Congressional Inaction on Track to Raise Your Loan Limits

Time's up! The October 1 deadline for loan limits is here, and homebuyers all over in America just ran out of time. NAR reported this week that Congress failed to extend the FHA and GSE Loan Limits. Tomorrow those limits will decline in 669 counties in 42 states. The new limits will now be equal to 115% of median home price (down from 125%), and the high cost gap will fall from $729,750 to $625,500.

NAR has a guide available to determine the new loan limits and it is available on REALTOR.org or by clicking here.  If your county isn’t listed, your limits will not change. NAR continues to work with Congress to get the higher limits restored.

Energy Upgrade California reports that energy efficiency benefits home resale

The good folks at Energy Upgrade California are talking about a study of "home sales in the Portland metropolitan area that showed newly constructed homes with third-party certifications for sustainability and energy efficiency (such as LEED, Energy Star and Earth Advantage) sold for 8% more on average than non-certified homes, and existing homes with certifications sold for 30% more."

In fact, over the past four years studies of Portland area home sales show a consistent trend that third-party certification continues to result in higher sales price. Homes in Seattle and Portland marketed with energy efficiency certifications sold faster on average too, as compared to homes without certifications. In San Diego and Sacramento, researchers found that solar panel installations increased appraised home values, leading to a 97% recovery on investment—much higher than typical home improvements such as major kitchen and bathroom renovations. 

Read on:

The Washington Post: Is Green Good for Home Resale Value?

Los Angeles Times: Energy-Efficient Homes Seem to Sell Faster, Fetch Higher Prices

Los Angeles County Provides More Incentives!

Beginning September 6, LA County homeowners who complete qualifying upgrades will receive up to $4,000 in County incentives plus up to $4,000 in utility incentives—for a grand total of up to $8,000 back! All Energy Upgrade Projects in LA County are eligible for the County rebate and this offer is retroactive, so no one misses out.

Here are the details:

• All projects must be located within LA County. 
• Projects from both the joint SCE/SoCal Gas and the SoCal Gas-only program are eligible. 
• For those projects that use either SCE or SoCalGas and a municipal utility, the utility portion will be discounted, but the LA County rebate will remain consistent. 
• This increase will be retroactive to the start of the program. 

Help us get the word out about this new incentive amount! Incentives are available until all funds are expended. The Energy Upgrade California in LA County website reflects this change and the LA County Call Center (1-877-785-2237) is available to answer any questions that you or your clients may have.

More information available here.

Action Alert! Ensure Your Clients Have Access to Affordable Mortgages

On September 30, the cost of a mortgage could rise significantly. If this happens, many of your clients run the risk of being priced out of the American Dream of home ownership. Even worse, this could hold back the housing recovery.

We need you to share your market expertise with Congress. Send the letter below urging them to make the current mortgage loan limits for FHA and GSEs permanent. Well-qualified buyers don't need another hurdle to access affordable mortgage financing.

 Click here to take action on loan limits!

Brokers: Down Payment Assistance Programs for Homebuyers

Learn about lending and real estate services in Los Angeles County funded in part by federal Neighborhood Stabilization grants

Real Estate Broker Orientation hosted by Neighborhood Housing Services of Los Angeles County

Thursday, September 22, 2011
9:00am-10:00am

Neighborhood Housing Services of Los Angeles County Corporate Office
3926 Wilshire Blvd. 3rd Flr. Los Angeles, CA 90010

Come learn more about:

• Neighborhood Stabilization Program (Low-Cost Rehab Homes) 
• Affordable Lending (Special Financing Programs and Down Payment Assistance) 
• Construction Management Services 
• And much more 

 Please note, this orientation is only open to real estate brokers and not to the public. Call 213-381-2682 ext. 566 to RSVP and find out about future orientations.

REALTORS® meet Congresswoman Janice Hahn

From left: Rick Otterstrom, Mina Semenza,
C.A.R. President Le Francis Arnold, Congresswoman Janice Hahn,
James Litz, David Kissinger, Allie Otterstrom

REALTORS® in the South Bay recently met with Congresswoman Janice Hahn as she gears up for reelection to Congress. Hahn is running in a new district after the recently completed redistricting of Congressional seats in California. NAR's REALTORS® Political Action Committee (RPAC) has supported Congresswoman Hahn.