FROM THE REAL ESTATE TRENCHES

By Charlotte Reed

December 12, 2011 (San Diego’s East County)—From the Real Estate Trenches is a weekly column focused on real estate news that impacts East County’s real estate market. This week’s local and national real estate highlights include:

• Fannie and Freddie suspend evictions for the holidays
• Prudential Financial sells its real estate brokerage for $110 million
• Counting my blessings
• Military Home Loans open house

Fannie and Freddie suspend evictions for the holidays

Fannie Mae and Freddie Mac, the two biggest government backed loan companies, announced they will suspend all evictions involving foreclosed occupied single family and two- to four-unit properties with mortgages owned by the GSE’s ( government sponsored enterprise)from Dec. 19, 2011 – Jan 2, 2012.

This suspension will apply only to eviction lockouts related to Freddie Mac and Fannie Mae bank owned properties and will not affect other pre or post-foreclosure processes.  During this period, legal and administrative proceedings for evictions may continue, but families living in foreclosed properties will be permitted to remain in the home.

Prudential financial sells its real estate brokerage for $110 million

It was announced early Wednesday, December 7,  by the national Prudential Real Estate and Relocation Network that an impending sale of the Prudential Real Estate and Relocation franchise to Brookfield Real Estate Services, a division of Brookfield Asset Management, Inc.,  would be finalized soon.  

Brookfield Real Estate Services is a franchisor who owns Royal Le Page, GMAC and Real Living Real Estate among other Real Estate related companies.  A spokesman for Prudential Financial Inc. said in a statement that the deal excludes a financing subsidiary with investments in some brokerage franchises.

This acquisition reportedly makes Brookfield Residential the second largest global relocation operation and third largest residential real estate brokerage in North America.

One source close to the brokerage said that Prudential franchisees will keep the Prudential branding until their franchise agreements expire or until they agree to rebrand as Real Living.  Some franchise agreements will allow select brokerages to operate under the Prudential brand, but the companies have not made public which ones or how many will continue with the Prudential name.

In a statement from David Cabot, president and CEO of Prudential California Realty, Southern California, he said, quite emphatically that “it is business as usual at Prudential California Realty, Southern California.” Today’s announcement has no effect on how you conduct business today or in the future as we are wholly owned and operated by Home Services of America, the second largest real estate company in the nation and an affiliate of Berkshire Hathaway Inc.  Our use of the Prudential California Realty brand and our ability to access and leverage the national marketing resources also remains unchanged.

I have not heard from any of my friends or the Broker at our local Prudential Real Estate office in La Mesa.  I am sure they are as surprised as I at this rather sudden announcement. 

Counting my blessings

Being a member of the Grievance Committee for the San Diego East County Board of Realtors, on Tuesday Dec. 6, I attended a bi-yearly class.  The class was held in La Jolla, since it was a central area for committee members from all the Realtor boards in San Diego County.  For eight hours we heard speakers from The National Association,  California Association and the local association updating us on all the changes and  modifications to the Multiple Listing Service and Code of Ethics.  I learned a few new things and refreshed my memory on others.  All in all it was a good day, If one can discount the commute.  I live in the East County and my office is in East County and I do drive around East County on a daily basis, but the bumper to bumper one hour drive there and 50 minute stop, crawl, and sudden burst of speed drive back was a good reminder of why I am content doing what I do and where I do it.  I can’t possibly imagine what it would be like to be in this commuter traffic on a daily basis.

Military Home Loans open house

Ken Bates, a lender for Military Home Loans, has informed me that there will be a holiday open house at their new office at 3914 Murphy Canyon Rd. Suite A144, San Diego CA 92123, Friday, December 16^th from 12:00 to 4:00.  It is open to clients, agents, appraisers, friends, family, anyone who is interested in purchasing a home with their G.I. Bill, or who knows someone who is a veteran or presently in a branch of the service.  This is good information to have especially for those living in the East County where home prices almost always fall within the VA loan guidelines for the no down-payment loans.  Even if the home costs more than the no down limit allowance, the down payment is considerably lower than any other type of loan.   Refreshments and desserts will be provided.

Charlotte Reed is a realtor with Windemere SoCal Realty in La Mesa.  She can be reached at CharlotteReed@cox.net or (619)997-7333. Her motto is “Real estate is my business…my only business.”