Lolspeak step aside, “Realspeak” is here to stay!

It’s been around for a while, and seems to be creeping in more often, so we’re now officially declaring Realspeak a new language.

cat

Huge reduced! Elegant column front gate & stepping stones lead to this gorgeous&quality rmdled Merced Manor hme. Hugh Gourmet chefʼs ktchn w/island,hi-end stnless steel applnces,granite cntr,chrry cbnts & blt-in wineculr.3bd/2.5ba upstairs w/jaccz & shwr. Downstairs hugh&bright fmly rm w/deck plus 2br/2ba&lndry rm. All 5 br are M suites,2 jaccz. All nu windws,2 S/S pkg grages. Near great schools,Stonestown Galleria,YMCA,MUNI,EZ access to Freeway. This great detched home almost has it all!

We literally cut and pasted those marketing remarks directly from the listing. Not one editor’s change has been made.

-485 Eucalyptus Dr. [listing detail]

Wondering about the recently signed Housing and Economic Recovery Act of 2008?

So are we, but we found some answers:

H.R. 3221, the “Housing and Economic Recovery Act of 2008,” passed the House on July 23, 2008, by a vote of 272-152. On Saturday, July 26, 2008, the Senate passed the bill by a vote of 72-13. The President signed the bill on July 30, 2008. The bill includes the following provisions:

* GSE Reform – including a strong independent regulator, and permanent conforming loan limits up to the greater of $417,000 or 115% local area median home price, capped at $625,500. The effective date for reforms is immediate upon enactment, but the loan limits will not go into effect until the expiration of the Economic Stimulus limits (December 31, 2008).

* FHA Reform – including permanent FHA loan limits at the greater of $271,050 or 115% of local area median home price, capped at $625,500; streamlined processing for FHA condos; reforms to the HECM program, and reforms to the FHA manufactured housing program. The downpayment requirement on FHA loans will go up to 3.5% (from 3%). The effective date for reforms is immediate upon enactment, but the loan limits will not go into effect until the expiration of the Economic Stimulus limits (December 31, 2008).

* Homebuyer Tax Credit – a $7500 tax credit that would be would be available for any qualified purchase between April 8, 2008 and June 30, 2009. The credit is repayable over 15 years (making it, in effect, an interest free loan).

* FHA foreclosure rescue – development of a refinance program for homebuyers with problematic subprime loans. Lenders would write down qualified mortgages to 85% of the current appraised value and qualified borrowers would get a new FHA 30-year fixed mortgage at 90% of appraised value. Borrowers would have to share 50% of all future appreciation with FHA. The loan limit for this program is $550,440 nationwide. Program is effective on October 1, 2008.

* Seller-funded downpayment assistance programs – codifies existing FHA proposal to prohibit the use of downpayment assistance programs funded by those who have a financial interest in the sale; does not prohibit other assistance programs provided by nonprofits funded by other sources, churches, employers, or family members. This prohibition does not go into effect until October 1, 2008.

* VA loan limits – temporarily increases the VA home loan guarantee loan limits to the same level as the Economic Stimulus limits through December 31, 2008.

* Risk-based pricing – puts a moratorium on FHA using risk-based pricing for one year. This provision is effective from October 1, 2008 through September 30, 2009.

* GSE Stabilization – includes language proposed by the Treasury Department to authorize Treasury to make loans to and buy stock from the GSEs to make sure that Freddie Mac and Fannie Mae could not fail.

* Mortgage Revenue Bond Authority – authorizes $10 billion in mortgage revenue bonds for refinancing subprime mortgages.

* National Affordable Housing Trust Fund – Develops a Trust Fund funded by a percentage of profits from the GSEs. In its first years, the Trust Fund would cover costs of any defaulted loans in FHA foreclosure program. In out years, the Trust Fund would be used for the development of affordable housing.

* CDBG Funding – Provides $4 billion in neighborhood revitalization funds for communities to purchase foreclosed homes.

* LIHTC – Modernizes the Low Income Housing Tax Credit program to make it more efficient.

* Loan Originator Requirements – Strengthens the existing state-run nationwide mortgage originator licensing and registration system (and requires a parallel HUD system for states that fail to participate). Federal bank regulators will establish a parallel registration system for FDIC-insured banks. The purpose is to prevent fraud and require minimum licensing and education requirements. The bill exempts those who only perform real estate brokerage activities and are licensed or registered by a state, unless they are compensated by a lender, mortgage broker, or other loan originator.

-National Association of REALTORS® Summary of Key Provisions of H.R. 3221 – The Housing Stimulus Bill (as of 7/30/08 ) [Realtor.org]

Installing ultra low-flow toilets at point of sale

We recently caught wind (through Realtor Advantage Online) that

As reported almost two years ago, San Francisco’s Public Utilities Commission is planning to propose an ordinance that would mandate the installation of ultra low-flow toilets in residential properties at point of sale (i.e., before properties are sold).

[A] former aide to soon-to-be Senator Leno, is working with the PUC to resurrect the ultra low-flow toilet point of sale ordinance. The Board of Supervisors is expected to take up the subject in the coming months.

Are you shitting us!?

Changing the SFAR district map, speak now or forever hold your peace

We love to share the inner workings of our real estate system with you, and especially love to give you a voice, so we’ll consider YOUR comments on this thread as OUR voice and forward the entire link to the San Francisco Association of Realtors for review.

The District/Subdistrict Map published by the San Francisco Association of REALTORS® needs to be reprinted… [M]arkets are elastic and can change over time for a variety of reasons. As such, it would be appreciated if, in the next few days, readers of this publication will review the existing map, particularly the boundary lines of the districts and subdistricts, and advise [us in the comments] of any changes [you] might wish to suggest.–SF Realtor Advantage

NOPA and other ‘hoodies, speak now or forever hold your peace.

Can you say matchy-matchy (3525 Clay)

Need we say more…

Don’t panic. It appears to be limited to just the bedrooms and one bathroom. Nothing a little paint, scraper, and mallet couldn’t fix. After that, you’re left with a great house.

-www.3525clayst.com