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Tag Archives: California Association of Realtors

C.A.R. Announces Support for Bill to Prevent REO Initiative in California

When it comes to handling foreclosure inventory, the CALIFORNIA ASSOCIATION OF REALTORS (C.A.R.) has made it clear it does not see the need for government intervention in its state. The association recently announced its support for California Congressmen Gary Miller (R-Brea) and seven California lawmakers for introducing legislation that calls for the Federal Housing Finance Agency (FHFA) to halt its plan to sell Fannie Mae REO properties to institutional investors through bulk sales in California.

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Sales in California Up in February, Median Prices Down

Home sales in California showed signs of improvement for February compared to the previous month of January and year before in February 2011, according to data from the California Association of Realtors (C.A.R.). For February, sales were up 2.1 percent from January's revised 517,120 and up 5.5 percent from the revised 500,480 sales pace recorded a year ago. While the state followed the national trend of declining home prices, C.A.R. reported other signs are pointing towards stabilization.

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Realtors Increasingly Dissatisfied with Servicers Regarding Short Sales

Realtors continue to be dissatisfied with short-sale transactions, with 77 percent categorizing short sales as ""difficult"" or ""extremely difficult"" according to the California Association of Realtors' (CAR) member survey. The current assessment shows an increase of 7 percent from the previous survey conducted in December 2010. Respondents cited servicers' slow responses to short-sale offers as a primary reason for their dissatisfaction. CAR says short sales account for a fifth of all transactions in California.

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California Realtors Offer Mortgage Assistance for Unemployed

The California Association of Realtors (CAR) announced the launch of a new program last week designed to provide first-time homeowners with mortgage payment assistance in the event of a job layoff. Last year CAR partnered with their Housing Affordability Fund to provide eligible first-time homeowners with up to $1,500 per month for up to six months to help cover mortgage costs if they were to lose their jobs. Due to the program's success, CAR has launched a similar program, this one to be funded in part by sellers.

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