Please make your contribution to theRead about your contributions at work: Redwood City Measure W defeat, page 2

i. 9 / vol. I

www.samcar.orgMonthly Newsletter of the San Mateo County Association of REALTORS

December2008

SAMCAR

Legislative

CAR

In this issue

North Tour: Coats for Kids page 4 SAMCAR Foundationsupports Librarypage 4 Welcome New Members from November 2008page 2 Support our Troops programpage 3

Fannie Mae/Freddie MacSuspend Foreclosuresthrough January 9, 2009page 1

Measure W Defeatedpage 2

Mortgage Loan Limitspage 3

FHA: New Loan Limitspage 5

ForSaleByOwner.comMakes Erroneous Claimspage 5

CARs New Green Web Sitepage 5

MLSMLSListings, Inc. Updatespage 6

Monthly Newsletter ofThe San Mateo County

Association of REALTORS

www.samcar.org

tel. (650) 696-8200fax (650) 342-7509

2008 PresidentPresident Elect

Region 25 ChairDirectorDirectorDirectorDirectorDirectorDirectorDirectorDirector

Affiliate DirectorDirectorDirectorDirector

Sue WalshOlivia T. EdwardsGeoffrey CraigheadTim AuranEric BerggrenJohn CliffordNini De La Fuente-PecsonBobbi DeckerSuzan Getchell-WallaceAnne OlivaJennifer TastoEdgar TulcanazaSue VaterlausMarianne Zanone RushDavid Zigal

SAMCAR {RE}source is published monthly by the San Mateo County Association of REALTORS,850 Woodside Way, San Mateo, CA 94401 and distributed to more than 4,000 recipients. E-mail samcar@samcar.org your questions or comments.

BoARd of diReCtoRS

Philip B. Tedesco, RCE, CAE

Chief exeCutive offiCeR

editoRiAL teAM

Director of Government Affairs Publications Designer

Michon Coleman Dalen Gilbrech

Copyright 2008

Our VisionThe Voice for Real Estate Professionals and

Property Owners in San Mateo County.

induStRy newS

Fannie Mae and Freddie Mac, the mortgage-finance companies seized by the U.S. government, will suspend foreclosures and evictions over the holidays.

The six-week halt will begin November 26, a day before the U.S. Thanksgiving holiday, and last through January 9, the companies said in separate statements. The hiatus is designed to give services more time to implement a streamlined loan modification program for struggling borrowers.

Its a giant time out, Paul Miller, an analyst at FBR Capital Markets in Arlington, Virginia, said in a Bloomberg Television interview. I wouldnt be surprised to see this across the board.

Fannie and Freddie, government-sponsored enterprises that own or guarantee $5.2 trillion of the $12 trillion U.S. home mortgage market, were placed under federal control September 6. They have been pushed to work harder at modifying troubled single-family and multifamily mortgages to curtail foreclosures.

Until a streamlined modification program is up and running, we felt it was in the best interest of both borrowers and Fannie Mae to take this extra step to ensure that homeowners with the desire and ability to prevent foreclosure have an opportunity to stay in their homes, Fannie Chief Executive Officer Herb Allison said in a statement.

Fannie and Freddie have partnered with HOPE Now, a government-organized coalition of the largest U.S. mortgage servicing companies, to offer borrowers who are at least 90 days delinquent and have high loan-to-income ratios the chance to modify mortgage terms to cut their monthly mortgage payments.

Incremental StepsThe companies plan to reduce interest rates for up to five years and lengthen repayment terms to as much as 40 years to trim monthly payments to roughly 38 percent of a homeowners

ALERT! Fannie Mae & Freddie Mac to SuSpend ForecloSureSthrough January 9, 2009

(source: Bloomberg.com 11/20/08)

monthly pretax salary. In some cases, borrowers may qualify to temporarily reduce the principal amount of the loan, which would be due without interest if the house is sold or refinanced.

The HOPE Now program is not going to be enough. Its an incremental step, said housing advocate John Taylor, president and chief executive office of the National Community Reinvestment Coalition in Washington. Obviously, were pleased that theyre doing this, but absent a substantive foreclosure program, I wonder if this just another problem theyre leaving for the Obama administration.

Fannie and Freddie posted record third-quarter net losses totaling $54.3 billion last week. Freddie said it needs $13.8 billion from the U.S. Treasury by November 29 to stay solvent, and Fannie said it may need federal aid early next year. Treasury Secretary Henry Paulson set up $200 billion in backup financing for Fannie and Freddie in September, saying the companies were failing and threatened the safety of the broader U.S. economy without federal intervention.

ForeclosuresThe worst U.S. housing slump since the 1930s is being compounded by a recession that began in the third quarter and may last a year or more, according to Jay Brinkman, chief economist for the Mortgage Bankers Association. Home prices in 20 U.S. metropolitan areas fell in July at the fastest pace on record, and sales of previously owned homes in August were 32 percent below the peak reached in September 2005.

A total of 765,558 U.S. properties received default notices, which warns of a pending auction, or were foreclosed on in the third quarter, the most since records began in January 2005, according to default data from Irvine, California-based Realty Trak. Filings rose 3 percent from the second quarter and fell 12 percent in September from August as state laws created to keep people in homes slowed the pace of defaults.

Cover photo provided courtesy ofMichael Gramiak, Real-ImagePro

GoveRnMent AffAiRS

REALTORS

Welcome New MembersThe Following Members Joined in November 2008

AFFILIATES

John Barrett, Jr., Cook Properties

Virginia D. Gryder, Coldwell Banker

Pierre Ibrahim, Ameribanker-Luxury Real Estate

Mary Lee, Mary Lee, Broker

Ole M. Pedersen, Pedersen Real Estate

Richard L. Plume, Richard L. Plume, Realtor

Skyler Quarles, In House

Kim Reynick, Intero Real Estate Services

Janet Valdehueza, Prudential California

Fernando Vega, Prudential California

Margie Wilson, Coldwell Banker

Frank Zeidan, Exit Realty, WEM & Associates

James R. Manalili, Wachovia

in a landSlide victory againSt an onerouS land uSe ballot MeaSure, 62.8% of Redwood City residents voted no on Measure W during the November 4th general election. Measure W, if passed, would have required a two-thirds vote of approval by the community, for development in certain areas of the city. Most alarmingly, Measure W would have required hundreds of private homeowners to solicit a citywide vote to make renovations or room additions.

SAMCAR vigorously opposed Measure W, as a burdensome and costly infringement upon private property rights, a core principle of the Associations mission.

Measure W was aimed primarily at the area known as the Redwood City Industrial Saltworks or Cargill site. SAMCAR previously endorsed the proposed 50-50 Vision, a conceptual plan crafted by DMB Associates that reflected the feedback received from Redwood City residents and community stakeholders through outreach and public opinion analysis. Under the 50-50 Vision, half of the 2.2 square-mile site would be restored to wetlands and the other half would be developed into a mix of uses, including housing, parks, schools, retail and commercial development.

SAMCAR contributed significant political action committee funds to the campaign to defeat

Private Property Rights PrevailsMeaSure W deFeated in redWood cityYour REALTOR Action Fund Dollars at Work

Measure W. Additionally, CARs State IMPAC (Issues Mobilization Political Action Committee), contributed $25,000 to the campaign. In a show of statewide REALTOR support of our efforts and opposition to this ballot measure, SAMCAR received contributions totaling $15,000 from local AORs throughout the state.

REALTORS made a significant impact in this endeavor. This resounding victory is a prime example of your REALTOR Action Fund investment at work. Please consider making your investment when paying your 2009 membership dues. If you have any questions about the REALTOR Action Fund or how to make your investment, please contact your Government Affairs staff at (650) 696-8200.

SAMCAR Government Affairs

Michon coleManDirector of Government Affairsmcoleman@samcar.org | (650) 696-8204

diMitra bizoSGovernment Affairs Coordinatordbizos@samcar.org | (650) 696-8209

REMINDER!Code of Ethics Training

DeaDline isDecember 31, 2008

How to complete the NAR Ethics Requirement

Ethics Video Classes Every Monday @ SAMCARPlease call (650) 696-8200 to register.

Do it Online at http://www.REALTOR.org

DEcEMbER 2008 2

AffiLiAteS newS

SAMCARsSupport ourTroops program

Over the past year, the Affiliate community has made tremendous efforts towards its Support our Troops program. Monetary contributions, as well as items have been donated by SAMCAR REALTOR and Affiliate members, to create care packages for US troops serving overseas. We wanted to share with each of you, the following letter of thanks from one of the soldiers who received a package.

the current econoMic StiMuluS loan liMitS for Freddie Mac, Fannie Mae and FHA expire on December 31, 2008. Permanent limits were enacted by Congress in July. These limits are equal to 115% of local area median home price. For Freddie Mac and Fannie Mae, the limits will not go below $417,000 or above $625,500. For FHA, the limits will not go below $271,000 or above $625,500.

The current limits for the Veterans Affairs Home Loan Guarantee limit have been extended through 2011. Those limits are equal to 125%

of local area median home price, not to exceed $729,750. Beginning January 1, 2009, the limits will go even higher up to $1,094,625.

VA also increased the loan limits for refinancing. Previously, veterans who wished to refinance out of a non-VA loan into a VA loan were restricted to loans of $144,000 or less. Now the refinancing loan limits match the purchase limits.

The loan limit for FHA manufactured homes

Mortgage loan liMitS

(which are defined as homes built completely in a factory and that have a chassis attached) was also increased to $69,678 (from $48,600). This is for the home only not the land. The median price for a manufactured home in 2007 was $65,100.

To determine the loan limit in a specific area, visit www.fhaoutreach.com. To determine the VA loan limit, scroll to the bottom of the page, input your information and multiply the median home price by 1.25.

DEcEMbER 20083

GoveRnMent AffAiRS News You Can UseDEcEMbER 20083

ChARitABLe eventS

the SaMcar Foundation is proud to announce its recent sponsorship of the San Mateo Main Library Cultural Spotlight Celebrations. This series will celebrate six different cultures from December 2008-April 2009 at the Main Library. Recently, SAMCAR presented a check for $4,550 to Ana-Elba Pavon, San Mateo Main Library Manager.

We are proud to support the Main Librarys Cultural Spotlight Celebrations to further showcase the REALTORS commitment to building a thriving community and contributing to the quality of life in San Mateo County, said Edgar Tulcanaza, Chair of the SAMCAR Foundation.

The SAMCAR Foundations sponsorship of the Spotlight Celebrations will provide targeted community publicity through

getting into the holiday giving Spirit, SAMCAR members held their 2nd annual coat drive and live auction to benefit the Coats for Kids program. The REALTORS and affiliates, who were gathered for the weekly North Tour meeting, raised $3,080 in thirty minutes at their live auction. They also donated 50 coats and jackets for children of all ages.

The SAMCAR Foundation offered to match whatever its members were able to raise, up to $2,500. This matching contribution brought the total donation to $5,580, which will help to ensure a warm winter for children in our community.

SAMCAR members gather around the donations for the Coats for Kids program at their Marketing meeting in South San Francisco. The REALTOR group raised $5580 for the program to purchase new coats for children in the community.

SAMCAR Foundation Provides$4,550 To Library ForCultural Spotlight Celebrations

REALTORS Raise over $5000 to Benefit

Our REALTORS and affiliates were extremely generous with their donations and the amount of coats they donated. In fact, we raised more money this year, than we did last year at our inaugural Coats for Kids holiday event, stated

Jennifer Tasto, SAMCAR Director.

Now in its 12th year, the Coats for Kids program is coordinated by San Bruno Garbage Company and the City of San Bruno.

We encourage you to considerattending the following:

deCeMBeR 2 | Los Posadaswww.cityofsanmateo.org/DocumentView.asp?DID=4248

deCeMBeR 20 | YaldafeBRuARy 8 | Chinese New YearfeBRuARy 2009 | Black History MonthMARCh 22 | Norouz (Persian New Year)ApRiL 18 | Dia de los Nios/Day of the Child

Each event will be held at:The San Mateo Main Library55 W. Third Avenue, San Mateo

Let your clients know that your SAMCAR Foundation has helped to make this cultural celebration series a reality! For more information please visit the San Mateo Librarys website at: www.smplibrary.org

promotional material distribution to the media, businesses and general community, acknowledgement on the librarys digital screen for a month after each celebration, and a presence on the librarys website. SAMCAR members are encouraged to attend and support the various cultural celebrations of the Latino, Asian, African-American, and Iranian-American communities. Each celebration will feature entertainment and refreshments.

SAMCARs CEO, Philip Tedesco, says The SAMCAR Foundation supports organizations that improve the quality of life throughout the County. We are pleased to partner with the Main Library to provide cultural education to the public and celebrate the various ethnic communities that contribute to the vibrancy of San Mateo County.

Coats for KidsHoliday Program

DEcEMbER 2008 4

CAR updAteS

Fha announceS neWconForMing loan liMitS

the Federal houSing Finance agency (FHFA) announced that the new conforming loan limit for 2009 will remain at $417,000 for most areas in the US, unchanged from 2006. Loan limits for high-cost areas, including California, are capped at $625,500, down from the previous $729,740 limit. Loan limits for many areas of the state do not reach this lower threshold and are dramatically reduced from 2008.

Although price declines mean that the total number of homes eligible for conforming financing has increased, were disappointed that the $729,750 limit stipulated in the Economic Stimulus Act of 2008 signed in February was not made permanent, said 2008 C.A.R. President William E. Brown. The reduction in the loan limit to $625,500 will negatively impact both

C.A.R. Launches Green Web SiteC.A.R. has launched At Home with Green, a Green Web site focusing on the Associations new Green Initiative and providing information to homeowners, REALTORS, and the general public on how to green their homes, offices and lives.

Features of At Home with Green include:understanding Green an index of green resources, green terminology, and key green principleshomeowners/Buyers provides current homeowners and home buyers with information about buying a green home, finding a REALTOR with green credentials, understanding the incentives for going green, and greening a home room by room.Green for ReALtoRS includes tips on selling green homes to eco-conscious consumers, steps to greening their offices, and a repository of green resources.CAR Goes Green details C.A.R.s Green Initiative and provides a list of tactics C.A.R. has employed to go green.

At Home with Green can be accessed by visiting http://green.car.org/

forSaleByowner.comMakesErroneousClaims Recent misleading information released by ForSaleByOwner.com claims that ForSaleByOwner.com can help homeowners post their listings on REALTOR.com without working with a real estate professional.

Be assured that REALTOR.com does not in any way enable home sellers to advertise their home on its Web site without broker representation. REALTOR.com has asked ForSaleByOwner.com to issue a retraction.

CAR created a link on the car.org website regarding the ForSaleByOwner.com issue. Here is the URL:

www.car.org/newsstand/newsreleases/2008newsreleases/252815/

http://green.car.org/

Loan limits for high-cost areas, including California, are capped at $625,500, down from theprevious $729,740 limit.

the interest rates and the availability of funds for jumbo mortgages. We hope Congress will make the $729,750 limit permanent before the end of the year as one of the provisions in an economic stimulus package.

The conforming loan limit determines the maximum size of a mortgage that Government Sponsored Enterprises (GSEs) Fannie Mae and Freddie Mac can buy or guarantee. Non-conforming or jumbo loans typically carry a higher mortgage interest rate than a conforming loan, increasing the monthly payment and negatively impacting affordability for households in California.

At Home with Green

DEcEMbER 20085

MLSListings, inC. updAte

In the meantime . . .All East Bay MLSs Active in Reciprocal Access ProgramMLSListings subscribers can continue to take advantage of the interim Reciprocal Access Program announced in July through any of the 3 East Bay MLSs: Bay East, Contra Costa AOR or EBRDI. There are some differences in fees and forms.

All information is available at:https://pro.mlslistings.com/info/east_bay_Access_program_0708.htmlYou must log in to MLSListings Pro, first.

Supra Keybox ShowingInformation to be Integratedinto MLSListings ProMLSListings, in collaboration with GE Security Supra, will be integrating the link to keybox assignment and showing information into the MLS system. MLSListings members will soon have the ability to assign their keyboxes to listings, view the showing information, and view keybox settings directly from the MLS website. Assigning keyboxes to listings will give members the ability to know what address the keybox is

assigned to. All of the features using GE Supras ShowingValue will also be accessible without having to login separately to the

KIMWeb network. More information is forthcoming.

SF, BAREIS, MetroList& MLSListings ConfirmDecember 15, 2008 Target DateThe original four MLSs involved in the largest date-share initiative in Northern California issued a press release this week committing to a December 15th target date to complete their free reciprocal access program. Real estate agents and brokers who belong to any one of the fours MLSs will be able to sign-on to their primary MLS, and through the secure single sign-on process, go directly to any of the participating MLSs. When the data-share initiative is launched, it will initially serve 54,700 brokers and agents from 19 Northern California counties and cover a market area of more than 29,000 square miles with a population of 8.7 million. With the addition of three East Bay MLSs in 2009, the data-share will grow to 70,000 brokers and agents.

Document ManagementSolution to be Integratedin MLSListings ProMLSListings and Instanet Solutions have announced that MLSListings will offer Instanet Solutions DocBox document management system and other integrated paperless technologies to MLSListings nearly 20,000 subscribers.

DocBox is an online digital document storage and management platform. Brokers and their associates will be able to take their businesses paperless, managing all of their transaction files online and accessing transaction files from virtually any internet-connected PC in the world. Brokers and their associates will also be able to grant their clients 24-hour-a-day access to specific transaction documents by enabling the systems broker and agent-branded Customer Service Portal.

The system will be tightly integrated with MLSListings MLS system, giving users the ability import data into forms and into the transaction file using both MLS content and public records. Users will be able to link DocBox documents, such as property disclosures, to MLSListings for easy file-sharing via the MLS.

MapSearchRollout

CompleteMap Search has now been enabled for all MLSListings subscribers. A Map Search tutorial is available on the Training page of MLSListings Pro.

With Map Search: You draw polygons or circles to create custom search areas. You can create up to three areas for each search.

In addition to drawing separate areas, you can includesearch criteria (such as bedrooms, bathrooms, or propertystatus) in the search. You can also customize your Map Search fields.

You can specify an address and have the system zoominto it or set it as your default starting view.

Map Search results show listings that match the searchcriteria you specify and occur with the search areas you draw.

You can save map searches and reuse them as desired.

There are several subtle changes in the Map/Directions section of MLSListings Pro to accommodate the Map Search functionality:

The Map link on the search results page has beenreplaced by a Map View tab. You can switch between List View, Picture View, or Map View for all search results.

Directions are now available from List View, Picture Viewand Map View tabs, and includes a new End at address bar.

In Map View, the property list now appears on the left sideof the page and the map appears on the right. Previously, the map appeared on the left and the property list appeared on the right.

DEcEMbER 2008 6

Classes & Events

Weekly Education, Events & Tour CalendarDECEMBER 2008

Legislative Committee Meetings will resume in 2009.

SAMCAR Board of Directors Meetings

December 178:30 a.m.

SAMCAR Board of Directors MeetingMembers welcome to attend these monthly meetings. | Location: SAMCAR

December 118 a.m. 5 p.m.

GRI 108: GRI Risk Management Location: SAMCAR| Cost: $149Registration: http://www.eDesignations.com or 888-785-4800

January 88 a.m. 5 p.m.

GRI 109: Residential Real Estate FinanceLocation: SAMCAR| Cost: $149Registration: http://www.eDesignations.com or 888-785-4800

November 27 & 28ALL DAY, both days

SAMCAR Office Closed for ThanksgivingThe SAMCAR Office will be closed all day in observance Thanksgiving. SAMCAR will resume normal business hours on Monday, December 1.

December 11:30 4:30 p.m.

REVEI Ethics Video @ SAMCAR | Cost: $20 | Register: 650-696-8200Satisfies the mandatory NAR Quadrennial Ethics requirement + DRE Credit

January 10, 20095 p.m. Social6:30 p.m. Dinner

2009 SAMCAR Installation *Event Sponsorship & Advertising*Featuring REALTOR, Affiliate of the Year Awards, Community Service Awards, and the installation of the 2009 President and Board of Directors.Location: Hyatt Regency SFO, 1333 Bayshore Highway, BurlingameEvent Sponsorship & Advertising (Deadline: December 15, 2008)http://www.samcar.org/userfiles/file/INSTALL09_sponsorship.pdfEvent Tickets (Deadline: January 2, 2009) | Cost: $65/guesthttp://www.samcar.org/userfiles/file/INSTALL09_ticketsFORM.pdf

December 81:30 4:30 p.m.

REVEI Ethics Video @ SAMCAR | Cost: $20 | Register: 650-696-8200Satisfies the mandatory NAR Quadrennial Ethics requirement + DRE Credit

December 151:30 4:30 p.m.

REVEI Ethics Video @ SAMCAR | Cost: $20 | Register: 650-696-8200Satisfies the mandatory NAR Quadrennial Ethics requirement + DRE Credit

December 115 7 p.m.

Please RSVP byTuesday, Dec. 9

SAMCAR Coastal Holiday MixerEnjoy complimentary hors doeuvres, wine & beer while celebrating the Holiday Season! Cost: FREE to members only; non-members, $10Location: Pasta Moon, 315 Main Street, Half Moon BayRSVP: Beckie Patane, (650) 696-8220; MUST be on the guest list to attend

December 24 & 25ALL DAY, both days

SAMCAR Office ClosedThe SAMCAR Office will be closed all day on Wednesday, Decemeber 24 and Thursday, December 25. SAMCAR will resume normal business hours on Friday, December 26.

Marketing MeetingsTuesday, December 2

MLS Tour Sheet Deadline Reminder

Broker/Property toursTuesdays 9:30 a.m. 1:30 p.m.

Deadline to add tours in MLSMondays, 11 a.m. Entry deadlines are subject to change for holidays.

Deadline for Monday holidaysprior Friday at 11 a.m.

View tour sheet by Monday afternoonhttp://www.samcar.org/index.cfm/tour_information.htm

NOVEMBER 28 DECEMBER 5

Su Mo Tu We Th Fr Sa23 24 25 26 27 28 2930 01 02 03 04 05 06

8:30 a.m. December Combined TourElks Lodge 229 West 20th AvenueSan Mateo

Presentation: Ron RicaRd, 1031 Exchange

Deferring Taxes by theUse of Structured Sales

9 a.m. Half Moon Bay TourCommunity Center 535 Kelly AvenueHalf Moon Bay

9:30 a.m. Pacifica TourCommunity Center 540 Crespi DrivePacifica