Brought to you by the CALIFORNIA
ASSOCIATION OF REALTORS®
 New
foreclosure alternatives program
The U.S. Dept. of the Treasury last
week announced the Home Affordable
Foreclosure Alternatives Program (HAFA),
which provides financial incentives to
servicers, borrowers, and investors for a
closed short sale or a deed-in-lieu (DIL).
The HAFA program simplifies and
encourages short sale and DIL options by:
- Allowing pre-approved short sale
terms before a property is listed;
- Preventing servicers from attempting
to reduce real estate commissions
established in the listing agreement as
a condition for short sale approval; and
- Releasing borrowers from future
liability for the debt.
Borrowers not eligible for the Home
Affordable Mortgage Program must be
considered for HAFA within 30 calendar days
of the date the borrower does not qualify
for a HAMP Trial Period Plan; does not
successfully complete a HAMP Trial Period
Plan; is delinquent on a HAMP modification
by missing at least two consecutive
payments; or requests a short sale or DIL.
More info
* * * * * * * * * * * * *
* * * * * * * * * * * * * * * * * * * * * *
*
SHORT SALES AND
REO'S: IN A MARKET RIFE WITH
FORECLOSURES
AND HOMEOWNERS THAT HAVE NO EQUITY, YOU NEED
A WAY TO GET
ON THE BANK-APPROVED LIST OF REO AGENTS. FOR
SHORT SALES,
YOU’LL NEED A PROVEN STRATEGY FOR ATTRACTING
>> FULL STORY
* * * * * * * * * * * * * * * * * * *
* * * * * * * * * * * * * * * * *
Pending
home sales rise 3.7 percent in October
NAR’s Pending Home Sales Index (PHSI) rose
3.7 percent to 114.1 in October from 110 in
September, and is 31.8 percent higher than
October 2008’s 86.6 index reading. Pending
home sales have risen nine consecutive
months. The rise from a year ago is the
largest annual increase ever recorded for
the index, which is at its highest level
since March 2006. However, in the West,
which includes California, the index
declined 11.2 percent to 127.7 but is 21.9
percent higher than October 2008.
“The expanded tax credit only has been
available for the past three weeks, but the
time between when buyers start looking at
homes until they close on a sale can take
anywhere from three to five months,” said
NAR Chief Economist Lawrence Yun. “Given
the lag time, we could see a temporary
decline in closed existing-home sales from
December until early spring when we get
another surge, but the weak job market
remains a major concern and could slow the
recovery process.”
More info
* * * * * * * * * * * * *
* * * * * * * * * * * * * * * * * * * * * *
*
Do your Clients think of
You?
Send them one of our cards... and they
will.
House of Cards Proudly Presents:
Holiday & Prospecting Greeting Cards for
REALTORS®
* * * * * * * * * * * * * * * * * * *
* * * * * * * * * * * * * * * * *
Free
ePUBS™ for zipForm® 6 webinars
Beginning Jan. 1, ePUBS™ for zipForm® 6 will
become a free benefit for C.A.R. members.
ePUBS™ for zipForm® 6 allows REALTORS® to
e-mail critical mandated disclosure
information like the Combined Hazards Book
and helpful consumer guides to clients.
ePUBS™ for zipForm® 6 allows REALTORS® to
e-mail the Combined Hazards Book in one file
and the signature page and Earthquake
Hazards Report in a separate file, bringing
agents one step closer to a paperless
transaction. For more information about
this new member benefit, and to learn how
the zipForm® 6 add-on library can assist
REALTORS® with employing green tactics while
abiding by the California disclosure
requirement, register for a free half-hour
webinar. The webinar will introduce the
ePUBS™ for zipForm® 6 library and
demonstrate:
- How to download the ePUBS™ for
zipForm® 6 library into a zipForm® 6
account;
- How to access the ePUBS™ for zipForm®
6 library; and
- The green benefits of using ePUBS™
for zipForm® 6
Since its inception, ePUBS™ for zipForm®
6 has received positive feedback from
agents. REALTOR® Lisa Nelson in Berkeley
said, “I've been using the ePUBS for
WINForms® for about a month now, and love
being able to send electronic books. I am
really pleased with the documents that feed
directly into my WINForms Online® too.”
Sabrina Simpson, an EcoBroker/REALTOR® from
Moorpark said “ePUBS for WINForms® is a
great tool for me to use prior to my listing
appointments, because I can give my clients
the disclosures ahead of time to review
prior to meeting with me.”
For a complete schedule of upcoming
webinars for ePUBS™ for WINForms, visit
http://www.car.org/winforms/ePUBSWF/ePUBSBuyNow/.
* * * * * * * * * * * * *
* * * * * * * * * * * * * * * * * * * * * *
*
Bank of America and C.A.R. team up to bring
you the
C.A.R. WorldPoints MasterCard®
credit card: Enjoy the rewards!
Earn points and get the rewards you want
with no annual fee. Show
the card that shows you’re a REALTOR®!
Click here to learn more!
* * * * * * * * * * * * * * * * * * * * * *
* * * * * * * * * * * * *
California
consumer confidence rises in fourth quarter
The Anderson Center’s California
Composite Index of Consumer Confidence
increased in the fourth quarter of 2009 to a
reading of 76.3 compared with 69.2 in the
third-quarter. An index level lower than
100 reflects a higher percentage of
pessimistic consumers compared with those
who are optimistic.
The California Composite
Index is generated based on three indices.
All three components of the composite
index-- consumers’ outlook on current
economic conditions, consumers’ outlook on
future economic conditions, and an index
measuring consumers’ future spending
plan--increased in the fourth quarter
compared with the third quarter of 2009.
The index measuring
current economic conditions increased by
14.2 points to 53.8 in the fourth quarter
from 39.6 in the third quarter; the index
measuring future economic conditions rose
from a reading of 97.7 in the third quarter
to 99.7 in the fourth quarter; and the index
measuring consumers’ planned spending on
big-ticket items increased to 74.7 in the
fourth quarter from 71.7 in the third
quarter of 2009.
More info
* * * * * * * * * * * * *
* * * * * * * * * * * * * * * * * * * * * *
*
TransUnion SmartMove gives C.A.R.'s
independent landlords all the
screening tools they need, with none of the
hassle.
Click here to
create an account and get 20% off. Credit,
criminal and a leasing
recommendation in minutes. No approval
process. No minimums.
* * * * * * * * * * * * * * * * * * * * * *
* * * * * * * * * * * * * *
IRS
releases 2009 tax guide
As the end of the 2009 tax year
approaches, the Internal Revenue Service
(IRS) has issued a tax guide featuring new
tax-saving opportunities, including
information on:
-
The making work pay credit for most
workers;
-
American opportunity credit for
parents and college students;
-
Energy credits for homeowners going
green;
-
First-time home buyer tax credits,
-
Sales or excise tax deduction for
new car buyers; and
-
The expanded child tax credit and
earned income tax credit for low-
and moderate-income workers.
More info
Delinquency
rates rise on commercial loans
Delinquency rates increased in the third
quarter for most commercial/multifamily
mortgage investor groups, according to the
Mortgage Bankers Association’s (MBA)
Commercial/Multifamily Delinquency Report.
The delinquency rate of loans held in
commercial mortgage-backed securities that
were more than 30 days past due rose 0.17
percentage points to 4.06 percent between
the second and third quarters, according to
the MBA report. The delinquency rate on
multifamily loans held or insured by Fannie
Mae that were delinquent 60 or more days
rose 0.11 percentage points to 0.62 percent,
while the more-than-90-days delinquency rate
on multifamily loans held or insured by
Freddie Mac remained unchanged at 0.11
percent.
More info
Stay
SMART with C.A.R.’s Market Response Center
C.A.R. provides the tools REALTORS® need to
survive in today’s market. Searching for
the latest Legal Q&A or trying to download a
free C.A.R. survey? Look no further! These
resources and more can be located in
C.A.R.’s Market Response Center. Find these
SMART (Strategic Market Assistance and
Response Tools) resources by visiting
http://www.car.org/tools/smart/.
New and updated items include the November
issue of TRENDS; legal update on new laws
for 2010; legal Q&A on noresident property
owner withholding; and the Research and
Economics report November Market Snapshot.
C.A.R.
Green Tip of the Week: Number 7 plastic
defined
Any plastic that does not fit into
the other six well-defined categories of
material earns a number 7. Ironically, this
category also includes the new bio-based
plastics that use corn, potato, or sugar
derivatives. However, the most infamous type
of number 7 plastic is polycarbonate, a
building block in bisphenol-A (BPA), which
gained headlines as an endocrine disrupter
and raised health concerns. Because this
category of plastics is composed of several
types of materials, few municipal or
commercial programs accept number 7 plastic.
For more green real-estate-related tips and
discussion, visit C.A.R.’s green blog (http://blogs.car.org/)
and C.A.R.’s Green Web site (http://green.car.org/).
Fast
Facts
Calif. median home price - October 09:
$297,500 (Source: C.A.R.)
Calif. highest median home price by C.A.R.
region October 09: Santa Barbara So. Coast
$970,000 (Source: C.A.R.)
Calif. lowest median home price by C.A.R.
region October 09: High Desert $118,580
(Source: C.A.R.)
Calif. First-time Buyer Affordability Index
- Third Quarter 2009: 64 percent (Source:
C.A.R.)
Mortgage rates - week ending 12/03/09
30-yr. fixed: 4.71% Fees/points: 0.7% 15-yr.
fixed: 4.27% Fees/points: 0.6% 1-yr.
adjustable: 4.25% Fees/points: 0.6% (Source:
Freddie Mac) |
