Two-thirds of the nation’s 149 metropolitan real estate markets experienced lower home prices during the first quarter of 2008 according to a report by the National Association of REALTORS®. The slowdown is most pronounced in high-cost markets. In the West, which includes California, the median price was down 12.3 percent to $296,300 compared with a year ago. That is due, in part, to the limited availability of mortgage financing in response to the subprime mortgage crisis. NAR emphasized that the average buyer today intends to stay in the home they purchase for 10 years, which should position them to receive long-term benefits from home ownership.
New Laws
“Do Not Call” Registry
Two changes have been made to the Do Not Call laws:
The “Do-Not-Call Improvement Act of 2007” makes changes to the rules for removing telephone numbers from the list. Previously, registered telephone numbers are automatically removed from the registry five years after the registration date. Under the new law, the person to whom the telephone number is assigned may request its removal. The FTC (Federal Trade Commission) is not charged with periodically checking the numbers in the Registry to confirm the accuracy of the numbers. A number may also be removed if it is invalid, has been disconnected, or reassigned.
The “Do-Not-Call Registry Fee Extension Act of 2007” allows the FTC to raise the Registry fees in proportion to the rise of the Consumer Price Index, so Congress does not have to enact legislation to annually adjust the Registry fees. New fees are set for telemarketers accessing the Registry for 2008-2009: $54/area code during the first 6 months of registration ($27 for the final six months) or $14,850 for the whole list. The first 5 area codes remain free.
Cell Phone Use While Driving
All drivers should be aware of the requirements of Vehicle Code section 231123 that take effect on July 1, 2008. Here is a recap of the rules for using cell phones while driving.
· Drivers may not use a handheld wireless phone.
· Drivers over age 18 may use a hands-free device.
o Dialing is not prohibited but is strongly discouraged
o Blue Tooth or other earpiece is allowed, but not on both ears
o Texting is not prohibited, but could result in a citation for being distracted and not operating the vehicle safely and is strongly discouraged
· Drivers under age 18 may not use either a wireless phone or hands-free device
· Exceptions for emergencies (to call law enforcement, medical provider, fire department, or other emergency services agency) and commercial trucks (not pickups) for “push-to-talk” two-way radios.
· Fines:
1st offense $20 ($76 with Uniform Bail and Penalty Schedule assessments)
Subsequent offenses $50 ($190 with Uniform Bail and Penalty Schedule assessments)
· Conviction will be on driving record, but no violation point will be assigned
(Source: Giardinelli & Duke, APC)
The 2008 National Association of REALTORS® Member Profile shows that REALTORS® are raising their level of professionalism through training and experience to better serve consumers, and are demonstrating their versatility and breadth of expertise in a changing marketplace.
Overall membership edged down 1.5 percent from a record in 2006, and is still historically high. The survey shows the typical member is 52 years old, works 40 hours per week and specializes in residential brokerage; 60 percent are women.
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