LOS ANGELES- People Assisting The Homeless (PATH) is pleased to announce a new partnership with Synergy Learning Center to form a property management training program provided through PATHFinders Job Center, a jobs program for people who are homeless or at risk of being homeless. This new endeavor will be called the Synergy Property Management Program.

Synergy Learning Center is known for its expertise in training for careers in the property management industry. PATH is known across the country for its innovative solutions to homelessness. By combining these strengths, both entities will provide a comprehensive property management training program that will encourage long-term career development and self-sufficiency.

“We see this partnership as a wonderful opportunity to transition people into property management careers and housing, especially during this struggling job market,” said Janet Kelly, PATH’s Executive Director.

The Synergy Property Management Program will introduce participants to property management as a career option and provide comprehensive training—including instruction in Yardi property management software, an industry leader for affordable and market-rate housing—and job placement services.

“My goal and desire in turning over Synergy Learning Center to PATH is to see it prosper and grow beyond what I could provide,” said Dona Eng, founder of Synergy Learning Center. “I will chair an Advisory Committee to provide guidance, be an industry liaison and identify client employment opportunities and ongoing funding sources. I am thrilled with this new arrangement and confident that this will allow us to help more people who are in vulnerable circumstances.”

Founded in 1984, PATH is a non-profit community organization that provides integrated services and supportive housing for people who are homeless or at risk of being homeless. Each year, PATH serves 14,000 homeless men, women and children from throughout Los Angeles County. PATH is a member of PATH Partners, an alliance of service and housing agencies. For more information, please visit its website at www.epath.org.

PATH Partners Press Contact: Cali Zimmerman
(323) 644-2273; caliz@epath.org

Synergy Learning Center: Dona Eng
(818) 981-0703; dona@yardi-support.com

The $8,000 homebuyer tax credit has been extended into 2010, and an additional $6,500 tax credit for “move up” buyers has been added. Here are some additional features of the program to keep in mind:

Qualified first-time homebuyers can continue to receive the $8,000 tax credit. A new, move up buyer tax credit of $6,500 has been added for qualified homeowners who have lived in their homes for at least consecutive five years.

This program begins on Dec. 1, 2009. Buyers in both groups must sign a purchase agreement by April 30, 2010, and close by June 30, 2010. Income levels have been raised which is great news: Homebuyers with incomes up to $125,000 for single filers and $225,000 for joint filers now qualify.

In addition, Los Angeles residents will be pleased to know the increased maximum conforming loan amount of $729,750 has been extended through the end of 2010, making jumbo lending more affordable and easier to obtain.

WASHINGTON, Nov. 5 /PRNewswire-FirstCall/ — Fannie Mae (NYSE: FNM) is implementing the Deed for Lease(TM) Program under which qualifying homeowners facing foreclosure will be able to remain in their homes by signing a lease in connection with the voluntary transfer of the property deed back to the lender.

“The Deed for Lease Program provides an additional option for qualifying homeowners who are facing foreclosure and are not eligible for modifications,” said Jay Ryan, Vice President of Fannie Mae. “This new program helps eliminate some of the uncertainty of foreclosure, keeps families and tenants in their homes during a transitional period, and helps to stabilize neighborhoods and communities.”

The new program is designed for borrowers who do not qualify for or have not been able to sustain other loan-workout solutions, such as a modification. Under Deed for Lease, borrowers transfer their property to the lender by completing a deed in lieu of foreclosure, and then lease back the house at a market rate.

To participate in the program, borrowers must live in the home as their primary residence and must be released from any subordinate liens on the property. Tenants of borrowers in this circumstance may also be eligible for leases under the program. Borrowers or tenants interested in a lease must be able to document that the new market rental rate is no more than 31% of their gross income.

Leases under the new program may be up to 12 months, with the possibility of term renewal or month-to-month extensions after that period. A Deed for Lease property that is subsequently sold includes an assignment of the lease to the buyer.

For additional information about the Deed for Lease Program, including full details on program eligibility, please review the GuidAnnouncement on www.efanniemae.com.

The Senate voted wednesday to extend and expand the $8,000 first-time homebuyers tax credit, and passed the measure by a measure by a 98-0 vote.

The tax credit will be extended to applications taken by April 30th 2010 so long as they close by June 30th, and will also be expanded to those who have owned their current home for 5 tears and want to upgrade. Current homeowners will be eligible for tax credits up to $6,500.

There were 5 SFR ( single family residence) sales in October in the  West Hollywood area, with the YTD average at $605/sq. ft.- down 21% from the 2007 market peak of $760/sq. ft.  According to the MLS there are 72 active SFR listings, an average of 4.8 sales /month YTD which gives us an inventory of 15 months supply. REO, or bank-owned property in West Hollywood not listed with a broker is at 74 units, or an additional 15 months supply. As I have noted in previous market reports, a pipeline of 1-2 months supply of unlisted REO property is considered normal.

In the West Hollywood Condo Market, there were 27 sales in October, with the YTD average at $445/sq. ft.- down 18% from the 2007 market peak of $544/sq.ft. There are 299 active condo listings, an average of 24 sales/month YTD which  gives us an inventory of 12 months. REO numbers for Weho condos are at 37 units, or about 1.5 months supply.

The numbers pretty much speak for themselves, as inventory numbers threaten to expand considerably in the SFR market, the condo market inventory has come down since the beginning of the selling season. In order to get back to a more “normal “supply of 6-7 months, especially with Option ARM/Interest-Only resets coming for the next 2 years, it seems inevitable that prices, especially in the single family market here in West Hollywood are going to have to come down.

According to the MLS, there were 15 SFR sales in October in the Beverly Center-Miracle Mile area at an average of $466/sq. ft., which is 21% below the 2006 market peak. With 61 active listings, and an average of 11.6 sales per month YTD, this indicates an inventory of 5.5 months. There are also 99 REO, or bank-owned properties in the area at the moment. Although it is common to have a 1-2 month pipeline for REO property that is not yet listed with a broker, another 99 houses represents an additional 8.5 months of unlisted, or “shadow inventory.”

In the Beverly Center-Miracle Mile condo market  there were 4 sales in October at an average of $442/sq. ft. which is 16% below the 2006 market peak. With 37 active listings, and an average of 6.5 sales per month YTD, this puts the condo inventory at 5.7 months. With 30 REOs, there is 4.6 months of unlisted inventory.

In  the  Hancock Park-Wilshire area, there were 20 SFR sales in October at an average of $453/sq. ft., which is 19% below the 2006 market peak. With 82 active listings, and an average of 14.6 sales per month YTD, that leaves us with an inventory of 5.6 months supply. There are 44 REOs presently, which gives us 3 months of unlisted SFR inventory.

In the Hancock Park-Wilshire condo market, there were 4 sales in October at an average of $324/sq.ft. which is 26% below the 2006  market peak. With 72 active listings and an average of 12.8 sales/month YTD, that gives us an inventory of 5.6 months. At the moment there are 45 REOs which is equal to 3.5 months of unlisted inventory.

In sum, it would appear that inventory has contracted in both areas , and to some market observers, may even appear to be a “seller’s market.” What is unclear however, is the amount of  unlisted REOs and to what extent more property coming on the market will put downward pressure on prices in the near future, especially with 2 years worth of Option ARM /Interest-Only resets on the horizon. While there has been some improvement in  these areas, my feeling is that we are going to have quite a bit of inventory to go through before we can describe current market condtions as a”seller’s market.”

If you have any questions, comments, or need more information specific to your neighborhood, please do not hesitate to contact me.