News, Information & Hot Issues for REALTORS® on the go

Movers and Shakers

Promotions and Installations

It's official: Lawrence Yun, former vice president and senior economist for NAR, was named chief economist of the NATIONAL ASSOCIATION OF REALTORS®. Yun replaces David Lereah, who stepped down to pursue a position with Westlake-based Move Inc.

Also, NAR installed its 2008 Leadership Team: Long Beach, Calif., REALTOR® Richard F. "Dick" Gaylord was installed as NAR's 2008 president. Gaylord is both a former C.A.R. president (2000) and president of the Pacific West Association of REALTORS®. Charles McMillan, a REALTOR® from Irving, Tex., is 2008 president-elect; Tucson, Ariz.-based REALTOR® Vicki Cox Golder is 2008 first vice president; Lemoyne, Pa.-based REALTOR® James L. Helsel, Jr. is 2008 treasurer; Campbell, Calif.-based REALTOR® Robert Kulick is 2008 vice president and liaison to government affairs; Mark Foreman, a Fairfield, Conn.-based REALTOR®, is 2008 vice president and liaison to committees.

Consumer Trends

California Comfort Zone Costs $72,348

The federal poverty line for a family of four in 2007 was $20,650, and that figure, according to a study released by the California Budget Project, is woefully low based on California's cost of living. The study notes that a two-wage earning family of four requires a monthly income of $6,170, or $72,348, to attain a modest standard of living in California. Modest is defined as living without extras such as college savings, emergencies, or vacations. In contrast, a single adult needs to earn $28,336 annually to attain a modest level of comfort; a single parent needs $59,732 toattain a modest level of comfort in the Golden State. These figures were based on the assumption that the adults were renters and did not have employer-sponsored health insurance.

View the complete report with local results at http://www.cbp.org/ .

Market Pulse

Two Unexpected Consequences of a Downturn

1. Let us help repair your credit and help you buy one of our homes. That's the idea behind a free credit repair program introduced by K. Hovnanian AmericanMortgage, a subsidiary of Hovnanian Enterprises Inc., the sixth-largest home builder in the U.S. The program is being offered in California and interested parties can learn more by contacting Hovnanian American Mortgage. Yes, if you're the buyer's agent who assists the buyer through this transaction and program, you earn the commission.

2. According to the National Association of Home Builders (NAHB), the price of building materials has dropped to 2005 levels, making 2008 a "great year for renovations and remodels." According to NAHB data, the cost of drywall has dropped 35 percent; framing lumber, 24 percent; and oriented strand board, 40 percent.

State News

REALTOR® S.W.A.T.: Special Weapons and Tactics to Survive a DownMarket

Here's your chance to learn how to work short sales and foreclosures, plus earn DRE-approved CE credits. C.A.R. staff and leadership will hit the road and present day-long events in conjunction with local associations of REALTORS®: San Luis Obispo (Feb. 13); Inland Valley/Riverside (April 3); Sacramento/Central Valley (April 9); San  Diego (April 16); Bay Area/Oakland (April 24); and L.A. Area/San Fernando Valley (April 30). Each event will include a local market update from C.A.R.'s Chief Economist Leslie Appleton-Young; lunch; and special panel with the latest advice on how to tackle these transactions. Get a competitive advantage and learn how to work these transactions.

Cost is $59 for C.A.R. members and $159 for non-members. Registration is required.

For the latest information, please visit www.car.org for venue details and registration link, or call (213) 739-8227.

C.A.R. News

C.A.R.'s New Disclosure Charts

C.A.R.'s Member Legal Services team has published five new disclosure charts for 2008 in an effort to offer REALTORS® and their clients easy-to-use reference guides for determining the general applicability of the laws that apply to various types of real estate sales transactions.

These new charts are: Foreclosure/REO Disclosure Chart; Lease/Rental Disclosure Chart for REALTORS®; New Home (Residential One-to-Four Units) Disclosure Chart; Sales Disclosure Chart for REALTORS®; and the Summary Disclosure Chart for REALTORS®. These newcharts and their printer-friendly versions are available on the What's New and Legal Articles pages of the Legal section on C.A.R. Online (www.car.org ).

For more information, click here.

Newscan

Business briefs & bottom-line boostersAmeriDream's Down Payment Assistance Continues

The Department of Housing and Urban Development (HUD) and the Department of Justice have reached an agreement to extend the AmeriDream down payment assistance program through Feb. 29, 2008. HUD will recognize all loan applications with a signed sales contract on or before Feb. 29. See www.ameridream.org for details.

Resisting Relocation

According to the Employee Relocation Council, a survey of 121 employers found that 71 percent of employees cited "slowed real-estate appreciation" as the main reason for resistingrelocation. In response, some employers are stepping in with relocation benefits that are reminiscent of the 1980s: buying the homes; covering employees' losses; and giving employees more time to sell their current homes.

NAR News

NAR Enters Credit Unions and "Gateway" to Database

NAR's board of directors voted to provide $10 million in start-up capital and file a credit union charter to establish an Internet-based credit union. The credit union will be available to members 24/7 and will accommodate the irregular commission-based income of REALTORS®. NAR also announced its intention to launch a national database that would be owned by NAR, governed by brokers, and accessible in varying degrees to consumers and other thirdparties affiliated with the industry.

Talk Back!

We'd love to hear your comments about this issue of the magazine and the types of articles and subjects that you'd like to read in upcoming issues: Send them to paulah@car.org .