Californians have a brief window of opportunity to receive up to $18,000 in combined federal and state homebuyer tax credits through June 30, 2010. For details, C.A.R. has authored a legal article that you can access by clicking here and scrolling down to the article entitled “Homebuyer Tax Credit Update.” (requires C.A.R. member login)

The California Department of Real Estate has published an article with an overview and warnings about the minefield of short sales. To read the article, click here.

A number of provisions in "The Patient Protection and Affordable Care Act" signed by President Obama will affect REALTORS®. The National Association of REALTORS® (NAR) provides an update with a summary of the new law and additional materials to understand what the changes mean to your business. Click here.

Open enrollment for the California Association of REALTORS® Health Plans begins April 1 through May 15, 2010, for coverage effective June 1. For highlights of coverage and enrollment forms, click here.

Undisclosed payments in short sale transactions, especially those paid outside of escrow, may violate the law, including RESPA, laws against loan fraud, and licensing laws.  Short sale agents have increasingly reported to C.A.R. about requests for agents and their clients to pay junior lienholders and others, oftentimes outside of escrow. Click here for more information (requires C.A.R. login).

Industry groups representing appraisers are pushing for a ban on the use of BPOs to value short-sale properties in the Home Affordable Foreclosure Alternatives (HAFA) program, saying they open the door to mortgage fraud. NAR says the groups have provided “misinformation” to the Treasury Department about the role of BPOs in mortgage fraud and the application of state laws governing BPOs. Read more.

The National Association of REALTORS® is urging Congress to refrain from raising FHA minimum down payment requirements. FHA insured nearly 30 percent of purchase loans in 2009, including more than half of mortgages taken out by first-time homeowners. Read more.

The U.S. Treasury has allocated $699.6 million to CalHFA to help low and moderate income borrowers who have been hit hardest by unemployment and falling home values. These funds will be used for innovative programs to help stabilize the housing market. Click to read more.