Dear MCAR member,

Please see the latest education opportunities, including DRE approved "Ethics" & "Risk Management" workshops, and a special zipForm training just for MCAR members. See details and the registration links below.

Please read the latest news and updates from C.A.R.

Kevin
Practical Resources invites you to attend one or both of David Compton's upcoming ZOOM workshops....
Tuesday, August 11th from 1:00pm to 4:00pm
“Selling Effectively in a Litigious Environment”
California DRE Approved for 3 “Risk Management” CE credits
Only $10.00 to Attend
To participate in the “Risk Management“ class click Practical Resources
OR
Wednesday, August 12th 1:00pm to 4:00pm
“Code of Ethics”
California DRE Approved for 3 “Ethics” CE Credits
plus also Satisfies NAR's 2019-21 “Ethics” Requirement
$10.00 to Attend
To participate in the “Ethics” class click Practical Resources
Attendees will automatically receive via email a Completion Certificate when successfully passing a 15-question final exam.

We look forward to seeing you there.
Your friends at Practical Resources (760) 753-4066
Reminder to Certify PUA Benefits
 
C.A.R. is reminding all members who are collecting PUA/UI benefits that they must certify for benefits every two weeks. If recipients forget to certify for benefits, even for only a week, the EDD will close the claim and the claim will need to be reopened to request benefit payments. To ensure you continue to receive your PUA/UI benefits, check your UI Online home page Notifications section at least every two weeks to see important new information such as messages in your inbox or required certifications. If you need to reopen a claim, you can find instructions at the link below.
Free Guided Workflow for PEAD-V Forms
 
Glide, a C.A.R. Business Products partner, is now offering a free guided workflow to all C.A.R. members to make it easier to create, send and manage PEAD-V forms. This workflow allows you to instantly create compliant PEAD-V forms for multiple properties and visitors in one efficient workflow, request signatures via DocuSign or Digital Ink and deliver individualized forms automatically to each listing agent, and collect and organize PEAD-V forms for all your listings using a unique link you can share via the MLS, your website, email or text.
Hear from Tom Ferry, Sabrina Brown and More at REimagine! Real Estate
 
In case you missed the news earlier this week, C.A.R.’s REimagine! Real Estate Virtual Conference & Expo announced some can’t-miss speakers, including renowned real estate coach Tom Ferry, WomanUP Treasurer Sabrina Brown, social media expert Jenn Herman and C.A.R.’s CEO Joel Singer, just to name a few.
This year’s event is 100% free for all C.A.R. members and is guaranteed to provide all attendees with valuable takeaways and new perspectives. Don’t forget you must register to access all the invaluable content and speakers offered at this year’s REimagine!
VIRTUAL TOURS & 3D MODELS WITH INTEGRATED VIDEO CHAT

Add virtual tours to any property listings at low cost and have the added benefit of conducting instant remote property viewings with anyone, anytime and on any device. EyeSpy360 is integrated directly within zipForm plus, and preferred C.A.R. pricing can be claimed from the Marketplace tab on any transaction. LEARN MORE
Update on Coronavirus Market Impacts
 
California’s housing market had several positive signs last week based on broader economic data, market data reported on the MLS last week, a survey of California REALTORS® taken over the weekend and data on the pandemic itself. And yet, even as the housing market remains a relative bright spot, several key economic indicators show that the effects of the recession continue to weigh heavily on the pace of the recovery.
Paycheck Protection Program Deadline Nearing
 
The deadline to apply for a Paycheck Protection Program (PPP) forgivable loan is Saturday, August 8, 2020. For some members, a PPP loan may be a way to replace income lost during the pandemic without having to repay a loan. Borrowers can potentially get 100% of their PPP loan forgiven, which means the loan will become a grant and will not need to be repaid.
Easily Collect C.A.R. Rental Applications on RentSpree
 
Wondering how to optimize and streamline your rental business? Let RentSpree help with our award-winning tenant screening tool. Reduce both your costs and time spent by using our software, which includes a C.A.R. rental application as well as credit, criminal, and eviction report – renters just pay a $30 fee directly to RentSpree. Best of all, signing up takes minutes and you will receive screening reports instantaneously after your applicants click Submit.
Nearly Half of Contracts are “Sight Unseen”
 
Redfin reports that 45% of its consumers who purchased a home in the past year made an offer on a property without first seeing it in person. That is up from 28% in 2019 and the highest share since at least 2015, when Redfin first started collecting such data.
A weekly digest to keep you up to speed on the California coronavirus outbreak.

Welcome to the 21st issue of the California Coronavirus Weekly Recap newsletter. Before we get started, we want to make sure you’re aware of a few things:
 
  • Glide, a C.A.R. Business Products partner, is now offering a free guided workflow to all C.A.R. members to make it easier to create, send and manage PEAD-V forms. This workflow allows you to instantly create compliant PEAD-V forms for multiple properties and visitors in one efficient workflow, request signatures via DocuSign or Digital Ink and deliver individualized forms automatically to each listing agent, and collect and organize PEAD-V forms for all your listings using a unique link you can share via the MLS, your website, email or text.

  • To continue receiving PUA/UI benefits, recipients must certify for benefits every two weeks. If you forget to certify for benefits, even for only a week, your claim will be closed and you will need to reopen your claim to request benefit payments. Check your UI Online home page Notifications section at least every two weeks so you will see important new information such as messages in your inbox or required certifications.

  • The deadline to apply for a Paycheck Protection Program (PPP) forgivable loan is Saturday, August 8, 2020. For some members, a PPP loan may be a way to replace income lost during the pandemic without having to repay a loan. Borrowers can potentially get 100% of their PPP loan forgiven, which means the loan will become a grant and will not need to be repaid.

In This Issue:
  • The Economy & Your Finances: U.S. economy reports record-breaking decline
  • The Market & Industry: Housing sector remains strong
  • Around the State: State deaths pass 9k, Central Valley new hotspot
  • Health Check-Up: Vaccine could be available by 2021

The Economy & Your Finances: U.S. economy reports record-breaking decline

The U.S. economy posted its worst drop on record in Q2, contracting at a 39.2 percent annual rate between April and June. This officially puts the United States in a recession, typically defined as at least two consecutive quarters of declining gross domestic product (GDP). While the labor market has started to rebound since states began reopening, last week marked the 19th straight week that new jobless claims topped 1 million, and the country is still short 15 million jobs from February.
 
With over 1.4 million Americans filing for unemployment benefits last week alone, many experts are concerned about what will happen now that the extra $600 per week in federal unemployment assistance has expired. Congress is working to pass another stimulus package, and while both sides seem to agree on the need for another set of $1,200 direct payments to taxpayers, White House Chief of Staff Mark Meadows said on Sunday that he’s not optimistic there will be a solution in the short-term. The federal boost to unemployment assistance is the key sticking point holding up negotiations.
 
On Monday, California Democratic lawmakers detailed their $100 billion stimulus package proposal, key components of which include borrowing money from the federal government, expanding tax credits for low-income Californians and offering more assistance to small businesses. Depending on what happens at the federal level, state lawmakers are also considering creating a separate $600 per week unemployment benefit for Californians.
 
California jobless claims since mid-March have topped 9 million, and nearly 20 percent of those claimants are still waiting on payments. Governor Newsom said the remaining backlog of claims will take two months to clear.
 
Sources: CNN, CNBC, USA Today, NPR, The Sacramento Bee, ABC 7 News, The San Francisco Chronicle

The Market & Industry: Housing sector remains strong

The housing market remains one of the most solid sectors of the U.S. economy, with sales of new homes rising 13.8 percent nationwide in June. Demand from buyers continues to be robust, encouraged by another drop in mortgage rates, and as inventory tightens, more buyers are making concessions to win bidding wars. According to a Redfin survey, almost half of recent homebuyers made an offer sight-unseen.
 
Smaller markets are heating up as now-remote workers leave the big cities: Sacramento’s housing forecast is stronger than most other metro areas in California, and Lake Tahoe real estate is moving at a record pace.
 
Nationwide, homeowners and renters alike have been falling behind on payments during the pandemic, setting up as many as 40 million Americans to lose their homes as a result of COVID-19. While the foreclosure moratorium put in place by the FHFA have worked thus far — June had the lowest number of active foreclosures since 2000 — mortgage delinquency rates keep jumping, and the moratorium expires on August 31. And California is bracing itself for mass evictions, too: One in seven tenants statewide did not pay rent in July, and nearly one in six don’t expect to pay in August, either.
 
Redfin posted improved numbers for Q2, with losses significantly lower than the company initially anticipated. Meanwhile, Realogy’s Q2 revenue dropped 25 percent year-over-year. And Zillow announced it will be allowing most employees to work from home indefinitely.
 
Sources: The New York Times, C.A.R. Research & Economics, REALTOR® Magazine, Redfin, Homebuying Institute, CNBC, Curbed, The San Francisco Chronicle, The Real Deal, Zillow

Around the State: State deaths pass 9k, Central Valley new hotspot

Last week, California twice broke its single-day record for COVID-19 deaths. However, recent efforts to tamper the spread do seem to be working, as the number of confirmed cases over the past two weeks is down 21 percent; statewide hospitalizations are improving, too. Thirty-seven of California’s 58 counties are now on the state watchlist. As of yesterday at 9:52 p.m., cases in California numbered 526,982 and deaths had hit 9,708. California has the highest number of coronavirus cases in the country, ahead of Florida, Texas and New York.
 
The Central Valley has emerged as a new COVID-19 hotspot, with hospital beds filling up and the positive testing rate well above the state average. Newsom has pledged $52 million in federal money to help counties in this region with staffing, testing and contact tracing. But he has withheld funding from two smaller cities in the region, Atwater and Coalinga, for failing to comply with the state’s public health rules.
 
The debate surrounding what to do about schools continues, with teachers unions and school administrators going back and forth on how many hours per day teachers should be expected to teach live on video. And evidence continues to mount that children are at least more impacted by COVID-19 than initially thought: A teenager in Fresno became the first minor in California to die of COVID-19 last week, and a recent study revealed children under the age of 5 may host up to 100 times more viral particles than adults.
 
Sources: Los Angeles Times, The San Francisco Chronicle, CAL Matters, The New York Times, The Fresno Bee

Health Check-Up: Vaccine could be available by 2021

The nation’s top infectious disease expert, Dr. Anthony Fauci, has reiterated his cautious optimism that a vaccine will be available to the American people by early 2021. Moderna Inc. and Pfizer Inc. both began tests of their vaccines last week, each of which will include 30,000 human participants, and the Johnson & Johnson vaccine was shown to have protected monkeys from contracting the disease in just one dose.
 
When it comes to treating those who have already contracted COVID-19, the World Health Organization (WHO) said Monday there is no “silver bullet” treatment right now, and such a treatment might not even exist. The head of coronavirus testing for the Trump administration has said it is time to move on from hydroxychloroquine, the anti-malarial drug frequently touted by President Trump, as five randomized and controlled studies failed to show any benefit of the drug to COVID-19 patients.
 
Sources: The Mercury News, NBC News, The New York Times, CNBC, Forbes