National Association of Realtors

The National Association of Realtors® applauded the House for overwhelming passage of FHA reform legislation that would allow the Federal Housing Administration to adjust monthly premiums on mortgage insurance.

This bill, H.R. 5072, FHA Reform Act of 2010, would strengthen the FHA loan insurance program while keeping it available and affordable to responsible home buyers. Allowing FHA to raise the monthly insurance premium would let FHA lower the up-front premium that places a burden on cash-strapped borrowers at closing.

“As the leading advocate for homeownership and housing issues, NAR is very pleased that FHA will be allowed to play its intended countercyclical role to provide qualified borrowers with access to prime credit. FHA is a critical part of our nation’s economic recovery,” said NAR President Vicki Cox Golder, owner of Vicki L. Cox & Associates in Tucson, Ariz.

En route to passage, the House defeated an amendment that would have increased the FHA down payment from 3.5 percent to 5 percent, which would have disenfranchised more than 300,000 potential homeowners and would not have contributed significantly to FHA cash reserves.

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Pending home sales have risen for three consecutive months, reflecting the broad impact of the home buyer tax credit and favorable housing affordability conditions, according to the National Association of Realtors®.

The Pending Home Sales Index,* a forward-looking indicator, rose 6.0 percent to 110.9 based on contracts signed in April, from an upwardly revised 104.6 in March, and is 22.4 percent higher than April 2009 when it was 90.6. That follows gains of 7.1 percent in March and 8.3 percent in February.

Pending home sales are at the highest level since last October when the index reached 112.4 and first-time buyers were rushing to beat the initial deadline for the tax credit. The data reflects contracts and not closings, which usually occur with a lag time of one or two months.

Lawrence Yun, NAR chief economist, said this second round of surging sales from the tax credit extension looks as strong as the original tax credit. “There were concerns that only a small pool of buyers were left to take advantage of the tax credit extension. But evidently the tax stimulus, combined with improved consumer confidence and low mortgage interest rates, are contributing to surging sales,” he said. “The housing market has to get back on its own feet and now appears to be in a good position to return to sustainable levels even without government stimulus, provided the economy continues to add jobs.” NAR expects a net of 1 million additional jobs in the second half of this year and about 2 million in 2011.

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National Association of Realtors

More than nine out of 10 home buyers use the Internet as a search tool, and Realtors® at the Midyear Legislative Meetings & Trade Expo here this week are engaged in ways to improve and enhance consumers’ online real estate experience.

“The Internet has helped transform the real estate industry, and Realtors® are committed to the evolution of online tools and resources,” said NAR President Vicki Cox Golder, owner of Vicki L. Cox & Associates in Tucson, Ariz. “It’s one more way we bring value to home buyers, sellers and investors.”

Realtor.com President Errol Samuelson joined Realtors® at the “Fixing Failure Points in Online Real Estate” session. Samuelson explained that the use of mobile applications is experiencing explosive growth.

“In three or four years, more people will access the Internet with their mobile devices than with a computer,” Samuelson said. “Counterintuitively, phone response will become even more important as potential clients shift more to mobile devices.” To prove his point, he cited a recent test of real estate agents with an online presence and potential buyers who tried to call an agent after visiting his or her website, which found that 70 percent of consumers who got voicemail hung up without leaving a message.

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National Association of Realtors

A growing number of metropolitan areas are experiencing price gains from a year ago, while most states have seen healthy gains in home sales from the first quarter of 2009, according to the latest survey by the National Association of Realtors®.

In the first quarter, 91 out of 152 metropolitan statistical areas1 showed higher median existing single-family home prices in comparison with the first quarter of 2009, including 29 with double-digit increases; three were unchanged and 58 metros had price declines. In the fourth quarter 67 areas reported gains and 123 were down, while only 30 MSAs in third quarter of 2009 showed annual price increases.

The national median existing single-family price was fairly flat at $166,100, down 0.7 percent from the first quarter 2009 price of $167,300. The median is where half sold for more and half sold for less. Distressed homes, which typically are discounted by 15 percent relative to traditional homes, accounted for 36 percent of first quarter sales.

Lawrence Yun, NAR chief economist, said stabilizing home prices are encouraging. “This flattening in home prices is something we’ve been seeing in all of the home price measures lately, and quite clearly in this metro area price report,” he said. “The tax credit has been very effective in drawing down excess inventory, with about one million additional sales resulting directly from the stimulus.”

Total state existing-home sales, including single-family and condo, were at a seasonally adjusted annual rate2 of 5.14 million in the first quarter, down 14.0 percent from a surge of 5.97 million in the fourth quarter, which was driven by the initial tax credit. However, first quarter sales remain 11.4 percent above the 4.61 million-unit level in the first quarter of 2009. “Year-ago comparisons are more meaningful in this report due to sales swings from the tax credit,” Yun said.

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Pending home sales rose in February, potentially signaling a second surge of home sales in response to the home buyer tax credit, according to the National Association of Realtors®.

The Pending Home Sales Index,* a forward-looking indicator based on contracts signed in February, rose 8.2 percent to 97.6 from a downwardly revised 90.2 in January, and remains 17.3 percent above February 2009 when it was 83.2. The data reflects contracts and not closings, which usually occur with a lag time of one or two months.

Lawrence Yun, NAR chief economist, said the improvement is another hopeful sign. “The rise in buyer contact activity may signal the early stages of a second surge of home sales this spring. The healthy gain hints home prices are continuing to flatten,” he said. “We need a second surge to meaningfully draw down inventory and definitively stabilize home values.”

The PHSI in the Northeast rose 9.0 percent to 77.7 in February and is 18.9 percent higher than February 2009. In the Midwest the index jumped 21.8 percent to 97.9 and is 18.7 percent above a year ago. Pending home sales in the South increased 9.2 percent to an index of 107.0, and the index is 17.5 percent higher than February 2009. In the West the index fell 4.8 percent to 98.0 but is 14.6 percent above a year ago.

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Rental Scams Issue Date: February 18, 2010 v1

Summary: Unscrupulous people find homes listed for sale and post those same homes on a community posting board, like CraigsList, for what seems like an incredibly reduced rental price. The posting may have statements that sound credible to a would-be renter (i.e. Last minute job relocation, Death in the family, etc.) and urge them to send their reduced price deposit and first month’s rent to a specified address or wired to a specified account - the lease agreement to be signed later. In exchange, the key to the home will be left where the would-be renters can find it. Would be renters then send the money thinking they have rented a home.

Occupied homes for sale: Homeowners may be faced with a stranger(s) showing up to move into their home.

Vacant homes for sale: Would-be renters may not realize they’ve been scammed until a potential buyer or real estate agent shows up to view the home they’ve “rented”. In some cases, neighbors or contractors may notice that someone is on the property that shouldn’t be there and law enforcement is called to investigate.

Homeowners and would-be renters are urged to contact local police to report the crime.

Homeowners are also encouraged to notify the community posting board (i.e. CraigsList) if there is an unauthorized posting of their home for rent. They will expediently remove any unauthorized or disputed posting.
Would-be renters are encouraged to review CraigsList information on Avoiding Scams & Fraud:
DEAL LOCALLY WITH FOLKS YOU CAN MEET IN PERSON - follow this one simple rule and you will avoid 99% of the scam attempts on craigslist. NEVER WIRE FUNDS VIA WESTERN UNION, MONEYGRAM or any other wire service - anyone who asks you to do so is a scammer. CRAIGSLIST IS NOT INVOLVED IN ANY TRANSACTION, and does not handle payments, guarantee transactions, provide escrow services, or offer "buyer protection" or "seller certification" NEVER GIVE OUT FINANCIAL INFORMATION (bank account number, social security number, eBay/PayPal info, etc.) AVOID DEALS INVOLVING SHIPPING OR ESCROW SERVICES and know that ONLY A SCAMMER WILL "GUARANTEE" YOUR TRANSACTION.

If you suspect that you, a family member, or friend has fallen victim to real estate fraud and don’t know where to turn, call Ventura County’s 2-1-1 hotline to get the referral you need to the appropriate agency. Cell phone users dial: 800-339-9597.

Cindy Diaz-Telly of the Fillmore office of Troop Real Estate.

“You can be passive. Or, you can be part of the solution.”

It’s a guidepost that has played a central role in bringing Cindy Diaz-Telly of the Fillmore office of Troop Real Estate, Inc. a successful residential real estate career. This was underlined recently with her designation as “REALTOR of the Year” for the Ventura County Coastal Association of REALTORS.

The coveted designation also accents Diaz-Telly’s ongoing involvement in her profession and community, something she’s convinced enables her to better serve her clients. Previously, she served as president of the National Association of Hispanic Real Estate Professionals of Ventura County, and is a current member of the Real Estate Fraud Advisory Team (REFAT). Diaz-Telly also serves as the 2010 secretary/treasurer of VCCAR as well as being a member of several other committees.

“When I first became a REALTOR, my broker Bob Harrison (Troop’s West County Regional Manager) taught me the right way to do things. He showed me that the successful brokers were the ones that were informed as well as involved.

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