San Fernando Valley Home Prices Up 7%Despite low interest rates on home loans and a rising inventory, home buyers hesitated during August with home sales off nearly 15 percent from a year ago and the median price of single-family homes sold in the San Fernando Valley up 6.5 percent, the Southland Regional Association of Realtors reported Monday.A total of 478 single-family homes closed escrow during August, down 14.8 percent from August 2013. Similarly, 186 condominiums changed owners during August, off 24.7 percent from 12 months ago and 5.6 percent lower than July 2014, which was the highest total at 197 sales so far this year.

“It’s not that people don’t want to buy, or that they don’t have the money or a job, or fail to recognize that interest rates remain low,” said Roger Hance, president of the Association. “Buyers want some assurance that they’re not purchasing at the top of the current market and sellers have to be realistic on where they set their price, recognizing that price increases have slowed down and buyers will not overpay.”

The median price of homes sold during August came in at $543,000, up 6.5 percent from a year ago and 4.4 percent higher than July. It was the highest single-family median price since November 2007, yet remains 17.1 percent below the record high of $415,000 set in February 2006.

“Home ownership remains a priority for most households,” said Jim Link, the Association’s chief executive officer. “But tight lending requirements slow-ing down the loan qualifying process, coupled with concern over job security and the overall economy, has caused a hesitancy among many would-be buyers.”

Link noted unlike a short while ago, when multiple offers and zero contin-gencies were prevalent, now a growing number of sellers include a contingency saying the sale is dependent upon the seller purchasing a replacement residence.

“Premising a sale on the buyer find-ing another house slows the process down,” Link said. “Yet that could be a good thing, a development that may well yield greater market stability.”

far too many continue to be exposed to potentially dangerous lead and other health hazards in the home.”

Housing improvements help prevent injuries and illnesses, reduce associated health care and social services costs, reduce absentee rates for children in school and adults at work, and reduce stress, all of which help to improve the quality of life.

In addition, some of the grants awarded Tuesday will support re-search on increasing the effectiveness of hazard reduction meth-

ods. These programs have a demonstrated history of success,

filling critical needs in communities where

no other resources exist to address substandard

housing that threatens the health of the most vulnerable

residents, and filling research gaps essential for being able to reduce hazard reduction costs.

For more information, con-tact Sally Richman via email to sally.richman@lacity.org. For information on qualifying for a lead-based paint grant,

call 213-808-8935 or email hcidla.leadsafehomes@lacity.org.The Southland Regional Association of Realtors® is a local trade association with more than 8,900 members serving the San Fernando and Santa Clarita valleys. SRAR is one of the largest local associations in the nation.

Older Homes Could Have Poison Paint

By Roger Hance, President, and David WalkerSouthland Regional Association of Realtors®

The City of Los Angeles was one of 39 local and state government agencies and research institutions nationwide that Tuesday was awarded $112 million in grants intended to protect children and families from the hazards of lead-based paint and other home health and safety hazards.

Of the $3.9 million awarded to Los Angeles, $3.5 million will be used in a lead hazard reduction demonstration grant program with an ad-ditional $400,000 in healthy homes initiative funding.

The City will team up with

Pacoima Beautiful, the Healthy Homes Collaborative, the Coalition for Eco-nomic Survival and other organizations.

The grant funding announced Tuesday by the U.S. Dept. of Housing and Urban Development will reduce the number of lead-poisoned children and protect families by targeting health haz-ards in nearly 7,000 low-income homes with significant lead and/or other home health and safety hazards.

Unsafe and unhealthy homes affect the health of millions of people of all income levels, geographic areas, and walks of life in the U.S.

Indeed, an owner of any home built before 1978 needs to exercise cau-

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Realtor® Roger Hance2014 SRAR President

REALTOR® is a federally registered collective membership mark which identifies a real estate professional who is a Member of the NATIONAL ASSOCIATION OF REALTORS® and subscribes to its strict Code of Ethics.

THe VOiCe FOR Real esTaTe in THe san FeRnandO and sanTa ClaRiTa Valleyswww.sRaR.com | Real Estate Questions? E-mail Roger Hance, SRAR 2014 President, c/o DavidW@SRAR.com

Center for California Real Estate LaunchedThe California Association of Realtors on Tuesday announced the launch of the Center for California Real Estate, a new institute dedi-cated to intellectual engagement in the field of real estate.The Center and its activities represent C.A.R.’s ever-increasing role in shaping the future of the industry by advancing leadership, innovative policy solutions, and active dialogue with experts and industry stakeholders.

A key component of the Center is its website — centerforcaliforniarealestate.org — which serves as a valuable resource and repository of information on topics such as homeownership, urban planning, infrastructure, housing finance, American communities, demographics, affordable housing, economic insights, foreclosures, banking/financial crisis, and consumer research.

The Center and its website will feature executive reports, whitepapers, briefs, roundtables, summits, forums, sponsored research, and the development of CCRE as a resource for industry news and relevant research from academics.

The Center already has established partnerships with respected academic in-stitutions in California, including UCLA’s Ziman Center for Real Estate, USC’s Lusk Center for Real Estate, UC Irvine’s Center for Real Estate, Berkeley’s Fisher Center for Real Estate and Urban Economics, UCLA’s Anderson Forecast, and Stanford’s Professionals in Real Estate.

low Rates Go lowerMortgage interest rates eased slightly last week amid mixed housing data, with Freddie Mac's survey showing that lenders were offering 30-year fixed-rate loans to well-qualified borrowers at an average of 4.2%, down from 4.23% last week.

The average rate for 15-year fixed-rate home loans edged down from 3.37% to 3.36%, while the start rates for adjust-able loans with the first five years fixed rose to 3.08% from 3.06%.

Tips for Owners Who suspect Their Home has lead-Based Paint• Always keep painted surfaces in good condition to mini-

mize deterioration. • Don’t try to remove lead-based paint. • When renovating, repairing, or painting, hire only EPA- or

state-approved Lead-Safe certified renovation firms.• Get the home checked for lead hazards. Find a certified

inspector or risk assessor at epa.gov/lead. • If renting, talk to the landlord about fixing surfaces with

peeling or chipping paint.• Regularly clean floors, window sills, and other surfaces.

• Take precautions to avoid exposure to lead dust when remodeling.

• Before buying, renting, or renovating a home, have it checked for lead-based paint, especially if built before 1978.

• Consult with a health care provider about testing children for lead. A pediatrician can check for lead with a simple blood test.

• Wash children’s hands, bottles, pacifiers, and toys often. • Make sure children eat healthy, low-fat foods high in iron,

calcium, and vitamin C.• Remove shoes or wipe soil off shoes before entering your

house.

tion when remodeling or scrapping off old paint. Small quantities of dust created from old paint containing lead can lead to lead poisoning, which can cause learning and behavioral disorders, seizures and even death.

Lead no longer is used in paint, but cracked, peeling old paint can release dust capable of poisoning a household.

“Millions of families and children are seeing their hope for the future threatened by poor health simply because of where they live,” said Matthew

E. Ammon, Acting Director of HUD’s Office of Lead Hazard Control and Healthy Homes. “Every child deserves to grow up in a healthy home and yet