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 Steve Goddard  Wednesday, October 13th, 2010  Steve Goddard - 2010 C.A.R. President
Dear C.A.R. Member,
No doubt you’ve heard the news recently that a number of major banks have volunteered to temporarily suspend foreclosures in 23 states and Bank of America is temporarily suspending foreclosures nationwide.
While this situation is changing daily, I want to tell you what we currently know to answer any questions you may have.
- In late September and early October some lenders and servicers began voluntarily halting foreclosures in select states while they reviewed their foreclosure processes.
- So far, only Bank of America has extended its foreclosure moratorium to California, where the vast majority of foreclosures are conducted without a court order. Foreclosures in the other 23 states are processed through the court system.
- Non-judicial foreclosures in California, however, do have legal requirements that lenders must follow. For example, California law requires that lenders for certain mortgage loans made between Jan. 1, 2003, and Dec. 31, 2007, attempt to make contact with borrowers to discuss options for avoiding foreclosure at least 30 days before filing a notice of default. Lenders also must sign a declaration in the notice of default stating that they tried to contact the borrower, made contact with the borrower, or fall within an exception (such as a bankruptcy filing).
- The lenders and servicers that have placed their foreclosure moratorium on properties in the 23 states where courts are involved in the foreclosure process include: Goldman Sachs Group Inc’s Litton Loan Servicing, Ally Financial Inc.’s GMAC Mortgage unit, JPMorgan Chase, and PNC Financial.
- These lenders/servicers have only temporarily halted their foreclosures while they review their foreclosure process. This is in response to findings that questioned whether some lenders/servicers were following the correct procedures to foreclose on a property.
- This halting of foreclosures is a voluntary action taken on the part of these lenders/servicers and has not been mandated by either the states or the federal government.
- Some members have begun to report the immediate impact of this moratorium on transactions that involve foreclosed properties. Delays in escrow and the removal of listed foreclosures are temporary results of this moratorium.
- The immediate impact on the market will be the slowing of home sales, which could put upward pressure on home prices in the short term. The long-term effect on the market is uncertain at this point as it depends how long the moratorium remains in place.
- Assuming the moratorium is lifted in the next month, the flow of REOs to the market should resume, but the uncertainty created by the moratorium may cause hesitation on the part of buyers.
- Federal agencies, including the Office of the Comptroller of the Currency, the Federal Housing Administration, and the conservator of Fannie Mae and Freddie Mac, have asked lenders and servicers to review their foreclosure processes. This review would apply to all states including those like California where the vast majority of foreclosures are non-judicial.
- The participating lenders and servicers believe their internal review processes should take anywhere from a few weeks to 30 days to complete.
Continue reading: Recent Foreclosure Trends and Information
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
Steve Goddard Thursday, July 15th, 2010
Steve Goddard - 2010 C.A.R. President Dear C.A.R. Member,
Good news bears repeating.
President Obama recently signed a bill extending the closing deadline for the federal
home buyer tax credit to Sept. 30, 2010. The NATIONAL ASSOCIATION OF REALTORS® estimates that as many as 17,700 home buyers in California would not have received the tax credit without the extension. Perhaps you know someone who now will benefit from this legislation.
The president also signed HR 5569, the National Flood Insurance Program Extension Act of 2010, funding the program through Sept. 30, 2010—good news for homeowners in the Sacramento-San Joaquin Valley and other 100-year floodplains. As you know, flood insurance is required for mortgages on properties in a 100-year floodplain. Congress has allowed the program to lapse three times this year, forcing many real estate transactions to be put on hold and, in some instances, cancelled. What happens in Sacramento and Washington, D.C., really does matter to your business.
The passage of these two pieces of legislation—which C.A.R. and NAR advocated for—demonstrates the importance of REALTOR® involvement in government. Legislative wins such as these require a focused and relentless presence at the state and national levels.
C.A.R.’s advocacy in the political arena this year also helped preserve property profiles after title companies stopped providing them in reaction to a letter issued by the Department of Insurance; thrice defeated a 3-percent independent contractor withholding proposal that would have accelerated income tax payments for our members; and defeated point-of-sale retrofits proposed through several pieces of legislation that could have added as much as $20,000 per home prior to closing escrow.
Continue reading: Your July Message from C.A.R. President Steve Goddard
Steve Goddard Thursday, June 24th, 2010
Steve Goddard - 2010 C.A.R. President Dear C.A.R. Member,
Agent Reboot and Real Estate Connect San Francisco are quickly approaching. As you plan your schedule for these back-to-back industry shows July 12-15 in San Francisco, don’t forget to stop in for the dynamic C.A.R.-sponsored afternoon sessions at Agent Reboot.
Agent Reboot – July 12
Join other real estate agents for a new day-long program specifically designed to help you learn how to use the latest technologies and marketing techniques for better business results. C.A.R. will also be hosting four afternoon sessions:
- Straight Talk on Distressed Properties: A Panel Discussion With the Pros
- The Re-positioned Agent: Retool Your Business for the Upturn With Great New Tech Tools
- The Legal Edge: Attorney Advice to Make Agents Even Smarter in This Market
- 2010 State of the Industry Report
Other topics presented by Inman News at Agent Reboot will include:
- Social media – converting fans into paying clients
- Marketing yourself and your listings online, smarter and faster
- Turn your web site into a lead machine
- Killer business planning strategies to make more money now
- Must-haves for the mobile agent
- Networking power hour
Continue reading: Join C.A.R. at Agent Reboot in San Francisco on July 12
Steve Goddard Tuesday, June 15th, 2010
Steve Goddard - 2010 C.A.R. President Dear C.A.R. Member,
Big news to report from our board of directors’ meeting in Sacramento: On Saturday, June 12, the C.A.R. board of directors voted to approve a new structure for the statewide MLS that will merge the efforts of calREDD® with the Multi-Regional Multiple Listing Service Inc. (MRMLS).
This joint effort supports and is in line with the principles that have guided our efforts throughout the process of building a statewide MLS. The new structure will create one dynamic MLS provider serving more than 33,000 real estate professionals and 22 REALTOR® associations statewide.
It’s a huge stride forward for our members — combining our respective strengths and resources will significantly accelerate our shared vision and position the new entity to deliver even more expanded and efficient MLS services to you. You’ll have expanded access to MLS information, greater exposure for your listings, and eventually will be able to select either the calREDD® software system or the Tarasoft Matrix platform currently in use by MRMLS. You should expect to see even more choices and increased services over time.
Your Association will remain both a member and a fundamental part of the new entity, and will continue to have the right to approve actions such as merger, dissolution or sale of assets, changes in the purpose of the new entity, and changes in the board composition.
calREDD® and MRMLS will work closely during the transition to the new entity to ensure there are no disruptions in service, the needs of members continue to be met, and associations scheduled to join calREDD® are seamlessly added to the system. The Amador Association of REALTORS® is on schedule for a June 21 launch, followed by the Tehama Association of REALTORS® on June 28.
Continue reading: Your June Message from C.A.R. President Steve Goddard
Steve Goddard Tuesday, May 11th, 2010
Steve Goddard - 2010 C.A.R. President 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, HUD, the Mortgage Bankers Association, and others. Tomorrow, we’re meeting with Senator Boxer’s Chief Economic Advisor, Marcus Stanley, and Housing Coordinator Jeff Moscovitz. On Thursday, we’ll meet with FHA Commissioner David Stevens, and on Friday with Grace Cooper, the acting director of the Veterans Administration, and Bill White, the VA’s loan service supervisor.
What happens in Washington has far-reaching implications for the housing market back home in California and its impact reverberates through all facets of the real estate industry, including our own. That’s why it’s more important than ever to become involved in the political process. Our goal in Washington is to make certain that our interests are represented, and that our voices are heard, before elected officials craft legislation impacting our industry.
This is a busy time of year in the legislative arena, on both the national front and in California. Following our federal lobbying trip, nearly 2,000 REALTORS® will converge in Sacramento on June 9 for the Association’s annual Legislative Day activities. Legislative Day is a great way to meet face-to-face with your state legislators to discuss the issues that affect our industry — and your livelihood — the most. Assembly Speaker John Pérez and Senator Dennis Hollingsworth are set to kick off the Morning Briefing, followed by opportunities to meet with your own elected officials in the afternoon.
If you’ve always wondered how Sacramento works, or what elected officials really do, this is your opportunity to find out firsthand. If you’ve never participated, I hope you’ll consider doing so this year – please add your voice with that of other REALTORS® and join us.
Continue reading: Your May Message from C.A.R. President Steve Goddard
Steve Goddard Wednesday, April 21st, 2010
Steve Goddard - 2010 C.A.R. President Dear C.A.R. Member:
C.A.R.’s 2010 Consumer Advertising Campaign launches today and promises to be among the most far-reaching in our Association’s history. Our message will be seen or heard across the state more than 128 million times. More than 20,000 radio and TV spots will air, and 16 million online impressions will raise awareness of the REALTOR® brand and reinforce the professionalism of California REALTORS®, while addressing concerns home buyers and sellers may have about today’s market.
The campaign includes radio spots in both English and Spanish, cable television ads, search engine marketing on Google, and online ads on high-traffic sites like REALTOR.com® and trulia.com. It also features a new three-minute video that will air on all Virgin America flights in July and August. The campaign also features a Web site for consumers in both English, at www.yourpieceofcalifornia.com, and Spanish, at www.lallavedetutranquilidad.com.
Additionally, a unique new social media component of the campaign is set to launch within the next few weeks – details to follow as we get closer to launch.
You can find detailed information about the placement of the radio and TV spots on car.org. Click here to learn about the radio spots in your area, and click here to learn about the cable spots. You can view the campaign’s online ads or download them for use on your Web site here.
Continue reading: C.A.R.s 2010 Consumer Ad Campaign Launches Today
Steve Goddard Wednesday, April 14th, 2010
Steve Goddard - 2010 C.A.R. President Dear C.A.R. Member:
Perception often equals reality for today’s image-driven, media-conscious consumers. While conventional wisdom might deem it prudent to cut costs across the board during a business downturn, that philosophy doesn’t apply when it comes to marketing and advertising. Industry studies have confirmed that a long-term strategy for building a brand, burnishing an image, and capturing market share is to maintain, or even increase, marketing expenditures during a downturn. Proactively promoting our professionalism as REALTORS®, and as an industry, are no exceptions.
That’s one reason C.A.R. has consistently reached out to consumers regardless of the temperature of the real estate market through our Consumer Advertising Campaign. This year’s “Your Piece of California. Your Peace of Mind” Consumer Advertising Campaign launches next week, featuring television, radio, and online components, reinforcing the value of working with a REALTOR® and helping consumers understand why now may be the best time in years to buy a home. Be on the lookout for an e-mail next week with complete information on the campaign; for a sneak peek, go to http://www.car.org/aboutus/adcampaign/.
The April 15 federal income tax filing deadline is days away, and the IRS has said it will step up audits of independent contractor status and expand its audits of small businesses during 2010. It’s a timely reminder to broker/owners to make sure they have their business and tax records in order. Those who are lax in their record keeping, such as written independent contractor agreements, may incur significant penalties.
Continue reading: Your April Message from C.A.R. President Steve Goddard
Steve Goddard Wednesday, March 17th, 2010
Steve Goddard - 2010 C.A.R. President
Dear C.A.R. Member:
You’ve heard from me before about upgrading your WINForms® software to zipForm® 6, and nearly 100,000 of you have done so. Thanks! But if you haven’t, you must upgrade your WINForms® software by March 31 – WINForms® no longer will be available come April 1. March also is the month to renew your access to the software. If you upgraded to zipForm® 6 before March 1, you need to renew by logging in to your zipForm® account, where you’ll be prompted to “Renew Now.” For information on all things zipForm®, go to car.org and click on the “Learn More” link under the zipForm® 6 logo in Quick Links.
Also on the forms front, the final versions of C.A.R.’s new Residential Purchase Agreement (RPA), two related new forms, and one revised form now are available for you to preview at http://www.car.org/legal/standard-forms/rpa-study-group-input/. These forms, along with 16 additional revised forms, will be released April 28 in both zipForm® 6 and hard copy format.
C.A.R. is offering a variety of training opportunities related to the new RPA. REALTOR® S.W.A.T. (Special Weapons and Tactics) events are being held throughout the state and incorporate RPA training with continuing education credits, as well as market and legal updates, and more; go to www.realtorswat.com for information on an event near you. Additional training specific to the new RPA also is available. Visit www.car.org/education/calendar/CourseScheduleQ1/ for classes being offered. Free training is available through Forms Tutor®, an online service that explains the standard forms clause-by-clause, with audio and text instructions. Please visit http://www.car.org/tools/zipForm6/ft/ for Forms Tutor® information, which will be updated on April 28 to reflect the new RPA and related forms associated with the release.
Continue reading: Your March Message from C.A.R. President Steve Goddard
Steve Goddard Wednesday, February 24th, 2010
Steve Goddard – 2010 C.A.R. President
Dear REALTOR®,
In an effort to support REALTORS® and educate consumers about current opportunities in today’s real estate market, C.A.R., in participation with the Los Angeles Times, will present the Southern California Home Buyer’s Fair for consumers Saturday, March 13, and Sunday, March 14 at the Los [...]
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