SAMCAR {RE}source | December 2008

i. 9 / vol. I

December

2008

Monthly Newsletter of the San Mateo County Association of REALTORS®

www.samcar.org

In this issue

SAMCAR

North Tour: Coats for Kids page 4 SAMCAR Foundation supports Library page 4 Welcome New Members from November 2008 page 2 Support our Troops program page 3

Legislative Fannie Mae/Freddie Mac Suspend Foreclosures through January 9, 2009 page 1 Measure W Defeated page 2 Mortgage Loan Limits page 3

CAR FHA: “New” Loan Limits page 5 ForSaleByOwner.com Makes Erroneous Claims page 5 CAR’s New Green Web Site page 5

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MLSListings, Inc. Updates page 6

Industry News

Monthly Newsletter of The San Mateo County Association of REALTORS®

www.samcar.org tel. (650) 696-8200 fax (650) 342-7509 Board of Directors 2008 President President Elect Region 25 Chair Director Director Director Director Director Director Director Director Affiliate Director Director Director Director

Sue Walsh Olivia T. Edwards Geoffrey Craighead Tim Auran Eric Berggren John Clifford Nini De La Fuente-Pecson Bobbi Decker Suzan Getchell-Wallace Anne Oliva Jennifer Tasto Edgar Tulcanaza Sue Vaterlaus Marianne Zanone Rush David Zigal

Chief Executive Officer Philip B. Tedesco, RCE, CAE Editorial Team Michon Coleman Director of Government Affairs Dalen Gilbrech Publications Designer Our Vision The Voice for Real Estate Professionals and Property Owners in San Mateo County.

SAMCAR {RE}source is published monthly by the San Mateo County Association of REALTORS®, 850 Woodside Way, San Mateo, CA 94401 and distributed to more than 4,000 recipients. E-mail samcar@samcar.org your questions or comments.

Copyright © 2008 Cover photo provided courtesy of Michael Gramiak, Real-ImagePro

ALERT! Fannie Mae & Freddie Mac to Suspend Foreclosures through January 9, 2009 (source: Bloomberg.com – 11/20/08)

Fannie Mae and Freddie Mac, the mortgage-finance companies seized by the U.S. government, will suspend foreclosures and evictions over the holidays.

The six-week halt will begin November 26, a day before the U.S. Thanksgiving holiday, and last through January 9, the companies said in separate statements. The hiatus is designed to give services more time to implement a streamlined loan modification program for struggling borrowers.

“It’s a giant time out,” Paul Miller, an analyst at FBR Capital Markets in Arlington, Virginia, said in a Bloomberg Television interview. “I wouldn’t be surprised to see this across the board.”

Fannie and Freddie, government-sponsored enterprises that own or guarantee $5.2 trillion of the $12 trillion U.S. home mortgage market, were placed under federal control September 6. They have been pushed to work harder at modifying troubled single-family and multifamily mortgages to curtail foreclosures.

Until a streamlined modification program is up and running, “we felt it was in the best interest of both borrowers and Fannie Mae to take this extra step to ensure that homeowners with the desire and ability to prevent foreclosure have an opportunity to stay in their homes,” Fannie Chief Executive Officer Herb Allison said in a statement.

Fannie and Freddie have partnered with HOPE Now, a government-organized coalition of the largest U.S. mortgage servicing companies, to offer borrowers who are at least 90 days delinquent and have high loan-to-income ratios the chance to modify mortgage terms to cut their monthly mortgage payments.

Incremental Steps

The companies plan to reduce interest rates for up to five years and lengthen repayment terms to as much as 40 years to trim monthly payments to roughly 38 percent of a homeowner’s

monthly pretax salary. In some cases, borrowers may qualify to temporarily reduce the principal amount of the loan, which would be due without interest if the house is sold or refinanced.

“The HOPE Now program is not going to be enough. It’s an incremental step,” said housing advocate John Taylor, president and chief executive office of the National Community Reinvestment Coalition in Washington.

“Obviously, we’re pleased that they’re doing this, but absent a substantive foreclosure program, I wonder if this just another problem they’re leaving for the Obama administration.”

Fannie and Freddie posted record third-quarter net losses totaling $54.3 billion last week.

Freddie said it needs $13.8 billion from the U.S. Treasury by November 29 to stay solvent, and Fannie said it may need federal aid early next year. Treasury Secretary Henry Paulson set up $200 billion in backup financing for Fannie and Freddie in September, saying the companies were failing and threatened the safety of the broader U.S. economy without federal intervention.

Foreclosures

The worst U.S. housing slump since the 1930s is being compounded by a recession that began in the third quarter and may last a year or more, according to Jay Brinkman, chief economist for the Mortgage Bankers Association. Home prices in 20 U.S. metropolitan areas fell in July at the fastest pace on record, and sales of previously owned homes in August were 32 percent below the peak reached in September 2005.

A total of 765,558 U.S. properties received default notices, which warns of a pending auction, or were foreclosed on in the third quarter, the most since records began in January 2005, according to default data from Irvine, California-based Realty Trak. Filings rose 3 percent from the second quarter and fell 12 percent in September from August as state laws created to keep people in homes slowed the pace of defaults.

Government Affairs

Private Property Rights Prevails

Measure W Defeated in Redwood City

Your REALTOR® Action Fund Dollars at Work

In

a landslide victory against an onerous

land use ballot measure,

62.8% of Redwood City residents voted no on Measure W during the November 4th general election. Measure W, if passed, would have required a two-thirds vote of approval by the community, for development in certain areas of the city. Most alarmingly, Measure W would have required hundreds of private homeowners to solicit a citywide vote to make renovations or room additions.

SAMCAR vigorously opposed Measure W, as a burdensome and costly infringement upon private property rights, a core principle of the Association’s mission.

Measure W was aimed primarily at the area known as the Redwood City Industrial Saltworks or “Cargill” site. SAMCAR previously endorsed the proposed “50-50 Vision”, a conceptual plan crafted by DMB Associates that reflected the feedback received from Redwood City residents and community stakeholders through outreach and public opinion analysis. Under the “50-50 Vision”, half of the 2.2 square-mile site would be restored to wetlands and the other half would be developed into a mix of uses, including housing, parks, schools, retail and commercial development.

SAMCAR contributed significant political action committee funds to the campaign to defeat

REMINDER! Code of Ethics Training De adline is

December 31, 2008

Measure W. Additionally, CAR’s State IMPAC (Issues Mobilization Political Action Committee), contributed $25,000 to the campaign. In a show of statewide REALTOR® support of our efforts and opposition to this ballot measure, SAMCAR received contributions totaling $15,000 from local AOR’s throughout the state.

REALTORS® made a significant impact in this endeavor. This resounding victory is a prime example of your REALTOR® Action Fund investment at work. Please consider making your investment when paying your 2009 membership dues. If you have any questions about the REALTOR® Action Fund or how to make your investment, please contact your Government Affairs staff at (650) 696-8200.

SAMCAR Government Affairs Michon Coleman Director of Government Affairs mcoleman@samcar.org | (650) 696-8204 Dimitra Bizos Government Affairs Coordinator dbizos@samcar.org | (650) 696-8209

How to complete the NAR Ethics Requirement Ethics Video Classes Every Monday @ SAMCAR Please call (650) 696-8200 to register.

“Do it Online” at http://www.REALTOR.org

December 2008

Welcome New Members

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The Following Members Joined in November 2008

Realtors

John Barrett, Jr., Cook Properties Virginia D. Gryder, Coldwell Banker Pierre Ibrahim, Ameribanker-Luxury Real Estate Mary Lee, Mary Lee, Broker Ole M. Pedersen, Pedersen Real Estate Richard L. Plume, Richard L. Plume, Realtor Skyler Quarles, In House Kim Reynick, Intero Real Estate Services Janet Valdehueza, Prudential California Fernando Vega, Prudential California Margie Wilson, Coldwell Banker Frank Zeidan, Exit Realty, WEM & Associates

Affiliates James R. Manalili, Wachovia

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Government Affairs News You Can Use

December 2008

Mortgage Loan Limits The current economic stimulus loan limits for Freddie Mac, Fannie Mae and FHA expire on December 31, 2008. Permanent limits were enacted by Congress in July. These limits are equal to 115% of local area median home price. For Freddie Mac and Fannie Mae, the limits will not go below $417,000 or above $625,500. For FHA, the limits will not go below $271,000 or above $625,500.

The current limits for the Veterans Affairs Home Loan Guarantee limit have been extended through 2011. Those limits are equal to 125%

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of local area median home price, not to exceed $729,750. Beginning January 1, 2009, the limits will go even higher – up to $1,094,625.

VA also increased the loan limits for refinancing.

Previously, veterans who wished to refinance out of a non-VA loan into a VA loan were restricted to loans of $144,000 or less. Now the refinancing loan limits match the purchase limits.

The loan limit for FHA manufactured homes

December 2008

SAMCAR’s

Support our Troops program

O

ver the past year, the Affiliate community has made tremendous efforts towards its “Support our Troops” program. Monetary contributions, as well as items have been donated by SAMCAR REALTOR® and Affiliate members, to create care packages for US troops serving overseas. We wanted to share with each of you, the following letter of thanks from one of the soldiers who received a package.

(which are defined as homes built completely in a factory and that have a chassis attached) was also increased to $69,678 (from $48,600). This is for the home only – not the land. The median price for a manufactured home in 2007 was $65,100.

To determine the loan limit in a specific area, visit www.fhaoutreach.com. To determine the VA loan limit, scroll to the bottom of the page, input your information and multiply the median home price by 1.25.

Affiliates News

Charitable Events

December 2008

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REALTORS® Raise over $5000 to Benefit

“Coats for Kids” Holiday Program

Getting into the holiday giving spirit, SAMCAR members held their 2nd annual coat drive and live auction to benefit the “Coats for Kids” program. The REALTORS® and affiliates, who were gathered for the weekly North Tour meeting, raised $3,080 in thirty minutes at their live auction. They also donated 50 coats and jackets for children of all ages.

The SAMCAR Foundation offered to match whatever its members were able to raise, up to $2,500. This matching contribution brought the total donation to $5,580, which will help to ensure a warm winter for children in our community.

SAMCAR members gather around the donations for the “Coats for Kids” program at their Marketing meeting in South San Francisco. The REALTOR® group raised $5580 for the program to purchase new coats for children in the community.

“Our REALTORS® and affiliates were extremely generous with their donations and the amount of coats they donated. In fact, we raised more money this year, than we did last year at our inaugural “Coats for Kids” holiday event,” stated

Jennifer Tasto, SAMCAR Director.

Now in its 12th year, the “Coats for Kids” program is coordinated by San Bruno Garbage Company and the City of San Bruno.

SAMCAR Foundation Provides

$4,550 To Library For

Cultural Spotlight Celebrations The SAMCAR Foundation is proud to announce its recent sponsorship of the San Mateo Main Library Cultural Spotlight Celebrations. This series will celebrate six different cultures from December 2008-April 2009 at the Main Library.

Recently, SAMCAR presented a check for $4,550 to Ana-Elba Pavon, San Mateo Main Library Manager.

“We are proud to support the Main Library’s Cultural Spotlight Celebrations to further showcase the REALTORS® commitment to building a thriving community and contributing to the quality of life in San Mateo County,” said Edgar Tulcanaza, Chair of the SAMCAR Foundation.

The SAMCAR Foundation’s sponsorship of the Spotlight Celebrations will provide targeted community publicity through

promotional material distribution to the media, businesses and general community, acknowledgement on the library’s digital screen for a month after each celebration, and a presence on the library’s website.

SAMCAR members are encouraged to attend and support the various cultural celebrations of the Latino, Asian, African-American, and Iranian-American communities. Each celebration will feature entertainment and refreshments.

SAMCAR’s CEO, Philip Tedesco, says “The SAMCAR Foundation supports organizations that improve the quality of life throughout the County. We are pleased to partner with the Main Library to provide cultural education to the public and celebrate the various ethnic communities that contribute to the vibrancy of San Mateo County.”

We encourage you to consider attending the following:

December 2 | Los Posadas

www.cityofsanmateo.org/DocumentView.asp?DID=4248

December 20 | Yalda February 8 | Chinese New Year February 2009 | Black History Month March 22 | Norouz (Persian New Year) April 18 | Dia de los Niños/Day of the Child Each event will be held at:

The San Mateo Main Library 55 W. Third Avenue, San Mateo Let your clients know that your SAMCAR Foundation has helped to make this cultural celebration series a reality! For more information please visit the San Mateo Library’s website at: www.smplibrary.org

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December 2008

ForSaleByOwner.com

Makes Erroneous Claims

Recent misleading information released

by ForSaleByOwner.com claims that ForSaleByOwner.com can help homeowners post their listings on REALTOR.com without working with a real estate professional.

Be assured that REALTOR.com does not in any way enable home sellers to advertise their home on its Web site without broker representation. REALTOR.com has asked ForSaleByOwner.com to issue a retraction.

CAR created a link on the car.org website regarding the ForSaleByOwner.com issue.

Here is the URL: www.car.org/newsstand/newsreleases/ 2008newsreleases/252815/

CAR Updates

FHA Announces “New” Conforming Loan Limits The Federal Housing Finance Agency (FHFA) announced that the “new” conforming loan limit for 2009 will remain at $417,000 for most areas in the US, unchanged from 2006.

Loan limits for high-cost areas, including California, are capped at $625,500, down from the previous $729,740 limit. Loan limits for many areas of the state do not reach this lower threshold and are dramatically reduced from 2008.

“Although price declines mean that the total number of homes eligible for conforming financing has increased, we’re disappointed that the $729,750 limit stipulated in the Economic Stimulus Act of 2008 signed in February was not made permanent,” said 2008 C.A.R. President William E. Brown. “The reduction in the loan limit to $625,500 will negatively impact both

Loan limits for high-cost areas, including California, are capped at $625,500, down from the previous $729,740 limit. the interest rates and the availability of funds for jumbo mortgages. We hope Congress will make the $729,750 limit permanent before the end of the year as one of the provisions in an economic stimulus package.”

The conforming loan limit determines the maximum size of a mortgage that Government Sponsored Enterprises (GSEs) Fannie Mae and Freddie Mac can buy or guarantee.

Non-conforming or jumbo loans typically carry a higher mortgage interest rate than a conforming loan, increasing the monthly payment and negatively impacting affordability for households in California.

At Home with Green

http://green.car.org/

C.A.R. Launches Green Web Site C.A.R. has launched “At Home with Green,” a Green Web site focusing on the Association’s new Green Initiative and providing information to homeowners, REALTORS®, and the general public on how to green their homes, offices and lives.

Features of “At Home with Green” include: ► “Understanding Green” – an index of green resources, green terminology, and key green principles ► “Homeowners/Buyers” – provides current homeowners and home buyers with information about buying a green home, finding a REALTOR® with green credentials, understanding the incentives for going green, and greening a home room by room. ► “Green for REALTORS®” – includes tips on selling green homes to eco-conscious consumers, steps to greening their offices, and a repository of green resources. ► “CAR Goes Green” – details C.A.R.’s Green Initiative and provides a list of tactics C.A.R. has employed to “go green.”

At Home with Green can be accessed by visiting http://green.car.org/

MLSListings, Inc. Update

December 2008

Map Search Rollout Complete

Document Management Solution to be Integrated in MLSListings Pro MLSListings and Instanet Solutions have announced that MLSListings will offer Instanet Solution’s DocBox document management system and other integrated paperless technologies to MLSListings’ nearly 20,000 subscribers.

DocBox is an online digital document storage and management platform. Brokers and their associates will be able to take their businesses “paperless”, managing all of their transaction files online and accessing transaction files from virtually any internet-connected PC in the world. Brokers and their associates will also be able to grant their clients 24-hour-a-day access to specific transaction documents by enabling the system’s broker and agent-branded Customer Service Portal.

The system will be tightly integrated with MLSListing’s MLS system, giving users the ability import data into forms and into the transaction file using both MLS content and public records. Users will be able to link DocBox documents, such as property disclosures, to MLSListings for easy file-sharing via the MLS.

Supra Keybox Showing Information to be Integrated into MLSListings Pro MLSListings, in collaboration with GE Security Supra, will be integrating the link to keybox assignment and showing information into the MLS system. MLSListings members will soon have the ability to assign their keyboxes to listings, view the showing information, and view keybox settings directly from the MLS website. Assigning keyboxes to listings will give members the ability to know what address the keybox is assigned to. All of the features using GE Supra’s ShowingValue will also be accessible without having to login separately to the KIMWeb network. More information is forthcoming.

SF, BAREIS, MetroList & MLSListings Confirm December 15, 2008 Target Date The original four MLS’s involved in the largest date-share initiative in Northern California issued a press release this week committing to a December 15th target date to complete their free reciprocal access program. Real estate agents and brokers who belong to any one of the fours MLSs will be able to sign-on to their primary MLS, and through the secure single sign-on process, go directly to any of the participating MLSs. When the data-share initiative is launched, it will initially serve 54,700 brokers and agents from 19 Northern California counties and cover a market area of more than 29,000 square miles with a population of 8.7 million. With the addition of three East Bay MLSs in 2009, the data-share will grow to 70,000 brokers and agents.

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Map Search has now been enabled for all MLSListings subscribers. A Map Search tutorial is available on the Training page of MLSListings Pro.

With Map Search: You draw polygons or circles to create custom search areas.

You can create up to three areas for each search.

In addition to drawing separate areas, you can include search criteria (such as bedrooms, bathrooms, or property status) in the search. You can also customize your Map Search fields.

You can specify an address and have the system zoom into it or set it as your default starting view.

Map Search results show listings that match the search criteria you specify and occur with the search areas you draw.

You can save map searches and reuse them as desired.

There are several subtle changes in the Map/Directions section of MLSListings Pro to accommodate the Map Search functionality: The Map link on the search results page has been replaced by a Map View tab. You can switch between List View, Picture View, or Map View for all search results.

Directions are now available from List View, Picture View and Map View tabs, and includes a new “End at” address bar.

In Map View, the property list now appears on the left side of the page and the map appears on the right. Previously, the map appeared on the left and the property list appeared on the right.

In the meantime . . .

All East Bay MLS’s Active in Reciprocal Access Program MLSListings subscribers can continue to take advantage of the interim Reciprocal Access Program announced in July through any of the 3 East Bay MLS’s: Bay East, Contra Costa AOR or EBRDI. There are some differences in fees and forms.

All information is available at: https://pro.mlslistings.com/info/east_bay_Access_program_0708.html You must log in to MLSListings Pro, first.

DECEMBER 2008 Weekly Education, Events & Tour Calendar

NOVEMBER 28 – DECEMBER 5 Su 23 30

Mo 24 01

Tu 25 02

We 26 03

Th 27 04

Fr 28 05

Sa 29 06

Classes & Events November 27 & 28 ALL DAY, both days

SAMCAR Office Closed for Thanksgiving The SAMCAR Office will be closed all day in observance Thanksgiving.

SAMCAR will resume normal business hours on Monday, December 1.

December 1 1:30 – 4:30 p.m.

REVEI Ethics Video @ SAMCAR | Cost: $20 | Register: 650-696-8200 Satisfies the mandatory NAR Quadrennial Ethics requirement + DRE Credit

December 8 1:30 – 4:30 p.m.

REVEI Ethics Video @ SAMCAR | Cost: $20 | Register: 650-696-8200 Satisfies the mandatory NAR Quadrennial Ethics requirement + DRE Credit

December 11 8 a.m. – 5 p.m.

GRI 108: GRI Risk Management Location: SAMCAR| Cost: $149 Registration: http://www.eDesignations.com or 888-785-4800

Please RSVP by Tuesday, Dec. 9

SAMCAR Coastal Holiday Mixer Enjoy complimentary hors d’oeuvres, wine & beer while celebrating the Holiday Season! Cost: FREE to members only; non-members, $10 Location: Pasta Moon, 315 Main Street, Half Moon Bay RSVP: Beckie Patane, (650) 696-8220; MUST be on the guest list to attend

December 15 1:30 – 4:30 p.m.

REVEI Ethics Video @ SAMCAR | Cost: $20 | Register: 650-696-8200 Satisfies the mandatory NAR Quadrennial Ethics requirement + DRE Credit

December 24 & 25 ALL DAY, both days

SAMCAR Office Closed The SAMCAR Office will be closed all day on Wednesday, Decemeber 24 and Thursday, December 25. SAMCAR will resume normal business hours on Friday, December 26.

January 8 8 a.m. – 5 p.m.

GRI 109: Residential Real Estate Finance Location: SAMCAR| Cost: $149 Registration: http://www.eDesignations.com or 888-785-4800

January 10, 2009 5 p.m. Social 6:30 p.m. Dinner

2009 SAMCAR Installation *Event Sponsorship & Advertising* Featuring REALTOR®, Affiliate of the Year Awards, Community Service Awards, and the installation of the 2009 President and Board of Directors.

Location: Hyatt Regency SFO, 1333 Bayshore Highway, Burlingame Event Sponsorship & Advertising (Deadline: December 15, 2008) http://www.samcar.org/userfiles/file/INSTALL09_sponsorship.pdf Event Tickets (Deadline: January 2, 2009) | Cost: $65/guest http://www.samcar.org/userfiles/file/INSTALL09_ticketsFORM.pdf

December 11 5 – 7 p.m.

SAMCAR Board of Directors Meetings December 17 8:30 a.m.

SAMCAR Board of Directors Meeting Members welcome to attend these monthly meetings. | Location: SAMCAR

Marketing Meetings Tuesday, December 2 8:30 a.m.

December Combined Tour Elks Lodge 229 West 20th Avenue San Mateo Presentation:

Ron RicaRd, 1031 Exchange Deferring Taxes by the Use of Structured Sales

9 a.m. Half Moon Bay Tour Community Center 535 Kelly Avenue Half Moon Bay

9:30 a.m. Pacifica Tour Community Center 540 Crespi Drive Pacifica

MLS Tour Sheet Deadline Reminder Broker/Property tours Tuesdays 9:30 a.m. – 1:30 p.m.

Deadline to add tours in MLS Mondays, 11 a.m.

Entry deadlines are subject to change for holidays.

Deadline for Monday holidays prior Friday at 11 a.m.

Legislative Committee Meetings will resume in 2009.

View tour sheet by Monday afternoon http://www.samcar.org/index.cfm/tour_information.htm