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Archive for December 6th, 2007

SRCAR Holiday Schedule

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<td width="24%" valign="top"><img style="border: 0px none ; float: left; padding-left: 5px; padding-right: 5px;" alt="Holiday Reef" src="http://www.srcar.org/images/random/holiday-reef.gif" /></td> 
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SRCAR will be closed: 
<ul> 
<li class="Verdana12">12 / 19 / 2007 – From 12 Noon – 2 PM</li> 
<li class="Verdana12">12 / 24 / 2007</li> 
<li class="Verdana12">12 / 25 / 2007</li> 
<li class="Verdana12">12 / 31 / 2007</li> 
<li class="Verdana12">01 / 01 / 2008</li> 
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From our family to yours, have a merry Holiday Season! 
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Posted by admin on December 6, 2007 at 10:07 am under Uncategorized.
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News from CAR

C.A.R CALLS ON MEMBERS TO PUSH FOR PASSAGE OF REAL ESTATE LEGISLATIONC.A.R. issued a call to action today, urging all Association members to call Senator Barbara Boxer to request her full support to achieve FHA reform legislation in 2008, in order to provide existing homeowners with secure and affordable refinancing alternatives, and more mortgage options for first-time home buyers. Increasing the supply of affordable mortgage money is a critical component of bringing stability to the nation's turbulent housing market. In addition, C.A.R. also is asking members to join in its efforts to campaign for increasing the Freddie Mac/Fannie Mae Government Sponsored Enterprise loan limits through the passage of legislation that allows for regional increases. President Brown stressed the need for quick Senate action on this important push for real estate reform. Increasing the loan limits would make lower-cost, GSE mortgage financing available to more families attempting to buy homes in high-cost areas like California, while expanding the supply of mortgage funds. If you haven't already done so, please call Senator Barbara Boxer today, and urge her to offer her full support of these two important measures. For more information click on the link below. NEW HOTLINE FOR HOMEOWNERS FACING FORECLOSUREThe HOPE NOW Alliance announced Monday the establishment of a consumer hotline for homeowners facing foreclosure. The HOPE Homeowner's hotline is being managed by the Homeownership Preservation Foundation, and provides free, independent, bilingual, HUDapproved counseling and advice 24 hours a day for homeowners who have questions about their mortgage loans, and may be in danger of losing their homes. The HOPE NOW Alliance was organized at the urging of Treasury Secretary Henry Paulson and members from the U.S. Dept. Housing and Urban Development (HUD) in November, and consists of consumer credit counseling organizations, mortgage service providers, lenders, investor groups, and 10 trade associations serving the housing industry, including NeighborWorks America.CONSTRUCTION SPENDING DECLINES 0.8 PERCENT IN OCTOBERU.S. construction spending declined 0.8 percent in October to $1.158.3 billion, down from $1.164.9 billion in September, according to the latest data from the U.S. Dept. of Commerce. Residential construction fell 2.0 percent in October to $503.7 billion, down from $514.2 billion in September, and 16.2 percent below spending for the same period a year ago.C.A.R. REPORTS ENTRY-LEVEL HOUSING AFFORDABILITY AT 24 PERCENT IN CALIFORNIAThe percentage of households that could afford to buy an entry-level home in California stood at 24 percent in the third quarter of 2007, unchanged from the same period a year ago, according to C.A.R.'s First-time Buyer Housing Affordability Index (FTB-HAI) released Nov. 29. The minimum household income needed to purchase an entry-level home at $482,910 in California in the third quarter of 2007 was $99,590, based on an adjustable interest rate of 6.56 percent and assuming a 10 percent down payment. First-time buyers typically purchase a home equal to 85 percent of the prevailing median price. The monthly payment including taxes and insurance was $3,320 for the third quarter of 2007.INTEREST RATES ON LONG-TERM MORTGAGES HIT TWO-YEAR LOWInterest rates on 30-year fixed-rate mortgages averaged 6.10 percent for the week ending Nov. 29, down from 6.20 the prior week, and 6.14 a year ago, according to Freddie Mac's Primary Mortgage Market Survey®. Rates have not been lower since they averaged 6.03 percent in October,2005. "Interest rates for U.S. Treasury securities have been drifting lower this month over market concerns that the housing slump and stress in the credit markets could slow future economic growth," said Frank Nothaft, Freddie Mac vice president and chief economist. "As a result, interest rates for fixed-rate mortgages had room to slip lower this week."NEW-HOME SALES ROSE 1.7 PERCENT IN OCTOBER Sales of new, single-family homes rose 1.7 percent in October across the country to 728,000 units, compared with 716,000 units in September. However, sales remain 23.5 percent below October 2006 levels, according to new data released jointly from the U.S. Census Bureau and the Dept. of Housing and Urban Development. The median sales price of new homes sold in October 2007 was $217,800, according to the report.DISASTER RELIEF DONATIONS STILL NEEDED The recovery process for victims of the wildfires that have consumed homes, businesses, and acreage across eight Southern California counties since October is still ongoing, requiring our continued commitment to helping those in need. C.A.R. is asking members who haven't already done so to contribute to its Disaster Relief Fund in order to meet current and developing needs. Please make your tax-deductible donation to the C.A.R. Disaster Relief Fund. Checks may be made payable to the California Community Foundation with "C.A.R. Disaster Relief Fund" on the "memo" line. Send checks to the California Community Foundation, 445 S. Figueroa St., #3400, Los Angeles, CA 90071-1638. To make a contribution online, visit <a title="http://www.calfund.org/8/giving_calrealtorsrelief.php" href="http://www.calfund.org/8/giving_calrealtorsrelief.php">http://www.calfund.org/8/giving_calrealtorsrelief.php</a>. For more information, visit <a title="http://www.car.org/index.php?id=Mzc5MjA" href="http://www.car.org/index.php?id=Mzc5MjA">http://www.car.org/index.php?id=Mzc5MjA=</a>. C.A.R. also has compiled a list of vital resources and other information for Southern Californians affected by the recent wildfires. A link to the Fire Disaster Information section can be found under the REALTORS® Care page on C.A.R. Online at <a title="http://www.car.org/index.php?id=MzIzMTU" href="http://www.car.org/index.php?id=MzIzMTU">http://www.car.org/index.php?id=MzIzMTU=</a>.

Posted by admin on December 6, 2007 at 8:19 am under Uncategorized.
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News from NAR

<table width="507"><tbody><tr><td class="sectionheader">ISSUES </td></tr><!– Itemheader –><tr><td class="itemheader"> Call for Action: Support FHA Reform, Increased GSE Limits </td></tr><!– Story –><tr><td class="blacktext" width="500">NAR is encouraging REALTORS® to contact their U.S. senators for their support on two measures that can have a big impact on real estate markets across the country, FHA reform and Fannie Mae and Freddie Mac loan limit hikes. FHA reform, S. 2338, will provide home owners secure and affordable refinancing alternatives and first-time homebuyers more mortgage options. The Freddie Mac and Fannie Mae loan limit increases will make lower-cost GSE mortgage financing available to more families trying to buy homes in high cost areas, and increase the supply of mortgage money. Contact your senator on these measures through the <a id="LINK_10" title="http://go-to.realtor.org/r/PRZD9H/182DD/ATKNQ/872L1/WB6BO/1G/h" href="http://go-to.realtor.org/r/PRZD9H/182DD/ATKNQ/872L1/WB6BO/1G/h">REALTOR® Action Center.</a> </td></tr><!– End of story –><!– Itemheader –><tr><td class="itemheader"> Time Sensitive Information on NAR Professional Liability Insurance Program </td></tr><!– Story –><tr><td class="blacktext" width="500">Attention AEs: NAR's Professional Liability Insurance Program is being moved to a new carrier effective January 1, 2008. The expiring insurance program (Illinois National Insurance Company) and the new insurance program (ACE American Insurance Company) are both written on a claims made basis. Therefore, it is important that all known claims (written or oral, prior to Jan. 1, 2008), threats of litigation, or any facts, circumstances, or situations that may subsequently give rise to a claim are reported pursuant to the terms of the expiring policy to American International Companies and NAR's Legal Affairs Department. <table width="507"><tbody><tr><td class="itemheader">IRS Announces 2008 Mileage Allowances </td></tr><!– Story –><tr><td class="blacktext" width="500">The mileage business allowance increases from 48.5 cents to 50.5 cents per mile. Charitable deductions for the use of a car will remain at 14 cents per mile driven. The rates will apply for mileage on or after January 1, 2008. </td></tr></td /></tr /></td /></tr /><!– End of story –><!– Section 
header –><tr><td class="sectionheader">NEWS </td></tr><!– End of story –><!– Itemheader –><tr><td class="itemheader"> Survey: Outdoor Renovations Get Most Bang for Buck </td></tr><!– Story –><tr><td class="blacktext" width="500">Three of the four remodeling projects with the highest percentage of costs recouped this year were exterior upgrades, according to the 2007 Remodeling Cost vs. Value Report. The most profitable project on the national level was upscale siding replacement, which recouped 88 percent of costs upon resale. Wood deck additions and wood window replacements also returned more than 80 percent of costs, at 85 percent and 81 percent, respectively. On a national average, the only interior project to return more than 80 percent of remodeling costs this year was a minor kitchen remodel, returning 83 percent of project costs at resale. “The results of this year’s Cost vs. Value report underscore the importance of curb appeal in the buyer’s eye,” says NAR President Dick Gaylord. Read more at <a id="LINK_14" title="http://go-to.realtor.org/r/PRZD9H/182DD/ATKNQ/872L1/Y808A/1G/h" href="http://go-to.realtor.org/r/PRZD9H/182DD/ATKNQ/872L1/Y808A/1G/h">REALTOR® Magazine Online</a> about this year’s Cost vs. Value report results. </td></tr></tbody></table><table width="507"><tbody><tr><td class="sectionheader">LEGAL </td></tr><!– Itemheader –><tr><td class="itemheader"> Court Rules on Official Start of 180-Day Arbitration Period </td></tr><!– Story –><tr><td class="blacktext" width="500">The California Court of Appeal, Fifth District, ruled that that the <a id="LINK_22" title="http://go-to.realtor.org/r/PRZD9H/182DD/ATKNQ/872L1/UTGTM/1G/h" href="http://go-to.realtor.org/r/PRZD9H/182DD/ATKNQ/872L1/UTGTM/1G/h">arbitration time limit</a> did not start running until the close of escrow, not when parties became aware of the possible dispute. Two salespeople filed an arbitration request with a REALTOR® association after leaving their brokerage and not getting paid the full commission for their pending transactions. The court found that the salespeople did not have to file an arbitration request until 180 days after each transaction’s closing.</td></tr></tbody></table></td></tr></tbody></table>

Posted by admin on December 6, 2007 at 8:16 am under Uncategorized.
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