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 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. [...]  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 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.  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:  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  On Saturday, October 29, the SAR Community Outreach Committee will be handing out CFL bulbs and treats to approximately 2,000 adults and children at the Mutual Assistance Network of Del Paso Heights’ annual Harvest Festival being held at the Johnston Community Center located at 231 Eleanor Avenue. The Mutual Assistance Network is a non-profit [...] Without passing judgment, and in a spirit of love and hospitality, Loaves and Fishes feeds the hungry and shelters the homeless. They provide an oasis of welcome, safety and cleanliness for homeless men, women and children seeking survival services. Founded in 1983, they are governed by a Board of Directors selected from Loaves and Fishes and from the community-at-large. These people have demonstrated compassion and concern about the needs of the homeless and the indigent poor. Every fifth Monday of the month is the dedicated day for SAR and Masters Club Members to volunteer for the preparation or serving shift. Loaves and Fishes serves lunch every day of the year. As the volunteer coordinator, I organize the necessary 20 volunteers for each shift. March 23, 2011 was a milestone, as this organization served a total of six million meals since its inception. On August 29, 2011, we were really excited to prepare for and serve 900 guests for lunch. This was a very high number of guests but Sharon Gulliford, from Loaves and Fishes, said that the economy is creating a much stronger need for their services. Our next opportunity to volunteer will be October 31st. I invite you to contact me at SHarrold@GoLyon.com to reserve your spot to prepare or serve the lunch. This is a rewarding experience and a great time to meet and work with fellow REALTORS®.  2011 marks SAR’s 49th year of awarding scholarships to deserving Sacramento area students. The Scholarship Fund was initially a $600 yearly program that provided $100 to $200 scholarships for Sacramento students attending American River Junior College, Sacramento City College, and Sacramento State College (now California State University, Sacramento). Over the years SAR has expanded [...] When 34 area students receive college scholarships from the Sacramento Association of REALTORS® on June 7, they will join a group of students reaching back 49 years. Their scholarships, ranging from $750 to $2500, total $38,250 this year. “Through all the ups and downs of real estate over the years, Sacramento REALTORS® have always supported higher education through their own contributions,” Perry Georgallis, REALTOR® and chair of the Scholarship Foundation Trustees, said. The scholarship fund began as a $600 program that provided $100 to $200 scholarships for Sacramento students attending American River Junior College, Sacramento City College, and Sacramento State College (now California State University, Sacramento). Over the years, SAR has expanded the scholarship program to support students in a variety of other fields at many different institutions. “Education is one of the most important gifts we can give today’s youth. Education benefits not only the student but the entire community. The students who receive a SAR scholarship to attend college may one day be our clients, our co-workers and our community leaders. All these young people are so outstanding, they give us faith in the future,” Georgallis said. Dear C.A.R. Member, Greetings from Washington, D.C.! This week, your Leadership Team and I are in our nation’s capital, meeting with California’s congressional delegates and representatives from leading housing industry groups, including Fannie Mae and Freddie Mac, Federal Housing Finance Agency, and others. This is a busy time of year in the legislative arena, on both the national front and in California. Last week, nearly 2,000 members of the REALTOR® Party of California were out in full force in Sacramento for the Association’s annual Legislative Day activities, which included a march to the Capitol. Many of you met face-to-face with your state legislators to discuss the issues that affect our industry — and your livelihood. I want to thank you for participating in Legislative Day because it’s more important than ever to make certain our interests are represented and that our voices are heard before elected officials craft legislation that impacts our industry. For example, one impending issue that will significantly impact our industry is the future of Fannie Mae and Freddie Mac, the government sponsored enterprises (GSEs) that purchase or guarantee mortgage-backed securities on the secondary mortgage market. Congress has been debating changes to the GSEs. Proposals for “reform” include legislation to phase out and eventually eliminate Fannie and Freddie altogether. Elimination of the GSEs, which purchased or securitized two out of every three loans written in 2010, would have grave consequences for home buyers and sellers, the real estate market, and the economy as a whole. Almost overnight, financing would dry up. Interest rates would increase, and borrowers would be forced into the exotic loan products that helped create the current financial climate. These are scenarios the struggling housing market can ill afford now. It’s important that REALTORS® understand the potential damaging effects of phasing out Fannie and Freddie. For more details about the GSEs and their importance to real estate housing finance. |
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Friday, February 10th, 2012
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