroList® MLS data, the average home sold this month was 1,706 square feet. Of the 1,289 sales this month, 113 (8.7%) had 2 bedrooms or fewer, 712 (55.2%) had 3 bedrooms, 395 (30.6%) were 4 bedroom properties and 68 properties (5.2%) had 5+ bedrooms. Continue reading: Sales Drop for the New Year, Median Price Dips Slightly  The REALTOR® Action Fund is an investment to protect you and your business from onerous government regulations like point of sale requirements. We are bringing back the fundraising contest. Each office that invests the most dollars per agent will be recognized at March’s Main Meeting and receive an award. To have your investment in [...]  Regina Szura is a first-year Masters Club Member who began her real estate career two years ago. It is a remarkable achievement to make Masters so quickly. After my conversation with Regina, I learned that she has been “training” to be a great REALTOR® since she was a child. When she was young, her [...]  On February 9, Attorney General Kamala D. Harris announced that California secured up to $18 billion for its distressed homeowners as part of a $25 billion national multistate settlement with the country’s five largest loan servicers. More than $12 billion will be used to offer short sales or write down loans over the next three years for about 250,000 underwater homeowners in California, according to the attorney general. Relief will go to areas hardest hit by the foreclosure crisis within the first year of the settlement. Although the actual settlement has not yet been released, the attorney general has stated that other financial benefits for California include $849 million for refinancing 28,000 borrowers who are underwater but current on their payments; $279 million restitution for 140,000 homeowners who were foreclosed upon between 2008 and 2011; $1.1 billion for unemployed homeowners, transitional assistance, and repairing blight; $3.5 billion to extinguish unpaid loans that remain after foreclosure for 32,000 homeowners; and $430 million to the state attorney general’s office for costs and fees. As part of a California guarantee, if the lenders fail to reduce principal balances by a minimum of $12 billion, they will be required to pay fines up to $800 million to the state. The loans involved in this settlement are those owned or serviced by Bank of America, JPMorgan Chase, Wells Fargo, Citigroup, and Ally Financial Inc. The settlement releases the five named lenders from certain federal and state claims pertaining to robo-signing and other foreclosure misconduct by the lenders. It does not affect any individual’s rights to bring legal action against a lender. It also does not apply to the majority of mortgage loans, which are those owned by Fannie Mae or Freddie Mac. Continue reading: California to Receive $18 Billion in Mortgage Settlement  The Moral Values Program, founded by Frank Victorio in 1994, is aimed at giving local at-risk youth the kind of direction, support and encouragement they are often not getting in their own homes. Most of the students involved in the program come from a heavily depressed area, riddled with gangs, violence and substance abuse. [...] You’re sitting next to your client, you don’t have a printer, but you do have your iPad. The latest enhancement to zipForm® Mobile Web Edition is the ability to sign documents with your fingers or capacitive stylus directly on the mobile device. With mobile integration to zipVault®, your free storage solution for C.A.R., [...] |
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Friday, February 24th, 2012
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