Americans are Moving Confidently. Why? How Many?

Info and a quick video on the the reasons people are moving, and how many are doing so!

Who's moving and why?

New Short Sale Website for California Consumers AND Realtors

With fewer than three of five short sales closing in California, C.A.R. is well aware of the complexity and difficulty of navigating lenders’ and servicers’ short-sale procedures.  To assist both REALTORS® and consumers, C.A.R. has launched shortsalescalifornia.org, a website specifically focused on short sales.

On the new site, visitors will find information ranging from short sale news, foreclosure timelines, and red flags to watch for, to legal Q&As, a short-sale glossary, and much more.


Additionally, consumers can find a REALTOR® to assist with their short-sale transaction, learn what to expect as a buyer or seller of a short-sale property, and find out whether they qualify for government programs to keep their home.


Visit the new site at www.shortsalescalifornia.org 

From CAR President: Ads Will Call for Short Sale Improvements

Tomorrow, the California Association of Realtors (C.A.R.) is placing an open letter advertisement in California’s seven largest daily newspapers, calling on lenders and industry regulators to streamline and improve the short sale process.  C.A.R. is taking a leadership role in this effort by getting this letter published and pointing out lenders’ and servicers’ unworkable short sale processes.  We’re also appealing to various constituencies, such as regulators, elected officials, nonprofits, business organizations, companies, and individuals to join us so that more families are able to arrange a short sale, rather than lose their homes.
In the letter, I write, “With the number of homeowners who owe more than their mortgage is worth hovering at 30 percent, experts predict there will be many more foreclosures in 2011 and 2012.  Unless we take immediate, aggressive action to assist these homeowners, any meaningful recovery in the housing market and overall economy will continue to be delayed.”

The open letter will appear in a full-page advertisement in tomorrow’s Los Angeles Times, San Francisco Chronicle, San Jose Mercury News, Sacramento Bee, San Diego Union-Tribune, Bakersfield Californian, and Fresno Bee.  If you live in one of those areas, I hope you can pick up a copy of one of those newspapers tomorrow and read the open letter....


Sincerely,
Beth L. Peerce
2011 President
CALIFORNIA ASSOCIATION OF REALTORS®

Beyond the Headlines 11/4/10 - Rates, Refi's, Cash for appliances

Here's This week's "Beyond the Headlines" from the California Association of Realtors, including:

• California expects mortgage-aid program to begin in weeks
• Three ways low mortgage rates can work for you  
• Homeownership stays at lowest level in a decade 
• Should you refinance if you’re over 50? 
• Refinance in under a year? Maybe 
• Foreclosure activity up across most U.S. metro areas 
• Mortgage Bankers push housing recovery to 2012  
• Wide variation seen in mortgage servicers’ performance 
• $8.3 million available in Cash for Appliances

California Real Estate News: Beyond the Headlines

California real estate articles from various publications are summarized weekly in Beyond the Headlines, from the California Association of Realtors. Here's this week's version, covering such topics as:

- Year over year median prices up 21% in April
- Consumer confidence rising

- What kind of homeowners walk away from their homes?

A quick way to stay up to date!

- David

Should you buy or rent a home? Cost gap narrows - C.A.R.

Affordable home prices and low interest rates have created an ideal time for many buyers to purchase homes, and now a new week-long look at homeownership confirms it. The national study, conducted for The Associated Press, shows that the difference between monthly rents and mortgage payments is at its lowest level in nearly 20 years.

MAKING SENSE OF THE STORY FOR CONSUMERS

The analysis of 45 metro areas found

CALIFORNIA'S TAX CREDIT MONIES MAY GO FAST

The $100 million allocated for California's first-time homebuyer tax credits may be depleted in about 10 to 20 days or sooner, according to C.A.R.'s Economics team.  California's Franchise Tax Board (FTB) plans to begin accepting applications on May 1, 2010 for tax credits up to $10,000 for first-time homebuyers and for homes that have never been previously occupied.  However,

NO MORE STATE TAX ON FORGIVEN DEBT

From the California Association of Realtors:

Distressed homeowners no longer have to pay California state income tax on debt forgiven in a short sale, foreclosure, or loan modification. Enacted into law yesterday, Senate Bill 401 generally aligns California's tax treatment of mortgage debt relief income with federal law. For debt forgiven on a loan secured by a "qualified principal residence," borrowers will now be exempt from both federal and state income tax consequences. The existing federal exemption is for indebtedness up to $2 million, whereas the new California exemption

$18,000 in Combined Homebuyer Tax Credits for a Limited Time - California Ass'n of Realtors

Californians have a brief window of opportunity to receive up to $18,000 in combined federal and state homebuyer tax credits. To take advantage of both tax credits, a first-time homebuyer must enter into a purchase contract for a principal residence before May 1, 2010, and close escrow between May 1, 2010 and June 30, 2010, inclusive. Buyers who are not first-time homebuyers may use the same timeframes to receive up to $16,500 in combined tax credits if they are long-time residents of their existing homes as permitted under federal law, and they purchase properties that have never been previously occupied as provided under California law.

Under the federal law slated to soon expire, a first-time homebuyer may receive up

Only 22% of Home Buyers are Happy with Their Agent – RISMedia

The latest inside story on real estate agents:

Report: Only 22% of Home Buyers are Happy with Their Agent – What That Means to You and How to Get Past It - RISMedia

This is an article intended for real estate agents, but I think it sheds a useful light on the dissatisfaction many have felt with their Realtors during the market crash. Perhaps you'll get some insights on what to look for in selecting a capable, experienced, hard-working Realtor. I'm always available for a discussion of this topic as well. - D. White

First-timers snap up 47% of homes - SignOnSanDiego.com

Who's buying California homes these days? First timers!

First-timers snap up 47% of homes - SignOnSanDiego.com

Makes sense in that entry level home prices have dropped more than high-end home prices, equity usually used to trade up has been impaired, and FHA lending programs favor lower-cost homes, particularly in areas such as the South Bay. - David

C.A.R. releases "2009-2010 Survey of California Home Sellers"

What was the motivation for 67% of homesellers in California last year?  Ouch: According to a report by the California Association of Realtors, they could no longer afford their mortgages. - David