| ISSUE UPDATES | |||
Tax Credit, FHA Reform Top Agenda |
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| REALTORS® from around the country will be seeking passage of a homeownership tax credit to help boost the economy when they meet with their members of Congress during the 2008 NAR Midyear Legislative Conference & Trade Expo in Washington in May. Other priorities for REALTORS® during their visits to Capitol Hill include a modernized FHA, a new regulatory structure for secondary mortgage market companies Fannie Mae and Freddie Mac, and affordable healthcare options for small businesses. Flood and property casualty insurance are also on the agenda. Get talking points on these top legislative issues online. | |||
Bill Would Extend Leasehold Improvement |
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| Senate Finance Committee Chairman Max Baucus (D-Mont.) has introduced an alternative minimum tax bill, S. 2886, that includes provisions to extend a host of expiring tax provisions, including the 15-year cost recovery period for leasehold improvements. Baucus has said he wants to move the bill before August. | |||
Bills Aim to Help Servicers Modify Bad Loans |
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The House Financial Services Committee this week passed NAR-backed bills on the housing crisis. The “Emergency Mortgage Loan Modification Act of 2008,” H.R. 5579, would provide a safe harbor for loan servicers who undertake mortgage restructuring. The “Neighborhood Stabilization Act of 2008,” H.R. 5818, would provide $15 billion in grants and loans to states to purchase foreclosed homes. The Committee also began looking at the “FHA Housing Stabilization and Homeownership Retention Act of 2008,” HR 5830, which would create a voluntary program for loan servicers to dramatically write down the value of a mortgage in return for FHA refinancing. Some of the bills could be included in a housing stimulus package being crafted by the House leadership.
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Archive for April, 2008
A Mortgage Fraud Task Force came together to create a PowerPoint Presentation on Mortgage Fraud in Murrieta. Please take a moment to read through it.
Click here to download the PowerPoint Presentation
Or continue reading to see it below. Continue reading ‘Mortgage Fraud in Murrieta, CA Presentation’ »
The minutes from February 4th and March 3rd have been posted for both the SRCMLS and SRCAR Corporations.
SRCAR: http://www.srcar.org/srcar_minutes.asp
02-04-2008Member Legal Services has published a revised legal article, Americans with Disabilities Act (ADA) (April 10, 2008). It is available on Legal’s What’s New and the Legal Articles pages on C.A.R. Online. This article, which provides a detailed overview of Title III of the ADA, has been revised to include the California statute and case law relating violations of the ADA and the California Unruh Civil Rights Act. Citations to the relevant sections of the federal code and regulations have been added; the article has been restructured since it was first published in 1992; and links to additional resources on the ADA have been included.
Member Legal Services has published a new legal article, Contingencies and Contingency Removal (April 15, 2008). It is available on Legal’s What’s New and the Legal Articles pages on C.A.R. Online. This new article discusses contingencies in real estate sales contracts, in particular the C.A.R. Form RPA-CA, and removing contingencies. The article addresses issues such as what a buyer should do if the contingency period has ended but the seller hasn’t provided certain disclosures, and what a seller should do if the buyer doesn’t remove the contingencies in writing.
| ISSUE UPDATES |
HUD Secretary Appointee Brings Experience, Insight |
| NAR President Dick Gaylord praised President Bush’s selection of Steve Preston to take over as secretary of the U.S. Department of Housing and Urban Development. Preston headed up the U.S. Small Business Administration for the past two years and is a former CEO of ServiceMaster. “He will do a fine job representing HUD and helping the nation navigate through the housing downturn and the mortgage crisis,” Gaylord said in a statement. Alphonso Jackson, who served as HUD secretary during much of President Bush’s second term, resigned earlier this month. |
FHASecure Enhancements Announced |
| FHA will have more flexibility to insure replacement mortgages for borrowers struggling to stay current in their subprime mortgage in program changes announced by President Bush. Under some of the new criteria, FHA can insure replacement loans of lenders who voluntarily write down the outstanding subprime mortgage principal balances to a 97 percent or 90 percent LTV ratio, depending on the borrowers’ circumstances, and lenders are encouraged to make other arrangements, such as subordinate financing, to fill the gap between the existing loan balances and the FHA-insurable loan amount. The refinanced loan amount backed by the FHA would be based upon a new appraisal, performed by an FHA-approved appraiser. |
Administration Seeks Greenhouse Gas Curbs |
| President Bush last week said he wants to halt growth in greenhouse gases by 2025, the first time he’s gone on record with a fixed date. To achieve that he called for an array of market incentives to stabilize carbon dioxide pollution and increase fuel efficiency, among other things. NAR analysts are monitoring the administration’s objectives and greenhouse-gas legislation in Congress with an eye toward their potential impact on real estate. |
Lawmakers Shine Spotlight on Financial Literacy |
| NAR shared its educational brochures on mortgage finance with the House Financial Services Committee, which held hearings last week on consumer financial literacy. The hearings underscored the importance of consumers understanding the mortgage products available to them. |
President’s Podcast: Navigating the Credit Environment |
| NAR President Dick Gaylord in his latest, podcast explains how REALTORS® can help their clients understand and leverage new underwriting policies of secondary mortgage market giants Fannie Mae and Freddie Mac, among other tips for navigating today’s credit environment. |
LEGAL |
High-Risk Transactions Topic of License Law Forum |
| Your members can enter into short sales and other high-risk transactions with confidence after attending a risk management educational session at the 2008 REALTORS® Midyear Legislative Meetings & Trade Expo in Washington, D.C., next month. The License Law Forum is May 14, 8-10 a.m., and is hosted by Robert Kutschbach of Carleton Realty in Westerville, Ohio, and an instructor at Hondros College. Practitioners at four real estate brokerages will round out the panel. |
Legal News Sent to Your Computer |
| Gets NAR’s latest legal headlines delivered to your RSS reader. |
| Report compiled by Robert Freedman, rfreedman@realtors.org, 202/383-1012. |
| For more info on this report, visit the INS FAQ and online feedback area on REALTOR.org. For advertising information, Click Here.
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| NAR NEWS |
Condolences for Past NAR Treasurer Bruce Wolf |
| Former NAR Treasurer and Colorado Association of REALTORS® President Bruce Wolf passed away Friday, April 18, after a seizure at his home in Littleton, Colo. He was scheduled to have surgery for a noncancerous brain tumor this week. Bruce will be remembered by the AE community for spearheading the NAR Association Investment Program, which provides state and local associations and REALTOR® MLSs customizable investment options for their reserve funds. Memorial contributions can be made on behalf of Bruce to the American Brain Tumor Association, 2720 River Road, Des Plaines, IL 60018, or the Littleton Fire Department, 2255 W. Berry Ave. Littleton, CO 80165. Notes of condolences can be sent to his wife, Mary Wolf, and his family at 890 S. Southwood Drive, Littleton, CO 80121. |
Home Sales Edge Down in March |
| Existing-home sales were down 2.0 percent to a seasonally adjusted annual rate of 4.93 million units in March from a level of 5.03 million in February, and remain 19.3 percent below the 6.11 million-unit pace in March 2007, NAR says. A rise in condo sales in March was offset by a drop in single-family sales. “Though mortgage rates are at historically low levels, some borrowers are facing restrictive lending practices in declining markets,” says NAR Chief Economist Lawrence Yun. “At the same time, many buyers continue to bide their time with a large number of homes to choose from, while other potential buyers remain on the sidelines.” |
For March 2008, the most frequently asked questions of MRMLS Customer Service were:
- Q.How do I create a CMA and should I use the CMA program within Matrix or eN CMA?
A.If you are in a hurry and your subject property is Residential, use the Comparative Market Analysis (CMA) program within MRMLS Matrix.If you want to customize your report to look different than everyone else use the eN CMA product that is free to MRMLS members. For more information go to http://www.imrmls.com/centsite/MLSMarketingSuite.htm.Follow these steps to create a CMA with MRMLS Matrix:
- Perform a search and select comparable properties
- Click the
button at the bottom of the screen - Add pages to your report from the available choices including CMA Cover Sheet, CMA Pro Report, etc. Hold the CTRL key down when selecting more than one page/report.
- Click the
button to see your CMA
- Q.What does Waiting Activation mean?
A.When you set up a client to receive automatic emails, Matrix will send an email to the client as scheduled and will display a “Waiting Activation” message. Matrix will not send additional emails until the client reads the first email and clicks one of the links to view a listing. - Q.What does an asterisk (*) next to my listing mean?
A.You will see a P* under status if a listing has not been manually updated by the Listing Agent/Broker by Midnight of the Estimated Sell Date. Similarly, you will see an S* if the status of the listing has not been manually changed to “sold” or the Estimated Sell Date extended by the tenth day after the Estimated Sell Date. - Q.I updated my contact information in the Matrix Roster, but my listing shows my old contact information. Why?
A.Once you change your contact information in the Matrix Roster, the new information will be reflected in all future listings, but current or older listings will remain unchanged. To update contact information in an old listing, you must go to the Change Contact Information link under Modify on the Add/Edit tab and edit the contact information for that listing. - Q.How do I print a listing on a single page?
A.To print on a single page:- Choose
- Pick Agent Semi Full or Agent Full Abbreviated from the Print Options list
- Click
and then click 
- Choose
Call your Assembly member Today!
C.A.R. is OPPOSING AB 2678 (Núñez) which will require a state agency to set up a process to require point-of-sale energy efficiency audits on ALL homes and commercial properties in California. These audits will cost up to $400 for homes and ultimately require point of sale energy efficiency retrofits that may cost THOUSANDS of dollars. While C.A.R. appreciates the goal of AB 2678 C.A.R. strongly opposes the point-of-sale requirements in AB 2678 because they fail to achieve the bill’s objectives and, such mandates will further weaken the housing market. AB 2678 has just been approved by the Assembly Utilities and Commerce committee and may be considered for a vote by the entire Assembly as soon as next week.
In 2006, legislation was passed which set extremely ambitious goals for greenhouse gas emissions; the first of which is to reduce green house gas emissions to 1990 levels by 2020. To meet this goal, all market sectors in California are being targeted for energy and emissions reducing rules and regulations. AB 2678 is an attempt to reach this goal, albeit a misguided one.
C.A.R. has historically opposed point of sale retrofits: while they may be well intentioned, they are ineffective because they only apply to a small portion of the housing stock that changes hands every year, and they hurt housing affordability.
Here’s why AB 2678 is a bad idea:
Point-of-sale takes too long. All homes will be subject to the requirements of AB 2678, but the California Energy Commission reports that approximately 70% of California’s existing housing stock was constructed prior to energy efficiency standards, which were adopted in 1978. These homes, which use up to 50% more energy for heating and cooling than new homes are the homes where retrofits and upgrades can create the “biggest bang for the buck”. Waiting for point-of-sale, however, to audit and retrofit these homes simply takes too long. C.A.R.’s research data concludes that only 22% of the homes built before 1980 (the homes most in need of retrofit) will change hands between now and 2020. By the time a point-of-sale program is devised and adopted, this number would be even lower. The pont-of sale approach falls critically short of reaching what is needed to achieve the state’s goals.
Point-of-sale mandates hurt housing affordability. Every $1,000 increase in the price of a home disqualifies 26,600 California households from achieving home ownership. Even in the current market, housing affordability in California is still abysmal. Home energy audits can cost up to $400+ per home to perform. In addition, mandatory point of sale energy efficiency investments can add thousands of dollars to the price of a home. Every dollar counts when buying a home; California families are finding it difficult to achieve and sustain home ownership. The point-of-sale mandates in AB 2678 will only make matters worse.
There’s a better alternative. To really achieve the goals of California’s statewide and national energy and environmental policies and commitments, the C.A.R. suggests that AB 2678 be amended to reach all California homes through a comprehensive, phased in, statewide approach that does not burden homeownership at its most vulnerable point – when it sells!
Here’s how you can help. Contact your Assembly member today by calling 800-961-3302 and entering your NRDS ID. When you are connected to his or her office, ask that they OPPOSE AB 2678 unless the point-of-sale requirement is removed.
FOR MORE INFORMATION
Please contact DeAnn Kerr at deannk@car.org or at 1-800-337-9285.
Dear Valued Customer,
Last weekend’s billing maintenance period lasted for only 12 hours. This weekend from Friday 4/18/2008 from 7:30 PM PST through Sunday 4/20/2008 7:30 AM PST Supra will be conducting phase 2 of their billing center maintenance. During this maintenance billing related functions will not be available: SupraNET, Agent Web Pay, and Pay by Phone. All other key functions will be available.
If any members need to make a payment to reactivate their keys this weekend our Agent Support representatives will accept payment and reactivate keys. Agent Support will be available from 5:00 AM PST through 7:00 PM PST at 877-699-6787.
Thank you for your support,
Michelle Medley
Supra Administrator
| NOTICE IS HEREBY GIVEN that the Planning Commission of the City of Lake Elsinore will hold a Public hearing in the LAKE ELSINORE CULTURE CENTER – 183 NORTH MAIN STREET, Lake Elsinore, California, on Tuesday, April 15, 2008 at 6:00 PM, to solicit input, ideas, and comments on the subject project. | |
| From | Rolfe M. Preisendanz, Director of Community Development (951) 674-3124 extension 223. |
| Project Title | General Plan Update and Environmental Impact Report. |
| Applicant | City of Lake Elsinore |
| Project Description | The City is proposing a General Plan Update pursuant to Government Code Section(s) 65300 et seq. and applicable Chapters of the Lake Elsinore Municipal Code (LEMC). Notice of the City’s consideration of this project is given pursuant to Government Code Section 65090 and 65091.
This project requires the preparation of an Environmental Impact Report, Mitigation Monitoring Reporting Program, Findings of Fact and a Statement of Overriding Considerations pursuant to the California Environmental Quality Act (CEQA) and the State Guidelines for Implementation of CEQA |
| Project Location | The City of Lake Elsinore’s incorporated City limit, the City’s Sphere of Influence and the City’s Planning Areas. |
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If you challenge the General Plan Update and/or the Environmental Impact Report in Court, you may be limited to raising only those issues you or someone else at the public hearing questioned, that was described in this notice, or that was written correspondence delivered to the Planning Commission at, or prior to, the public hearing.
ALL INTERESTED PERSONS area invited to attend this public hearing and express opinions upon the item listed above, or to submit written comments to the Planning Division prior to this date. FURTHER INFORMATION on this item may be obtained by contacting the Planning Division, at City Hall (951) 674-3124. All agenda materials are available for review at City Hall. |
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Dear Valued Customer,
Thank you for your patience this morning while connectivity was unavailable to Supra’s data centers. AT&T has resolved their connection problems allowing them to get all services back online. If you have any questions please contact Supra’s Customer Liaison at 877-699-6787.
Sincerely,
Michelle Medley
Supra Administator
