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Update on C.A.R.’s Tax Reform Call to Action

Posted by Taylor Thompson in Blog, News | 0 comments

The California Association of REALTORS® (C.A.R.), one of the largest real estate trade organizations in the U.S. with more than 190,000 members, recently undertook a high-visibility campaign against proposed tax reform under consideration by members of Congress. All Association members are encouraged to participate in C.A.R.’s Call to Action. For information, visit www.car.org. C.A.R.’s anti-tax reform campaign gained traction this past week with the purchase of full-page newspaper ads in several of California’s major daily newspapers and national publications, including the San Diego Union-Tribune, Orange County Register, Los Angeles Times, Bakersfield Californian, Sacramento Bee, Modest Bee and Fresno Bee, as well as The Wall Street Journal’s D.C. edition and Politico’s print edition. The newspaper ads, dated Nov. 14, were formatted as an open letter to President Trump and California’s Congressional Delegation and signed by C.A.R. President Steve White. The full-page newspaper ad stated: “Congress is considering legislation that would punish homeowners, eliminate the financial benefits for homebuyers and leave hundreds of thousands of people across California much worse off than they are today. If the goal of tax reform is to help middle-class Americans keep more of their hard-earned money, this proposal fails miserably. Tax reform shouldn’t hurt Californians, but the House of Representatives proposal does, in a big way. It eliminates important incentives that help first-time homebuyers by capping the Mortgage Interest Deduction, limiting property tax deductibility and changing capital gains exemptions. From theOregon border south to San Diego, working Californians take a beating.” The ad featured a question followed by a response:  “How could any member of the California Delegation think this plan is good for the Golden State? The average California house costs two-and-a-half times the national average and housing supply projections show the state will be nearly 3 million houses short by 2020. Only 32 percent of California families are able to purchase a median-priced home. With homeownership already a stretch, or out of reach altogether for so many Californians, now is NOT the time to make owning a home more difficult.” The ad can be viewed by clicking this link, http://www.car.org/aboutus/mediacenter/newsreleases/2017releases/taxreformopenletterad. The ad did not include details from a C.A.R. press release about provisions in the House bill, such as: lowering the mortgage interest deduction cap from $1 million to $500,000; eliminating the mortgage interest deduction on second homes; eliminating moving expenses; eliminating state and local income tax deductions; capping property tax deductions at $10,000; and, extending the capital gains exclusion qualification period from two years to five years. Other features of the House bill included doubling of the standard deduction for couples from $12,700 to $24,000 per family, increasing the child tax credit from $1,000 to $1,600 per child and lowing inheritance taxes on large estates. Popular 401(k) retirement savings plans used by many Americans would be unchanged. . According a C.A.R. press release, the Senate bill retains the $1 million mortgage interest deduction but completely eliminates the ability to deduct state and local income taxes, including eliminating property tax deductions. It also contains many of the real estate provisions in the House bill. Also this past week, C.A.R. was joined by members of California’s homebuilding and housing community, including the California Building Industry Association and the California Housing Consortium, in calling attention to the proposed tax reform’s numerous disincentives to homeownership. In a related development, the Orange County Register newspaper this past week published an opinion column by Diane Harkey, chair of the California State Board of Equalization and California’s highest ranking Republican. Harkey wrote in her op/ed: “Unfortunately, the Republican plan in D.C. is mimicking the California model by penalizing professionals, businesses and home ownership for those of us in states with an already high cost of living. It encourages retooling of industries and skewing tax refunds toward less-populated, smaller states with a lower cost of living. The plan reduces tax rates by eliminating worthy incentives to home ownership, which is for most Americans their largest investment and pathway to financial security. “Reductions in corporate tax rates and repatriation of offshore dollars are worthy goals that will stimulate job growth, but our politicians in D.C. seem to be getting lost in ideological warfare to prove that they are not robbing the poor. Transferring benefits to beleaguered states attempting to rekindle manufacturing jobs and allowing ‘refunds’ for taxes that many did not pay is not tax reform. “Elimination of the State and Local Tax deduction will harm the people of California who have worked hard to save and build equity in their homes and communities. Estimates are that property values will drop precipitously, affecting all as the market readjusts.  While our state income tax is the highest in the nation, we do thanks to Proposition 13 have the benefit of relatively low property taxes. If property values and assessments drop, communities will be impacted, prodding our legislature to fill the gap by demanding higher property taxes, or local debt to fill the voids. I can envision a spiral effect and blame that will be laid on the doorstep of Republicans in D.C. and those who support them.” Here is a link to Harkey’s op/ed: http://www.ocregister.com/2017/11/14/california-republicans-in-congress-should-remember-the-no-new-tax-pledge/ On Thursday, Nov. 16, the House of Representatives passed its version of the tax reform bill. The bill, called the Tax Cuts and Job Act, passed 227-205, with every Democrat and 13 Republican members voting no. The House version would reduce the corporate tax rate from 35 percent to 20 percent and reduce the number of tax brackets from even to four. It would also recalibrate the tax code to work in similar ways as an international system already used by foreign nations across the globe. House passage is just one step, however. The Senate Finance Committee is working on a separate measure that could be brought to a vote within two weeks. Here is C.A.R.’s statement in response to the House tax bill that passed: “We are disappointed with today’s passage of H.R. 1, the so-called Tax Cut and Jobs Act,” said C.A.R. President Steve White. “This bill is simply a direct attack on California housing and homeownership. Eliminating the incentive for people to buy homes and raising taxes on hundreds of thousands of California homeowners only puts the American dream further out of reach. We support fiscally responsible tax reform but lowering corporate taxes on the backs of middle-class families would be catastrophic. C.A.R. thanks the many courageous California Congressional members who believed their constituents deserved better and voted to do the right thing by opposing the bill.”

Enroll Now for 2018 – Medical Insurance for C.A.R. Members

Posted by Taylor Thompson in Blog, News | 0 comments


Insurance Programs Exclusively for C.A.R. Members ONLY
  • C.A.R. Group Plans: Open Enrollment is NOVEMBER 1 - DECEMBER 15
  • Individual & Covered CA: Open Enrollment is NOVEMBER 1 - JANUARY 31
Why enroll in a C.A.R. Health Plan?
  • Anthem Blue Cross group plan available in all areas
  • Larger network of doctors and hospitals
  • 2018 group rates expected to be LOWER than individual rates in many areas
  • Many medical plan options to choose from
  • Competitive Kaiser plans

Dental & Vision Plans

C.A.R. offers group dental and vision plans with the nation's number one insurance carriers. MetLife and VSP. Our group plans cover more than most individual plans, with no waiting periods, rich annual benefits, and competitive pricing! 

Errors & Omissions

C.A.R.'s exclusive E&O program is offered through Navigators Insurance Company. Coverage is available for all size firms. Easy, online binding available for real estate brokers with less than $500,000 of gross commission income in the past 36 months. Premiums start as low as $517 per year. 

For a quote, call RealCare at 800-939-8088 or email sales@realcare.biz

RealCare is C.A.R.'s onlyendorsed Insurance Broker.
Trust C.A.R. and RealCare to do the best job for you!

Voice of Real Estate: Housing affordability is lowest in 10 years

Posted by Taylor Thompson in Blog, News | 0 comments

How bad is housing affordability? The California Association of REALTORS® (C.A.R.) recently reported that home affordability statewide has dropped to its lowest level in a decade, and it’s worse in San Diego County. The 10-year low in purchasing power was blamed on tight housing inventory that has pushed home prices higher. In the third quarter of this year, C.A.R. said only 28 percent of California households could afford the state's $555,680 median-priced home, compared to 29 percent in the second quarter and 31 percent in the third quarter a year ago. In San Diego County, only 26 percent of households could afford to purchase a median-priced home, which remained unchanged from 2016. C.A.R. said it was the 18th consecutive quarter for its statewide Housing Affordability Index (HAI) index to be below 40 percent, and the lowest since the third quarter of 2015. California's housing affordability index hit a peak of 56 percent in the first quarter of 2012. C.A.R.’s HAI measures the percentage of all households that can afford to purchase a median-priced, single-family home in California. The index is considered the most fundamental measure of housing well-being for home buyers in the state. To afford the statewide median-priced single family home of $555,680, a household would need to earn $112,100 annually to make the necessary $2,800 monthly payments, according to C.A.R. The payment includes principal, interest, and taxes on a 30-year, fixed-rate mortgage with a 20 percent down payment and an effective composite interest rate of 4.16 percent. The effective interest rate in the second quarter 2017 was 4.09 percent and 3.76 percent in the third quarter of 2016. The C.A.R. report also said that the affordability of condominiums and townhomes also dipped slightly from 39 percent during the second quarter of 2017 to 38 percent during the third quarter of 2017. To qualify for the purchase of a $440,000 median-priced condominium or townhome, a California resident would need to earn $88,770 to make monthly payments of $2,200. Meanwhile, in other recent real estate news, while affordability has been a long problem in San Diego and the rest of California, Zillow reports the rate of homeownership is still increasing. “Housing costs are rising, competition among buyers is fierce and the number of homes actually available to buy is at historic lows, and still, the U.S. homeownership rate is on the rise, climbing for the second straight quarter to its highest level since 2014 and proving American home buyers are nothing if not tenacious and resourceful,” said Dr. Svenja Gudell, Zillow’s chief economist. Also on the bright side, the San Diego real estate market was the fourth “hottest” in the country in October, based on views of online sales listings. The website Realtor.com, the consumer website of the National Association of REALTORS®, reports a typical San Diego property was on the market for just 40 days in October, compared to the national median of 73 days. The only markets hotter than San Diego were also in California, including San Jose-Silicon Valley, Vallejo-Fairfield and San Francisco-Oakland. Regarding home prices, San Diego had the third highest annual home price increase in the nation in August, a distinction not reached since 2014, according to a leading real estate index. San Diego County’s home prices have risen 7.8 percent from August of last year and .09 percent between July and August said Standard & Poor’s CoreLogic Case-Shiller Indices. Only Seattle and Las Vegas had bigger increases in the 20-city index. In the last two years, the San Diego region has averaged around 10th place in the S&P index, making August’s jump noteworthy. San Diego’s yearly increases outpaced the nationwide gain of 6.1 percent and the rest of California. Seattle had the biggest yearly increase at 13.2 percent, followed by Las Vegas at 8.6 percent. Los Angeles and San Francisco had 6.1 percent increases. The lowest increases were in Chicago at 3.7 percent and Washington, D.C., at 3.4 percent. The indices were created by taking the price of homes in those cities in January 2000, assigning them a value of 100, and tracking their subsequent rise and fall. In August, San Diego’s mark was at 245.55, representing a home value increase of nearly two and a half times over nearly 18 years. Prices have risen at a greater rate only in Los Angeles. Trending nationally, unemployment is continuing to fall, despite the impact in September of Hurricanes Harvey and Irma on depressed payrolls in Texas and Florida. The nation’s jobless rate fell a notch further in October to a 17-year low of 4.1 percent. The unemployment figure has fallen sharply this year from 4.8 percent in January, suggesting the long-term expansion in the labor market remains solid under the Trump administration. Taking the last three months together, employers added on average 162,000 jobs a month. That is down slightly from last year and the first half of this year, but still well above what’s needed to absorb the natural increase in the workforce population, the government said.

N.A.R. Has Two New Resources for You!

Posted by Taylor Thompson in Blog, News | 0 comments

NAR Fact Sheet

I’m pleased to announce two new NAR resources, which launched at the REALTORS® Conference & Expo last week: an updated Fair Housing Act Video, and a new way to hear Real Estate Today. Below are Fact Sheets for each, accessible by clicking the green icons.

Housing Point: Fair Housing Act Video-Download

Housing Point: The Fair Housing Act

As part of NAR’s commemoration of the 50th anniversary of the Fair Housing Act, NAR has created the Housing Point: Fair Housing Act Video-Download to educate real estate professionals on how to comply with the FHA.

The video includes vignettes that real estate professionals may encounter.

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Real Estate Today Now Available on the Amazon Echo

Real Estate Today

The Real Estate Today radio show is broadcast on 200 stations across America. NAR has now made it easier for millions of consumers worldwide to listen to the show by enabling The Alexa Skill for Real Estate Today.

Access the proactive, professional and Pro- REALTOR® content of the show without the need for a radio, computer, or smartphone.

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N.A.R. Call to Action- The Congressional Tax Cut and Jobs Act Dramatically Weakens Home-ownership Incentives

Posted by Taylor Thompson in Blog, Legal Articles, News | 0 comments

The Congressional Tax Cut and Jobs Act Dramatically Weakens Homeownership Incentives

Act Now! We’re Almost Out of Time!

C.A.R. and NAR are STRONGLY OPPOSING the Congressional Tax Cut and Jobs Act that was released this week. C.A.R. opposes the proposal because it dramatically weakens the tax code incentives for homeownership.


 Ask your Member of Congress to oppose this and any tax reform proposal that dramatically weakens the incentive for homeownership.  

Ask your Representative to OPPOSE this reform proposal because it dramatically weakens tax incentives for owning a home.

Call 1-800-278-3615

Enter Your PIN: 182028921or the PIN number FOUND HERE followed by the # sign to be connected to your Member of Congress's office.

Call from 6:00 AM to 2:00 PM Pacific Time Weekdays When staff answers the phone, you can use the following script:"Hi, this is (insert your name). I'm a constituent and a REALTOR®. Please ask my Representative to OPPOSE this and ANY tax reform proposal that WEAKENS THE INCENTIVE TO OWN HOMES." C.A.R. OPPOSES the Tax Cut and Jobs Act Because: We must reverse the decline in California’s homeownership rate. For over 100 years Congress has incentivized homeownership with the tax code; currently through the mortgage interest deduction.  Any effort at reforming the tax code should maintain and prioritize this incentive. The current proposal only pays lip service to incentivizing homeownership. The proposed changes will result in only top earners itemizing their deductions. Therefore, the vast majority of people will no longer receive any tax incentive to purchase a home. So, while the proposal keeps the mortgage interest deduction, the incentive effect of the deduction for Americans to become homeowners disappears.   It weakens the mortgage interest deduction.
  • It caps the mortgage interest deduction to the interest on a mortgage principle of $500,000.
  • Homeowners would no longer be able to deduct the interest they pay on home equity loans.
  • The deductibility would be eliminated for second homes and limited to loans on a family’s primary residence.
  Families build wealth through homeownership. According to a report by the Federal Reserve in 2016, homeowners amassed wealth at a greater rate than renters. Renters had a median net worth of $5,200 while homeowners had a net worth of $231,400.   For More Information Contact Rian Barrett at rianb@car.org.

Get Your See’s Candy for the Holidays!

Posted by Taylor Thompson in Blog, News | 0 comments

  NSDCAR always has your back and this holiday season is no different. We are running our annual See's candy promotion with great discounts on tons of different candy assortments. No need to wait in lines or worry if you'll get a box for your loved ones this holiday season.

2017 Sees Candy Order Form (Printable PDF)

All you have to do is fill out our printable PDF form, and get it to us using the following methods: Fax-(760) 734-3976 Email- Tricia@NSDCAR.com Bring to any of our 5 Service Centers  

To check out what's available, please visit:

See's Candy Website

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