HousingWire: FHFA: Home prices continue climbBy Christina MlynskiHome prices inched upward 1.9% from the previous quarter. This is the seventh consecutive quarterly price rise in the purchase-only, seasonally adjusted index, according to the Federal Housing Finance Agency. DSnews: Study finds women own less mortgage debtBy Esther ChoAlthough data shows women generally earn less income than men, results from a recent Experian study found women come out ahead when comparing how mortgage debt is managed. San Diego Union Tribune: What to know about refinancingBy Linda Lee (guest author)Refinancing and lowering your rate can be a great way to increase cash flow if you are planning on holding onto the property as a long-term investment rental.

The Champions of Home Awards were created to honor the exceptional care REALTORS® provide to clients through working tirelessly, fighting for what's right, and showing life-changing compassion. Recipient(s) will be honored at an awards presentation at CALIFORNIA REALTOR® EXPO 2013, star in a C.A.R. video, and be featured in an article in California Real Estate magazine. Brokers, AEs, colleagues, local associations, or even clients may nominate a C.A.R. member, but members may not nominate themselves. Get more information here or contact C.A.R. with questions at cohawards@car.org or (213) 739-8387.

For release:May 23, 2013 California Senate Leadership seeks to punish homeowners and REALTORS® for opposing $75 recording taxLOS ANGELES (May 23) – This morning the Senate Appropriations Committee approved Senate Bill 30 (R. Calderon), which would extend existing provisions of state law protecting homeowners from having to pay income tax on a "short sale." SB 30 is sponsored by the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.). However, in a surprise amendment, SB 30 was linked by the committee to another bill that REALTORS®, as well the county recorders, assessors and title industry, oppose. That measure, Senate Bill 391 (DeSaulnier), would establish a $75 per document recording tax to fund an affordable housing trust fund. C.A.R. is opposing SB 391 because it unfairly adds to the cost of recording real estate documents. The amendment holds SB 30 hostage to the passage of SB 391. "Families that are forced to make the difficult decision to sell their home as a short sale are already in financial trouble. And, that financial trouble may be due to a serious illness and/or loss of employment. They simply can't afford to pay an additional tax on money they've never actually received," stated C.A.R. President Don Faught. "I'm outraged -- as should the voters of California -- that the Senate leadership would approve linking the fate of SB 30 to that of SB 391, effectively holding California property owners hostage." Short sales have become an increasingly important alternative to foreclosure for homeowners "underwater" on their mortgage. Without special protection, federal and state law would view the debt forgiven by a lender in a short sale as income and, as a result, that "income" would be taxed. In recent years, state and federal law has been amended to keep this "phantom" income from being taxed, but California protections have not been extended. Consequently, C.A.R. is sponsoring SB 30. While SB 391 does not apply to sale transactions, the measure applies anytime a home/property owner records a document (e.g., refinancing, transferring into or out of a trust, liens, quit claim deeds, etc.). C.A.R. is an aggressive advocate for affordable housing, but believes it is bad policy to fund affordable housing at the expense of home/property owners who need to record real estate documents. The amendment to SB 30 attempts to extort support for the new tax on homeowners in SB 391. Leading the way...® in California real estate for more than 100 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States with 155,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.

For release:May 22, 2013 Distressed sales continue downward trend; underwater homes gaining equity, C.A.R. reports LOS ANGELES (May 22) – Distressed home sales continued to decline in April, as previously underwater homes rose in value, and the share of REO sales registered in the single-digits for the first time in more than five years, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported today. Distressed housing market data: • The combined share of all distressed property sales registered its lowest level since February 2008, dropping to 24.4 percent in April, down from 27.9 percent in March and down from 45.8 percent in April 2012. The share of all distressed sales in most counties also declined significantly from the previous year, with Alameda, Contra Costa, Marin, Orange, San Diego, San Mateo, and Santa Clara registering in the single- or low double-digits in April. • The share of equity sales – or non-distressed property sales – now make up more than three-fourths of total sales, the highest share since February 2008. The share of equity sales in April increased to 75.6 percent, up from 72.1 percent in March. Equity sales made up more than half (54.2 percent) of all sales in April 2012. • Of the distressed properties, the share of short sales was 14.8 percent in April, down from 17.3 percent in March and down from 21.1 percent a year ago. The continued decrease of short sales is an indication of previously underwater homes moving into positive equity. • The share of REO sales fell to single-digits for the first time since late 2007, dropping from 10.2 percent in March to 9.2 percent in April and from 24.3 percent in April 2012. • The available supply of homes was relatively unchanged from March but remained tight. In April, the Unsold Inventory Index for REOs dipped from 1.8 months in March to 1.7 months in April. At 2.7 months, the supply of short sales remained unchanged in April. The April Unsold Inventory Index for equity sales was 2.9 months, down from 3 months in March. Pending home sales data: C.A.R.'s Pending Home Sales Index (PHSI)* decreased 3.7 percent from a revised 126.5 in March to 121.7 in April, based on signed contracts. Pending sales were down 3.9 percent from the 126.7 index recorded in April 2012. Pending home sales are forward-looking indicators of future home sales activity, providing information on the future direction of the market. Charts: • Pending sales compared with closed sales. • Historical trend in the share of equity sales compared with distressed sales.• Closed housing sales in April by sales type (equity, distressed).• Housing supply of REOs, short sales, and equity sales in April.• A historical trend of REO, short sale, and equity sales housing supply.• Year to year change in sales by property type. Share of Distressed Sales to Total Sales(Single-family) Type of Sale April 2013 March 2013 April 2012 Equity Sales 75.6% 72.1% 54.2% Total Distressed Sales 24.4% 27.9% 45.8% REOs 9.2% 10.2% 24.3% Short Sales 14.8% 17.3% 21.1% Other Distressed Sales (Not Specified) 0.5% 0.4% 0.4% All Sales 100.0% 100.0% 100.0% Single-family Distressed Home Sales by Select Counties(Percent of total sales) County April2013 March 2013 April 2012 Alameda 9% 19% NA Amador 40% 29% 41% Butte 27% 24% 44% Contra Costa 11% 16% NA El Dorado 22% 29% 52% Fresno 38% 41% 62% Humboldt 20% 34% 36% Kern 31% 33% 54% Kings 40% 54% NA Lake 49% 49% 64% Los Angeles 24% 27% 44% Madera 47% 46% 67% Marin 10% 19% 29% Mendocino 24% 27% 67% Merced 44% 39% 58% Monterey 37% 39% 55% Napa 23% 22% 41% Orange 13% 17% 33% Placer 23% 35% 51% Riverside 32% 37% 56% Sacramento 32% 37% 60% San Benito 22% 49% 56% San Bernardino 35% 37% 57% San Diego 10% 9% 23% San Joaquin 43% 42% 62% San Luis Obispo 17% 29% 44% San Mateo 11% 13% 24% Santa Clara 10% 14% 27% Santa Cruz 18% 27% 49% Siskiyou 34% 43% 62% Solano 43% 49% 69% Sonoma 22% 27% 44% Stanislaus 37% 39% 59% Tehama NA NA 58% Tulare 34% 38% 60% Yolo 34% 42% 52% California 24% 28% 46% NA = not available**Note: C.A.R.'s pending sales information is generated from a survey of more than 70 associations of REALTORS® and MLSs throughout the state. Pending home sales are forward-looking indicators of future home sales activity, offering solid information on future changes in the direction of the market. A sale is listed as pending after a seller has accepted a sales contract on a property. The majority of pending home sales usually becomes closed sales transactions one to two months later. The year 2008 was used as the benchmark for the Pending Homes Sales Index. An index of 100 is equal to the average level of contract activity during 2008. Leading the way...® in California real estate for more than 100 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States with 155,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.

Registration for CALIFORNIA REALTOR® EXPO 2013 opens this week. Even though EXPO takes place Oct. 8 – 10, it's never too early to start planning, especially since this year EXPO has a new look, and even more opportunities for attendees. As part of the new format, EXPO now offers three days of free content and brand-new ticketed events, including specialty bootcamps, targeted workshops, and focused education created for those looking for a particular emphasis. The EXPO luncheon speakers include real estate mogul Barbara Corcoran from ABC's Shark Tank and Kenneth Cukier, data editor of The Economist and co-author of the New York Times bestseller "Big Data: A Revolution That Will Transform How We Live, Work, and Think." C.A.R. Chief Economist Leslie Appleton-Young will give her outlook on the 2014 housing market at Thursday's luncheon. Register now to take advantage of early-bird rates for these luncheons and other special events by June 14. For a complete schedule of events, visit http://expo.car.org.

For release:May 15, 2013 California home sales and prices spring higher in April; median price posts five-year high LOS ANGELES (May 15) – Fueled by high demand and tight inventory, California home sales and prices both experienced strong increases in April, with the median price surpassing the $400,000-mark for the first time in five years, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported. "California's housing market maintained its momentum in April, getting the spring home-buying season off to a good start," said C.A.R. President Don Faught. "Southern California regions such as Los Angeles, Orange County, and San Diego led the way in both month-to-month and year-over-year sales increases, while sales in the Bay Area region as a whole posted a healthy monthly gain but dipped slightly from last year." Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 423,510 units in April, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide. Sales in April were up 1.3 percent from a revised 417,880 in March but down 3.7 percent from a revised 439,770 in April 2012. The statewide sales figure represents what would be the total number of homes sold during 2013 if sales maintained the April pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales. The statewide median price of an existing, single-family detached home climbed 6.3 percent from March's revised median price of $378,960 to $402,760 in April, signaling the first time since April 2008 that the statewide median price has exceeded the $400,000 mark (and was the highest since then). April's price was up 28.9 percent from a revised $312,500 recorded in April 2012, marking 14 straight months of annual price increases and the tenth consecutive month of double-digit annual gains. The median sales price is the point at which half of homes sold for more and half sold for less; it is influenced by the types of homes selling as well as a general change in values. "The upsurge in the median price continues to be driven by an increase in sales in the upper- price range, where low inventory is less of an issue," said C.A.R. Vice President and Chief Economist Leslie Appleton-Young. "Over the past year, home sales in the $500,000-and-higher market segment posted a year-over-year gain of 35 percent on average, which contributed to an increase in the statewide median price of nearly 30 percent from the previous year." Other key facts of C.A.R.'s April 2013 resale housing report include: • The available supply of homes for sale was essentially unchanged from March, but was down markedly from a year ago. The April Unsold Inventory Index for existing, single-family detached homes was 2.8 months in April, down from 2.9 months in March, and down from 4.2 months in April 2012. The index indicates the number of months needed to sell the supply of homes on the market at the current sales rate. A six- to seven-month supply is considered normal.• Increased market competition has significantly driven down the time on market compared with a year ago. Homes sold more quickly in April, with the median number of days it took to sell a single-family home decreasing to 27.9 days in April, down from 29.4 days in March and down from a revised 48 days for the same period a year ago. • Mortgage rates dipped in April, with the 30-year fixed-mortgage interest rate averaging 3.45 percent, down from 3.57 percent in March 2013 and down from 3.91 percent in April 2012, according to Freddie Mac. Adjustable-mortgage interest rates were flat from March, averaging 2.63 percent in April, but down from 2.78 percent in April 2012. Multimedia:• Unsold Inventory by price range. • Change in sales by price range.• Share of sales by price range. Note: The County MLS median price and sales data in the tables are generated from a survey of more than 90 associations of REALTORS® throughout the state, and represent statistics of existing single-family detached homes only. County sales data are not adjusted to account for seasonal factors that can influence home sales. Movements in sales prices should not be interpreted as changes in the cost of a standard home. The median price is where half sold for more and half sold for less; medians are more typical than average prices, which are skewed by a relatively small share of transactions at either the lower-end or the upper-end. Median prices can be influenced by changes in cost, as well as changes in the characteristics and the size of homes sold. Due to the low sales volume in some areas, median price changes in January may exhibit unusual fluctuation. The change in median prices should not be construed as actual price changes in specific homes. Leading the way?® in California real estate for more than 100 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States with 155,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles. April 2013 County Sales and Price Activity(Regional and condo sales data not seasonally adjusted) April 2013 Median Sold Price of Existing Single-Family Homes Sales State/Region/County Apr-13 Mar-13 Apr-12 MTM% Chg YTY% Chg MTM% Chg YTY% Chg CA SFH (SAAR) $402,760 $378,960 $312,500 r 6.3% 28.9% 1.3% -3.7% CA Condo/Townhomes $319,080 $306,050 $237,320 r 4.3% 34.5% 2.1% 2.7% Los Angeles Metropolitan Area $370,640 $352,510 $289,700 5.1% 27.9% 6.0% 2.2% Inland Empire $231,610 $227,920 $181,770 1.6% 27.4% 2.1% -4.6% S.F. Bay Area $685,530 $636,150 $526,370 7.8% 30.2% 13.6% -1.8% S.F. Bay Area Alameda $624,270 $578,310 $456,910 7.9% 36.6% 8.1% -9.1% Contra-Costa (Central County) $744,230 $721,870 $626,970 3.1% 18.7% 24.3% 5.3% Marin $952,870 $888,890 $783,850 7.2% 21.6% 20.3% 5.5% Napa $453,850 $430,950 $363,890 5.3% 24.7% 14.9% 1.8% San Francisco $922,500 $828,700 $693,750 11.3% 33.0% 0.4% 1.1% San Mateo $913,500 $912,000 $745,000 0.2% 22.6% 15.8% -0.5% Santa Clara $790,000 $730,000 $636,000 8.2% 24.2% 18.1% -2.1% Solano $255,170 $250,000 $191,220 2.1% 33.4% 2.8% -11.7% Sonoma $442,100 $398,090 $343,750 11.1% 28.6% 14.5% 4.2% Southern California Los Angeles $361,630 $340,890 $286,800 6.1% 26.1% 9.0% 5.7% Orange County $653,740 $619,430 $513,950 5.5% 27.2% 6.8% 9.7% Riverside County $274,420 $263,670 $213,950 4.1% 28.3% 1.3% -4.9% San Bernardino $164,470 $161,900 $132,030 1.6% 24.6% 3.4% -4.1% San Diego $454,390 $436,710 $369,910 4.0% 22.8% 4.5% 9.2% Ventura $502,940 $475,000 $427,320 5.9% 17.7% 6.5% 0.5% Central Coast Monterey $380,000 $359,900 $280,000 5.6% 35.7% -4.4% 0.4% San Luis Obispo $431,250 $417,590 $360,670 3.3% 19.6% 2.3% 8.0% Santa Barbara $648,260 $565,970 $390,380 r 14.5% 66.1% 24.3% 11.4% Santa Cruz $645,000 $585,000 $475,000 10.3% 35.8% -13.5% -7.8% Central Valley Fresno $173,860 $160,510 $140,100 8.3% 24.1% 0.7% -9.4% Kern (Bakersfield) $182,000 $174,950 r $146,000 r 4.0% 24.7% 1.4% -12.3% Kings County $157,140 $146,000 $152,940 r 7.6% 2.7% -20.5% -23.3% Madera $170,000 $136,000 $137,500 25.0% 23.6% 7.1% -23.1% Merced $139,560 $144,000 $120,000 -3.1% 16.3% 6.5% -14.2% Placer County $354,370 $322,560 $276,150 9.9% 28.3% 11.8% 14.1% Sacramento $221,880 $220,590 $168,820 0.6% 31.4% 9.3% -4.2% San Benito $358,000 $348,000 $287,450 2.9% 24.5% -3.8% -17.7% San Joaquin $195,960 $191,280 $164,730 2.4% 19.0% 13.9% 1.7% Stanislaus $174,390 $168,870 $138,650 3.3% 25.8% 3.4% -16.9% Tulare $139,520 $137,560 $131,360 r 1.4% 6.2% 3.2% -12.8% Other Counties in California Amador $193,330 $200,000 $183,330 -3.3% 5.5% -3.8% 8.7% Butte County $234,000 $250,000 $197,620 -6.4% 18.4% 8.3% 11.1% El Dorado County $344,170 $329,170 $257,410 4.6% 33.7% 7.2% 17.7% Humboldt $251,190 $225,000 $240,280 11.6% 4.5% 15.7% 33.8% Lake County $156,670 $145,000 $113,330 8.0% 38.2% -6.4% -6.4% Tuolumne $215,380 $158,000 $160,000 36.3% 34.6% 3.0% 47.8% Mendocino $350,000 $221,880 $209,090 57.7% 67.4% -12.8% -34.6% Shasta $183,330 $180,740 $164,540 1.4% 11.4% -1.8% 11.9% Siskiyou County $118,000 $123,330 $103,330 -4.3% 14.2% -21.6% 0.0% Tehama $156,000 $156,670 $160,000 r -0.4% -2.5% 18.9% 15.8% Yolo $291,340 $250,000 $238,890 16.5% 22.0% 21.0% 21.0% April 2013 County Unsold Inventory and Time on Market(Regional and condo sales data not seasonally adjusted) April 2013 Unsold Inventory Index Median Time on Market State/Region/County Apr-13 Mar-13 Apr-12 Apr-13 Mar-13 Apr-12 CA SFH (SAAR) 2.8 2.9 4.2 27.9 29.4 48.0 r CA Condo/Townhomes 2.6 2.5 4.0 28.7 28.6 55.2 r Los Angeles Metropolitan Area 2.8 2.9 4.5 35.2 38.3 54.8 Inland Empire 3.1 3.1 4.4 35.6 40.3 52.5 S.F. Bay Area 2.4 2.6 3.3 32.4 34.3 47.5 S.F. Bay Area Alameda 2.2 2.1 2.8 47.9 50.2 61.4 Contra-Costa (Central County) 2.2 2.2 2.8 47.8 48.4 70.2 Marin 3.2 3.1 4.1 32.5 45.2 41.4 Napa 4.2 4.7 6.5 48.1 55.9 59.1 San Francisco 2.9 4.0 4.0 24.6 23.4 37.0 San Mateo 2.3 2.4 2.5 19.1 19.7 23.0 Santa Clara 1.8 2.1 2.3 17.9 18.3 22.6 Solano 2.6 2.9 4.4 33.8 38.8 54.1 Sonoma 3.1 3.4 4.6 47.5 50.3 68.7 Southern California Los Angeles 2.6 2.7 4.4 29.2 31.5 53.0 Orange County 2.8 2.8 4.8 42.2 45.1 61.7 Riverside County 2.9 3.0 4.5 36.9 41.1 56.3 San Bernardino 3.3 3.3 4.3 33.4 39.0 45.0 San Diego 3.1 3.3 4.8 24.9 26.6 47.4 Ventura 3.5 3.6 5.1 44.3 47.2 69.3 Central Coast Monterey 3.0 2.9 4.1 24.8 26.1 43.7 San Luis Obispo 4.1 3.6 4.7 27.5 36.0 59.7 Santa Barbara 3.7 4.3 4.9 39.7 36.9 64.7 r Santa Cruz 3.9 3.0 4.5 23.2 29.8 26.5 Central Valley Fresno 3.7 3.8 4.3 23.8 27.2 28.3 Kern (Bakersfield) 1.9 2.6 r 3.3 r 24.0 27.0 37.0 r Kings County 3.5 2.7 3.2 r 39.9 50.6 50.8 r Madera 3.3 3.5 3.5 39.3 23.6 29.3 Merced 2.2 2.6 3.0 28.3 27.1 48.4 Placer County 2.3 2.4 4.2 21.1 21.2 29.3 Sacramento 2.1 2.2 4.0 19.1 19.9 29.5 San Benito 2.2 2.1 2.4 20.5 21.8 43.4 San Joaquin 2.0 2.2 4.1 20.5 21.3 29.9 Stanislaus 2.1 2.0 3.5 19.0 20.7 29.0 Tulare 3.1 3.2 3.9 24.6 26.9 27.7 r Other Counties in California Amador 4.8 5.0 6.4 40.7 75.5 72.6 Butte County 3.4 3.3 3.9 27.5 29.5 29.8 El Dorado County 3.4 3.5 5.3 27.4 27.6 r 58.7 Humboldt 4.6 4.8 7.1 52.3 56.0 67.2 Lake County 5.9 5.7 6.2 67.0 72.6 94.6 Tuolumne 5.7 4.9 9.0 35.8 45.5 87.9 Mendocino 2.9 8.6 6.9 61.0 71.9 78.4 Shasta 2.9 2.6 4.8 28.7 27.1 25.6 Siskiyou County 12.9 9.0 12.6 110.3 108.4 68.3 Tehama 4.5 5.1 6.4 50.3 28.1 61.0 Yolo 2.1 2.3 4.9 20.8 22.4 37.1 r = revised

For release:May 13, 2013 C.A.R. offers free home buyers fair to help prospective home buyers prepare for homeownership LOS ANGELES (May 13) – The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) will host a free "Endeavor to Achieve Homeownership Home Buyers Fair" to help prepare prospective first-time home buyers enter the California housing market and assist previous homeowners who have suffered economic hardships regain their footing. Held on Saturday, May 25, 2013, from 9 a.m. to 5 p.m. at the California Science Center, home of the Space Shuttle Endeavour, the fair features free sessions on topics including repairing poor credit, recovering from a short sale or foreclosure, accessing down payment assistance, and learning what it takes to become a homeowner. A key highlight of the fair focuses on teaching consumers how to obtain $30,000 down payment assistance grants offered by Wells Fargo. "Prospective home buyers who want to take advantage of this once-in-a-generation home buying opportunity can attend this one-stop shopping event to obtain the valuable information needed to help them take the first step toward homeownership," said C.A.R. President Don Faught. Other sessions offered are: How to Find and Qualify for a Home Loan; Understanding the Home Inspection Process; Avoiding Foreclosure; Wealth Development, led by CNN contributor Louis Barajas; How to Fix and Monitor Your Credit; Long-term Homeownership Preservation; Credit Recovery from Economic Downturn; Finding and Working with a REALTOR®; and more. Exhibitors include housing non-profits, state and local housing agencies, diversity housing representatives, mortgage lenders, consumer credit counselors, and home inspectors. All sessions will be offered in English, Spanish, and Korean languages. For more information, visit http://on.car.org/homefair. Leading the way...® in California real estate for more than 100 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States with 155,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.

For release:May 10, 2013 Higher home prices lower California housing affordability, C.A.R. reports LOS ANGELES (May 10) – Higher home prices put a dent in California's housing affordability during the first quarter of 2013, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported. The percentage of home buyers who could afford to purchase a median-priced, existing single-family home in California dropped to 44 percent in the first quarter of 2013, down from 56 percent in first-quarter 2012 and from 48 percent in fourth-quarter 2012, according to C.A.R.'s Traditional Housing Affordability Index (HAI). C.A.R.'s HAI measures the percentage of all households that can afford to purchase a median-priced, single-family home in California. C.A.R. also reports affordability indices for regions and select counties within the state. The Index is considered the most fundamental measure of housing well-being for home buyers in the state. Home buyers needed to earn a minimum annual income of $66,800 to qualify for the purchase of a $350,490 statewide median-priced, existing single-family home in the first quarter of 2013. The monthly payment, including taxes and insurance on a 30-year fixed-rate loan, would be $1,670, assuming a 20 percent down payment and an effective composite interest rate of 3.55 percent. The effective composite interest rate in first-quarter 2012 was 4.16 percent and 3.49 percent in the fourth quarter of 2012. The median home price was $279,190 in first-quarter 2012, and an annual income of $56,320 was needed to purchase a home at that price. All regions of the state experienced significant year-over-year declines in housing affordability, with Bay Area and Southern California counties recording the largest decreases in the index due to higher home prices.At an index of 77 percent, Madera County was the most affordable county of the state, while San Francisco and San Mateo counties tied for the least affordable at 23 percent. See C.A.R.'s historical housing affordability data.See first-time buyer housing affordability data. Leading the way?® in California real estate for more than 100 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States with 155,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles. # # # CALIFORNIA ASSOCIATION OF REALTORS®Traditional Housing Affordability Index STATE/REGION/COUNTY Q1 2013 Q4 2012 Q1 2012 CA Single-family home 44 48 56 CA Condo/Townhomes 53 59 65 r Los Angeles Metropolitan Area 46 50 56 Inland Empire 61 67 71 San Francisco Bay Area 32 34 45 U.S. 65 69 71 San Francisco Bay Area Alameda 32 36 45 Contra-Costa (Central County) 28 31 36 Marin 24 28 32 Napa 39 48 50 San Francisco 23 22 29 San Mateo 23 24 33 Santa Clara 30 32 42 Solano 67 73 77 Sonoma 36 46 51 Southern California Los Angeles 42 44 51 Orange County 28 34 39 Riverside County 54 62 66 San Bernardino 72 76 78 San Diego 38 43 46 Ventura 42 48 50 Central Coast Monterey 44 50 54 San Luis Obispo 34 40 41 Santa Barbara 26 27 42 r Santa Cruz 29 34 35 Central Valley Fresno 64 70 72 Kings County 70 76 75 r Madera 77 74 77 Merced 68 74 77 Placer County 57 64 67 Sacramento 62 71 74 Tulare 70 71 75 r = revised CALIFORNIA ASSOCIATION OF REALTORS®Traditional Housing Affordability Index C.A.R. Region Housing Affordability Index Median Home Price Monthly Payment Including Taxes & Insurance Minimum Qualifying Income CA Single-family home 44 $ 350,490 $ 1,670 $ 66,800 CA Condo/Townhomes 53 $ 283,300 $ 1,350 $ 53,990 Los Angeles Metropolitan Area 46 $ 333,380 $ 1,590 $ 63,540 Inland Empire 61 $ 216,720 $ 1,030 $ 41,300 San Francisco Bay Area 32 $ 593,890 $ 2,830 $ 113,190 U.S. 65 $ 176,600 $ 840 $ 33,660 San Francisco Bay Area Alameda 32 $ 541,980 $ 2,580 $ 103,300 Contra-Costa (Central County) 28 $ 648,060 $ 3,090 $ 123,510 Marin 24 $ 858,550 $ 4,090 $ 163,630 Napa 39 $ 432,000 $ 2,060 $ 82,330 San Francisco 23 $ 744,820 $ 3,550 $ 141,950 San Mateo 23 $ 814,000 $ 3,880 $ 155,140 Santa Clara 30 $ 705,000 $ 3,360 $ 134,370 Solano 67 $ 242,600 $ 1,160 $ 46,240 Sonoma 36 $ 385,490 $ 1,840 $ 73,470 Southern California Los Angeles 42 $ 345,540 $ 1,650 $ 65,860 Orange County 28 $ 600,150 $ 2,860 $ 114,380 Riverside County 54 $ 251,960 $ 1,200 $ 48,020 San Bernardino 72 $ 157,420 $ 750 $ 30,000 San Diego 38 $ 412,320 $ 1,960 $ 78,580 Ventura 42 $ 461,940 $ 2,200 $ 88,040 Central Coast Monterey 44 $ 336,500 $ 1,600 $ 64,130 San Luis Obispo 34 $ 409,600 $ 1,950 $ 78,070 Santa Barbara 26 $ 543,690 $ 2,590 $ 103,620 Santa Cruz 29 $ 515,000 $ 2,450 $ 98,150 Central Valley Fresno 64 $ 157,470 $ 750 $ 30,010 Kings County 70 $ 151,820 $ 720 $ 28,940 Madera 77 $ 127,140 $ 610 $ 24,230 Merced 68 $ 134,280 $ 640 $ 25,590 Placer County 57 $ 309,970 $ 1,480 $ 59,080 Sacramento 62 $ 209,260 $ 1,000 $ 39,880 Tulare 70 $ 136,340 $ 650 $ 25,980

C.A.R. just released zipForm® Plus Beta allowing all members to test and provide feedback to the future of forms software. Come experience the next generation of your trusted zipForm® transaction platform. This beta release is a vital stage of product development and this is an invitation to test the new interface and provide product feedback before the tool is officially launched in its final version. It is safe to use with real transactions but because of the beta status, bugs are expected and performance evolving. We have received consistent user feedback through a national user group that the zipForm® Plus Beta user interface is intuitive, modern and very easy to use. Nevertheless, we strongly encourage all beta test users to watch the brief video which will provide an overview of the new user interface, highlight differences between zipForm® 6 Professional and zipForm® Plus beta, how to move between the two options, and what to expect from the beta test program. More information and free webinars can be found on the zipForm® 6 webpage.

This presentation outlines the history of organized real estate and the development of the NAR Code of Ethics. It was developed by REALTOR® Doreen Roberts, who serves on the Professional Standards Committee for the National Association of REALTORS®.Celebrate 100 years of living by "the code" For more than 100 years, REALTORS® have promoted and protected the dream of property ownership for millions of Americans. This year, the NATIONAL ASSOCIATION OF REALTORS® celebrates a major milestone in upholding the REALTOR® Code of Ethics. Established in 1913, the Code is a living, dynamic statement which guides REALTORS® in their daily professional lives, and is the difference between a real estate agent and a REALTOR®. NAR has created a number of marketing items to help REALTORS® show their pride in abiding by the Code of Ethics for a century. Visit NAR's Code of Ethics site to find radio interviews, shareable social media content, and other information about the REALTOR® Code of Ethics.

New C.A.R. ad campaign spotlights ripple effect of real estate;Homeownership benefits numerous industries LOS ANGELES (April 1) – "What starts with one California REALTOR® benefits all of California." That's the underlying sentiment of a new integrated consumer ad campaign from the CALIFORNIA ASSOCIATION OF REALTORS®, launching exclusively today on ABC television stations, as well as radio, print, and online. A macro-evolution of the association's existing "Champions of Home" testimonial campaign, the new "Ripple" campaign connects the dots between REALTORS® and the California economy, illustrating how a Champion of Home can help consumers close on their dreams and, together, benefit the entire state. Different from the association's previous campaign, yet connected by common language of the intrinsic value of REALTORS® as Champions of Home, "Ripple" goes beyond the story of the individual REALTOR® and focuses on the powerful positive economic impact that REALTORS®, buyers, and sellers are making throughout California. C.A.R.'s new campaign will be supported on several high profile media properties. Through a deal with ABC National TV Sales, ads will run on ABC television stations in Los Angeles, San Francisco, and San Diego, including airtime during the network's award-winning show, "Modern Family." In addition, ads on abc.com will blanket the state with C.A.R. messages. The campaign also includes Clear Channel Radio, customized web chats, digital buys on REALTOR.com, mobile ads, and consumer-focused social engagement on platforms including Pinterest and Instagram. View the first spot.View the second spot. The campaign was created by indie Philadelphia-based agency, Red Tettemer + Partners. Demonstrating the success of C.A.R.'s past consumer ad campaigns, a post-test survey of consumers conducted following the 2012 campaign found that the ads continue to build awareness and help consumers understand the importance of working with a REALTOR®. Additionally, buyers and sellers have an increasing appreciation of the work REALTORS® must do to help close real estate transactions. This year's new consumer advertising campaign will continue to build on past successes by communicating directly with consumers about the added value and peace of mind they receive by working with a REALTOR® when buying or selling a home. For complete information about C.A.R.'s 2013 consumer advertising campaign, visit www.car.org/aboutus/adcampaign/ or visit the consumer ad site, which is rich with content and resources related to the home-buying process (http://www.championsofhome.com/). Leading the way in California real estate for more than 100 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States, with more than 155,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.