Annual California Realtors Meeting Begins in Sacramento
I am back in Sacramento for the mid-year meeting of the California Association of Realtors. Yesterday was “Leg (short for Legislative) Day. ” That afternoon, over 1000 Realtors went to call on their local legislators. The “Hot Issues” were the need for legislation to:
1) Address the many problems relating to appraisals and the “Home Valuation Code of Conduct, which resulted from a settlement between the NY Attorney General and Fannie Mae and Freddie Mac.
2) Prevent another attempt by the state to have the broker withhold 3% of a Realtor’s commission and pay it to the Franchise Tax Board.
3) Stop the state from reducing or eliminating the mortgage interest deduction.
4) Prohibit “deficiency debt” in refinances of owner ocupied home where there is no cash out.
Time will tell whether today’s efforts were successful.