Brought to you by the CALIFORNIA ASSOCIATION OF REALTORS®
 Major banks suspend foreclosures
A number of major banks recently have suspended foreclosures in 23 states due to problems with the signing of declarations in connection with judicial foreclosures -- foreclosures that proceed through the court system. Bank of America has further expanded its suspension of foreclosures to all 50 states. In California, the vast majority of foreclosures are conducted through non-judicial foreclosure or trustee sales which do not involve a court process.
While California foreclosures are not conducted through the court system, lenders in California must still comply with other legally required procedures for non-judicial foreclosures. C.A.R. is supportive of lenders taking action to ensure homeowners are not improperly foreclosed on and are following state law. We hope they are able to conduct their review expeditiously so as to minimize the impact on California’s housing market. An update was e-mailed to all C.A.R. members detailing the most recent information available on the foreclosure situation. The update also is posted online at http://www.car.org/tools/smart/foreclosuremoratorium/. For the latest information on the foreclosure moratorium, register for the free C.A.R. webinar scheduled for Friday, Oct. 15 from 11 a.m. – 11:45 a.m. During the webinar, C.A.R. attorney Stella Ling and Federal Government Affairs Manager Matt Roberts will discuss the recent halting of foreclosures by lenders nationwide, including Bank of America’s foreclosures in California. They also will address the legal and legislative underpinnings of this recent development, and provide guidelines for REALTORS® and their clients. Space is limited and may run out quickly, so please sign up now at http://www.car.org/legal/legal-live-webinars/. * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * *
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* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * e-signatures now a free C.A.R. member benefit
Recognizing that electronic signatures are an essential component to real estate transactions, C.A.R. recently approved providing electronic signatures as a free C.A.R. member benefit. Beginning Jan. 1, 2011, C.A.R. members will have the option of using either Digital Ink™ or Docusign® as their source for electronic signatures with zipForm® 6. To learn more about Digital Ink™, register for a webinar scheduled for Thursday, Oct. 14 at 2 p.m. During this one-hour webinar, attendees will learn how to: - Send documents without printing, faxing, or driving across town
- Provide service to out-of-town customers easily
- Eliminate signing mistakes while protecting the customer’s confidential data
- Save and file electronic copies of all documents
Visit https://www1.gotomeeting.com/register/287685296 to register for this webinar. * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * *
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HUD proposes new regulations on lenders for reimbursement
The U.S. Department of Housing and Urban Development (HUD) recently proposed new regulations to strengthen its authority to force certain lenders to indemnify or reimburse the Federal Housing Administration (FHA) for insurance claims paid on mortgages that are found not to meet the agency's guidelines. Additionally, HUD's proposed rule would require all new and existing lenders with the ability to insure mortgages on HUD's behalf to meet stricter performance standards to gain and maintain their approval status. For those lenders with special authority to insure mortgage loans on FHA's behalf, HUD seeks to force indemnification for 'serious and material' violations of FHA origination requirements such that the mortgage never should have been endorsed by the mortgagee in the first place just as FHA would not have insured the mortgage on its own. More info. * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * *
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* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * Healthcare open enrollment Oct. 15-Nov. 30
C.A.R.’s endorsed insurance broker, RealCare, is accepting insurance applications from C.A.R. members from Oct. 15-Nov. 30. Open enrollment for group medical, dental, and vision coverage through C.A.R. is available now for coverage, effective Jan. 2, 2011. All qualified C.A.R. members are eligible with no medical questions, no application, and guaranteed coverage. C.A.R. offers five medical plans through Anthem Blue Cross and 11 plans through Kaiser Permanente. C.A.R. also offers four dental plans through MetLife. C.A.R. members who currently have group Kaiser coverage and are renewing may be able to save money. Call RealCare to find out how. For more information, please call RealCare at (800) 939-8088 ext. 202, or visit www.realcare.biz/realtors. Members located in the Inland Empire, Los Angeles, or San Diego counties may call RealCare at (800) 588-8628. * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * *
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* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * Percentage of price-reduced homes rose 24 percent in September
The percentage of homeowners who reduced their listing prices rose 24.2 percent in September compared with a year ago, according to a monthly survey conducted by ZipRealty, which examines home listings in 26 major markets. ZipRealty’s review found that 47.8 percent of homes listed for sale experienced at least one price reduction in September, up nearly 10 percent compared with a year ago. On average, homeowners within all markets studied reduced list prices by $19,165.
The San Francisco, Orange County,and San Diego markets were among those with the largest median price reduction in absolute dollars.
More info. Free webinar on selling HUD REO properties
C.A.R. and HUD are offering a free webinar Tuesday, October 19, 9 a.m. – 10 a.m.. This webinar will provide C.A.R. members with information on how to sell HUD REO properties. Attendees will learn everything about selling HUD REO properties, including how to get approved to sell, how these homes are marketed, and how to complete the purchase contract. Register today for “Selling HUD REO Properties.” More info. Mortgage applications increase in latest MBA survey
The Mortgage Bankers Association’s Market Composite Index, a measure of mortgage loan application volume, increased 14.6 percent on a seasonally adjusted basis last week compared with the week prior. The Refinance Index increased 21 percent from the previous week, while the seasonally adjusted Purchase Index decreased 8.5 percent from one week earlier.
“Refinance application volumes are now close to the highest level this year,” said Michael Fratantoni, MBA’s vice president of research and economics. “Purchase activity remains generally weak, but applications for conventional purchase mortgages are now at their highest level since the beginning of May following the expiration of the tax credit.” The refinance share of mortgage activity increased to 83.1 percent of total applications from 78.9 percent the previous week and is the highest refinance share since January 2009. The adjustable-rate mortgage (ARM) share of activity decreased to 5.4 percent from 6.1 percent of total applications from the previous week. More info. Weekly Fraud Alert: DRE warning on false and misleading designations
The DRE recently issued another consumer alert in response to an increase in the use of questionable and possibly misleading terms such as "expert", "certified", and "specialist" in the marketing and advertising of assistance to anxious homeowners in connection with their home loans and foreclosure rescue services and short sales. More info. C.A.R. Green Tip of the Week: Blankets for heaters?
Have an old water heater and not ready to upgrade? Put a hot water heater blanket around your water heater and save on heating costs. A hot water heater blanket will set you back $15 to $25, but you could save more in the long run. For more green real-estate-related tips and discussion, visit C.A.R.’s green blog (http://www.car.org/blogs/) and C.A.R.’s Green Web site (http://green.car.org) Fast Facts
Calif. median home price: August 2010: $318,660 (Source: C.A.R.)
Calif. highest median home price by C.A.R. region August 2010: Santa Barbara So. Coast $777,000 (Source: C.A.R.)
Calif. lowest median home price by C.A.R. region August 2010: High Desert $127,860 (Source: C.A.R.)
Calif. First-time Buyer Affordability Index - Second quarter 2010: 64 percent (Source: C.A.R.)
Mortgage rates: Week ending 10/07/2010 30-yr. fixed: 4.27 Fees/points: 0.8% 15-yr. fixed: 3.72% Fees/points: 0.7% 1-yr. adjustable: 3.40% Fees/points: 0.7% (Source: Freddie Mac)
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