The HOPE NOW Alliance has established a consumer hotline for homeowners facing foreclosure.  The HOPE Homeowner’s hotline is being managed by the Homeownership Preservation Foundation, and provides free, independent, and bilingual, HUD approved counseling and advice 24 hours a day for homeowners who have questions about their mortgage loans, and may be in danger of losing their homes.

The HOPE NOW Alliance was organized at the urging of Treasury Secretary Henry Paulson and members from the U.S. Department Housing and Urban Development (HUD) in November, and investor groups, and 10 trade associations serving the housing industry, including NeighborWorks America.  The number is 1-888.995.4673 (HOPE).

Households who could afford to buy an entry-level home in California stood at 24 percent in the third quarter of 2007, unchanged from the same period a year ago, according to the CALIFORNIA ASSOCIATION OF REALTORS® First-time Buyer Housing Affordability Index (FTB-HAI).

The minimum household income needed to purchase an entry-level home at $482,910 in California in the third quarter of 2007 was $99,590, based on an adjustable interest rate of 6.56 percent and assuming a 10 percent down payment.  First-time buyers typically purchase a home equal to 85 percent of the prevailing median price.  The monthly payment including taxes and insurance was $3,320 for the third quarter of 2007.

The IRS has issued Revenue Procedure 2007-70 specifying the permissible allowance for business and charitable use of an automobile during 2008.  The business allowance increases from 48.5 cents per mile to 50.5 cents per mile.  Charitable deductions for the use of a car will remain at 14 cents per mile driven.  These rates will apply to business or charitable driven on or after January 1, 2008.

A survey of commercial members of the NATIONAL ASSOCIATION OF REALTORS® shows that land sales was the top commercial specialty among respondents.  The top six specialties cited by respondents as their primary specialty were:

1. Land sales (19 percent)
2. Office leasing (11 percent)
3. Multifamily building sales (11 percent)
4. Retail building sales (10 percent)
5. Office building sales (8 percent)
6. Industrial building sales (8 percent)

Forty-three percent of the REALTORS® Commercial Alliance members said they belonged to a commercial affiliate of NAR. Many survey respondents also hold membership in other real estate specialty organizations.  Among respondents:

• 31 percent were members of the International Council of Shopping Centers
• 10 percent were members of the National Association of Industrial and Office Parks
• 9 percent were members of the Appraisal Institute
• 9 percent were members of the Building Owners and Managers Association

The U.S. Conference of Mayors’ National Forum on Homeownership Preservation and Foreclosure Prevention released a report on the Economic and Fiscal Implications of the foreclosure crisis.  The Mayors expressed considerable frustration with the lending industry in three specific areas: 1.) the lack of meaningful policies to modify significant numbers of mortgages to prevent foreclosures and allow families to stay in their homes, 2.) the difficulty that homeowners have in reaching out for satisfactory counseling and assistance in ways to avoid foreclosure, and 3.) the serious problems for neighborhoods and local governments stemming from foreclosed properties not being properly maintained.