Monthly Archives: October 2014

Realtors® Say QRM Rule Will Provide Clarity in Housing Finance Market, Benefit Consumers

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WASHINGTON (October 21, 2014) – The following is a statement by National Association of Realtors® President Steve Brown:

“NAR applauds the Federal Deposit Insurance Corporation for finalizing the Qualified Residential Mortgage rule today, which includes a broad definition of QRM and aligns with the Qualified Mortgage standard implemented earlier this year.

“Realtors® are confident that the new QRM rule will encourage sound and financially prudent mortgage financing by lenders while also ensuring responsible homebuyers have access to safe and… Read More

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Existing-Home Sales Rebound in September

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WASHINGTON (October 21, 2014) – After a modest decline last month, existing-home sales bounced back in September to their highest annual pace of the year, according to the National Association of Realtors®.  All major regions except for the Midwest experienced gains in September.

Total existing-home sales1, which are completed transactions that include single-… Read More

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C.A.R. Convenes State?s First Real Estate Summit

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FOR RELEASE:
October 16, 2014

LOS ANGELES – (Oct. 16) The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) and leading real estate research centers at California’s top universities will convene thought leaders from a variety of disciplines for a day-long conference to examine real estate’s role in driving the state’s economic future, as well as other issues beyond residential real estate.

"The Real Estate Summit: Partnering for Change in California" is made possible by partnerships between C.A.R., UC Berkeley Fisher Center for Real Estate and Urban Economics, UC Irvine Center for Real Estate, UCLA Anderson Forecast, UCLA Ziman Center for Real Estate, USC Lusk Center for Real Estate, and Stanford Professionals in Real Estate.

On Nov. 14, these preeminent institutions will join influential economists, policymakers and business leaders to dissect and suggest solutions to the state’s biggest economic and real estate challenges, including infrastructure, foreign investment, consumer trends, housing finance, affordability, and business environment. Attendees of this exclusive, invitation-only event will be comprised of industry leaders from financial institutions, government agencies, academia, real estate, public policy, business, and investing.

"California is the world’s eighth largest economy and no single industry has a bigger impact on its future than real estate," C.A.R. Chief Executive Officer Joel Singer said. "This is a chance to set aside politics, business, and profits to address the common issues and opportunities that affect the prosperity of all Californians."

The inaugural summit seeks to draw on the ideas, thoughts, and resources of top real estate leaders and economists to discuss four key subjects:

• State of the State: Assessing the Effects of California’s Infrastructure Challenges: Panelists examine California’s population growth and deteriorating infrastructure — notably its insufficient transportation corridors and water supply – and the significant challenges they pose to future housing markets.

• The Impact of Foreign Investment on California’s Economy: As foreign investors spend billions on California real estate, this discussion analyzes their impact on the overall housing market and state’s economy.

• Housing in the 21st Century: Changing Demographics and Consumer Trends: As shifting demographics re-shape how and where people live, panelists explore the impact of 21st century communities.

• Solutions for a Recovering Market: Housing Affordability and Financing Homeownership: With home prices rising faster than both incomes and rent, the panel will evaluate how interest rates, access to capital, and price increases all present significant challenges to homeownership.

Partner speakers include Kerry Vandell, UC Irvine, Director, Center for Real Estate; Richard Green, USC, Director, Lusk Center for Real Estate; Stuart Gabriel, UCLA, Director, Ziman Center for Real Estate; Ken Rosen, UC Berkeley, Chair, Fisher Center for Real Estate; and Ed Leamer, UCLA, Director, Anderson Forecast.

Summit panelists include Bill Lockyer, California State Treasurer; Lisa Bates, California Dept. of Housing; David Crowe, National Assn. of Home Builders; Tim Quinn, Assn. of California Water Agencies; Dale Bonner, Plenary Concessions; David Stevens, Mortgage Bankers Assn.; Claudia Cappio, Dept. of Housing and Community Development and CalHFA; J. Walker Smith, Futures Company; Julia Gouw, East West Bank; Ken Rapoza, Forbes; Ruben Rojas; California Infrastructure and Economic Development Bank; Richard Johns, Structured Finance Group; Rick Davidson, Century 21; Ron Loveridge, UC Riverside; Perry Wong, Milken Institute; Elinor Ochs, UCLA; and Joel Singer, C.A.R.

"Our complex economic challenges require creative solutions," Singer added. "The Real Estate Summit gathers the state’s top minds and most influential leaders to help us better understand what the solutions will look like."

The summit takes place 9:30 a.m. – 4 p.m. PST at the Hyatt Regency Century Plaza Hotel in Century City, Calif. For more information, visit: http://ift.tt/1xhh5aV

Leading the way® in California real estate for more than 100 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States with nearly 165,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.

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