CAR Market Matters

Talking Points … Pending home sales in California picked up steam in October and rose for the second straight month, portending a pickup in closed sales for the remainder of the year, according to the CALIFORNIA ASSOCIATION OF REALTORS®. California pending home sales were up in October, with the Pending Home Sales Index (PHSI) rising 2 percent from a revised 102.6 in September to 104.6 in October, based on signed contracts.  October’s increase was the first back-to-back increase since early this year, when pending sales rose for three straight months, starting in January. The share of... Read more »

Get Ahead of the Market

2015 California Housing Market Forecast  The annual California housing market and economic outlook examines where the market has been and where it is expected to go in the upcoming year. Existing single family homes sales are projected to decrease 8.2 percent from 2013 and are forecasted to increase 5.8 percent in 2015. Also, the annual median price for 2014 is expected to rise 11.8 percent year over year and will further increase by 5.8 percent in 2015. Download presentation 2014 Millennial Survey Millennials are one of the largest segments of our population, following the Baby Boomers. They... Read more »

CAR Market Matters

Talking Points … U.S. home prices are up just 4.8 percent in the year ended in September, according to the latest S&P/Case-Shiller report. That’s down from 5.1 percent in August. The home price index covering 10 major U.S. cities increased 4.8 percent in the year ended in September. The 20-city price index was up 4.9 percent. That is down from 5.6 percent in August but slightly above the 4.8 percent expected by economists. On an unadjusted basis, the 10-city and 20-city gauges were unchanged in September from August, while the national index slipped 0.1 percent. S&P said that was... Read more »

C.A.R. Real Estate Summit Videos Now Available

An audience of nearly 300 real estate executives and practitioners, industry stakeholders, economists, and policymakers gathered this month in Los Angeles for the inaugural Real Estate Summit: Partnering for Change in California, which featured a keynote speech from U.S. Secretary of Housing and Urban Development Julián Castro. Convened by C.A.R., Secretary Castro, along with other industry thought leaders, exchanged ideas and solutions about housing affordability, California’s infrastructure, consumer trends, and foreign investment challenges. Notably, Secretary Castro’s speech signaled a... Read more »

C.A.R. and NAR Support “The Mortgage Forgiveness Tax Relief Act.”

C.A.R. strongly urges all California REALTORS® to respond to NAR’s Call-for-Action in support of extending the federal income tax exemption on mortgage debt forgiven in a short sale or loan modification. C.A.R. sponsored legislation in 2011 and worked with the IRS and the Franchise Tax Board to ensure that mortgage debt forgiven by a lender in a short sale isn’t taxable income to the borrower; however, that does not apply to debt forgiven as part of a loan modification and does not apply to short sale debt forgiveness in other states. Congress must act to protect distressed homeowners who... Read more »

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