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 Daniel Allen  Tuesday, August 17th, 2010  Steve Goddard - 2010 C.A.R. President Dear C.A.R. Member,
Summer is coming to a close and with it brings the expiration of one of California’s tax credits. As of this writing, California’s first-time home buyer tax credit expired effective midnight, August 15. That announcement came after the Franchise Tax Board (FTB) realized it had received more than enough applications to cover the $100 million allocated for eligible first-time home buyers. It is encouraging to learn that more than 33,000 Californians have taken advantage of this credit.
When working with your buyers, keep in mind that the FTB will continue to accept applications for the state’s New Home Credit. As of this writing, the state had received 12,090 reservation requests and applications, which is expected to utilize nearly 80 percent of the $100 million allocated to this program. The FTB will stop accepting applications for that program once it determines it has received sufficient applications and requests. You can follow that tax credit’s status at http://www.ftb.ca.gov/individuals/New_Home_Credit.shtml.
One tradition for me and many of your colleagues is your Association’s annual Tech Tuesday and CALIFORNIA REALTOR® EXPO. The event always presents top-line speakers and sessions, plus a chance to learn new business skills and technologies that will aid you in adapting to a market that is still in recovery mode. This year’s event, Oct. 5-7 at the Anaheim Convention Center, has been revamped, and if you’re a regular attendee, you’re in for a surprise: The content and the format are radically different. If you’ve never attended, plan to—you won’t be disappointed. Social media, millennial movers and shakers, cloud computing, and two new workshops, “speed dating” and a ReBar Camp, will take center stage. You can pick and choose sessions a la carté-style or choose one of our four educational tracks and stay in a designated lane during the event—your choice. This event is free, but registration is required. If you haven’t registered for CALIFORNIA REALTOR® EXPO 2010, take a few minutes to sign up today by visiting http://expo.car.org or calling toll-free (800) 242-2732. Tech Tuesday, which precedes CALIFORNIA REALTOR® EXPO, has a separate paid admission and offers a full day of technology training, will be held Oct. 5 at the Anaheim Convention Center.
Continue reading: Your August Message from C.A.R. President Steve Goddard
Stella Ling Friday, April 16th, 2010
The $100 million allocated for California’s first-time homebuyer tax credits may be depleted in about 10 to 20 days or sooner, according to C.A.R.’s Economics team. California’s Franchise Tax Board (FTB) plans to begin accepting applications on May 1, 2010 for tax credits up to $10,000 for first-time homebuyers and for homes that have never been previously occupied. However, the total tax credit allocation for all taxpayers is $100 million for first-time homebuyers and $100 million for new homes, both on a first-come, first-served basis.
C.A.R.’s forecast of 10 to 20 days to deplete the $100 million allocation for first-time home buyers is based on estimated May sales figures and other parameters. It does not take into account the possibility that buyers scheduled to close escrow in April may delay closing until May to take advantage of the tax credit. If a shift in closings from April to May occurs, the first-time homebuyer tax credits may be depleted even more quickly than indicated above.
Applications for the California tax credit must be faxed to the FTB after escrow closes. The FTB will update its website when the 2010 application form and other information become available.
Continue reading: California’s Tax Credit Monies May Go Fast
Caylyn Brown Tuesday, December 8th, 2009
For 2009, NAR’s primary public policy goal was to focus on efforts that stimulate, stabilize and strengthen real estate markets across the nation while also protecting the business interests of members. As we near the end of 2009, NAR has made significant progress on both the legislative and regulatory fronts. The successes highlighted below represent a small portion of the activity conducted on behalf of REALTORS® in 2009.
As we look ahead to 2010, NAR will continue to advocate policy initiatives that benefit REALTORS® and consumers in the residential and commercial real estate industry.
Protecting REALTORS®’ Business Interest and Activities
Banks in Real Estate – After 8 years of continuous struggle to convince Congress that real estate is not financial in nature and banks should not be allowed in the real estate brokerage business, NAR achieved its objective. On March 11, the Omnibus Appropriations Bill, H.R. 1105, was signed into law, and with it a declaration that, going forward, neither real estate brokerage or real estate management can be classified as a financial activity.
Home Valuation Code of Conduct – Citing a lack of guidance from the GSEs, among other things, NAR is calling for an 18 month moratorium. Staff from both Fannie Mae and Freddie Mac met with the Appraisal Committee at NAR’s 2009 Midyear Meetings. The conversation focused on the implementation of HVCC. With the Code set to expire in November 2010, NAR supports an amendment to H.R. 3126 that will effectively sunset HVCC.
Continue reading: 2009 NAR Public Policy Accomplishments
James Liptak Tuesday, November 10th, 2009
Dear C.A.R. Member:
The past few weeks have been very favorable for home buyers, our profession, and the real estate industry. President Obama on Friday signed a bill extending and expanding the federal tax credit for home buyers through April 30, 2010, and on Oct. 30 signed a resolution extending the current limits for Fannie Mae, Freddie Mac, and FHA loans through the end of next year.
These successes were a teaching moment for us all on the impact we can make in Washington when we unite behind a common cause. We called for action, and you delivered. California REALTORS® placed nearly 25,000 calls or e-mails to their congressional representatives, urging them to extend and expand the home buyer tax credit. Passage of legislation critical to our profession also underscored the importance of being politically involved, at the local, state, and national levels. It’s why I’ve been personally involved in our Association’s advocacy efforts for many years, and why I back up my commitment with an annual contribution to the REALTOR® Action Fund.
Continue reading: November 2009 Message from C.A.R. President James Liptak
Caylyn Brown Thursday, November 5th, 2009
More good news for consumers, our members, and the housing market recovery. Following the Senate’s favorable vote yesterday, the U.S. House of Representatives just voted 403 to 12 to extend the home buyer tax credit, expanding the parameters to include existing homeowners and not just first-time buyers. As you may know, C.A.R. and our partners at NAR have worked for months urging Congress and the Senate to extend and expand this crucial piece of legislation. We expect President Obama to sign the legislation in short order.
As it now stands, the federal tax credit will be extended through April 30, 2010, with a 60-day extension if a binding contract is in place prior to the deadline. First-time home buyers will continue to be eligible for a tax credit of up to $8,000, while existing homeowners will be eligible for a reduced credit of up to $6,500. To qualify for the $6,500 credit, existing homeowners must have lived in their current residences for at least five years. The bill also increases the qualifying income limits from $75,000 for single tax filers and $150,000 for joint filers to $125,000 and $225,000, respectively. The purchase price of the home is capped at $800,000 in both instances.
Continue reading: Tax Credit Expanded!
James Liptak Wednesday, October 28th, 2009
SAVING YOU TIME
It’s easy to share C.A.R. videos. C.A.R. videos are now available for you to download. Liven up your Web site or blog content with the latest industry insights covered in C.A.R. videos. Our videos feature everything from REALTOR® tips to housing market updates. Click here to visit the new C.A.R. video page for more information and download instructions. Check back often for new video content.
Need legal counsel on the weekend? Don’t worry–the C.A.R. Legal Hotline is open on Saturdays to help with your transaction-based legal questions. Members can call the C.A.R. Legal Hotline at (213) 739-8282 between 10 a.m. and 2 p.m. on Saturdays to speak live with a C.A.R. attorney. Calls are taken on a first-come, first-served basis to offer members free, confidential legal advice on a vast array of real-estate related topics, such as contract interpretation, arbitration, litigation, tax issues, commission disputes, disclosure requirements, fair housing issues, and laws governing homeowner’s associations. Click here to learn more.
Continue reading: Your Membership, Your Way
Charles McMillan Wednesday, October 21st, 2009
To: All REALTORS®
From: Charles McMillan, 2009 NAR President
Re: Tax Credit Extension/Expansion Gains Momentum
Dear Fellow REALTOR®,
With Congress moving quickly on a number of key issues, I wanted share some important news that you won’t read in the newspapers.
In my latest podcast, I explain why momentum is building – both in Congress and the Administration – in support of extending and possibly expanding the $8,000 first-time homebuyer tax credit.
http://www.realtor.org/about_nar/presidents_report/_podcast_archive/mcmillan_credithealthreform_20091020
My podcast also provides updates on other important activities in Washington, D.C., this week:
- First, NAR’s federal political coordinators are in town to urge Congress to act now on the tax credit. If you haven’t yet sent a letter to your Representatives and Senators, please go to the REALTOR® Action Center now and answer the call. We are so close – please keep pushing!
Continue reading: NAR Update – Tax Credit Extension/Expansion Gains Momentum
James Liptak Tuesday, October 20th, 2009
Dear C.A.R. Member:
2009 has been a thought-provoking year for the real estate industry in California, both for REALTORS® and for our clients. In many instances, it has been a year without precedent. Like most of you, I’ve wondered what 2010 will bring. Many of my questions and concerns were addressed at the opening luncheon during CALIFORNIA REALTOR® EXPO 2009. C.A.R. Vice President and Chief Economist Leslie Appleton-Young deftly navigated her way through the Association’s official forecast for the 2010 housing market, putting today’s market into historical perspective and setting the stage for the future.
The upshot is that, statewide, we can expect the median home price to rise 3.3 percent to $280,000 in 2010, while sales will moderate to a more sustainable pace, posting a 2.3 percent decrease next year. 2010 should mark the beginning of a “new normal” for California’s housing market, and likely will feature a steady stream of sales driven by distressed properties in the low end of the market, coupled with moderate home-price appreciation.
Continue reading: October 2009 Message from C.A.R. President James Liptak
Kenneth Harney Wednesday, October 14th, 2009
Quick passage by the House last week of a bill extending the $8,000 home buyer tax credit next year for military, diplomatic and intelligence personnel serving overseas increases the odds that Congress will agree to an extension, maybe even an expansion, of the entire credit program well into 2010.
The White House is also [...]
Caylyn Brown Monday, September 21st, 2009
The National Association of REALTORS® is calling upon its 1.2 million members to urge Congress to extend the successful homebuyer tax credit into next year.
Since its inception earlier this year, the $8,000 first-time homebuyer tax credit has brought 1.2 million new buyers into the market—350,000 of whom would not have purchased a home without the credit, according to NAR. The credit is due to expire November 30.
“Now is the time for Congress to keep this recovery going by extending the tax credit through 2010 and making it available to more homebuyers. We have all seen how the credit has been a spur to bring homebuyers into the market, and have seen the beginnings of a real recovery in the housing market. Housing has always led this nation out of economic downturns, and can do so again,” said NAR President Charles McMillan.
Write Congress Now
Continue reading: Congress Urged to Extend Tax Credit
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