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Your Voice
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MURRIETA: MENIFEE:
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SRCAR's Blog
Dear Valued Customer,
On Sunday, March 30th starting at 3:30pm PST through 6:00pm PST, Supra will be conducting routine maintenance at their data center. During this time AgentWebPay and IVR will not be available. Keyholders will be able to eSYNC, get voice updates and log into KimWeb during this time.
Thank you,
Michelle Medley
Supra Administrator
On March 20, 2008, MRMLS will turn on the Cumulative Days on Market (CDOM) counter. CDOM tracks the total days a property has been on the market without a sale. CDOM counts the total days on market for each time a property is listed and continues counting until the property is Canceled/Expired for 60 days, no matter which agent or broker lists the property.
For example, if a property was listed on January 1st, expired 90 days later, and re-listed by the same or another agent within 60 days, at midnight, the CDOM counter will display “91″ and the Days on Market (DOM) will show “1.”
Frequently Asked Questions:
Q. How is CDOM calculated?
A. MRMLS Matrix uses APN, Street #, Zip Code, Unit # and/or Space # to identify and match listings for CDOM calculations. Each night during midnight processing all “on market” listings have their DOM incremented by one. New listings have a DOM of zero until the end of the first day of the listing. CDOM is the sum of all consecutive DOMs for a specific property that do not have at least a 60 day gap between the previous close date and the new list date. CDOM is automatically reset to zero if the property is sold.
Q. If I take on a listing that expired with a previous agent, will CDOM reset to zero?
A. CDOM calculations will only reset to zero if there has been at least 60 days between the previous close/expired date and the new list date.
| NAR NEWS |
Lawrence Yun Named Among Top Forecasters |
| USA Today has ranked NAR Chief Economist Lawrence Yun fifth among the top 10 economic forecasters in its annual list recognizing accuracy in forecasting. USA Today enlisted the help of the Federal Reserve Bank of Atlanta to determine the most accurate forecasters among the economists surveyed in the newspaper’s quarterly survey on the U.S. economy. The economists, whose identities were unknown to those gathering the data, received four scores, one for each quarterly survey, and were ranked on the average of those four scores. “This recognition contributes greatly to NAR’s reputation as the leading innovator in housing-related research,” says NAR CEO Dale Stinton. |
Higher Loan Limits Point to a Rosier Forecast |
| The housing market will get some relief this year, as higher conforming and FHA loan limits start to have an impact on buyers, NAR says in its latest forecast. Existing-home sales are expected to rise to a 5.7-million unit pace in the second half versus a 4.9-million unit pace in the first half. The Northeast is expected to be first region to show signs of stabilizing. |
| ISSUE UPDATES |
Call For Action: Permanent Loan Hike Needed |
| Higher FHA loan limits, passed as part of the 2008 National Economic Stimulus package, are set to expire at the end of the year. AEs: Now is the time for your members to contact their members of Congress in support of FHA reform legislation that includes realistic and permanent increases in the loan limits. Your members can respond to NAR’s Call for Action on FHA reform at the REALTOR® Action Center. |
Fannie, Freddie Set Jumbo Conforming Loan Requirements |
| Special requirements are in place for the origination, underwriting, delivery, and servicing of jumbo conforming mortgages (loans above $417,000 and up to $729,750), Fannie Mae and Freddie Mac have announced. In a conservative approach, Fannie has set the maximum loan-to-value ratio at 90 percent for fixed-rate mortgages and 80 percent for ARMs, with a minimum FICO score of 700 for loans with LTVs of more than 80 percent and 660 for LTVs of 80 percent or less. The Freddie maximum LTV is 90 percent for fixed- and adjustable-rate loans, with minimum FICO score of 700 for LTVs of more than 75 percent and 660 for LTVs of 75 percent or less. |
Bill Includes VA loans in the Economic Stimulus Increases |
| NAR-backed bills have been introduced to amend the National Economic Stimulus Act of 2008 to include VA loans in the loan limits increases that were provided to FHA and Freddie Mac and Fannie Mae. VA loan limits are currently set at $417,000. NAR has testified in support of the increase. |
Proposed RESPA Regulation Published |
| HUD on March 14 published long-awaited proposed regulations on the Real Estate Settlement Procedures Act. The rules include a mandatory four-page Good Faith Estimate (GFE) and a modified HUD-1/1A; a required “closing script” to be read orally at settlement; enhanced disclosures; and new rules concerning volume discounts, average cost pricing, and “required use.” The rules have a 60-day public comment period expiring on May 13. NAR will be filing comments. |
On March 18th the National Association of REALTORS® e-mailed a Call-for-Action supporting FHA Reform to all REALTORS®. The subject of the e-mail was “Call for Action: Market Conditions Demand FHA Reform Now”. It is extraordinarily important that all California REALTORS® respond to this Call-for-Action promptly.
FHA Reform has passed both the House and Senate and is currently in a conference committee to work out the final details of the legislation. The pivotal concern of FHA Reform is the increase in loan limits. The Senate version only calls for an increase to $417,000 while the House version calls for an increase up to $729,750. Therefore, it is crucial, especially in a state like
C.A.R. strongly urges members to contact their legislators and voice their support for FHA Reform that includes the higher loan limits, reduced downpayments, and the inclusion of condominiums. As leaders in the real estate industry and active members of their communities, REALTORS® have the experience and knowledge to explain to Congress why this reform is so necessary. Please contact your Representative immediately and tell them why their support for the House version of loan limits in FHA Reform is so important.
You may access NAR’s Call-for-Action to send your own letter to your Congressman at NAR FHA Call for Action
If you have any questions please feel free to call or email Jeff Keller, Public Policy Analyst, at 213-739-8398 or jeffk@car.org
Many agents now use a smartphone or PDA to beam open Supra iBoxes. You can, too, when you subscribe to eKEY service from GE Security!
What are smartphones? What are PDA’s?
PDA is short for Personal Assistant, commonly called “PalmPilot”. A PDA consolidates your calendar, contacts, and other paper systems into one small device you’ll always have with you in your pocket or purse. A smartphone is a PDA that is also a cell phone. Most smartphones include high-speed Internet access, email and other real estate-friendly features, including camera, calculators voice memo capability and more.
What is eKEY service?
There are two levels of eKEY service, eKEY basic for $13.88 plus tax allows you to open and program your own iBoxes. eKEY Professional for 23.93 plus tax adds MLS listings information, maps, agent roster and showing details to your device. Not sure which level of service is right for you? See feature comparison chart below.
| Basic | Professional | What you’ll be able to do with this level of service |
| • | • | Open iBoxes |
| • | • | Read iBoxes at listings; view showing agent name and phone |
| • | • | Customize iBox access hours as you take the listing |
| • | • | Add business card, flyer, showing notes to iBox |
| • | • | Track iBox inventoty and view settings on your device |
| • | • | Send showing feedback to listing agents when you update your key |
| • | • | view Showing activity details on KIMWeb |
| • | Retrieve specific MLS info wherever you are | |
| • | MLS info and agent roster refreshed daily on your key device | |
| • | View HotSheets | |
| • | Search MLS five ways (Most used is Address Search) | |
| • | Free Mapopolis maps linked to listings | |
| • | Create and save buyer profiles and mini-CMA searches on device | |
| • | View showing details and feedback on your device |
How does an eKEY update?�
If you are using a smartphone with wireless Internet access, your eKEY will update by itself overnight. If you do not have wireless Internet access, you may update your smartphone through your PC. If you have eKEY service on your PDA, you may update with your PC over your high-speed Internet connection using the factory-supplied PDA cable or crade.
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Member Legal Services has published a revised legal article, Mobilehomes (March 17, 2008). It is available on Legal’s What’s New and the Legal Articles pages on C.A.R. Online. In an attempt to improve the financing of manufactured homes, the
Here is a summary of the most prominent features added to MRMLS software and tools in 2008.1. Roster/Contact Information Changes: The ability to change your phone number(s) and email address has been added to MRMLS Matrix. (mrmls.frogpond.com/DispArticle.cfm?ARTICLE_ID=22026&ISSUE_ID=1690)
2. Listing & Property History: 
LH shows status changes associated with the current listing, while PH shows a comprehensive history of the property.
Note: On displays Active Days on Market is hyperlinked to the Listing History and the Cumulative Days on Market (CDOM), which will be released later this month, will be hyperlinked to Property History.
3. Agent Semi Full: The Agent Semi Full Report has been added. This report prints on a single page. 
4. Listing Input Preview: 
A Preview button has been added to the Add/Edit module. Use the Preview button to see your listing before you submit it.
5. Custom Header & Footer: A graphical header/footer can be added to search results that are emailed or auto emailed to clients.
6. CMA Status Date: A CMA Status Date field has been added to the Detailed and Quick search screens. The CMA Status Date applies to Sold, Canceled, and Expired listings within the given date range.
Note: When combining Active, Contingent, Pending, Sold, Canceled and Expired statuses, you will receive all Active, Contingent and Pending Listings, regardless of the CMA Status Date used.
7. View or Hide AutoSold: To show or hide properties that have been Auto Sold, add the Auto Sold field to your display and turn AutoSold properties on or off to fit your needs. (mrmls.frogpond.com/DispArticle.cfm?ARTICLE_ID=22162)
(MLS# A9222222 has been Auto Sold. Turn it On or Off using the Auto Sold Field
Survive a Down Market
REALTOR® S.W.A.T (Special Weapons And Tactics)
Find out about the latest market trends in your area.
Plus get Continuing Education (CE) credit!
PICK THE PROGRAM THAT WORKS FOR YOU!
| Full Day Prgram Includes: | Half Day Program Includes | |
C.A.R. Member Rate: $59 Non-member: $159 |
C.A.R. Member Rate: $10 Non-member: $159 |
Coming soon the Inland Empire
Tuesday April 3 – 8:30 a.m. to 4:00 p.m.
Ontario Doubletree
222 N. Vineyard Avenue, Ontario, CA
REGISTER NOW! Visit www.RealtorSWAT.com
For more information contact Monica Rodriguez at RealtorSWAT@CAR.org or by phone at 213-739-8380
Member Legal Services has published a revised legal chart, Foreclosure and REO Sales Disclosure Chart (March 12, 2008). It is available on Legal’s What’s New and the Legal Articles pages on C.A.R. Online. There have been no substantive changes to the disclosure requirements from the January 1, 2008 version, however, the chart was updated to clarify which form to use when a disclosure is required and no form is listed when the disclosure is not required. This chart is available online in HTML format and it can also be viewed in PDF format.
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