ACAR News Feed

Open Letter From Title One President

8/25/2010

To Our Customers, Partners, and Colleagues,

Recently a couple of articles appeared regarding the negative state of the real estate market in the Treasure Valley. These articles do not reflect the views of TitleOne and we regret that they were published. We understand the challenges that we all face on a daily basis in the current environment and that articles such as these potentially erode consumer confidence.

Our team stands together, committed to represent our industry and the real estate market in a positive light. As we celebrate our 10 year anniversary, you have our promise that we will deliver the highest level of service to you and your customers. Additionally, we will use a variety of media outlets to deliver positive, honest and helpful news about the real estate market and the opportunities that exist for both families and businesses in our Treasure Valley community. For the past few years we have endeavored to do just that by reaching out to the public with positive postings via social media like YouTube, Facebook, and Twitter, on our website and in traditional media.

I invite you to contact me or any member of our leadership team directly to discuss this matter in person.

Sincerely,
Mark Tidd, President
(208) 287-5305, mtidd@titleonecorp.com

Protest Rising Over Resale Charges

8/24/2010

In some newly constructed housing developments home builders are including a clause in the contract demanding a 1 percent transfer fee to be paid to them every time the property is sold over the next 99 years.

The fee isn’t for improvements or maintenance. It is just a payment to the builder.

"It's of no benefit to consumers," says Kathleen Day of the Center for Responsible Lending. "It's another innovative way to price gouge. Every extra dollar they suck out of people's wallets takes away from other spending. It's not good for the economy."

Freehold Capital Partners, which has developed the program, says it has enlisted thousands of developers nationwide. It argues that this is good for the economy because it will provide builders with more capital.

Meanwhile U.S. Rep Brad Sherman, a California Democrat, is pushing for approval of legislation to make these fees illegal. Also, in the past month, the Federal Housing Finance Agency has proposed rules preventing Fannie Mae and Freddie Mac from buying mortgages that include home resale fees.

Source: CNNMoney.com, Les Christie (08/23/2010)

Rural Housing Funding Restored

7/30/2010

The long anticipated restoration of the Section 502 single-family rural housing program is headed to President Obama's desk for signature into law. NAR has been working on restoring funding since March and was the subject of a Call for Action earlier this summer. Although the legislation increases the guarantee fee for borrowers, the fee can still be financed. This change will make the program completely self-sufficient. The legislation also increases the Rural Housing Service (RHS) commitment authority allowing guaranteed loans. Previously RHS had been providing conditional commitments. RHS will announce new guidelines shortly after the President signs the bill, which is expected sometime later today.

For additional information visit: www.realtor.org/governmentaffairs

Update on restoring the Rural Housing funding

7/19/2010

The Section 502 Rural Housing single family loan guarantee program remains unfunded. This program used their commitment authority back in May, and despite being non-controversial, Congress has been unable to pass legislation to restore the program. Thousands of families with rural housing loans are currently in limbo, and continue to be threatened with the expiration of the tax credit on September 30. Last week, NAR sent a letter to Senate leaders urging them to bring this legislation to the floor. Language has been included in the Emergency Supplemental Appropriations Act (H.R. 4899), which has passed the House and Senate. However, that bill continues to be stalled and is currently awaiting final passage. We hope to see action in the next two weeks on either the stand alone bill (S. 3266) or the Supplemental to restore funding for this program and help low-income rural families nationwide.

The Section 502 RHS loan guaranty program can be used by rural residents to build, repair, renovate or relocate a home, or to purchase and prepare sites, including providing water and sewage facilities. S. 3266 restores this program by increasing the guarantee fee paid by borrowers to fully fund the program without federal subsidy, and providing additional commitment authority.

In 2009, the 502 program guaranteed 116,000 rural families’ affordable, safe home loans nationwide. Today, many rural families are unable to obtain safe, affordable financing without this valuable program. As a rural state, Idaho is very affected by this program and we will continue to work with the Idaho Congressional delegation and NAR on passage of this important measure.

Fannie Mae Relaxes REO Listing Limit

7/13/2010

Last month, HomePath (the Fannie Mae division charged with managing its inventory of Fannie Mae-owned homes, known as REOs) issued an REO Announcement that imposed a strict limit of 30 on the number of REO listings that a broker of record could have at any time. The announcement warned companies that handle Fannie’s REO inventory to apply the 30-property limit strictly and noted “100% compliance” was expected.

NAR immediately heard from members raising concerns about the impact of such a low, arbitrary limit on their businesses. NAR agrees that Fannie should not have an inflexible limit on the number of REO listings. Instead, Fannie should rely on documented success and professional performance of real estate brokers.

On July 9, in response to REALTOR® concerns, HomePath released another REO Announcement that relaxed the rules announced at the end of June. The July 9 announcement states that Fannie Mae, as a general rule, does not allocate more than 30 active REO listings from any one Fannie source at any one time. It stated this has been long-standing practice. The new announcement went on to acknowledge that some higher-performing brokers can handle more than 30 properties at one time and still exceed Fannie’s standards. Accordingly, Fannie Mae will approve special exceptions to the 30 listing limit in appropriate circumstances. In addition, the Announcement notes that the 30 listing limit is applied per source, so brokers may have 30 properties directly from Fannie and 30 from an outsourcer, without requiring Fannie approval. More information is expected soon.

Benefits of Homeownership: What Matters Most

7/12/2010

At some point in time most people are faced with the decision to either buy a home or continue renting.

Renting can make sense for those not yet ready to take on the responsibility of homeownership, but for those in a position to purchase a home it can offer immediate benefits and long-term value. According to Ada County Association of REALTORS (ACAR) the benefits of owning a home go beyond financial considerations.

“Homeownership is an investment in your future,” said Jim Paulson, ACAR President. “While financial considerations are certainly important, a lot of today’s buyers are motivated by things beyond just dollars and cents. For many of them, homeownership is a lifestyle choice. They want a place of their own to raise a family, build memories, and be part of a larger community.”

For many people, owning a home is part of the American dream. It continues to be a goal of individuals and families from all walks of life. The NAR 2009 Profile of Home Buyers and Sellers survey reveals buyers most often cite the desire to own a home as the primary reason for their recent home purchase.

Research suggests that homeownership also strengthens communities. Homeowners are more likely to be involved and engaged in local issues, and they move less frequently than renters. This helps prevent crime, improve childhood education and support neighborhood upkeep. According to the National Association of Realtors® study, Social Benefits of Homeownership and Stable Housing, homeowners are more likely to vote and they volunteer time for political and charitable causes more frequently than renters.

“Buying a home provides families the opportunity to establish roots in a community. It’s also proven to be one of the best ways to long-term wealth, with equity accumulation and tax benefits over time,” said Paulson.

Data from the Federal Reserve Board shows a typical homeowner’s net worth is 46 times that of a renter’s. Paulson says would-be homeowners should also consider the incredible opportunities offered in the current market.

“The truth is, today’s buyers have a lot of advantages. Inventory is high, prices are affordable and mortgage rates are near 50-year lows,” said Paulson. A buyer who’s ready to take the next step should contact a Realtor® in their area who can help them begin to build their future through homeownership.”

July 2010

CONTACT: Sarah Kestler, Director of Communications

skestler@myacaronline.com

A big week for REALTORS® in Congress

7/8/2010

As you know, there has been a great deal happening on the federal legislative front recently. Last week, Congress passed two critical bills – one that extends the tax credit closing deadline to September 30th, and another that reinstates the National Flood Insurance Program through September 30th. Extending the tax credit deadline was extremely important. As many as 180,000 transactions were at risk of not closing by June 30th. The new deadline will certainly help our efforts to stabilize the market.

Over 83,000 REALTORS® sent more than 250,000 letters to Congress in June, thanks to all of you who respond the calls for action and invest in RPAC; it is what separates us from other groups. The recent CNBC segment sheds light about REALTORS® Associations nationwide and the impact our Associations has on policy to the betterment of our communities.

There are a number of issues currently before us as well. First, we have been keeping an eye on financial reform legislation. NAR succeeded in getting a more flexible option for seller financing in that bill. Additionally, the bill would effectively end the Home Valuation Code of Conduct (HVCC), opening the door for new regulations for appraisals. Currently lawmakers are trying to resolve other differences in the financial reform legislation. Hopefully we will see a final bill when Congress returns from the break.

Second, NAR is still working on restoring the 502 single-family rural housing loan guarantee program. There is a bill that is currently in conference between the House and Senate that would provide funding.The REALTORS® Associations at the national, state and local levels are strong because of our involvement, our RPAC investments and because we our issues are about protecting and enhancing responsible home ownership.

Among the issues being addressed on the state and local level, we are working with our Idaho Congressional delegation on the issue of HUD using and exclusive escrow agent and in negotiated rulemaking with the DEQ regarding antidegradation (water quality standards); finding a balance between keeping water quality standards while protecting private property rights.

It was fitting we had so achieved so many successes just before Independence Day reminding me of the importance of the REALTOR® Associations in protecting the American dream of home ownership.

After Hours Education

6/28/2010

On Wednesday, June 30th, we are offering "Real Estate Marketing in the Age of Social Media" (E0652). This fast paced 2-hour course will show you how using Social Media (Facebook, Twitter, MySpace) can increase your marketing sphere and make you more successful. Instructor Marc Lebowitz will show you how to make the most of your time (and not waste your time) on this sites. Click Here to Register

The Waiting Game - Homebuyer Tax Credit Extension

6/21/2010

The Senate has adopted Senator Harry Reid's (D-NV) amendment to the pending jobs and extenders legislation (HR 4213) that would extend the closing date for the homebuyer tax credit from June 30, 2010 to September 30, 2010. The amendment would apply only to purchasers who have satisfied the April 30 binding contract rule for the $8000 and $6500 tax credits. The amendment creates no new eligibility for the credit.

Passage of the amendment (on a vote of 60 - 37) attaches the provision to HR 4213. That legislation is subject to a procedure that will require 60 votes in order to pass. Two efforts to secure the 60 votes have failed. HR 4213 has been withdrawn from consideration for the present. The bill could come to the floor again during the week of June 21, but is not presently on the calendar. If it appears that the bill can secure the necessary 60 votes, it will be considered. Then there will be several more votes required in the Senate. The bill then returns to the House. There is no guarantee that the House will adopt the Senate amendment.

Congress will be in session during the weeks of June 21 and June 28, so votes on the legislation are still possible before the June 30 deadline.

See what ACAR is doing locally

Idaho Housing and Finance Association launches new program

6/8/2010

The Idaho Housing and Finance Association (IHFA) have launched a new program to make homeownership a reality through its IdaMortgage program. The new Affordable Advantage Loan offers a down payment as low as $1,000, and has no mortgage insurance requirement, saving qualified borrowers money on the mortgage payment every month.

"This IHFA exclusive financing option is a great tool for homebuyers as the housing market in Idaho continues its recovery,” said Gerald Hunter, IHFA president and executive director. “It offers another affordable lending option for low- to moderate-income homebuyers across the state."

Affordable Advantage Loan
Features of the Affordable Advantage Loan include:
• As little as $1,000 needed from borrower to close
• A low-cost, 30-year fixed interest rate
• No mortgage insurance required, reducing a borrower’s monthly payment
• Financing to first-time homebuyers (including those who have not owned a home in the past three years) with good credit histories
• Income limits apply
• Loans are serviced in Idaho by IHFA

Help your clients check their eligibility for an IdaMortgage loan by visiting www.IdaMortgage.com

ACAR Now Offers Online Education

6/3/2010

Online education allows you to take classes when you want and where you want. You can start and stop the course, so there is no big block of time taken from your day!

ACAR is proud to partner with CBT Real Estate to offer quality courses at an affordable price! Click here to find out more.

April Market Report- Everything's Coming up Roses

5/21/2010

Boise, ID: The expiration of the Home Buyer Tax credit generated the most sales in a single month for Ada County since July ’07.

April ’10 sales were 667 houses; 58% more than April ’09 and 56% more than April ’08. We have now experienced eleven consecutive months of year-over-year increases. I’m going out on a limb and calling this a real recovery!

Pending Sales at the end of April suggest we are not done yet…remembering that we had to get buyers into a binding contract by April 30 and closed by June 30. There were 1162 sales pending at the end of April compared to 1072 at the end of March…an 8% increase.

Median price dropped in April to $150,000. This is down 12% from January ’10 and down 15% from April ’09. Part of this number is likely from the crush of first time buyers wanting to get in before the tax credit expired (and who typically are buying in the <$120,000 price range.

Unfortunately, the other key driver is that 50% of all sales in April were distressed.

Interestingly…as median for existing home stock dropped almost 5% from March to April…new home’s median price increased 3% for the same period.

Inventory at the end of April was 3,567…pretty close to June 2006 levels.

Buyers of homes $250,000 exceeding 10% of total sales for the first time in a long time.

Numerous news sources commented on our distressed properties in April. According to the numbers that I have…we continue to see slight improvement… At the end of April 47% of all listed properties were distressed. BUT…only 39% of all pending sales are in the same condition.

So, what’s next? May and June should see continued strong sales as we try to close everything that had to be under contract by the end of April.

Marc Lebowitz,CAE, RCE

Executive Director

Ada County Association of REALTORS®

Home Builder confidence hits highest level since 2007

5/18/2010

Home builder confidence reached 22 in May, the highest point since August 2007, on the National Association of Home Builders/Wells Fargo Housing Market Index.

This was the second consecutive month confidence was up, gaining 3 percentage points. Scores lower than 50 are still considered pessimistic.

Analysts said they were surprised by the increase because the home buyer tax credits expired at the end of April.

Weiss Research analyst Mike Larson said the tax credit provided some optimism, but the real driver behind the increase is a sense that the market is actually improving. “Even with the credit in the rear-view mirror, real, underlying demand remains for housing," Larson said.

Source: The Wall Street Journal, Shara Tibken (05/17/2010)

Primary Elections Are a Week Away - Get Out and Vote!

5/18/2010

Get Out and Vote Tuesday, May 25th!

We all have varied political opinions and parties, but as REALTORS® our strength comes from a united front on issues important to protection of your business. We support candidates in Ada County that understand REALTOR® issues and support our industry.

Low turnout continues to be predicted in the Primary; encourage your neighbors, friends and relatives to take the time and visit their designated polling place and cast their ballots. All politics is local, and will have a dramatic influence on what happens in your backyard.

Let’s all send the message that Tuesday that REALTOR® values continue to exist in Ada County. If you have not already done so, locate your designated polling place and make sure everyone you know gets to the polls and helps get our message across.

To find out what district you are in and where to vote

REALTOR® Association Voter Guide - Primary

Governor - Governor Butch Otter (R)

Lieutenant Governor - Lieutenant Governor Brad Little (R)

US Senator - Senator Mike Crapo (R)

US Representative, District 2 - Congressman Mike Simpson (R)

State Controller - Donna Jones (R)

Ada County -

District 2 Commissioner, Rick Yzaguirre

District 3 Commissioner, Fred Tilman

County Assessor, Robert McQuade

County Clerk, Chris Rich

District 14 Representative, Position B - Mayor Nate Mitchell (R)

District 15 Representative, Position B - Representative Max Black (R) (no website available)

District 18 Senator – Dean Sorensen (R) (no website available)

District 21 Senator - Senator Russ Fulcher (R)

District 21 Representatives, Position B –Representative Clifford (Cliff) Bayer (R)

Special Note – The REALTORS® Association has not endorsed in all primary elections. There will be a more comprehensive list prior to the general election

Short Sale Contracts and the First-time Homebuyer Tax Credit

4/29/2010

Short Sale Contracts and the First-time Homebuyer Tax Credit Expiration:

NOTE: The following is being offered as discussion guidance only and in no way shape or form is ACAR offering legal advice. You should consult with your broker and legal counsel as necessary.

As the final hours tick away before the home buyer tax credit expires, there is a growing urgency to understand one of the key terms in the provisions. What exactly is a “binding contract” as it pertains to the buyer?

Part 1 of IRS From 5405; Section C states: “If the date purchased is after April 30, 2010, and before July 1, 2010, did you enter into a binding contract before May 1, 2010, to purchase the home before July 1, 2010?” The only way to continue is to answer “Yes”.

The question becomes more difficult in a short sale transaction. When is a buyer (to whom the question applies) “bound”? Is it when the seller accepts their offer? Is it when the third party lien holder approves? Is it something else?

A buyer must have entered into a binding contract before May 1st 2010 in order to apply to the IRS for the first-time homebuyer tax credit. Although there is no specific IRS guidance document, ACAR has solicited several legal opinions to offer guidance to our members.

Question – What represents a “binding contract” for the purposes of a buyer claiming the tax credit?

The following is a response from John Jameson, an attorney with Risch Pisca LLC, responding to this issue on the Legal Hotline (a service offered by the Idaho Association of REALTORS®

“Black’s Law Dictionary defines a “binding contract” as, “An agreement between two or more parties creating obligations that are enforceable or otherwise recognizable at law.” Although contracts for a short sale generally contain a third party approval contingency, it is still an agreement between the buyer and the seller that is recognizable at law. As in all purchase and sale agreements, once the contingencies have been met, the parties are bound by the terms that were mutually agreed upon. However, the contingencies of a contract do not affect the binding nature of the contract. Therefore, buyers who have entered into a short sale contract have entered into a binding purchase and sale agreement.”

In a short sale transaction, does a contract between the seller and the buyer require third party approval in order to be considered a “binding contract”?

The following is a response from Charles A. Kasky, RCE Vice President of Legal Affairs, Maryland Association of REALTORS®

“The specific question is whether the existence of a contingency makes the contract not binding. There is some precedent in IRS regulations to the effect that a contract is binding even if subject to a condition, as long as the condition is not within the control of either party.

The example given is: “The taxpayer’s obligation to purchase an interest in the partnership was contingent on other persons signing subscription agreements by a particular date to acquire a minimum number of the total interests offered for sale. If the taxpayer acquires an interest in the partnership, such interest will be treated as acquired pursuant to a written binding contract to which the taxpayer was a party. Although the taxpayer’s obligation to acquire an interest in the partnership was subject to a contingency, the contingency was not within the taxpayer’s control.”
In my opinion, a third party approval contingency is clearly not within the parties’ control, so that should be considered binding. I also believe the same can be said of a financing contingency or even an appraisal contingency.”

The following is a response from Ralph W. Holmen, Associate General Counsel, National Association of REALTORS®

“Most people I’ve talked to agree, as do I, that normal contingencies (financing, inspections) that do not give the buyer or seller complete discretion to terminate the contract should not cause a contract to be considered non-binding for this purpose.”

For specific questions we encourage you to consult a tax expert to confirm buyers are indeed entitled to claim the First-Time Homebuyer Credit. And don’t forget; IHFA is still offering the First-Time Homebuyer Advance Loan where The REALTORS® Community Foundation will pay off the interest and fees on the loans paid off by the due date.

Take Advantage of Right Tools Right Now

4/20/2010

Reinforce your real estate expertise with prospects and clients by providing educational handouts on hot topics, from how to choose the best mortgage to moving safely with pets.

Right Tool Right Now is making hundreds of products, pulications, services and enhancements available for free or at-cost. Go ahead - get started right Now!

Print copies of the handouts or customize them with your branding. Perfect for your newsletter, Web site, and promotional kits

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Number of Deliquent Mortgages Rates Declines

4/20/2010

The number of delinquent mortgages declined 8.6 percent in March, says LPS Applied Analytics, which tracks the performance of loans for investors. Totals also declined in February.

The biggest decline was in loans more than 30 days past due, which are now at about the same level as they were in spring 2008.

"We're not out of the woods, but this appears to be a turning point," says LPS Applied Analytics President Ted Jadlos. "This is the first time we've seen improvement across all stages of mortgage delinquency."

Source: The Wall Street Journal, Ruth Simon (04/19/2010)

Rick DeLuca Returns to Boise!

4/12/2010

Rick DeLuca is returning to Boise! On Thursday, May 6th, he will show us How to Achieve Success in a Changed Market! Earn 4 CE credits (course approval E0557) for only $20!

A National Speaker of his caliber for only $20 is an amazing value! To find out more about topics of the session, click here

Who: Rick DeLuca and You

When: Thursday, May 6th from 8:30am-12:30pm

Where: Heritage Bible Church (7071 W Emerald, Boise)

Cost: $20 for 4 CE

First REALTOR Nationwide Open House Weekend April 10-11

4/6/2010

FOR IMMEDIATE RELEASE: CONTACT: Sarah Kestler
skestler@myacaronline.com

First REALTOR® Nationwide Open House Weekend April 10-11
Home Buying Season Kicks Off with Open Houses Held throughout the Country

Boise, ID- If low interest rates, affordable home prices and home buyer tax credit opportunities have you thinking about buying a new home, the first REALTOR® Nationwide Open House weekend April 10-11 will provide residents throughout the country with a chance to view homes in specific neighborhoods as the home buying season officially kicks off. .

With interest rates remaining at historically low levels and average home prices as low as they have been in five years, home buyers still have time to take advantage of the $8000 federal tax credit available for first-time buyers, as well as a $6500 credit for current home owners who are under contract on a new home by April 30.

“This is a wonderful way to kick off the home buying season,” said Tyrone Adams, Chairman of the Nationwide Open House Committee. “These opportunities won’t be around forever. If you wait too long, interest rates can climb and make your home less affordable. This is a great time with tremendous opportunities for those who may have been priced out of the market a few years ago.”

The first REALTOR® Nationwide Open House Weekend, April 10-11, will provide potential home buyers with an opportunity to view homes throughout their targeted communities and obtain information and answers to questions about specific homes, market conditions and the home buying process. If you want to visit specific neighborhoods, check with a local REALTOR® in advance for the Open Houses scheduled in targeted neighborhoods.

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This event is a collaboration between numerous state and local REALTOR® associations across the nation. REALTOR® is a registered collective membership mark which may be used only by real estate professionals who are members of the NATIONAL ASSOCIATION OF REALTORS® and subscribe to its strict Code of Ethics. Not all real estate agents are REALTORS®.

The ACAR Legislative Lobby

4/6/2010

Last week was spring break and the legislators were in a hurry to have a break of their own to get back to their home and work on campaigns (the primary election is Tuesday, May 25th). The House’s adjournment sine die came at 9:18 p.m. last Monday night. Although a relatively short session it was filled with a number of difficult issues and decisions, primarily focusing on the budget.

As one of the most respected lobbying groups in Idaho, we have two issues that are integral to all decisions made regarding our legislative positions and advocacy. They are protecting private property rights by opposing legislation that would allow intrusion, and opposing sales tax on services because REALTORS® already pay income tax on their commissions. With the state budget facing a 20% decline in revenue, there was a great deal of work to be done on both of those issues.

Some of the legislation we supported this session included several bills proposed by IREC. There was legislation to provide a process for the Commission to consider a license applicant's previous license revocation before issuing a new real estate license. An IREC law pertaining to how timeshares in other states are marketed in Idaho updated the current code to reflect new national practices in this arena. And a bill that clarifies that a licensee who buys or sells on his own account must make the required disclosure concerning his licensed status by the time he presents the purchase and sale agreement.

We also supported the Rules Pursuant to the Idaho Residential Mortgage Practices (short sales) that was brought forward by the Department of Finance. The new Act incorporates the standards of the federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (the S.A.F.E. Act), DOF is to adopting rules to establish consistency with the requirements of the new Act, and to interpret some of such requirements.

Perhaps most importantly there were a number of bills proposed that would have opened the doors to taxing services. SB 1381 passed the Senate and was held in the House by the Chairman of the House Revenue and Taxation Committee without a hearing. The bill would have required an annual review process for sales tax exemptions and exclusions; this would have included a review of placing a sales tax on real estate commissions.

Other legislation we supported included changes relating to the International Fire Code to provide that counties may expand the exemption and to provide for notice and hearing. This legislation provides a statewide exemption from the water supply and access requirements established by the International Fire Code concerning detached single family dwellings.

Along these lines, a significant issue we face on the local level is requiring fire sprinklers in single family residences. You may have read about the changes to Boise’s Wildland Urban Interface district responding to the Oregon Trail fires. One of the changes included requiring fire sprinklers in single family houses over 5,000 square feet. At a Boise City Council meeting, ACAR pointed out a change to the law that we passed last year which does not allow a mandate of fire sprinklers in single family homes. The Council agreed with our recommendation and removed the requirement from the new ordinance. We applaud the City for the work on the new fire code and protecting its citizens from another tragedy while being sensitive to the importance of private property rights and cost of housing.

Whether working on the national, state or local level we are looking out for the industry and improving quality of life where we live.

Miguel Legarreta

Director of Public Policy

Ada County Association of REALTORS®

Benefit for ACAR Members

3/31/2010

All of our ACAR Members have the opportunity to take advantage of this great offer.

We have 500 free tickets available to you, your family, friends and clients!

TUESDAY, APRIL 20th 8:00 am to 4:45 pm the Idaho Center - Nampa

To order your free tickets, contact Judy McLaughlin 947-7230 or JMcLaughlin@myACARonline.com!

To maximize your skills, a limited number of seminar workbooks are available through ACAR in advance for only $4.99 (the day of seminar, the cost is $20 each). If you are not satisfied with the 124-page full-color seminar workbook, your money will be cheerfully refunded at the end of the seminar.

February Is (the Month) For Housing Lovers

3/18/2010

February sales came in stronger than expected. With total units sold at 345, February ’09 finished 27% ahead of February ’08.
This extends our string of consecutive year-over-year sales to nine. We are much closer to the ’08 sales pace (360) than ’09.

Increases in sales of new homes jumped by almost 70% in February compared to January.
Looking at month-over-month…February sales were 22% over January.
Pending homes sales suggest continued improvement to come. Pending sales in February were 928; compared to January’s 766, this is a 21% increase.

Median price dipped from $168,995 to $165,000; a 9% decrease. Compared to February ’08 median of $183,500 we are down 11%. Not all that surprising as our distressed properties represented 55% of total sales in February.

Inventory increased from 3554 in January to 3683 in February; second month in a row of increase, after falling for the previous two straight years. This is also likely a result, at least in part, on the increase in REO properties currently available. However, with that said, there are builders in the Valley bringing more houses on-line…at very attractive price points…to be ready for our traditional Spring selling season.

The number of houses in the <$160,000 price category nudged up from 1500 in January to 1550 in February.
First-time buyers are still the strongest influence on our recovery. Sales of homes <$160,000 increased from 133 in January to 173 in February; an increase of 30%.

Months of available inventory increased to 10.9 overall; 10.5 for existing homes and 14 for new construction.

Distressed properties continue to cause all of us the most worry. IN February 50% of our inventory was distressed and 55% of all sales were the same. The only good news is that the number of pendings that are distressed actually went down in February.

As many of you know, I Chair the Housing Solutions Committee for Neighborhood Housing Services (NHS). Our most successful program is Foreclosure Prevention Counseling. In February 187 of our friends asked for help in keeping their homes. This is the highest number we’ve ever recorded.

We are awaiting (hopefully) the launch of Fannie Mae’s Expedited Short Sales process and Treasury’s Home Affordable Foreclosure Alternatives Will these two programs stem the tide…probably not completely, but any and everything that we can do, we must do…

Currently the Expedited Short Sale process is being tested in Phoenix, Detroit and Orlando. We have contacted Fannie Mae to see if we can launch another test site here in the Valley….we’ll keep you posted.

With the “Mild-to-No” Winter of 09 seemingly behind us, and the expiration of the tax credit bearing down on us, perhaps March will get our spring sales season started like a lion.

Marc Lebowitz, RCE, CAE

Executive Officer

Ada County Association of REALTORS®

ACAR Legislative Lobby - The REALTOR View

3/15/2010

Over the weekend, Bogus Basin got a 6-inch powder dump on Saturday, followed by a day of bright sunny skies on Sunday, and somehow things look brighter and busier in the legislature this week. Additionally we're reminded that primary races are just around the corner with the closing of filing for candidacy on Friday.

Just so far this morning, a new 26-page urban renewal reform bill was introduced this in the House Revenue and Taxation Committee, after a subcommittee studied seven other bills from various sponsors which then all were rejected in favor of the new measure. The new bill introduced this morning was proposed by Rep. Leon Smith (of Twin Falls) who chaired the subcommittee.

The Idaho Meth Project, which REALTORS® have been very involved, will get another half-million dollars from the state next year, with the money coming from tobacco-settlement Millennium Funds.

The IREC bills we have been advocating for (s1248, s1249, s1250, s1251) will be introduced in the House Business Committee today; the bills have already passed the Senate.

The 2010 legislative session will likely end in the next 2 to 3 weeks, so it will be very busy as hundreds of bills make their way through the legislative process.

Quick note (How a bill becomes a law in Idaho): A bill is a proposal for the enactment, amendment or repeal of an existing law. A bill may originate in either the House or Senate, with the exception of revenue measures. After the 20th day of the session in the House and the 12th day in the Senate, bills may be introduced only by committee. Each committee to which a bill is referred conducts a study of all information that may help the committee determine the scope and effect of the proposed law. It must be passed by a majority vote of each house of the Legislature and may be signed into law by the Governor.

2010 Nationwide Open House Offers a Window of Opportunities

3/9/2010

FOR IMMEDIATE RELEASE: CONTACT: Sarah Kestler
skestler@myacaronline.com

Boise, ID (March 9): On Saturday, April 10th the Ada County REALTORS® (ACAR) will join REALTOR® associations across the country as they kick off the first-ever REALTOR® Nationwide Open House. REALTORS® from Florida to California and right here in Boise will be participating in this event.

REALTORS® and home sellers will take part in the two-day event with Open Houses open from 10am-4pm on Saturday and 1pm-4pm on Sunday. REALTORS® will be available at each participating address to provide expertise and information for those out looking at homes

Jim Paulson, ACAR President said the activities would help those thinking about buying a home take advantage of the affordable home prices and the “money-back” tax credit for first-time buyers and move-up buyers that expires on April 30th.

“There are once in a lifetime opportunities for home ownership in our community,” says Jim Paulson. “With home prices so low, many who were out-priced in years past will be able to afford the home they’ve had an eye on. For qualified buyers who’ve been on the sidelines, the market has never looked more favorable.

If you have a neighborhood that you are interested in, call a REALTOR® ahead of time and ask about open houses hosted by their office. Make sure to preview of the open houses online at http://www.openhousedaily.com and see who is participating.

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The Ada County Association of REALTORS ® (ACAR) is the business advocate for real estate professionals in Ada County. ACAR represents over 3,000 REALTORS® active in all phases of real estate brokerage, management, development and appraisal.

2010 ACAR Legislative Agenda

3/8/2010

Private Property Rights: We will evaluate proposals to amend existing laws pertaining to land use practices with regard to the private property rights of a landowner. We will oppose legislation that would allow unnecessary intrusions into private property rights.

Oppose Sales Tax on Services: REALTORS® will oppose any attempt to extend the sales tax to professional services. REALTORS® already pay income tax on their commissions. Requiring thousands of independent contractors in our industry to also collect and remit sales tax to the Tax Commission is nothing more than double taxation that will place a tremendous burden on our industry.

Legislation REALTORS® are supporting

S 1248 Real Estate License Law (by IREC): This legislation provides a process for the Commission to consider a license applicant's previous license revocation before issuing a new real estate license. It also codifies the current policy for review in these circumstances.

S 1251 Real Estate License Law (by IREC): covers a section of statute regulated by IREC, but outside of real estate license law, pertaining to how timeshares in other states are marketed in Idaho. The legislation updated the current code to reflect new national practices in this arena.

S 1323 Real Estate License Law (by IREC): puts in place a timeline of 30 days for the Commission to suspend a license for failure to submit proof of E&O insurance. The legislation also clarifies that credit hours used to activate an inactive license cannot be used toward subsequent renewals. It also expressly permits a licensee to obtain continuing education credit for attending a Commission meeting even if he is excused from a portion of the meeting. It clarifies that a licensee who buys or sells on his own account must make the required disclosure concerning his licensed status by the time he presents the purchase and sale agreement.

S1325 International Fire Code: Amends existing law relating to the International Fire Code to provide that counties may expand the exemption and to provide for notice and hearing. This legislation would provide a statewide exemption from the water supply and access requirements established by the International Fire Code concerning detached single family dwellings. Any local option reduction may be accomplished by ordinance following a public hearing including prior notice to all fire agencies serving affected areas in the county.

HB 533 Invasive Species: Amends existing law relating to Idaho invasive species (which raises money for the state’s efforts to keep invasive quagga and zebra mussels and other dangerous species out of the state’s waterways) to provide for the assessment of fees on boats, to revise fee provisions, to provide for replacement stickers, and to provide for stickers for those engaged in the manufacture and sale of vessels.

Rules Pursuant to the Idaho Residential Mortgage Practices (short sales): We are supportive of the rules brought forward by the Department of Finance. The new Act incorporates the standards of the federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (the S.A.F.E. Act), DOF is to adopting rules to establish consistency with the requirements of the new Act, and to interpret some of such requirements. There are some short sale “investors” who have expressed concerns about the rule, however the SAFE Act is federal law and there is no law that says an individual cannot buy a house in foreclosure and then sell it FSBO without being licensed by either DOF or IREC. The problem arises when they are doing one of two things.
      1 – if they are finding buyers for properties they do not own (whether or not they have tried to transfer the title to themselves or a trust or something), that is the unlicensed practice of real estate.
      2 – if they are contacting lenders on behalf of homeowners (with the expectation of compensation or gain and regardless of whether they have attempted to transfer the title), then they need to be licensed with DOF if they are not a licensed real estate agent.

Legislation REALTORS® are Opposing

HB 396 Tax Review Commission: Adds to existing law to create the Idaho Tax Review Commission, to provide for members and terms; and to provide that the Idaho Tax Review Commission shall review exemptions to the sales and use tax.

HB 454 Income Taxes: Amends existing law to delete the income tax on wages and salaries; to increase the rate of the sales tax; and to revise the revenue sharing formula to local units of government.

S1277 Income Tax Credits: Adds to existing law to provide for the expiration of income tax credits or deductions or sales tax exemptions unless extended by statute.

2010 REALTOR® of the Year Announced

3/1/2010

FOR IMMEDIATE RELEASE: CONTACT: Sarah Kestler
skestler@myacaronline.com

Boise, ID (March 1): On February 26th, over 500 REALTOR® and friends attended the Ada County Association of REALTORS (ACAR) annual Circle of Excellence(COE)event held at the Stueckle Sky Center. Top honors and awards were announced at the event.

The Circle of Excellence Honorees celebrates personal and professional successes of Members of the Association who have achieved certain and specific high standards of qualification. The event focuses not only service in the real estate industry but service to their community.

The REALTOR® of the Year recognizes the REALTOR® member of Ada County Association of REALTORS® for effort and work expended in the interest of the association, fellow REALTORS®, their profession and the community.
• 2010 REALTOR® of the Year – Cherie Barton, Realty Executives of Treasure Valley

The Distinguished Service Award Recipients:
• Distinguished Service Recipient- Gary Salisbury, Realty-One Symphony Homes
• Distinguished Service Recipient- John Knipe, Knipe Land Realty

Awards were also given in the following areas for 2010:
• Affiliate of the Year- Karen Beamguard, First American Title & Escrow
• Rookie REALTOR®- Mira Piva, CBH Homes
• Broker of the Year-Maurice Clifton, ERA West Wind
• Code of Ethics Leadership Recipient- Mary Edith Hill, Hill Real Estate Agency
• Darlene Manning Humanitarian – Carey Farmer, Group One

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The Ada County Association of REALTORS ® (ACAR) is the business advocate for real estate professionals in Ada County. ACAR represents over 3,000 REALTORS® active in all phases of real estate brokerage, management, development and appraisal.

Prices Steady - Sales Higher Than a Year Ago

3/1/2010

Washington, February 26, 2010

Existing-home sales fell in January but are above year-ago levels, according to the National Association of Realtors®.

Existing-home sales – including single-family, townhomes, condominiums and co-ops – dropped 7.2 percent to a seasonally adjusted annual rate of 5.05 million units in January from a revised 5.44 million in December, but remain 11.5 percent above the 4.53 million-unit level in January 2009.

Lawrence Yun, NAR chief economist, said there is still some delay between shopping and closing that affected current sales. “Most of the completed deals in January were based on contracts in November and December. People who got into the market after the home buyer tax credit was extended in November have only recently started to offer contracts, so it will take a couple months to close those sales,” he said. “Still, the latest monthly sales decline is not encouraging, and raises concern about the strength of a recovery.”

Total housing inventory at the end of January fell 0.5 percent to 3.27 million existing homes available for sale, which represents a 7.8-month supply2 at the current sales pace, up from a 7.2-month supply in December. Raw unsold inventory is 9.6 percent below a year ago, and is at the lowest level since March 2006.

“Activity should be picking up strongly in late spring as buyers take advantage of the tax credit, which is critical to absorb distressed properties reaching the market and to continually chip away at inventory,” Yun said. “With a downtrend in the number of homes on the market, especially in the lower price ranges, values are beginning to firm but with great variance around the country.”

The national median existing-home price3 for all housing types was $164,700 in January, unchanged from a year earlier. Distressed homes, which accounted for 38 percent of sales last month, continue to downwardly distort the median price because they typically are discounted in comparison with traditional homes in the same area.

A parallel NAR practitioner survey shows first-time buyers purchased 40 percent of homes in January, down from 43 percent in December. Investors accounted for 17 percent of transactions in January, up from 15 percent in December; the remaining sales were to repeat buyers. The survey also shows that buyer traffic increased 9.4 percent in January.

Read the Rest of the Report

FDIC Provides Additional Information on its Loss Share Agreement

2/12/2010

FDIC Director of Public Affairs Andrew Gray said, "It is unfortunate but necessary to respond to blatantly false claims in a web video that is being circulated about the loss-sharing agreement between the FDIC and OneWest Bank. Here are the facts: OneWest has not been paid one penny by the FDIC in loss-share claims. The loss-share agreement is limited to 7% of the total assets that OneWest services, and OneWest must first take more than $2.5 billion in losses before it can make a loss-share claim on owned assets. In order to be paid through loss share, OneWest must have adhered to the Home Affordable Modification Program (HAMP).

The producers of this video perpetuate other falsehoods. The FDIC has not requested to borrow money from the Treasury Department. Indeed, we continue to be funded by the banking industry through assessments, not by taxpayers as claimed in the video.

This video has no credibility. Regardless of the personal or professional motivations behind its production, there is always a responsibility to be factually correct and transparent. The FDIC made available a fact sheet on the day that the sale of IndyMac was announced that details the terms of the contract. It's too bad that the creators of this video opted to premise it on falsehoods."

See the Supplemental Fact Sheet about the Sale of Indymac F.S.B. to OneWest Bank

Home Affordable Foreclosure Alternatives Program (HAFA)

2/8/2010

In early 2009, the National Association of REALTORS® (NAR) urged the U.S. Treasury Department, the Federal Housing Finance Agency, Fannie Mae and Freddie Mac to improve the short sales process. HAFA, which will help homeowners who are unable to retain their home under the Home Affordable Modification Program (HAMP), provides incentives in connection with short sales and deeds-in-lieu of foreclosure.

The short sales guidelines are part of the government’s new Home Affordable Foreclosure Alternative Program, known as HAFA, which is an add-on to the Obama Administration’s more wide-reaching Home Affordable Modification Program (HAMP) launched in early 2009. The idea is that if borrowers are eligible for the modification program but are unable to work out a plan to stay in their home, they—and their lenders—have a well-mapped route for executing a short sale or a deed in lieu of foreclosure.

How the Rules Will Help

HAFA guidelines speak to many of the real estate industry’s ongoing frustrations over short sales. For starters, lenders will have a financial incentive to get these deals moving. Servicers get $1,000 to cover their costs, and subordinate lien holders get up to $3,000 through a matching arrangement in exchange for relinquishing their lien. In addition, borrowers receive $1,500 to defray their moving costs.

The guidelines also include standardized forms, procedures, and timelines—and allow the borrower to receive preapproved short sale terms prior to the property listing. These measures should address the resistance of serious buyers to invest time, money, and effort into a purchase offer without having any assurance that the lender will accept their offer or even look at it in a reasonable time frame (or, just as bad, accept a last-minute rival offer).

Also, the HAFA rules require that borrowers be fully released from future liability for the debt. That will be a relief to home owners in recourse states who would otherwise remain liable for debt collection. Slightly fewer than half of the states are recourse states.

When Does the Program Start

Program does not take effect until April 5, 2010, but servicers may implement it before then if they meet certain requirements. The program sunsets on December 31, 2012.

Get more information

REALTOR® successes like this are only possible through your generous investment in RPAC, Invest in Your Future Today!

ACAR Legislative Lobby

2/8/2010

The budget cuts continue to be the center of discussion in the legislature. Writing a budget for a state government involves the most complicated and controversial issues in the legislature: how the publics money gets spent. Given the number and variety of interests and issues that have to be reconciled for a budget to be completed, the wonder is that the process moves along as smoothly as it does.

Because budgets have so many functions, the process of writing one is often conflict-ridden, unsatisfactory to the public and flawed in its outcomes. Budgets seem to increase rather than resolve partisan competition; they sometimes are late; they leave problems unresolved; they spend too much or too little; they may fail to include adequate program review, planning for the future, accounting for past expenses, or controls on planned spending. With the complexity of budgeting it is easy to see why there is so much tension in the legislature as programs are cut. For example, this is the first time that the State of Idaho has had to consider making cuts in education.

Also, rules for state agencies have been taking up much of the time in the legislature. Rules can be looked at as the “meat” that goes on the “bones” of laws that passed by the Legislature. Idaho is one of the few states in the nation that go through the process of making sure that approved rules from the previous legislative session are working properly. If they are not meeting the established goals, we will then go through the process of revising those rules and making sure that they are done correctly.

There is legislation proposed which House Bill 396 which sets up a commission to review sales tax exemptions and exclusions on an ongoing basis (potentially creating a sales tax on real estate commissions). We are opposing this legislation and continuing to protect the real estate industry from undue burden.

There have been a number of proposals regarding short sales and real estate license law. See the IREC website for details.

Thanks to your RPAC Contributions we are able to advocate for and help strengthen the real estate industry in Idaho. Invest in your future and make RPAC Contribution today.

The F-35 Story

2/8/2010

The U.S. Air Force has short-listed both Mountain Home Air Force Base and Boise's Gowen Field as possible locations for the F-35 fighter aircraft. These new missions would secure operations at these bases for the next 50 years. This is no small matter, as these two military installations together provide more than $1.0 billion to the Idaho economy each year. If our bases are not chosen, their current missions could face phasing out in coming years, putting jobs and economic benefits at risk.

Here is how you can help: A series of environmental scoping meetings (in an open house format) will be held throughout February. We ask that you attend the most convenient one to learn more about the missions. Comment cards will be available so you can express your support. A schedule of these meetings is attached.

Idaho's bases have already made the short list for these new operations; please help us pass this next critical hurdle.

More information on Idaho's quest for F-35 missions can be found at http://idahof35.com/

Pending Home Sales Stabilize

2/3/2010

Washington, February 02, 2010

Pending home sales have leveled from a market swing driven by 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 December, increased 1.0 percent to 96.6 from 95.6 in November, and remains 10.9 percent above December 2008 when it was 87.1. In November, the monthly index had fallen by 16.4 percent from surging activity in preceding months.

Lawrence Yun, NAR chief economist, said it’s important to recognize how the tax credit is skewing market data. “There are easily understood swings in contract activity as buyers respond to a tax credit that was expiring and was then extended and expanded,” he said. “These swings are masking the underlying trend, which is a broad improvement over year-ago levels. December activity was the fifth highest monthly tally in two years.” Watch Video

Buyers who have a contract in place to purchase a primary residence by April 30, 2010, have until June 30, 2010, to finalize the transaction to qualify for a tax credit of up to $8,000 for first-time buyers and $6,500 for repeat buyers.

The PHSI in the Northeast rose 2.3 percent to 76.1 in December and is 14.9 percent higher than December 2008. In the Midwest the index increased 5.2 percent to 86.9 and is 8.7 percent above a year ago. Pending home sales in the South rose 2.2 percent to an index of 98.4, and are 5.5 percent higher than December 2008. In the West the index fell 3.8 percent to 119.9 but is 18.6 percent above a year ago.

Yun projects the extended and expanded tax credit will encourage 2.4 million households to take the credit in 2010. “While new-home sales will remain low due to a lack of construction, existing-home sales are projected to rise to around 5.6 million in 2010,” Yun said. Last year there were 5.16 million existing-home sales.

He added that one of the greatest benefits of rising sales will be firming home prices. “For several months now we’ve been seeing stabilization in all of the home price measures as inventory is pulled down,” Yun said. “As a result, the housing wealth for many middle class families has begun to stabilize.”

Ada County REALTORS® Receive Top Awards

2/2/2010

(BOISE) During a REALTOR® Appreciation Luncheon on Wednesday, January 20, Idaho Housing and Finance Association (IHFA) honored 24 Ada County REALTORS® who helped homebuyers utilize its IdaMortgage Home Loan program in 2009. These REALTORS® represented 201 buyers who purchased their homes with IdaMortgage home loans in the last two years—for a collective total of more than $30.7 million in loan reservations.

In Ada County, more than 15,869 families have received IdaMortgage loans through IHFA, an investment of over $1.3 billion.

“REALTORS® play a key role in providing information about the IdaMortgage Loan program,” said Susan Semba, IHFA Homeownership Lending Director. “This partnership is an important part of the success of our IdaMortgage program.”

The “STAR” awards are a statewide recognition program for REALTORS® who have helped their clients utilize IdaMortgage loan products. Winners are determined by the number of IdaMortgage loan program homebuyers they have represented.

The following REALTORS® received “STAR” (Saluting Top Area REALTORS®) Awards.

Gold Award
Heidi Challenger of Market Pro Real Estate received the Gold Award for representing 9 IdaMortgage homebuyers. Heidi has been a REALTOR® for 7 years.

Silver Award
Jesse Young of RE/MAX Capital City received the Silver Award for representing 7 IdaMortgage homebuyers. He has been a REALTOR® for 7 years, and received the ACAR Top Producer award his very first year in Real Estate.

Bronze Award
Nick Cracolice of Century 21 1st Place Realty received the Bronze Award for representing 7 IdaMortgage homebuyers. He has been a REALTOR® for 13 years.

Special Recognition, Hubble Homes
Members of the Hubble Homes team were also honored with the top business sales group at the luncheon.

Certificates of Appreciation
These REALTORS® were recognized for representing at least five IdaMortgage home loan buyers: Janice Stieger, Group One, Inc.; Shirley Hicks, RE/MAX West; Kerrigan Kalange, RE/MAX Capital City; Rena Muir, AV West; Lenay Shaw, Genesis Real Estate Group; Danielle Cullip, Serenity Real Estate Group, Inc.; Sheila Smith, Keller Williams Realty; Gene Strate, Keller Williams Realty; Pohley Jo Richey, Homeland Realty; Jennifur Newhouse, Keller Williams Realty; Karen Hollenbeck, RE/MAX Advantage; Tracy Sidell, RE/MAX West; Julie Cendejas, Prudential Idaho Realty; Patrick Williamson, Group One Inc.; Natalie Filbert, Eagle Rock Properties; Gabe Cordova, RE/MAX Capital City; Barbara Dopp, Keller Williams Realty; Tim Burroughs, Keller Williams Realty; Bob Van Allen, Coldwell Banker Tomlinson Group.

Department of Finance Position Statement

2/1/2010

There has been some confusion about the SAFE Act and its applicability to real estate licensees. To clarify the requirement, the Idaho Department of Finance has issued this letter with regard to real estate licensee involvement in short sales in Idaho (attached). A real estate licensee does not become a “mortgage loan originator” by receiving a customary real estate commission for real estate brokerage activities and will NOT be regulated by Department of Finance when involved in a short sale in Idaho.

Read Idaho's SAFE Act's Definition of "Mortgage Loan Originator"

Down Payment Programs Extended!

1/19/2010

HOME Down Payment Assistance Program has been extended through March 31, 2010.

Program details include:
•Up to $20,000 available, based on borrower's income level and need
•Deferred loan program for first-time homebuyers with less than 80% of Area Median Income
•Finally Home! Homebuyer Education program completion required.

View details on this program at HOME Down Payment Assistance.For questions regarding this program, please contactresloan@ihfa.org or call 1-800-219-2285

Neighborhood Stabilization Homeownership Assistance Funds Program (NSP)
Program details include:
•Up to $40,000 or 20%, available for qualified borrowers in Caldwell and Twin Falls County
•Home must be a foreclosure
•Funds may be used for closing costs, interest write downs, and principle write downs
•Finally Home! Homebuyer Education course required-classroom only
For questions regarding this program, please contact Karen Frings at karenf@ihfa.org .

REALTORS Community Foundation Announce 2010 Grants

12/31/2009

PRESS RELEASE

FOR IMMEDIATE RELEASE: CONTACT: Sarah Kestler

skestler@myacaronline.com 208-947-7236

Boise, ID: The Ada County REALTORS® Community Foundation has contributed $30,500 for 2010 to the following organizations to help support local programs and projects that will strengthen the quality of life for people throughout Ada County. Programs range from Jesse Tree of Idaho, providing emergency rent to providing meals at the Interfaith Sanctuary.

· Boise Rescue Mission

· Idaho Smart Growth

· Jesse Tree of Idaho

· Life’s Kitchen

· Neighborhood Housing Services-Homebuyer Education Center

· NHS Paint the Town ™

· Safe Place Ministries

· Senior Solutions

· The Salvation Army

Since the Foundations inceptions they have donated nearly $1.5 million in grants for programs and projects throughout Ada County.

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The Ada County Association of REALTORS®(ACAR) incorporated the ACAR Foundation in 1995 as a 501 (c)3 organization for the purpose of supporting education programs and capital expenditure projects which enhance the quality of life in Ada County.

More Than 1,000 REALTORS Receive Free Class

12/21/2009

Certificates for the free class are being mailed so if you paid your dues in full by December 15^th, keep watching your mail for yours! As a reminder, in order to receive your free class, you must present the certificate to receive the discount!

The 2010 Lunch & Learn Schedule has been basically set:

Date   Topic*

Thursday, January 28         Procuring Cause: Unraveling the Mystery

Thursday, February 25      Getting in Good Form- Filling Out the RE-21
Wednesday, March 10      The Arbitration Alternative: Avoiding Costly Lawsuits
Wednesday, March 31      Real Estate Marketing in the Age of Social Media
Thursday, April 29            Understanding the "P's and Q's" of Real Estate

Wednesday, May 26 The Ins and Outs of Home Inspections

Wednesday, June 9           An Overview of the Title and Escrow Process
Wednesday, June 30         Understanding Your New Buyers: Marketing to Generation 'Y'
Thursday, July 29              Prizes, Incentives, and Gifts: The 3-Legged Stool

Wednesday, August 25      Using Real Estate and Related Investments Inside IRAs & Other Qualified Plans
Thursday, September 9      Real Estate Marketing in the Age of Social Media
Wednesday, September 29   Getting in Good Form - Filling out the RE-21
Wednesday, October 27   Procuring Cause: Unraveling the Mystery
Thursday, November 14   The Ins and Out of Home Inspections

Thursday, December 16 Selling in a Historic District
Wednesday, December 29 The Arbitration Alternative: Avoiding Costly Lawsuits

*Topics subject to change.

Thank you for your amazing participation and we’ll continue to develop new ways to better serve your needs!

Idaho REALTORS Refund $70,000 to New Idaho Homebuyers

12/21/2009

PRESS RELEASE

FOR IMMEDIATE RELEASE: CONTACT: Miguel Legarreta mlegarreta@myacaronline.com 208-947-7226

(Dec. 16) Boise, ID: Christmas will come early for families across Idaho. Not only will they be celebrating the holidays in a new home, they will be receiving a check from their REALTOR® neighbor making a sometimes stressful season a little merrier.

Through funds received from the National Association of REALTORS® (NAR) and the Intermountain Multiple Listing Service (IMLS), REALTORS® are sending checks to Idaho families who utilize the IHFA Homebuyer Tax Credit Advance Loan. The Idaho Housing and Finance Association (IHFA) created a loan program to help families access the homebuyer tax credit when they need it, at the time of closing. There are fees and interest associated with the loan and REALTORS® wanted to ensure that the loan was not out of reach to families and, therefore, will reimburse the interest and fees associated with the loan when it is paid off by the due date. To this point, there have been 76 families in every corner of the state who received their federal refund check, paid off the advance loan and now will be receiving a check from the REALTORS® Community Foundation to pay their expenses.

Through the work of NAR the $8,000 Homebuyer Tax Credit has now been extended to first-time home buyers until April 30, 2010. Additionally the credit is expanded to include $6,500 for current home owners purchasing a new or existing home between November 7, 2009 and April 30, 2010. These funds can still be accessed at the time of closing through the IHFA and a reimbursement received from the REALTORS® when it is paid back (until program funds are gone).

Idaho REALTORS® encourage homeownership opportunities for all Idahoans who want to own their home, but don’t know how or don’t have access to the funds for a down payment. By addressing this issue we can stabilize neighborhoods, attract and retain qualified workers, and provide a long-term sustainable community benefit. To find out more, talk to a REALTOR® today.

November Home Sales Double

12/15/2009

But then again...November '08 home sales were the lowest (269) in a very long time.

Total homes sold in November were 533; up 98% compared to last year. What a difference 12 months and a Home Buyer Tax Credit makes!

Typically sales in November lessen as the year nears end. Over the last 4 years the average change in sales from October to November is -9%. (This excludes last year's 36% plunge.)

November '09 sales were 9% down from October. Consistent with what we would expect. Pending sales in November were 649.

First time home buyers continue to drive our market. The announcement of the Tax Credit extension and its expansion to include current homeowners should enable us to continue to move in the positive direction. 44% of homes sold in November were <$160,000.

The fundamental demand for housing is driven by jobs. What happens in our employment market will determine how long this modest recovery can continue. Anecdotally...there are signs that some Valley employers are getting stronger. Mandatory overtime, longer hours, reinstatement of pay cuts...all are happening now.

Median home price nudged up 1% from October to $159,700. Existing homes continue to hold their value relatively well. New homes median reversed its downward slide as it increased from $147,390 in October '09 to $149,900 in November.

Inventory has dropped under 3,000 homes for the first time since May of '06. We now have less than 5 months of inventory (existing and new) in our most demanded price category. Likely this is supporting the tenuous grip median sales price is holding to.

Market pace increased in November as days on market fell to 76.

On the less positive side...as you saw in the Statesman yesterday, distressed properties continue to hurt our friends and family. Among all active listings, 46% are either short sales, in foreclosure or REO's. 37% of all November sales were also distressed. Although this less than the 45% we were experiencing last March, it is too high.

Our community offers resources to help families in housing crisis that we sometimes overlook. Neighborhood Housing Service's Foreclosure Prevention Counseling program continues to have a greater than 90% rate of success in helping our neighbors avoid foreclosure. Its completely free to homeowners. Click here for more information and an intake package that must be completed before counseling can begin.

What I'm hearing about December is good. Buyer interest, offer presentations and closings are all up. The key is going to be how supportive our lender partners will be.

Yesterday President Obama chided the banks for poor results in assisting in our recovery...comparing them to "overpaid ball players who've had a bad season". “Given the difficulty that businesspeople are having as lending has declined, and given the exceptional assistance banks received to get them through a difficult time, we expect them to explore every responsible way to help get our economy moving again.”

Marc Lebowitz, RCE CAE

Executive Officer

Ada County Association of REALTORS®

Circle of Excellence Production Categories

12/14/2009

2009 Circle of Excellence Production Categories

QUALIFICATIONS: $2.5 million minimum closed production for the year 2009.
Applicant must be a primary member of ACAR in good standing at the time of the
transaction and remain in good standing. Secondary members are not eligible. COE
is an individual award and must be calculated per individual. If commission is
shared by a team, calculate production share using the same percentage as the
commission split.

• Bronze - $2.5 Million in closed production
• Silver - $3 - $4 Million in closed production
• Gold - $4 - $5.5 Million in closed production
• Platinum – Over $5.5 Million in closed production

Questions About Dues??

12/14/2009

If you have paid your dues, thank you. If not, make plans now to pay or make payment arrangements before the deadline.

Total due: $425.00

Payment Option A: Pay in full on or before December 15th, and you'll receive a free Lunch & Learn Class through ACAR worth 2 CE credits and lunch.

Payment Option B: Pay installments over the course of 75 days with the first payment of $130 (+$5) due by December 15th, 2009. Subsequent payments can be made over the next 75 days but must be paid in full no later than March 1, 2010. Contact our membership department at 376-0363 for more details. Each payment will be assessed a $5 processing fee.

Payment Option C: If you have not paid in full by December 31, 2009 or made arrangements for installment payments, you will be subject to a $100 late fee. Dues must be received in full by March 1, 2010 to retain your REALTOR® privileges.

PAY NOW>

REALTORS Work To Open Doors

12/7/2009

FOR IMMEDIATE RELEASE: CONTACT: Miguel Legarreta 208-947-7226

Idaho REALTORS® Bring National Housing Conference to Boise

(Dec. 3) Boise, ID: In an effort to ACAR co-hosted a large national conference to discuss the issue of workforce housing and employer assisted housing. The conference was meant to highlight Boise and share information on other successful programs in California, Wyoming and Washington. Speakers included Boise Mayor Dave Bieter, who remarked about how vital this issue is to the city and the important role of REALTORS in finding housing solutions throughout the community. Over 100 people from REALTORS®, elected officials, housing authorities and business leaders took part in a discussion about finding housing solutions for our workforce.

ACAR recognized the importance of this issue and created the Welcome Home Idaho program to encourage homeownership opportunities for all Idahoans who want to own their home, but don’t know how or don’t have access to the funds for a down payment. One element of the program is to make the homebuyer tax credit available to first-time homebuyers by paying the interest and fees associated the IHFA Tax Credit Advance Loan and providing education to area businesses about housing opportunities available to their employees.

Idaho REALTORS® received $60,000 through the National Association of REALTORS® IRA Gribin Grant and an additional $10,000 through the Intermountain Multiple Listing Service (IMLS) – providing $70,000 to help homeownership. The money will be paid to first-time homebuyers paying off their tax credit advance loan by the due date – literally helping hundreds of homebuyers who would otherwise be unable to own their home because of the barrier of down payment and closing costs.

In Boise, workforce housing is defined as households who earn more than 80% - 140% of AMI but who cannot afford the market rate for housing for where they work, in this case downtown Boise. These are people earning between $32,000 – $56,000 and, depending on market conditions, this is usually units between $150,000 and $220,000. In downtown Boise there are approximately 44,000 people working of which there are roughly 22,000 who fit this category – teachers, nurses police officers and firefighters to name a few of the lives we want to help. Even with home prices dropping there is an affordability gap and those prices are not likely to remain low for much longer.

By addressing this issue we can stabilize neighborhoods, attract and retain qualified workers, and provide a long-term sustainable community benefit.

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National Housing Conference Comes to Boise

12/7/2009

NATIONAL ASSOCIATION OF REALTORS^Ò

The Voice For Real Estate®

500 New Jersey Avenue, NW

Washington DC 20001

PUBLIC AFFAIRS

For further information contact:

Sara Weis, 202/383-1013

sweis@realtors.org

Employer-Assisted Housing Forum Helps Make Homeownership More Affordable

WASHINGTON (December 3, 2009) – To help create more affordable housing opportunities for public and private sector workers, the National Association of Realtors^® partnered for a second time with the National Housing Conference to host a regional forum to raise awareness of employer-assisted housing benefits.

At the one-day Bring Workers Home forum held today in Boise, Idaho, Realtors^® joined local and state housing leaders to discuss employer-assisted housing strategies and help more families find affordable, decent housing near their workplaces. The forum was developed to expand awareness of employer-assisted housing benefits among state and local leaders and share successful programs in California, Idaho, Washington and Wyoming.

“Realtors^® build communities and know that homeownership is still out of reach for many working individuals,” said NAR President Vicki Cox Golder, owner of Vicki L. Cox & Associates in Tucson, Ariz. “Bringing together housing experts to discuss solutions to this critical issue is a crucial first step to helping more working families purchase and keep their homes.”

Finding affordable housing is especially difficult for many low- to moderate-income workers such as emergency personnel, teachers, retail clerks, hospitality staff and office employees, who live in high-cost areas and who’s salaries have not kept pace with home prices. According to an NAR survey, eight in 10 Americans consider having enough money for downpayment and closing costs to be the biggest obstacle to buying a home.

Employer-assisted housing benefits – in the form of forgivable loans, grants, matched savings plans, financial counseling or home buyer education – have proven to be effective at helping working individuals become homeowners. Research has shown that these benefits can help improve employer recruitment and retention and reduce training costs as well as improve employee morale and productivity.

The forum featured a morning panel discussion about the region’s need for affordable workforce housing and how employer assisted housing benefits can help communities meet those needs. During lunch, forum keynote speaker Craig Nolte of the Federal Reserve Bank of San Francisco, told attendees about the need for more affordable housing and its impact on communities. An afternoon panel shared case studies of success employer assisted housing programs in California, Washington and Wyoming.

Other forum speakers included Mayor David Bieter, City of Boise; Linda Davis, Copper Basin Construction, Inc.; Samantha DeKoven, Metropolitan Planning Council; Mark Ellerbrook, City of Seattle, Wendy Furth, National Association of Realtors^Ò; David Haney, Wyoming Community Development Authority; Jim Johnston, National Association of Realtors^Ò; Craig Nolte, Federal Reserve Bank of San Francisco; Julie Spezia, Housing California; and Chris Venne, Community Frameworks.

Forum attendees included Realtor^® associations and their Realtor^® members, business leaders, housing and community development professionals, city council members and other elected and appointed officials, as well as human resource and employee benefit professionals.

A similar forum was held several weeks ago in Philadelphia, where attendees shared successful employer-assisted housing strategies in New York, Delaware, Maryland, New Jersey, Pennsylvania and Washington, D.C.

For more than 75 years, the nonprofit National Housing Conference has been the nation’s premier public policy and housing advocacy organization. To learn more about the National Housing Conference and its nonprofit research affiliate, the Center for Housing Policy, please go to www.nhc.org.

The National Association of Realtors^Ò, “The Voice for Real Estate,” is America’s largest trade association, representing 1.2 million members involved in all aspects of the residential and commercial real estate industries.

October Market in Review

11/11/2009

After a few pretty tense weeks, REALTORS® succeeded in getting Congress and President Obama to do the right thing on behalf of American homebuyers.

On Friday, November 6, The Home buyer Tax Credit was extended to April 30, 2010 and expanded to include current homeowners (with certain qualifications; see Nov. 5 post for details).

No wonder then, that October sales numbers were strong.

Sales in October were up 7% over September and up a whopping 45% over October ’08. But, to be fair to the memory challenged among us, Oct. ’08 was the month when the consumer confidence was at its lowest; the stock market was crashing and pundits predicted we were entering the next Great Depression.

Month over month sales in ’09 have now been up for 9 out of 10 months. Total sales are up more than 200% from January of this year.

Median price declined from $165,000 to $155,000 in October. Digging into this number a little deeper reveals a couple of interesting points. Existing homes are tenaciously holding on to their value – declining only $2,000 from September to $160,000. At the same time new homes median dropped from $168,990 to $147,390. This is the first time that news homes median has been less than the median for existing homes. There are likely several reasons for such a decline; higher foreclosure and short sales, deep discounting and the trend in new construction is for homes in the lower price range.

Inventory fell to its lowest number since May ’06. Our highest inventory number was 5198 in July ’07. We are nearly one-third less than that record amount. Compared to October ’08 we are 25% less. Translating that into months of inventory on hand; we are at less than 7 months. (combined new and resale). This is 50% reduction from January ’09.We have traditionally defined “market equilibrium” as 6 months of available inventory. In October we are at 6.3 months overall.

Measuring the impact of the first time home buyer tax credit; NAR recently reported that the Tax Credit will result in an additional 1million sales this year. In Ada County, sales of homes under $160,000 account for almost 40% of all sales. This is up 12% from January ’09.In this price category, inventory is even scarcer. Inventory of new homes under $160,000 is at 5 months. Inventory of existing homes under $160,000 is at 4.6 months.Short sales in October were 14% of all sales; down slightly form September. REO sales in October increased to 22%; up 4% from September.

Pending sales continue to forecast a solid future. At the end of September there were 876 pending sales. This is down by about 7% from September.In theory, the expansion of the Tax Credit to current homeowners should enable more move-up buyers.

NAR ‘s Chief Economist, Lawrence Yun told us last month that, because of the incredible affordability and continued low interest rates there are now 5 million more renters that qualify to buy than there were in 2000.

The Tax Credit expires at the end of April…for real this time. Spring will come quickly.

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Posted By Marc Lebowitz to The ACAR Water Cooler at 11/11/2009 02:47:00 PM

Tax Credit Extension a Positive Step Toward Recovery

11/6/2009

NATIONAL ASSOCIATION OF REALTORS^®

The Voice For Real Estate®

500 New Jersey Avenue, NW

Washington DC 20001

PUBLIC AFFAIRS

For further information contact:

Lucien Salvant, 202/383-1176

lsalvant@realtors.org

WASHINGTON (November 5, 2009) – The National Association of Realtors® today commended the U.S. Senate and House of Representatives for passing a bill that includes an extension and expansion of the current home buyer tax credit as an important step in ensuring a real estate and economic recovery.

“Realtors® appreciate the swift action by Congress to extend the home buyer tax credit and expand it to some current homeowners,” said NAR President Charles McMillan, a broker with Coldwell Banker Residential Real Estate in Dallas-Fort Worth. “As the leading advocate of housing and real estate issues, we urge President Obama to sign this legislation into law quickly to keep the momentum going in the fragile recovery of the nation’s housing market.”

McMillan praised the efforts of several senators to put the recovery above politics. They are Sen. Johnny Isakson, (R-Ga.); Senate Majority Leader Harry Reid (D-Nev.); Finance Committee Chairman Max Baucus (D-Mont.); Sen. Chris Dodd (D-Conn.), chairman of the Banking, Housing and Urban Affairs Committee; and Sen. Joe Lieberman (I-Conn.), chairman of the Homeland Security and Governmental Affairs Committee.

NAR economists estimate that the current tax credit has contributed approximately $22 billion to the general economy, and approximately 2 million people will take advantage of the tax credit this year.

“The substantial rise in home sales we’ve seen over the past few months proves that the tax credit is working and is being used by buyers who were waiting for the right opportunity to get into the market,” McMillan said. “This important incentive is helping to stabilize the housing market, stimulate the economy and create new jobs in communities all across our great nation. Extending and expanding the home buyer tax credit will enable even more families to take advantage of current low interest rates and affordable prices to invest in their future through homeownership.”

The bill would extend the present $8,000 tax credit for first-time home buyers through April 30, 2010. Current homeowners are eligible for a $6,500 tax credit through April 30, provided they have lived in the home they are selling, or have sold, as principal residence for five consecutive years in the past eight years. If potential home buyers have a binding contract on or before that date, they will have until July 1 to close the transaction.

Income limits for eligible home buyers are expanded to $125,000 for single buyers and $225,000 for couples. The purchase price of the home cannot exceed $800,000. To help guard against fraud, buyers are required to attach documentation of purchase to their tax return.

Detailed information about provisions in the tax credit legislation is available on Realtor.org.
The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.2 million members involved in all aspects of the residential and commercial real estate industries.

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Information about NAR is available at www.realtor.org. This and other news releases are posted in the News Media section.

Congress extends the Homebuyer Tax Credit

11/5/2009

Congress has extended and expanded the Homebuyer Tax Credit. The modifications in the column labeled
“December 1 – April 30, 2010” become effective when President Obama signs the bill. All changes made

to the current credit become effective on that date, as well. Find Out Now>>

Here are the most frequently asked questions on the changes to the Homebuyer Tax Credit>>

Extending the Tax Credit - Almost There

11/2/2009

The extension and expansion of the homebuyer tax credit is the pending business in the Senate. After a long week of negotiation on the credit, an agreement on the scope of both expansion and extension has been reached. The extension is part of a larger bill that has not yet gone to a vote, however. A Senate vote on the underlying bill will occur in the Senate during the week of November 1. The package will then go back to the House. The House is expected to accept the Senate amendments, vote on the package and send it to the President for signature. The underlying bill is an extension of unemployment benefits. Other provisions in the bill include expansion of the net operating loss carryback rules, new requirements for some tax return preparers and noncontroversial provisions that "pay for" these changes. The agreement on the extension and expansion of the credit is as follows:

Credit available for purchases before May 1, 2010. Prospective purchasers with binding contracts in place as of April 30, 2010 will be allowed an additional 60 days to complete the transaction.
Credit remains at $8000 for first-time purchasers. No change to definition of first-time purchaser.
New $6500 tax credit for repeat buyers who purchase between December 1, 2009 and May 1, 2010. Repeat buyers must have lived in their homes consecutively for 5 of the previous 8 years.
Income limits are expanded to $125,000 on a single return and $225,000 on a joint return. Current law $20,000 phase-out retained.
New anti-fraud limitations are imposed.

The White House has indicated that President Obama will sign the legislation.Call Your Senator >Take Action >Visit www.realtor.org/2009housingtaxcredit >Contacts: Linda Goold, 202-383-1083 Contacts: Samuel Whitfield, 202-383-1131 Contacts: Megan Booth, 202-383-1222

Miss the Annual Meeting? See What You Missed

10/26/2009

Check out the facts and figures that Lawrence Yun presented. View the presentation

Join us Wednesday, October 28th from 11:30am-1pm at ACAR to hear our Public Policy Director, Miguel Legarreta, recap the presentation and explain the facts and figures.

Understanding the Green Real Estate Market

10/16/2009

If you want to learn about what "green" means, how it is impacting the real estate market, and how you can put yourself in a knowledgeable position with your clients, come to NAR's GREEN Designation Course!

The Designation Course has 2 components: A "core" course and an elective course.

The Green Core Course will be taught at ACAR on Thursday and Friday, October 22nd and 23rd from 9am-4pm each day. The course is worth 12 CE and costs $195 (Regularly $295 through NAR).

The Green Residential elective will be taught at ACAR on Wednesday, October 28th from 9am-4pm and is worth 6 CE. The cost is $100 (Regularly $125 through NAR).