Senate Bill 1287 (Hollingsworth) passed out of the Senate Judiciary Committee on a unanimous vote.  The bill seeks to curb real estate fraud by allowing Riverside County to implement a fraud alert program that notifies property owners when changes are made to their property deed.

Riverside County property owners have experienced at least 300 incidents in the past three years where forged deeds were recorded against their properties without their knowledge or consent.  The majority of these individuals did not know they had been victimized until they were notified by law enforcement or tried to sell or refinance their property and found that it had been sold out from under them.

In particular, seniors have been victimized by these fraudulent tactics.  One Riverside County victim is an ailing 77-year old woman who was living in her residence when her home was sold without her knowledge.  She was only alerted to the scam when she received a letter from her mortgage holder congratulating her on selling her home and paying off the mortgage.

Senate Bill (1416) (Hollingsworth) which creates an online registry of known elderly abusers, similar to the Megan’s Law website.

Senate Bill (1618) (Hollingsworth) which allows property owners to clear up to 300 feet of a defensible space under the discretion of a local fire official, effectively putting public safety as a top priority over environmental red tape.

Home sales decreased 28.5 percent in February in California compared with the same period a year ago, while the median price of an existing home fell 26.2 percent according to a report by the CALIFORNIA ASSOCIATION OF REALTORS®.  The median price of an existing, single-family detached home in California during February 2008 was $409,240, a 26.2 percent decrease from the revised $554,280 median for February 2007.  The February 2008 median price fell 4.8 percent compared with January’s revised $429,790 median price.

Registration for attendee’s at C.A.R’s annual California REALTOR® Showcase opens on Wednesday, April 9.  The Showcase takes place at the Sacramento Convention Center June 4-5.  The free Showcase will feature numerous exhibit booths to help REALTORS® stay informed about the latest real estate products and services.

The 2008 Legislative Day will also be held on Wednesday, June 4^th in Sacramento.  Legislative day provides REALTORS® from across California an opportunity to meet with their state legislators to discuss the issues that affect the real estate industry the most.

The California Solar Initiative “Go Solar, California!  has established the goal of creating 3,000 megawatts of new solar-power electricity by 2017, or enough to power 1 million homes.  This program will allocate $3.3 billion to businesses, homeowners, and builders who qualify for rebates and incentives if they install solar systems on their homes or commercial buildings.  The California Energy Commission funds solar electricity systems on new homes; the California Public Utilities Commission funds solar electricity systems on existing businesses and homes. (C.A.R. Green Tip of the Week)

First Home Buyer Fair for Consumers is being held by C.A.R. in an effort to support REALTORS® and educate consumers about current opportunities in today’s challenging real estate market.  This event is being held Saturday, April 12^th and Sunday April 13^th at the Los Angeles Convention Center in downtown Los Angeles.  The Southern California Home Buyer’s Fair will feature more than two dozen educational seminars presented in English and Spanish for consumers, designed to address many of the concerns of first-time home buyers and arm them with all of the practical information they need to know as they begin the road to homeownership. Admittance is free.

Topics will include – How to find and qualify for a home loan – How to check your credit score – The do’s and don’ts of the home buying process – How to buy a foreclosure property – How to choose and work with a REALTOR® - Home improvement – Energy efficient products – and more!