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Monthly Message from C.A.R. President Kevin Brown

Dear REALTOR, I have some good news to share with you on the legislative front. Just last week, Gov. Brown signed into law several bills.  The first bill, AB 1393 (Perea), extends tax relief on forgiveness of mortgage debt by conforming California law to federal law for the 2013 tax year.  C.A.R. supported the bill so that homeowners will not be charged state income tax when they’ve had a mortgage loan modified to reduce the principal.  Previously, the forgiven debt created by a reduction in principal (e.g., loan modification) wasn’t subject to federal income tax, but was taxable under... Read more »

Brokers Do Not Have to Retain Texts and Tweets

New law clarifies what constitutes a “record.” Assembly Bill 2136, signed by the Governor July 9, 2014, and effective January 1, 2015, will help clarify a REALTOR’S® record retention obligations when it comes to electronic communications.  In their Spring 2013 Real Estate Bulletin, the Bureau of Real Estate set in motion a need for clarification when they took the position that “texts, emails, tweets, and the like” sent or received by a licensee during the negotiation for the sale or purchase of property must be maintained under the record retention requirements of Business and Professions... Read more »

CAR Market Matters

Talking Points … Equity home sales posted their highest level since the housing crisis began, reaching more than 90 percent of all home sales. Meanwhile, seasonal factors, combined with shrinking affordability cooled pending home sales in June, according to the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.). Equity sales have been rising steadily again since the beginning of this year.  June marks a full year that equity sales have been more than 80 percent of total sales and the first time they have risen above 90 percent. Equity sales made up 79.7 percent of sales in June 2013. Twenty-three... Read more »

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