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  • July 16, 2020 6:44 PM | San Diego Realtist for Democracy in Housing (Administrator)

    C.A.R. Market Matters. Leading the way in Real Estate Market News.

    California housing market claws back two months of losses in June

     

    Source: CALIFORNIA ASSN. OF REALTORS®
    After falling to the lowest level since the Great Recession, California’s housing market rebounded in June with the largest month-to-month sales increase in nearly 40 years, while the median home price set another record high, C.A.R. said today. 

    Reversing a two-month consecutive drop below 300,000 units caused by the coronavirus pandemic, June’s sales total of 339,910 units climbed 42.4 percent from 238,740 in May and was down 12.8 percent from a year ago, when 389,730 homes were sold on an annualized basis. The month-to-month increase was the largest since C.A.R. began reporting monthly sales in January 1979.

    “Home sales bounced back solidly in June after hitting a record bottom in May, as lockdown restrictions loosened and pent up demand driven by record-low interest rates roared back,” said 2020 C.A.R. President Jeanne Radsick, a second-generation REALTOR® from Bakersfield, Calif. “While the momentum is expected to be sustained as we kick off the third quarter, the resurgence in coronavirus cases remains a concern and may hinder the market recovery in the second half of the year.”

    read more

    The most important factors in getting an affordable mortgage

     

    Source: CNBC
    Buying a new home involves lots of decisions for both the buyers and the mortgage lenders — and it all begins with financing.

    Your main focus when buying a home should be getting a mortgage with low interest rates and a monthly payment that fits into your budget. To make it easier, experts recommend cleaning up your credit report and boosting your credit score before applying for a mortgage and saving up for a considerable down payment. 

    There are four main factors that mortgage lenders consider when you apply for a home loan including: 1) credit history and score; 2) collateral (type of property being secured); 3) cash (your down payment) and 4) capacity (how much debt you have versus income every month).
     

    read more

    Housing market bounces back despite pandemic​​​​

     

    Source: Realtor.com
    After months being on hold, Americans are beginning to feel more confident about the idea of buying or selling a home, helping real estate to bounce back much quicker than other bellwether industries.

    According to weekly data from realtor.com, homes are selling faster than they did in 2019, when no one had heard of COVID-19. And bidding wars are back as first-time and trade-up buyers who have lost out on other homes compete with other buyers.

    Nearly two-thirds of consumers, 61%, said it was a good time to buy a home in June, in a Fannie Mae housing survey of 1,000 participants. That was a 9-percentage point increase from May. Roughly 41% of respondents said it was a good time to sell, also an increase of 9 percentage points from the previous month.

    read more

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    More than half of homes sold in June were in bidding war

     

    Source: Housing Wire
    More than half of Redfin offers were part of bidding wars for the second month in a row in June, according to new data from the brokerage.

    More homebuyers are entering the market while mortgage rates continue to hit record lows, and as a result, 53.7% of Redfin offers faced competition last month. This is up from a revised rate of 51.8% in May and 44.4% in April, Redfin said.

    San Diego experienced the second highest bidding war rate in June of 65.7%.

    read more

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    Lenders tighten up on jumbo loans

     

    Source: CNBC
    Home buyers may face stricter credit score requirements and larger down payment or higher cash reserve requirements if trying to qualify for a supersized mortgage. Lenders reportedly are growing stricter about granting jumbo mortgages, CNBC reports.

    Jumbo mortgages, also known as “nonconforming loans,” allow buyers to qualify for higher loans to purchase homes, typically in more expensive areas. In many areas, for 2020, the lending cap is $510,400, but in some pricier areas of the U.S. that can stretch up to $765,600.
     

    read more

    Average U.S. mortgage rate falls below 3%​​​​​​

     

    Source: Market Watch
    Concerns about the economy amid the coronavirus pandemic have fueled a decline in interest rates with the 30-year fixed-rate mortgage averaging 2.98% for the week ending July 16, down five basis points from the previous week, according to Freddie Mac.

    This is the first time since Freddie Mac began tracking mortgage rates in 1971 that the rate on the 30-year mortgage dropped below 3%. And it is the seventh time so far this year that Freddie Mac’s mortgage rate survey had reported a record low.

    read more

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  • July 16, 2020 4:21 PM | San Diego Realtist for Democracy in Housing (Administrator)
    Statement by
    Donnell Williams, President
    National Association of Real Estate Brokers Before
    House Financial Services Committee
    Subcommittee on Oversight and Investigations
    Hearing on Protecting Homeowners During the Pandemic: Oversight of
    Servicers’ Implementation of the CARES Act
    Thursday, July 16, 2020

    Chairman Green, Ranking Member Barr, Chairwoman Waters, and distinguished members of the committee, thank you for the opportunity to testify today and to discuss the importance of protecting homeowners especially during these difficult times. I also want to thank Chairwoman Maxine Waters for calling this hearing.

    My name is Donnell Williams, I serve as the President of the National Association of Real Estate Brokers (NAREB), the country’s oldest and largest Black real estate trade association. Founded in 1947, our mission, “Democracy in Housing,” has guided our efforts to ensure fair housing practices in neighborhoods across the country, especially in communities of color. I am also the owner of Destiny Realty, a Brokerage firm headquartered in Morristown, NJ.

    COVID 19 Is Disproportionately Affecting Black Homeowners

    It is well documented the COVID-19 pandemic has had a crushing and devastating effect on Black homeowners and caused mass unemployment putting a deep economic strain on many Black borrowers who have worked hard to achieve the “American Dream” of homeownership. As of mid-June 2020, roughly 24% of Black homeowners reported some difficulty making their mortgage payments compared to white homeowners. There is a 13% gap between Black homeowners and white homeowners receiving forbearance under Section 4022 of the CARES Act, which allows borrowers to apply for a forbearance period of up to 360 days.

    Watch the replay HERE 

    Solutions

    In order to address the challenges facing Black homeowners as a result of the pandemic it is imperative that Congress take action to ensure that the congressional and governmental efforts to maintain homeownership are equitable and include Black homeowners. We urge Congress to take the following five actions:

    1. Allocate specific funds targeted to the preservation of Black homeownership.

    2. Provide assistance for mortgage borrowers not covered by the CARES ACT, private mortgage lenders must be required to offer government supported forbearance to their borrowers, comparable to the treatment of government-supported mortgage loans.

    3. Require FHA and all Servicers to notify all borrowers in all communications, including mail, electronic communication and phone calls of their rights to apply for forbearance. Require all Servicers to have dedicated toll-free lines staffed with representatives knowledgeable about their forbearance procedures.

    4. Create a large-scale Public Awareness Initiative. The Federal Government is allocating resources toward building public awareness around the health risks associated with COVID-19. Similar efforts should be made to inform borrowers of their rights.

    5. Ensure that FHA borrowers and GSE borrowers continue to have the same access to mortgage forbearance protections, financial relief, and assistance.

    Conclusion

    In conclusion, the National Association of Real Estate Brokers, whose members are known as Realtists, since its inception has stood for “Democracy in Housing” and we are the guardians of the communities we serve. We will continue to advocate for the preservation and sustainability of homeownership for Black Americans and all Americans. As trusted advisors we are the conscience of the Real Estate industry and want any efforts of Congress to align with NAREB’s declaration of a “Cease and Desist” on the decline of Black homeownership.

    __________________________________

    https://www.jchs.harvard.edu/blog/a-triple-pandemic-the-economic-impacts-of-covid-19-disproportionately-affect-black-and-hispanic-households/


    * * * * *

    Media Contacts:

    Joanne Williams ▪ jlwilliams@barrington-associates.com ▪ 202-364-0024

    Jill Harrison ▪ jsforte2001@yahoo.com ▪ 770-896-8723


  • July 11, 2020 10:12 PM | San Diego Realtist for Democracy in Housing (Administrator)

    Disabled Veterans' Property Tax Exemptions 

    SD County Assessor_ WCR_ Disabled Veterans.pptx

  • June 30, 2020 11:42 AM | San Diego Realtist for Democracy in Housing (Administrator)

    As a member benefit, we've received over $800 of education and certifications for FREE through The Five Star Academy. Several of our members have completed a  Master_Certificate.pdf which included the following courses: 

    • Mortgage industry regulatory compliance
    • Legal Practices 
    • Distressed asset disposition
    • Diversity and inclusion


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+1 (805) 550-7055

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Email: narebsd@gmail.com

Call or Email Us 
Office: +1 (805) 550-7055 (888) 550-9340 ext. 2

Email: narebsd@gmail.com

Address: 

6904 Federal Blvd, Lemon Grove, CA  91945

619-335-5564 / Tax ID# 80-0589116

Tax ID# 80-0589116

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