2012 C.A.R. PAST PRESIDENT LEFRANCIS ARNOLD PASSES AWAY It is with heartfelt sorrow that C.A.R. announces the unexpected death of 2012 C.A.R. Past President LeFrancis Arnold yesterday in Los Angeles. “We are deeply saddened to learn about LeFrancis’ sudden passing. LeFrancis was a great leader and an inspiration to all who worked with him, and his contribution to organized real estate is immeasurable,” said C.A.R. President Don Faught. “I’m proud to have served on C.A.R.’s 2012 leadership team with him. Our thoughts and prayers are with his family and friends during this difficult time.” Arnold is survived by his mother, Evelyn; wife, Sheryl; two sons, Jason and LeFrancis II; and two grandchildren. Information about funeral services and donations REFINANCE VOLUME DOWN SLIGHTLY IN Q2 The total volume of home refinances decreased slightly in the second quarter of 2013 and refinances through the Home Affordable Refinance Program (HARP) also declined somewhat, according to the Federal Housing Finance Agency’s Second Quarter 2013 Refinance Report. Total refinance volume was just below 1.3 million while HARP refinances stood at close to 280,000. This marks the third straight quarter in which HARP refinances have declined, but refinances through the program remain well above average levels prior to program enhancements last year. To date, more than 2.7 million refinances have now been completed through HARP since the program began in April 2009. Also in the second quarter 2013 report: HARP volume represented approximately 22 percent of total refinance volume in the second quarter. The number of completed HARP refinances for deeply underwater borrowers – those with loan-to-value (LTV) ratios greater than 125 percent -- continued to represent a significant portion of total HARP volume. Nineteen percent of the loans refinanced through HARP in the second quarter had the higher LTVs. Through the second quarter, borrowers with LTV ratios greater than 105 percent accounted for 43 percent of the volume of HARP loans. More info SHORTAGE OF LOTS SLOWS HOUSING RECOVERY A shortage of buildable lots, especially in the most desirable locations, has emerged as one of the key factors holding back a more robust housing recovery, according to the latest survey on the topic conducted by the National Association of Home Builders (NAHB). “In our August 2013 survey, 59 percent of builders reported that the supply of lots in their markets was low or very low—up from 43 percent in September of last year, and the largest low supply percentage we’ve seen since we began conducting these surveys in 1997,” said NAHB Chief Economist David Crowe. “One reason is that many residential developers left the industry and abandoned certain markets or simply stopped buying land and developing lots during the downturn.” The 59 percent includes 39 percent who characterized the supply of lots simply as “low” and 20 percent who said the supply of lots was “very low.” Another 22 percent said the supply of lots was “normal,” 10 percent said it was “high” and four percent said “very high.” Six percent said they didn’t know or weren’t sure. More info NEGATIVE EQUITY RATE FALLS FOR 5TH STRAIGHT QUARTER IN Q2 As home values continue to rise, the national negative equity rate continued to fall in the second quarter, dropping to 23.8 percent of all homeowners with a mortgage, according to the second quarter Zillow Negative Equity Report. However, millions of homeowners remain so far underwater that it will take years for them to regain equity, even as home values continue their recovery. Approximately 12.2 million homeowners with a mortgage were in negative equity, or underwater, at the end of the second quarter, owing more on their mortgages than their homes are worth. That is down from 13 million homeowners in the first quarter and 15.3 million at the same time last year. Roughly one-third of homes are owned without a mortgage. The negative equity rate among all homeowners, both with and without a mortgage, was 16.7 percent at the end of the second quarter. Nationwide, more than half (57 percent) of homeowners in negative equity are underwater by 20 percent or more, and roughly one in seven (13.4 percent) owes more than twice what their home is worth. According to the most recent Zillow Home Value Forecast, home values are expected to rise 4.8 percent in the next year. Assuming appreciation at that rate going forward, it would take a homeowner underwater by 20 percent roughly four years to reach positive equity. More info HONE YOUR SOCIAL SMARTS. GET THE DIGITAL DOWNLOAD. At CALIFORNIA REALTOR® EXPO 2013, you will find more than 20 sessions designed to help you thrive in today’s technology-driven market. Most are FREE of charge to you--all you have to do is register. Here are just a few sessions that will help you tackle technology and show you how to work smarter, faster, and better: Ten Ways to Get Social Now iPad Tips, Tricks, and Tools Simplifying Social SEO See the full schedule here. Looking for a deeper dive into digital? Upgrade to our Digital Bootcamp. We’ll show you how to optimize your social media strategy, use content the right way across all channels, and convert online leads to clients. One day, six topics, only $99. Skip the lines! Register now! Already registered? No problem. It’s easy to upgrade your EXPO experience! RED ALERT TO PROTECT UNDERWATER HOMEOWNERS C.A.R. is sponsoring SB 30 to provide relief to distressed homeowners attempting to sell their homes in a “short sale.” Under current state law, when a lender forgives
Posted on: Thu, 05 Sep 2013 04:33:11 +0000