The number of Americans using the Internet for real estate information, according to a study by the Pew Internet & American Life Project, have doubled since 2000.  The number of online users, during the past six years, who have searched for a place to live by using the Internet, has grown to 39 percent, up from 27 percent in 2000. 

According to the study, online users ages 18 to 29 are the most likely to have used the Internet for housing information compared with older adults.  Adults with more than six years of online experience and those with broadband connections at home also are more likely to explore online resources for housing information compared with users who have been online for shorter time spans or those who rely on dial-up connections.

Facts: (Source C.A.R.) The California median home price in October 2006 was $548,680.  The highest median home price was the Santa Barbara South Coast $1,115,000 and the lowest median home price was the High Desert at $328,650. 

The Center for Responsible Lending in a study says that more than two million subprime mortgage loans that lenders made during the boom years are in foreclosure, putting at risk $164 billion in wealth accumulation.

The study found that one in five households with a subprime loan now face losing that home.  One of the biggest problems loans has been what the mortgage industry calls the “exploding ARM,” a loan that after a short low-rate fixed period adjusts upward without regard to the direction that interest rate indexes are moving.  Therefore, even if interest rates are heading down, these borrowers can face monthly mortgage payment increases, typically in the 30-40 percent range.

Laws that will affect REALTORS® effective January 1 cover issues such as licensing, fair housing and environmental hazards.  They are:

• AB 790, License revocation for advertising false credentials: Beginning January 1, 2007, the real estate commissioner may revoke, suspend, or deny the license of anyone who falsely advertises his or her credentials, including special certifications or membership in a trade organization.  This law aims to protect consumers from unscrupulous and fraudulent lending practices.
• AB 2800, Anti-discrimination provisions expanded to conform with the California Fair Employment and Housing Act:  Currently, various provisions of state law prohibit discrimination in housing, including real estate licensure, mortgage lending, club membership, development projects, and community redevelopment.  Under current law, these provisions prohibit discrimination on the basis of race, color, gender, religion, or marital status.  Beginning January 1, 2007, the following bases will be added so that those provisions comply with the Fair Employment and Housing Act: national origin, ancestry, familial status, disability, and sexual orientation.

September 30, 2007 is when the new law takes effect that will require all applicants to complete three college-level courses before taking the real estate license exam.  The new law eliminates paths to licensure that do not require college classes.  An estimated 85 percent of new licensees are coming into the field with conditional licenses issued without college coursework.

The National Association of Homebuilders conducted a survey of over 2,000 homeowners that showed that more than four out of five home owners expect the value of their home to appreciate over the next five years and nearly seven out of 10 call a home their most valuable investment.

Only 13 percent felt their home would fall in value, while 4 percent expected no change.  Approximately 81 percent of homeowners surveyed believed the value of their homes will rise over the next five years.

MRMLS Users:  When adding a listing with a multi-unit address to MRMLS Matrix, always enter alphabetic characters (A,B,C, etc.) or fractions (1/2,1/4, etc.) in the Unit # field and not in the Street # or Street Name field.

The Pew Research Center surveyed homeowners to learn more about the impact of shifting home values.  The researchers discovered some information about senior citizens – 72 percent of those ages 65 and older have no home mortgage and more seniors own second homes than the average for all adults.