Saturday, May 9, 2020

President's Message - May 7, 2020

Good Morning WSGVR Family and Guest, 


I would like to wish all Mom’s, Grand Mom’s a Happy Mother’s Day this Sunday, May 12 and Appreciations to all the brave nurses in our communities that have been working tirelessly to take care of our loved ones during the National Nurses week (from May 6 to May 12, 2020). 


Thank you for attending our virtual MLS Breakfast Meeting and for your continued support as a valuable member of the West San Gabriel Valley REALTORS®. Please do not hesitate to reach to out to our leadership team and staff. I would also like to thank today's guest speaker, Gov Hutchinson, C.A.R. Vice President & Assistant General Counsel.


C.A.R. and associations are working hard to help members through pandemic and economic recovery. “Focusing on the strength and resiliency of Californians, C.A.R. this week launched a new ad campaign to serve as a tribute to the people who live here. Airing statewide, between May 4 and July 6, 2020, the new campaign highlights how hard Californians are working to keep our state safe, to keep our lives moving, and to keep our sights focused on building a better future.”


C.A.R. has emailed RED ALERT! to all of you on Tuesday, May 5. I urge you to PLEASE take ACTION ASAP to Oppose AB 828 (Ting) – Urge Your State Senator to VOTE NO on Rent Reduction Bill! California Senators are scheduled to vote on AB 828 this Monday, May 11, 2020. Should a tenant claim they are affected by COVID-19, AB 828 gives judges the power to reduce rents by 25%. You and your clients play an essential role in C.A.R.’s ability to defeat dangerous legislation like AB 828. Please ask your family and clients to call the senators and the author of the bill, Assemblymember Ting ASAP or before this Friday, May 8, 2020 at (916) 319-2019 & “state that you are strongly opposed to his bill that will destroy rental housing.”


California COVID-19 Economic/Market Update: 


On Wednesday, May 6, 2020, Jordan G. Levine, C.A.R. Deputy Chief Economist shared with us the following record breaking statistics: 

  • Biggest drop in housing starts since 1984 
  • Largest decline in builder sentiment ever 
  • Empire manufacturing index drops to lowest level ever 
  • Industrial production at lowest level since 1946 
  • Philly Fed index at lowest level in 40 years 
  • Nearly 5 million households in forbearance 
Short-run estimates of COVID-19 impacts: 
  • Economy will shrink by 30-40% in 2nd quarter
  • Unemployment expected to exceed 20% 
  • Double-digit decline for California home sales 
  • Declines expected to persist for April & May (maybe June) 
  • Price impacts expected to remain in single-digits 
  • Mortgage credit remains difficult to obtain 
  • Big wildcard is the virus—second wave means worse numbers 

Source : RISMedia 


The latest Economic Pulse Flash Survey from the National Association of REALTORS® shows the trends haven’t changed drastically from the week before. Sellers, for example, aren’t budging on price. More than three in four REALTORS® are working with sellers right now. Of those, 76 percent said their clients have not reduced listing prices in order to attract buyers—an increase from last week’s 74 percent. 


REALTORS® continue to lean on technology for help during these times; however, the focus has shifted to video. Thirty percent of surveyed REALTORS® have been able to complete nearly all transaction processes while practicing social distancing. For future clients, the most used tech tools are live videos (53 percent), e-closing technology (46 percent), messaging apps (41 percent), Webex/Zoom (32 percent), virtual tours (27 percent), social media (18 percent) and e-signature programs (8 percent). There is still a significant group, however, 41 percent, who say some transaction aspects still require person-to-person interactions, with safety precaution being taken.


WSGVR Election of Board of Directors: 

Candidate Packet has been emailed to our members again last Tuesday (May 5). There are up to six (6) Director positions available. Deadline to submit your completed candidate form is two (2) weeks from today, May 21, 2020 by 5 PM.  Due to COVID19, Election will be held on July 30, 2020 instead July 2, 2020. 


I hope you continue practicing the social distancing, Stay Healthy, Stay Strong and Stay Connected. 


Please join us next Thursday, May 14, at 9am. Our guest speaker will be Michael Brooks, Tax Attorney from DIRECTS, Inc. Additional information will be available by end of this week. 


Thank you. 

Mindy Yeh

2020 WSGVR President

Thursday, April 30, 2020

President's Message - April 30, 2020

Good Morning WSGVR Family and Guest,

I am Mindy Yeh, your 2020 President. Wishing you a Happy Cinco De Mayo next Tuesday, May 5. Hope to see all of you soon, in the meant time first responders, you and your families are in my thoughts and prayers as we all strive to be positive for the future. Thank you for attending our virtual MLS Breakfast Meeting and for your continued support as a member of the West San Gabriel Valley REALTORS®. I would also like to thank our guest speaker today Honorable, U.S. Congresswoman, Judy Chu.

CRMLS and the Clear Cooperation Policy:
This policy will go into effective tomorrow May 1, 2020.
Three things I liked to share with you:

1.     What is the definition of a Clear Cooperation Policy?

The Clear Cooperation Policy is a NAR-mandated policy that governs the public marketing of listing and their entry into the multiple listing service.  Within one (1) business day of marketing a property to the public, the listing broker must submit the listing to the MLS for cooperation with other MLS participants.

2.     What process is CRMLS proposing to adhere to this policy?

CRMLS is proposing that after the Seller signs the contract, the Listing Broker has two (2) business days from the listing contract date to enter the listing into the MLS under Registered, Coming Soon, or Active status. Within oen (1) business day of marketing the property, the Listing Broker must ensure that the listing in the Coming Soon or Active Status.  

3.     What property type does this apply to?

Residential, Vacant Residential lot, and Residential 1-4-unit properties.

The C.A.R. weekly updates as of April 28, 2020:

The Market & Industry: COVID-19 suppresses spring home buying season

While home sales actually rose on an unadjusted basis in all California regions from February to March, the pandemic has suppressed the start of the spring home buying season. March typically sees a larger uptick than was observed this year, causing existing home sales to fall on a seasonally adjusted basis by 11.5 percent. Thus far, the pandemic has had only a modest effect on home prices.

While statewide listings and pending sales are declining, the rates of decline have not been as steep as in weeks past. Southern California and the Central Valley even experienced their first increases in the number of new listings since C.A.R. began tracking daily data in early March, and the Bay Area has seen two consecutive weeks of increases.

National new housing starts tumbled by 23.3 percent in March, the biggest drop in nearly 40 years. In a survey from the National Association of Home Builders, 90 percent of respondents reported a slowdown in remodel inquiries and customers’ willingness to proceed with a remodel.

On Wedneday, 4/29/2020 - Federal Reverse Chairman, Jerome Powell’s held a Virtual News Conference briefing on the state of the economy:

Powell stated: “Fed is NOT in a hurry to withdraw measures or raise rates. Preserving flow of credit is essential to economy moving forward, to that end, Feds are purchasing bonds and treasuries to improve market conditions. Supporting businesses and households will prevent long-run damage.”

The Economy & Your Finances: Applications open for Pandemic Unemployment Assistance (PUA):

On Tuesday, April 28, 2020, The California Employment Development Division (EDD) began accepting applications for Pandemic Unemployment Assistance (PUA). Independent contractors will be able to file a claim for PUA at UI Online, where you will be able to self-certify your income from the 2019 calendar year. While there are broad categories of eligibility for agents whose work is adversely impacted by COVID-19, it will still be necessary to meet the criteria established by the State of California.

C.A.R. is hosting several webinars this week on the PUA application process, one will be held at 11:00 AM – 12:00 PM (PST) today, Apr 30, 2020.

(You can review the latest information available on C.A.R.'s COVID website on the PUA and REALTOR® Relief at:

WSGVR Election:
WSGVR’s 2020 Candidate Packet has been emailed to our members a week ago. Nominations are now being accepted for Director positions. The Nominating Committee is seeking real estate professionals that are dedicated and willing to make a difference in their community and want to give back to the West San Gabriel Valley REALTORS®. There are up to six (6) Director positions available.  Please return your completed candidate form by emailing to angelica@wsgvar.com and albert@wsgvar.comno later than Thursday, May 21, 2020 by 5PM. Due to COVID19, Election will be held on July 30, 2020 instead July 2, 2020.

I hope you continue practicing the social distancing, Stay Home, Stay Strong and stay connected.

Thank you to The WSGVR MLS/Technology  Breakfast  Committee and Staff for their commitment and hard work. Please join us next Thursday, May 7, at 9am. Our guest speaker will be Gov Hutchinson, C.A.R. Vice President & Assistant General Counsel on Legal Updates. Additional information will be sent out by end of this week.

Monday, April 27, 2020

President's Message - April 23, 2020

Good Morning WSGVR Family and Guest, 


My name is Mindy Yeh, your 2020 President. Hope you and your family are all doing well. Please don’t hesitate to reach out to us if we can be of assistance in this challenging time. Thank you for attending our virtual MLS Breakfast Meeting and for your continued support as a member of the West San Gabriel Valley REALTORS®. I would also like to thank our guest speaker today Jeffrey Prang, Los Angeles County Tax Assessor. 

WSGVR Candidate Packet has been emailed to our members last week. Nominations are now being accepted for Director positions. The Nominating Committee is seeking real estate professionals that are dedicated and willing to make a difference in their community and want to give back to the West San Gabriel Valley REALTORS®. There are up to six (6) Director positions available. please return your completed candidate form by emailing to angelica@wsgvar.com and albert@wsgvar.com, no later than Thursday, May 21, 2020 by 5PM. Due to COVID19, Election will be held on July 30, 2020 instead July 2, 2020. 

RED ALERT! was emailed out to all of you yesterday, April 22, 2020. I urge you to PLEASE take ACTION ASAP to oppose AB 828 – Urge Your State Senator to VOTE NO on Rent Reduction Bill! 

Following quotes were from C.A.R.: 

“C.A.R. Opposes AB 828 Because: It is unconstitutional. It is unnecessary. It does not require any real demonstration of hardship. It places undue financial hardship on property owners without providing any assistance. It discourages investment in the building of new housing. It creates additional costs for state and local governments when tax revenues will already be dramatically reduced. 

A bill that, among other things, effectively forces a 25 percent reduction in rents and provides no financial protection for mom-and-pop property owners who still must pay their mortgages and have a legal obligation to repair and maintain their properties. 

On top of these existing COVID-19 state and local tenant protections, AB 828 creates a court-ordered reduction of rent by 25% for 12 months for tenants who claim they cannot pay due to the COVID-19 crisis. There is no way for property owners to recoup this court-ordered lost rental amount, even though they are still legally obligated to continue paying their mortgage, taxes, and insurance and maintain and repair the property.

Background

In response to the COVID-19 crisis, the Judicial Council of California has halted all eviction lawsuits – otherwise known as “unlawful detainer” lawsuits – statewide. Additionally, Governor Newsom’s March 27th Executive Order, among other things, allows tenants to delay payment of rent due to the COVID-19 crisis. Lastly, many local governments have enacted ordinances that freeze rents and halt the issuance of eviction notices of any kind during the pandemic.

On top of these existing COVID-19 state and local tenant protections, AB 828 creates a court-ordered reduction of rent by 25% for 12 months for tenants who claim they cannot pay due to the COVID-19 crisis. There is no way for property owners to recoup this court-ordered lost rental amount, even though they are still legally obligated to continue paying their mortgage, taxes, and insurance and maintain and repair the property.

C.A.R. Opposes AB 828 Because:

It is unconstitutional. 
AB 828 FORCES courts to interfere with existing contracts in violation of both the California and U.S. Constitution. Not even a pandemic should undermine the California and U.S. Constitution.

It is unnecessary. The state and/or local governments have already acted to limit evictions and rent increases and impose temporary payment moratoria during this emergency, protecting tenants from uncertainty.

It does not require any real demonstration of hardship. AB 828 only calls for a tenant to show “increased costs for household necessities OR reduced household earnings” without establishing a reasonable threshold for the financial impact.  Furthermore, if the increased costs or reduced earnings happened during March 4, 2020 and March 4, 2021, the court must assume that was caused by the Covid-19 crisis; meaning, the tenant has no obligation to show the linkage in the change of circumstances to the Covid-19 crisis.

It places undue financial hardship on property owners without providing any assistance. Property owners are given no recourse to recoup this lost rental income, even though they are still legally obligated to continue paying their mortgage, taxes, and insurance and repair and maintain their properties. Legislators should keep in mind that many rental housing owners are retirees who count on rental income to cover the expenses associated with providing rental housing as well as their own personal income, which may already be limited due to existing emergency measures.

It discourages investment in the building of new housing. Adding more uncertainty to the rental housing market discourages builders from investing in the creation of desperately needed rental housing. That unmet need will NOT go away with this pandemic.

It creates additional costs for state and local governments when tax revenues will already be dramatically reduced. Courts, local housing authorities, and other agencies will either incur new costs or see reduced revenue if AB 828 is enacted."

Thank you for your attendance and please join us next Thursday, April 30, at 9am. Our guest speaker will be Congresswoman Judy Chu for COVID-19 Updates.

Mindy Yeh
2020 WSGVR President

President's Message - April 16, 2020

Good Morning WSGVR Family and Guest, 

My name is Mindy Yeh, your 2020 President. Thank you for attending our virtual MLS Breakfast Meeting and for your continued support as a member of the West San Gabriel Valley REALTORS®. I would also like to thank our Affiliate Guest Panels today. 

I like to share with you the good news from our last Thursday’s guest speaker, Mr. Paul Cheng, endorse by our association for Candidate Arcadia City Council. The uncertified results as of Tuesday, April 14, Arcadia City General Municipal Election number of votes for Paul currently stands at 1,077 vs his opponent at 598 votes. 

As of April 10, 2020. LA County ‘Safe At Home’ Order Extended Through May 15, 2020. WSGVR Headquarter will not be open to members for walk in till May 15 to comply with the order or until further notice. Everyone is required to wear a face mask in public setting for Los Angeles and Riverside Counties. 


I'd like to update our members and guests for the following: 
  1. Property Tax guideline has not changed. 
  2. Income Tax filing has been extended from April 15, 2020 to July 15, 2020.
  3. On April 9, Thursday evening, The IRS issued guidance to grant deadline relief for both 1031 like-kind exchanges and opportunity zone investments that are already underway. Both of these programs are designed to promote economic growth in communities, and NAR made the case that investors in these programs should not be harmed due to the effects of COVID-19. 
  • 1031 Like-kind exchanges. If an investor has taken the first step of a like-kind exchange by selling the old property, and either the 45-day or the 180-day deadline falls between April 1 and July 15, the deadline has been extended to July 15. 
  • Opportunity Zones. If an investor who sold a capital asset planned to roll over the gain into an Opportunity Fund and the 180-day deadline to do so falls between April 1 and July 15, 2020, he or she can make the investment as late as July 15. 

NAR and C.A.R. have advocated heavily on these extensions since the outbreak of the COVID-19 pandemic. 

Tenant Eviction Restriction: 

As of March 22, 2020, the four cities within our association that have adopted COVID-19 eviction restrictions are as follows: 
  1. Alhambra 
  2. Rosemead 
  3. San Gabriel 
  4. Temple City

On March 30th, C.A.R. has launched the COVID-19 Relief Hotline, a one-stop resource offering one-to-one assistance with respect to applying for the various relief mechanisms that are in place at the state and federal levels. “You can contact C.A.R.’s COVID Relief Hotline by calling (213) 351-8450, again that is (213) 351-8450 Monday-Friday, 8:30 a.m. – 4:45 p.m. 

I hope you continue practicing the social distancing, Stay Home, Stay Save and Keep Faith! 

Thank you for your attendance and please join us next Thursday, April 23, at 9am. Our guest speaker will be Jeffrey Prang, Los Angeles County Tax Assessor.

Mindy Yeh
2020 WSGVR President

President's Message - April 9, 2020

Good Morning WSGVR Family and Guest, 

My name is Mindy Yeh, your 2020 President. Thank you for attending our second virtual MLS Breakfast Meeting and thank you to our special guest, Mr. Paul Cheng, Candidate for District 4 Arcadia City Council. Arcadia District 4 Residents. Please mail in your ballots ASAP or by next Tuesday, April 14, 2020, as you know every vote count. 

With our nation and our real estate associations facing the unprecedented time, I wanted to reach out to thank you for your continued support as a member of the West San Gabriel Valley REALTORS®. I would like to share with you some of the good news that The National Association of REALTORS® and California Association of REALTORS® worked hard to keep our REALTORS® status in the Capitol Hills during the COVID-19 crisis.

On March 30th, C.A.R. has launched the COVID-19 Relief Hotline, a one-stop resource offering one-to-one assistance with respect to applying for the various relief mechanisms that are in place at the state and federal levels. “You can contact C.A.R.’s COVID Relief Hotline by calling (213) 351-8450, again that is (213) 351-8450 Monday-Friday, 8:30 a.m. – 4:45 p.m.” 

On March 27th, President Donald Trump signed the “Coronavirus Aid, Relief, and Economic Security Act’’ (CARES Act), a bipartisan bill providing financial relief to individuals and businesses impacted by the coronavirus. The $2 trillion package includes provisions that may assist our members through this crisis. C.A.R. worked with NAR to ensure these REALTOR®-supporting provisions remained in the final bill:
  • Forgivable Small Business Administration Loan
  • Pandemic Unemployment Assistance
  • Direct Payments to REALTORS® 
I hope you continue practicing the social distancing, stay safe and healthy. Thank you for your attendance and please join us next Thursday, April 16, 2020, at 9am. Topic will be Escrow Panel. 

Wishing all of you a Happy Good Friday and Happy Easter Sunday! 

Mindy Yeh
2020 WSGVR President