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The Voice FoR Real esTaTe in The san FeRnando and sanTa claRiTa Valleyswww.sRaR.com | Real Estate Questions? E-mail Wendy Silver-Hale, SRAR 2012 President, c/o DavidW@SRAR.com

Wendy silver-hale2012 SRAR President

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SRAR offers a wide array of training oppor- tunities, including certification courses, continuing education credit courses, desig-nation courses, and hands-on technology training. We can evenconduct training in your office. See the calendar on SRAR.comfor a full list.

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FREE - Take full advantage of property-centric data, advanced mapping capabilities, market and trend data, custom configuration options, and enhanced professional reports.

FREE - Generate, for your buyers and sellers, the most comprehensive, informative, personalized, and eye-catching reports in real estate. Includes three report sets;including a buyer tour, a single property report, and of course,real estate's most innovative CMA.

FREE - an online real estate library that provides members with valuable data on every property in the United States - createcustom reports to provide to clients and customers.

FREE - allows you to set up client accounts. As a result, your clients can search for listing data which allows you to manage and keep updated on your clients’ every need.

FREE - a B2B platform where you can share real estate listings with otherprofessional organizations worldwide.

SRAR offers a wide array of training oppor- tunities, including certification courses, continuing education credit courses, desig-nation courses, and hands-on technology training. We can evenconduct training in your office. See the calendar on SRAR.comfor a full list.

Training &Education

FREE - CRISNet Members have access to live tech support Monday thru Saturday.Tech Support

Member Benefits

FREE - Listing Syndication system advertises your listings across 300+ public listing search sites.

FREE Basic Website, FREE Basic IDX,and FREE Basic Mobile IDX.

FREE - provides mobile technology tools (QR codes) that allow real estate agents to deliver property information to a buyer's cell phonewhile they are standing at the property or on-the-go. The agentis optionally notified after each request.

Prices rising as inventory tightens

Housing Affordability Hits Record High Throughout California

By Wendy Silver-Hale, President, and David WalkerSouthland Regional Association of Realtors®

Record-low interest rates and favorable resale prices during first-quarter 2012 made housing in California more affordable than at any other time on record.The California Association of Realtors reported Monday that its Affordability Index rose to 56 percent, meaning that nearly six out of ten households could afford to purchase a median-priced, existing single-family home. The Index is considered the most fundamental measure of housing well-being for homebuyers in the state.

Homebuyers needed to earn a minimum annual income of $55,688 to qualify for the purchase of a $276,040 statewide median-priced, existing single-family home in first quarter 2012.

The monthly payment, including taxes and insurance on a 30-year fixed-rate loan, would be $1,392, assuming a 20 percent downpayment and an effective interest rate of 4.16 percent.

The effective composite interest rate in fourth quarter 2011 was 4.30 percent and 4.90 percent in first quarter 2011.

While investors have been busy for a long while, conven-tional buyers only recently have awakened to the extent of today’s opportunities.

Reports from Realtors throughout the San Fernando and Santa Clarita Valleys say that properly priced homes and con-dominiums, particularly in entry-level price ranges, frequently attract multiple offers. By the time a properties goes into es-crow the sales price often is well above the original list price.

Yet that window of opportunity already is tightening, espe-cially as the inventory of homes listed for sales falls to record lows. Throughout the San Fernando Valley, for example, first quarter 2012 saw a mere 1,945 average listings per month.

That compares to a 3,034 monthly average through 2011. Even at the worst of the housing meltdown the inventory rose to a monthly av-erage of 6,633 in 2007, yet that was well below the inventory reported in the recession of the early 1990s when the monthly average inventory hit 13,300 in 1992.

Nonetheless, even with prices bid up, buyers who land a home today enter the market with affordability at a record high.

In the San Francisco Bay Area, housing affordability rose or remained stable in all counties except Contra Costa County, where affordability declined by one percentage point. At 78 percent, San Bernardino County was the most affordable, while San Francisco County was the least affordable, with only 29 percent of households able to purchase the county’s median-priced home.

Los Angeles had 51 percent affordability — up from 46 percent a year ago — while Ventura came in at 50 percent, Riverside County at 66 percent, the Inland Empire at 71 percent, Orange County at 39 percent, and San Diego at 46 percent.The Southland Regional Associa-tion of Realtors® is one of the largest local trade associations in the nation with more than 9,000 members serving the San Fernando and Santa Clarita Valleys.

HOMEBUYERS E M I N A R

Southland Regional Association of REALTORS®7232 Balboa Blvd., Van Nuys, CA 91406

Saturday, June 2, 201210:00a.m. – 12:00p.m

* The Buying Process* Down Payment Assistance* FHA vs. Conventional Loans* Working with a REALTOR®* Tax & Financial Benefits* Importance of Good Credit & How to Improve Your Score* City Assistance Programs* And Much More!

Learn directly from professionals about:

To RSVP, call 818-947-2298or via email at andreb@srar.com

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THIS SEMINAR IS STRICTLY FOR THE GENERAL PUBLICNO REALTOR MEMBERS ALLOWED UNLESS ACCOMPANYING A CLIENT

Home Sales, Prices Post Impressive ResultsCalifornia home sales and median price both jumped in April, with sales shooting to their highest level in more than two years, the California As-sociation of Realtors reported Tuesday.The median price rose above $300,000 for the first time in 16 months.

“A brighter economic picture, coupled with record-high housing affordability, pushed the spring homebuying season off to a strong start,” said C.A.R. President LeFrancis Arnold. “With a continuing improving economy and interest rates declining to new re-cord lows in recent weeks, we should see a steady improvement in the housing market.”

Investors and traditional buyers showed up during April at most active listing in the San Fernando and Santa Clarita Valleys, but the lack of inventory limited local sales.

Closed escrows of existing, single-family homes through-out California during April were 10 percent higher than March’s pace and 11 percent higher than in April 2011.

The statewide median price of an existing, single-family de-tached home climbed 5.7 per-cent in April to $308,050, up from March’s revised $291,330 median price and 4.7 percent from a revised $294,140 recorded in April 2011.

1991 129651992 13300 2.6%2000 4,606 -65.4%2002 3,172 -31.1%2003 2,535 -20.1%2004 3,153 24.4%2005 3,046 -3.4%2006 5,695 87.0%2007 6,633 16.5%2008 6,516 -1.8%2009 3,640 -45.1%2010 3,437 -5.6%2011 3,034 -11.7%2012 1,945 -35.9%

12,965

13,300

4,606

3,172

2,535

3,153 3,046

5,695

6,633

6,516

3,640 3,437

3,034

1,945

Even at the height of the recession, the number of homes listed for sale in the San Fernando Valley never came anywhere near the overloaded inventory of the crash of the 1990s. In 1992 the average active listing inventory hit 13,300, yet the highest it went during this recession came in 2007 when the monthly average was 6,633 active listings. So far this year, the inventory is averaging 1,945 active list-ings per month, which is woefully inadequate given growing demand and swelling ranks of buyers.

Prices Bid Up as Inventory Plummets

5/16/12 5:38 PMC.A.R. reports first quarter 2012 housing affordability

Page 2 of 3http://www.car.org/newsstand/newsreleases/2012releases/q12012hai

Southern California Los Angeles 51 48 46Orange County 39 38 33Riverside County 66 66 63San Bernardino 78 78 76San Diego 46 46 r 40Ventura 50 49 44Central Coast Monterey 54 56 58San Luis Obispo 41 41 40Santa Barbara 46 41 37Santa Cruz 35 37 34Central Valley Fresno 72 71 r 70Kings County 74 75 71Madera 77 75 68Merced 77 77 76Placer County 67 67 64

Sacramento 74 74 71Tulare 75 73 72

CALIFORNIA ASSOCIATION OF REALTORS®Traditional Housing Affordability Index

State/Region/County Index MedianHome Price

MonthlyPaymentIncluding

Taxes andInsurance

MinimumQualifying

AnnualIncome

California Single-family(SAAR) 56 $276,040 $1,392 $55,688

California condo/townhome 64 $223,870 $1,129 $45,163Los Angeles MetropolitanArea 56 $266,580 $1,344 $53,780

Inland Empire 71 $174,330 $879 $35,169San Francisco Bay Area 45 $447,970 $2,259 $90,373United States 71 $158,100 $797 $31,895 S.F. Bay Area Alameda 45 $408,680 $2,061 $82,447Contra-Costa (CentralCounty) 36 $537,440 $2,711 $108,423

Marin 32 $694,060 $3,500 $140,019Napa 50 $348,720 $1,759 $70,351San Francisco 29 $607,230 $3,063 $122,502San Mateo 33 $620,000 $3,127 $125,078Santa Clara 42 $535,500 $2,701 $108,031Solano 77 $186,910 $943 $37,707Sonoma 51 $323,370 $1,631 $65,236Southern California Los Angeles 51 $281,390 $1,419 $56,767Orange County 39 $484,860 $2,445 $97,815Riverside County 66 $203,630 $1,027 $41,080San Bernardino 78 $131,400 $663 $26,509San Diego 46 $359,520 $1,813 $72,529Ventura 50 $398,620 $2,010 $80,417Central Coast Monterey 54 $289,000 $1,458 $58,303San Luis Obispo 41 $368,750 $1,860 $74,391Santa Barbara 46 $347,210 $1,751 $70,046

Santa Cruz 35 $475,000 $2,396 $95,826Central Valley Fresno 72 $134,230 $677 $27,079Kings County 74 $143,910 $726 $29,032Madera 77 $111,820 $564 $22,558Merced 77 $115,430 $582 $23,287Placer County 67 $259,800 $1,310 $52,412

Home Loans Past Due, Foreclosures at 4-year LowThe Mortgage Bankers Association on Wednesday reported that home loans in foreclosure or at least one payment late hit the lowest level since 2008.The number of homes being foreclosed will remain high until lenders work through a backlog of distressed properties. At least one out of nine loans nationwide is showing some signs of distress.

“Newer delinquencies, loans one pay-ment past due as of March 31, are down to the lowest level since the middle of 2007, indicating fewer new problems we will need to deal with in the future,” said Michael Fratantoni, MBA's vice president of Research and Economics.

“Foreclosure starts are at their lowest level since the end of 2007,” he said.