I do not believe a legitimate expert would argue that the national Real Estate market has not beendeclining over the past several months. We are experiencing record declines in prices and salesin both new and existing properties in certain parts of the country, but remember that these samedeclines are following historical increases in generally the same regions.According to the Office of Federal Housing Enterprise Oversight (OFHEO) data, the Metropoli-tan Statistical Areas which increased over one-hundred percent over the past five years are cur-rently experiencing the greatest declining markets. Many of these locations include parts of Florida, Washington DC, Nevada, Southern California and the Central Valley. I think it is inter-esting to point out that the Peninsula and South Bay had about a fifty percent increase in thesame time period. In my opinion, under the same economic conditions our declining market willsee a much lower percentage drop than other regions.The California Association of Realtors is forecasting a decline in the regions such as SouthernCalifornia and the Central Valley greater than the state as a whole. This is good data for yougiven that we are in an area quite unique from other regions. But do take note that even our ro- bust area suffers historical declining markets. Granted these declines are generally less severethan other areas, which supports that our area is a great place to safe-guard your money.
60-Day Notice to Terminate Lease—This law reestablishes the sixty (60) day noticewhich is required by landlords to give to residential tenants on periodic leases (e.g., month-to-month lease) when the tenants have been living in the property for at least one year. This lawmaintains the exception of a thirty (30) day notice for certain qualifying properties for sale.
Small Claims Court—This new law increases the jurisdictional limit in small claimscourt to $7,500 on certain issues, which were left unchanged when general limits increased from$5,000 to $7,500 last year.
Property Tax Reassessment Exemptions—This new law clarifies certain exemptionsfrom property tax reassessments. Most importantly, it clarifies that the exemption for transfers between grandparents and their grandchildren will be liberally construed.
Really, where is the Real Estate Market?New Laws in 2007
For all of youthat drive whiletalking on thecell phone -
new state legislation prohibits talking on the phonewhile driving unless using a“hands-free”device. The fine for a first offenseis $20, each subsequent fineis $50. Theseinfractions will not beconsidered a point on your driving record.SB 1613 Effective July 1,2008
Metropolitan Statistical Area Appreciation Rates
Riverside- San Bernardino, CA
Miami- Miami Beach-Kendall, FL
Los Angeles- Long Beach, CA
Fort Lauderdale- Pompano Beach, FL
Palm Bay- Melbourne, FL
Deltona- Daytona Beach- Ormond Beach, FL
Washington DC- Arlington, MD WV
Winchester, VA WV
Las Vegas- Paradise, NV
Reno- Sparks, NV
San Diego- Carlsbad, CA
Sacramento- Roseville, CA
Phoenix- Mesa- Scottdale, AZ
San Francisco- San Mateo- Redwood City, CA
San Jose- Sunnyvale- Santa Clara, CA
* data released September 5, 2006, OFHEO