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Wednesday, March 05, 2008 "This situation calls for a vigorous response," Bernanke said. "Measures to reduce preventable foreclosures could help not only stressed borrowers but also their communities and, indeed, the broader economy. At the level of the individual community, increases in foreclosed-upon and vacant properties tend to reduce house prices in the local area, affecting other homeowners and municipal tax bases."
In January the board of directors approved establishing a statewide hybrid multiple listing service for California (the "California MLS"). This action was taken following years of study and deliberation that began in 2005 with the establishment of the MLS Workgroup. The process has been comprised of ongoing meetings with the various regionalization/consolidation and data sharing groups, as well as a steady stream of information sharing with 30 local associations and groups of local associations across the state. Although the deadline to submit nominations for the California MLS board of directors has passed, statement of intent forms for director positions will continue to be accepted and are available online at http://mlsinput.car.org. An impressive list of nominees for the California MLS board of directors has been received and the selection process will begin soon. The initial board will be selected and appointed by the C.A.R. officers and reported to the full C.A.R. board of directors at the June business meetings in Sacramento A complete list of the AORs and MLSs that have submitted a statement of intent to participate in the California MLS also may be viewed at http://mlsinput.car.org.
The "New Home Valuation Protection Code" establishes new requirements governing appraisal selection, solicitation, compensation, conflicts of interest, and corporate independence, among other reforms. These requirements include prohibiting mortgage brokers from selecting their own appraisers, and prohibiting lenders from using "in-house" appraisers and using appraisal management companies they either own or control. The agreement also calls for the creation of the "Independent Valuation Protection Institute," which would serve to implement and monitor the "New Home Valuation Code." The Institute will be funded by Fannie Mae and Freddie Mac and operate as a consumer contact center for complaints from both borrowers and appraisers alike. To read comments about the new agreement by Freddie Mac Executive Vice President Robert E. Bostrom, go directly to http://www.freddiemac.com/news.
C.A.R.'s Facebook page includes an overview of the Association and its mission; a YouTube video link featuring C.A.R. staff and news; information about C.A.R.'s leadership team; links to industry news items including C.A.R.'s "Market Matters;" discussion boards, and networking and sharing options. While most features on the C.A.R. Facebook page are open to all visitors, to view C.A.R. events, C.A.R. members first must join Facebook. Facebook members also have enhanced interaction capabilities with the C.A.R. Facebook page. To take a tour of the new C.A.R. Facebook page, go directly to http://www.facebook.com/pages/CALIFORNIA-ASSOCIATION-OF-REALTORS/8351618289. CBIA Chief Economist Alan Nevin said the drop in new residential projects breaking ground coupled with the ongoing push to move existing inventories, carry the potential to produce a "severe shortage" of new housing once the real estate market rebounds. "We have rarely had a situation where interest rates are low and the California economy is stable and yet there appears to be hesitancy among potential homebuyers to make the critical purchase decision," Nevin said. "We do know, however, that within the near-term future, the market will decide, often en masse, to begin the home-buying process, but this time there will be a severe shortage of new product." The new Forms Advisor and Forms Tutor programs are components of the C.A.R. WINForms® member benefit. Forms Advisor was designed to help REALTORS® decided which form to use during any stage of a real estate transaction (purchase, lease, and office administration). The Forms Advisor also identifies when the C.A.R. forms library lacks a form appropriate to the unique circumstances of a transaction, and advises the member what to do in that case.
Three Webinars on how to use the Forms Advisor and Forms Tutor programs have been scheduled. Click on the appropriate link below to register. Monday, March 10 at 3:00 https://www1.gotomeeting.com/register/692428280
"The softening in advertised vacancies is widespread," said Gad Levanon, an economist at The Conference Board. "For the past three months, 75 percent of states had an average annual growth rate slower than the previous year. These data, along with the drop in the Consumer Confidence Index from 112 in July 2007 to 75 in February 2008, suggest that the slow pace of labor demand observed during the last half of 2007 may even slow further in the upcoming months." C.A.R.'s Member Legal Services team has also revised three legal articles. The "Deficiency Judgment Chart" has been revised to clarify the rights of "wiped out" junior lien holders now holding an unsecured note after a senior lien holder has foreclosed on the property. This article is available on the What's New and Legal Articles pages of the Legal section on C.A.R. Online (www.car.org), or go directly to http://www.car.org/index.php?id=MzcyNDQ= . The "Legal Action Fund Active Amicus Cases" article has been updated to list all the active cases in the C.A.R. amicus brief program of the C.A.R. Legal Action Fund. This article an be found on the What's New and Legal Articles pages of the Legal section on C.A.R. Online (www.car.org), or go directly to http://www.car.org/index.php?id=MzYwMTk=. The "Submitting Listings to the MLS" has been updated to reflect the current obligations, legal and otherwise, associated with submitting a listing or not submitting a listing to the MLS. This article can be found on the What's New and Legal Articles pages of the Legal section on C.A.R. Online (www.car.org), or go directly to http://www.car.org/index.php?id=NjE0.
Admittance to the Southern California Home Buyer's Fair is free, however, event coupons are available. Member may obtain coupons from their local association, or download and print for distribution to their clients directly by going to www.homebuyersfair.com/pdfs/SCHBFCoupon.pdf. The Southern California Home Buyer's Fair will feature more than two dozen educational seminars presented in English and Spanish for consumers, designed to address many of the concerns of first-time home buyers and arm them with all of the practical information they need to know as they begin the road to homeownership. In addition, the exhibit hall will feature nearly 75 exhibit booths where consumers can obtain information from industry experts about a vast range of programs pertaining to homeownership and the home-buying process. For more information, visit www.homebuyersfair.com.
Edited by Mark Giberson, markg@car.org Executive offices: Legislative offices: To view C.A.R.'s Privacy Policy click on this link: If you wish to update the email address to which this newsletter is sent, please do not reply to this email. You are receiving the HTML version of C.A.R. Newsline To receive it in text format, Click here To contact C.A.R. regarding C.A.R. Newsline, click on this link: For permission to reprint content from C.A.R. Newsline, please send an e-mail with "reprint" in the subject line to Jacqueline Fox at jacquelinef@car.org
Copyright © 2008 CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.)
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