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Brought to you by the CALIFORNIA ASSOCIATION OF REALTORS® 
 

 New foreclosure alternatives program
 Pending home sales rise 3.7 percent in October
 Free ePUBS™ for zipForm® 6 webinars
 California consumer confidence rises in fourth quarter
 IRS releases 2009 tax guide
 Delinquency rates rise on commercial loans
 Stay SMART with C.A.R.’s Market Response Center
  C.A.R. Green Tip of the Week: Number 7 plastic defined
 Fast Facts

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

 

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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

 

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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/.

 

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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

 

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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) 

 

 

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C.A.R. Newsline is published by the CALIFORNIA ASSOCIATION OF REALTORS®, a trade association representing more than 175,000 REALTORS® 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 Street #1430, Sacramento CA 95814
phone (916) 492-5200; fax (916) 444-2033

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Copyright © 2009 CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.)