CAR Update

Published: November 19, 2007

<p><strong>DESPITE PRICE DECLINES, HOUSING STILL SAFE LONG-TERM INVESTMENT</strong> <br />Despite declining home prices as recently reflected in an S&amp;P/Case-Shiller home price statistics survey, on average, the nation's top markets have experienced price appreciation by as much as 50 percent over the past five years, according to comparable data from the National Association of Home Builders (NAHB).<br /><br />&quot;It's important to keep things in perspective,&quot; said NAHB President Brian Catalde. &quot;The current housing price correction is most pronounced in the once super-heated markets in California, Nevada, Florida and Arizona. In most other markets, price declines have been pretty modest.&quot;<br /><br />According to the NAHB's comparable data tables, home prices in Los Angeles dipped 5.7 percent in the last year, but have appreciated by 88.9 percent since 2002. San Francisco home prices have declined 4.2 percent in the last year, but have seen appreciation of 46.7 percent since 2002. Home prices in San Diego have fallen by 8.3 percent in the last year, but have appreciated 54 percent since 2002, according to the report.</p><p><strong>CALIFORNIA CITIES AT TOP OF FORECLOSURE LIST</strong>The cities of Riverside, Stockton, Sacramento, Bakersfield, and Oakland have some of the highest foreclosure rates in the country, according to RealtyTrac®'s Q3 2007 Metropolitan Foreclosure Market Report. Stockton leads the nation's 100 largest metro areas, with one foreclosure for every 31 households filed in the third quarter, while Riverside came in third, with one foreclosure for every 43 households, according to the report.<br /><br />&quot;Although cities in just three states — California, Ohio and Florida — accounted for more than two-thirds of the top 25 metro foreclosure rates, increasing foreclosure activity was not limited to just a few hot spots,&quot; said James J. Saccacio, chief executive officer of RealtyTrac®, which markets foreclosed properties. &quot;In fact, 77 out of the top 100 metro areas reported more foreclosure filings in the third quarter than they had in the previous quarter.&quot;</p><p><strong>CALHFA RECEIVES $100 MILLION FOR HOME BUYER PROGRAM</strong>The California Housing Finance Agency (CalHFA) recently received an additional $100 million to help fund the California Home Buyer's Down Payment Assistance Program (CHDAP). The funds are made available through the passage of Prop. 1C, approved by California voters in 2006. To date, more than 18,000 California families have received CHDAP loans since Prop. C's passage. An additional $145 million in down payment assistance loans have also been made available since the passage of Prop. 46 in 2002, which also funds the CHDAP. That figure includes roughly $30 million in recycled funds and interest payments.</p><p><strong>NAR PROJECTS MODEST RECOVERY IN 2008</strong>The NATIONAL ASSOCIATION OF REALTORS® (NAR) is projecting modest recovery for existing-home sales next year in its 2008 forecast, released Tuesday at the association's annual REALTORS® Conference &amp; Expo in Las Vegas.<br /><br />&quot;The level of pent-up demand reaching the market next year is a bit uncertain, and it is possible for even higher home sales activity than we're forecasting if buyers regain their confidence about the long-term benefits of homeownership,&quot; said Lawrence Yun, NAR chief economist.<br /><br />NAR's pending home sales index based on signed contracts in September increased 0.2 percent from August, however, the index is down 20.4 percent from the same period a year ago.</p><p><strong>C.A.R. PUBLISHES NEW LEGAL ARTICLE AND CHART</strong>C.A.R.'s Member Legal Services team has published a new legal article, &quot;Residential Listing Agreements Between Seller and Real Estate Broker.&quot; This legal article compares the five listing contracts, C.A.R. standard forms RLA, RLAA, RLAN, SP, and CA, and provides guidance for REALTORS® on selecting an appropriate contract, depending on the circumstances. This form is available on Legal's What's New and Legal Articles pages on C.A.R. Online at <a title="http://www.car.org/" href="http://www.car.org/"><strong><font color="#333366">www.car.org</font></strong></a>. For more information, visit <a title="http://www.car.org/index.php?id=MTMwNA==" href="http://www.car.org/index.php?id=MTMwNA=="><strong><font color="#333366">http://www.car.org/index.php?id=MTMwNA==</font></strong></a>.<br /><br />Member Legal Services also has published a new legal chart, &quot;Standard Forms and Legal Q&amp;A Correlation Table&quot; This legal chart contains a list of all the C.A.R. standard forms with a link to the applicable Legal Q&amp;As to assist members in completing and understanding the forms. This new chart is available on Legal's What's New, Standard Forms, and Legal Articles pages on C.A.R. Online at <a title="http://www.car.org/" href="http://www.car.org/"><strong><font color="#333366">www.car.org</font></strong></a>. For more information visit <a title="http://www.car.org/index.php?id=Mzc5NzQ" href="http://www.car.org/index.php?id=Mzc5NzQ"><strong><font color="#333366">http://www.car.org/index.php?id=Mzc5NzQ=</font></strong></a>.</p><p><table cellspacing="0" cellpadding="0" width="514" border="0"><tbody><tr><td colspan="2"><b>DISASTER RELIEF DONATIONS STILL NEEDED</b><br />C.A.R. is asking members who haven't already done so to contribute to its Disaster Relief Fund in order to meet current and ongoing needs. While many of the thousands of residents who were evacuated during the recent Southern California wildfires have returned to their homes, others, including REALTORS®, their family members, and local association staff lost their homes or businesses, and are in need of recovery assistance.<br /><br />Please make your tax-deductible donation to the C.A.R. Disaster Relief Fund. Checks may be made payable to the California Community Foundation with &quot;C.A.R. Disaster Relief Fund&quot; on the &quot;memo&quot; line. Send checks to the California Community Foundation, 445 S. Figueroa St., #3400, Los Angeles, CA 90071-1638. To make a contribution online, visit <a title="http://www.calfund.org/8/giving_calrealtorsrelief.php" href="http://www.calfund.org/8/giving_calrealtorsrelief.php"><strong><font color="#333366">http://www.calfund.org/8/giving_calrealtorsrelief.php</font></strong></a>. For more information, visit <a title="http://www.car.org/index.php?id=Mzc5MjA" href="http://www.car.org/index.php?id=Mzc5MjA"><strong><font color="#333366">http://www.car.org/index.php?id=Mzc5MjA=</font></strong></a>.<br /><br />C.A.R. also has compiled a list of vital resources and other information for Southern Californians affected by the recent wildfires. A link to the Fire Disaster Information section can be found under the REALTORS® Care page on C.A.R. Online at <a title="http://www.car.org/index.php?id=MzIzMTU" href="http://www.car.org/index.php?id=MzIzMTU"><strong><font color="#333366">http://www.car.org/index.php?id=MzIzMTU=</font></strong></a>.</td><td width="40"><img src="http://mailer.carwebs.org/news/Images/Page/Space40px.gif" border="0" /></td></tr></tbody></table></p>


Last modified: November 19, 2007 at 8:30 am | Originally published: November 19, 2007 at 8:30 am
Printed: September 28, 2020