This is One Reason Why I Love Being a REALTOR®

This is One Reason Why I Love Being a REALTOR®

There are many benefits to being a member of the National Association of REALTORS®, but especially, the California Association of REALTORS®. I use the C.A.R. Legal Hotline frequently to get clarification on real estate, legal issues so I can do what is right and best for my clients.

Los Angeles and Southern California are target areas of a pilot program of REO bulk sales by the Federal Housing Finance Agency (FHFA) and federal Department of Housing and Urban Development (HUD). These bulk sales of distressed homes will be sold for pennies on the dollar (literally) to investors with the condition they cannot be sold for a minimum of five years. These homes will become investor, rental properties.

California Association of REALTORS® (as I do also) believe this will damage the housing market more and cost taxpayers in the long term. Currently we are experiencing an inventory shortage of Temecula homes for sale. The sale of bulk REOs will make communities that tend to be owner-occupied become rental communities.

First-time homebuyers searching to buy a principal residence in Temecula and Southwest Riverside County California are challenged as it is in getting mortgage financing and finding a home that fits their needs.

Read the open letter to California Congress by LeFrancis Arnold, President of C.A.R.