CAR Newsline

CAR Newsline

Wednesday, July 16, 2008
In this Issue:

* FED ANNOUNCES PLANS TO FINANCE FANNIE AND FREDDIE IF NECESSARY

* AUSTIN BOARD OF REALTORS(R) PROVIDES CLARUS(tm) MARKETMETRICS AS MEMBER BENEFIT

* FED APPROVES NEW RULES FOR MORTGAGE LENDERS TO PROTECT CONSUMERS

* C.A.R. DISASTER RELIEF FUND OFFERS SUPPORT FOR VICTIMS OF NORTHERN CALIFORNIA WILDFIRES

* FIVE CALIF. CITIES ON LIST OF FASTED-GROWING; VICTORVILLE IS SECOND IN THE NATION

* EXPO CLOSING LUNCHEON FEATURES BEST-SELLING AUTHOR JOSEPH A. MICHELLI

* NEW HOME SALES IN CALIFORNIA DECLINE 51 PERCENT IN MAY

* CALIFORNIA ENACTS FORECLOSURE REFORM LAW TO PROTECT HOMEOWNERS FACING DEFAULTS

* CEO CONFIDENCE IN ECONOMY SHOWS LITTLE SIGNS OF IMPROVEMENT IN SECOND QUARTER

* C.A.R. GREEN TIP OF THE WEEK: BLU-RAY DISCS SHRED

FED ANNOUNCES PLANS TO FINANCE FANNIE AND FREDDIE IF NECESSARY The Fed announced Sunday that the White House and Federal Reserve will loan Fannie Mae and Freddie Mac the capital they may need to ride out the nation's housing crisis, granting the Federal Reserve Bank of New York authority to lend money to the two mortgage giants, if necessary, both of which are suffering from losses tied to record numbers of home loan foreclosures.

"This authorization is intended to supplement the Treasury's existing lending authority and to help ensure the ability of Fannie Mae and Freddie Mac to promote the availability of home mortgage credit during a period of stress in financial markets," the Fed said in a prepared statement.

The announcement followed Treasury Secretary Henry Paulson's announcement of plans to obtain congressional approval to buy stock in Fannie and Freddie in exchange for a role as consultant over the two companies' financial practices. The request is now being considered by Congress as part of a sweeping housing package.

More info:

http://www.federalreserve.gov/newsevents/press/other/20080713a.htm

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AUSTIN BOARD OF REALTORS(R) PROVIDES CLARUS(tm) MARKETMETRICS AS MEMBER BENEFIT C.A.R. subsidiary Real Estate Business Services Inc. (REBS) and the Austin Board of REALTORS(R) (ABoR)on Tuesday announced that ABoR has signed an agreement to provide Clarus(tm) MarketMetrics as a free member benefit.

Clarus(tm) MarketMetrics is designed to enhance a REALTOR(R)'s real estate market knowledge using market-oriented, comprehensive Web-based tools.

Launched April 1, Clarus(tm) MarketMetrics positions the REALTOR(R) as the consumer's trusted advisor by providing up-to-date, relevant local market data that even the savviest client will value.

"Clarus(tm) MarketMetrics strengthens our members' position as the experts of the Austin real estate market by providing them with instant access to market trends and pricing analysis using MLS data," said Beth Gatlin, director of member services at the Austin Board of REALTORS(R). "This product differentiates our members by enabling them to communicate market insights to their clients more effectively."

Clarus(tm) MarketMetrics, which retails for $360 for an annual subscription, is one of the latest tools in the Clarus(tm) REsource product line provided by REBS.

More info: http://www.car.org/index.php?id=Mzg1NDg=

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* * * Advertiser * * *

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FED APPROVES NEW RULES FOR MORTGAGE LENDERS TO PROTECT CONSUMERS The Federal Reserve Board on Monday approved a set of new rules, effective Oct. 1, 2009, pertaining to home mortgage loans aimed at better-protecting consumers and ensuring responsible lending practices. The new rules prohibit unfair, abusive, or deceptive home mortgage lending practices and restrict certain other mortgage practices.

In addition, the rules establish a new set of advertising standards for the mortgage lending sector and require certain mortgage disclosures to be given to consumers earlier in the home-buying transaction.

"The proposed final rules are intended to protect consumers from unfair or deceptive acts and practices in mortgage lending, while keeping credit available to qualified borrowers and supporting sustainable homeownership,"

said Federal Reserve Chairman Ben S. Bernanke.

More info:

http://www.federalreserve.gov/newsevents/press/bcreg/20080714a.htm

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C.A.R. DISASTER RELIEF FUND OFFERS SUPPORT FOR VICTIMS OF NORTHERN CALIFORNIA WILDFIRES C.A.R. members and REALTOR(R) association staff impacted by the recent Northern California wildfires may apply for financial assistance from the C.A.R. Disaster Relief Fund. The C.A.R. Disaster Relief Fund distributes grants of between $1,000 and $10,000 to REALTORS(R), their family members, and local association staff who have lost their homes or businesses as a result of a natural disaster.

To receive an application to request a grant from the C.A.R. Disaster Relief Fund, call Elizabeth de Carteret at (213) 739-8308, or send an e-mail to elizabethd@car.org.

If you would like to make a tax-deductible donation to the C.A.R. Disaster Relief Fund, please make checks payable to the California Community Foundation, and write "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.

More info: http://www.car.org/index.php?id=MzIzMTU=#relief

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* * * C.A.R. Member Advantage Partner * * *

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* * * Advertiser * * *

HomeOwner's Guide. Free marketing tool for C.A.R. members.

http://mailer.carwebs.org/news/Newsline/passurl.asp?ad=152&adsid=322

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FIVE CALIF. CITIES ON LIST OF FASTED-GROWING; VICTORVILLE IS SECOND IN THE NATION While there are signs of a slowdown in migration to the West and sunbelt region, California continues to see steady population growth, placing five cities on the list of the 25 fastest-growing large municipalities in the country between 2006 and 2007, according to new population estimates from the U.S. Census Bureau.

According to the report, Victorville, Calif. saw a population increase of

9.5 percent to 107,232 in 2007, putting the San Bernardino County city second on the list of the nation's fastest-growing large cities with populations of 100,000 or more. New Orleans ranked number one on the list, with a population increase of 13.8 percent to 239,124 after a seeing its population in 2005 dwindle to half in the wake of Hurricane Katrina.

The other four California cities that made the list are Bakersfield; Irvine; Moreno Valley; and Visalia.

More info:

http://www.census.gov/Press-Release/www/releases/archives/population/012242.

html

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EXPO CLOSING LUNCHEON FEATURES BEST-SELLING AUTHOR JOSEPH A. MICHELLI Ever wonder what it takes to build up a brand and keep customers coming back for more? Find out by joining Joseph A. Michelli, Ph.D, best-selling author, organizational psychologist, business consultant, and radio host, during the California REALTOR(R) EXPO Closing Luncheon, "The Starbucks Experience," Thursday, Oct. 16 from Noon to 1:30 p.m.

Michelli will be sharing his findings from his in-depth analysis of the Starbucks business model and the popular coffee chain's highly successful customer service platform, which he has compiled in a national bestseller:

The Starbucks Experience: 5 Principles for Turning Ordinary into Extraordinary.

CALIFORNIA REALTOR(R) EXPO 2008, the state's largest real estate trade show running October 14-16 at the Long Beach Convention Center, offers two full days of valuable educational programs, special events, and networking opportunities designed to help REALTORS(R) navigate the market ahead.

Tech Tuesday on Tuesday, Oct. 14, is a paid event preceding EXPO and includes a full day packed with educational seminars focused on the interconnection between technology and real estate. This premier event is where REALTORS(R) can obtain hands-on training on how to use the latest tools they need to boost their bottom line. This year's Tech Tuesday luncheon is titled "The Rise of the Machine: How Technology is Changing the Buying and Selling of Real Estate," and features guest speaker Ed Dilworth, CEO of Nimblefish Technologies.

EXPO is free for all members but registration is required. Nominal fees apply for Tech Tuesday, all luncheons, and REALTOR(R) Night Out. For more information or to register, go to www.realtorexpo.org.

More info: http://www.realtorexpo.org

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* * * Advertiser * * *

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Keep up-to-date with market conditions, real estate marketing trends and Hot technologies. C.A.R. members get a special discounted rate of $579. Full program at inman.com/connectsf. <a href=http://mailer.carwebs.org/news/Newsline/passurl.asp?ad=413&adsid=322>Cl

ick here to REGISTER NOW!</a> 

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NEW HOME SALES IN CALIFORNIA DECLINE 51 PERCENT IN MAY Sales of new homes in California declined 51 percent in May compared with the same month in 2007, reversing a recent trend of year-over-year declines, which had narrowed to 44 percent in April, and 49 percent in March, according to new data from the California Building Industry Association (CBIA).

More info:

http://www.cbia.org/go/cbia/newsroom/press-releases/declining-new-home-sales

-emphasizes-need-for-action-cbia-declares/

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CALIFORNIA ENACTS FORECLOSURE REFORM LAW TO PROTECT HOMEOWNERS FACING DEFAULTS The State Legislature last week enacted a set of foreclosure reforms to address the adverse effects of high foreclosure rates in California. The new law requires lenders to contact homeowners to explore options for avoiding foreclosure at least 30 days before filing a notice of default.

The law also requires owners acquiring property through foreclosure to maintain the exterior of vacant residential properties, and extends from 30 to 60 days the time for residential tenants to vacate properties that have been foreclosed upon, unless other laws apply.

For highlights of the new law and links to the text of the legislation, go to http://www.car.org/index.php?id=Mzg1NDY=.

More info: http://www.car.org/index.php?id=Mzg1NDY=

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CEO CONFIDENCE IN ECONOMY SHOWS LITTLE SIGNS OF IMPROVEMENT IN SECOND QUARTER Confidence among the nation's CEO's in the economy, which declined to 38 during the first quarter of 2008, inched up slightly to 39 in the second quarter, according to the latest CEO Confidence Index from The Conference Board.

"CEOs continue to rate current economic conditions as unfavorable, and their short-term expectations suggest this slow growth environment will exist for the remainder of the year," said Lynn Franco, director of The Conference Board Consumer Research Center.

More info:

http://www.conference-board.org/economics/indicatorsExpectations.cfm

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C.A.R. GREEN TIP OF THE WEEK: BLU-RAY DISCS SHRED Blu-ray discs hold five times more content than traditional compact discs and are composed of 50 percent paper, allowing them to be shredded, and making them easier to dispose of than traditional compact discs.

C.A.R.'s "Green Tips" are part of the Association's effort to raise member awareness about environmentally sound practices and offer REALTORS(R) ideas for greening their business practices and better serving their green-minded consumers. For more green real-estate-related tips and discussion, visit C.A.R.'s green blog: http://www.car.org/blogs/index.php.

More info: http://www.car.org/blogs/index.php.

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Calif. median home price - May 08: $384.840(Source: C.A.R.) Calif. highest median home price by C.A.R. region May 08: Santa Barbara So.

Coast $1,199.000(Source: C.A.R.)

Calif. lowest median home price by C.A.R. region May 08: High Desert

$200,740(Source: C.A.R.)

Calif. First-time Buyer Affordability Index - First Quarter 08: 44 percent

(Source: C.A.R.)

Mortgage rates - week ending 07/10/08

30-yr. fixed: 6.37 Fees/points: 0.6%

15-yr. fixed: 5.91 Fees/points: 0.6%

1-yr. adjustable: 5.17 % Fees/points: 0.5% (Source: Freddie Mac)

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The CALIFORNIA ASSOCIATION OF REALTORS(R) is a trade association

representing nearly 200,000 REALTORS(R) statewide.

Edited by Mark Giberson, markg@car.org

Executive offices: 525 South Virgil Ave., Los Angeles CA 90020

Phone (213) 739-8200; fax (213) 480-7724

Legislative offices: 980 Ninth St., #1430, Sacramento CA 95814

Phone 916-492-5200; fax 916-444-2033

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