Jeff Davi Real Estate Commissioner DEPARTMENT OF REAL ESTATE UPDATE.

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Presentation transcript:

Jeff Davi Real Estate Commissioner DEPARTMENT OF REAL ESTATE UPDATE

DRE MISSION To protect the public in real estate transactions and provide related services to the real estate industry.

DRE AT A GLANCE 342 Authorized Positions Five Offices Statewide Special Fund Department $46.6 Million (Proposed) Annual Budget 6 Program Divisions Advanced Technology Base

eLICENSING PROCESS 53% of all license renewals 59% of all miscellaneous license transactions, and 79% of all examination scheduling requests, were conducted using eLicensing

LICENSEES AND EMPLOYEES

LICENSING ACCOMPLISHMENTS License processing down from 175 to 66 days

DEPARTMENT OF REAL ESTATE ENFORCEMENT OVERVIEW

Regulatory Cases (Cases Assigned) – FY 06/07

Real Estate Law Violations The following are approximate percentages based upon a statistical sampling: 2006/07 Fiscal Year

DEPARTMENT OF REAL ESTATE AUDITS OVERVIEW

AUDIT FINDINGS FY 2006/07

AUDIT VIOLATIONS FY 2006/07

DEPARTMENT OF REAL ESTATE SUBDIVISION OVERVIEW

Volume of Filings and Staff by Fiscal Year

 Website - good standing status  Publications  Seminars  Speaking engagements CALIFORNIA CONSUMER OUTREACH

Electronic License Exams Project Schedule  Exam Center construction plans being finalized.  Construction to be completed in Spring 2008  Phased deployment planned beginning in Sacramento after construction.

Project Target

HOUSING & REAL ESTATE MARKET

SOURCE: Construction Industry Research Board *2006 Projection from CBIA Household Growth: 220, ,000/yr New Housing Permits California

California vs U.S. Median Prices SOURCE: California Association of REALTORS®

HOUSING CYCLES Peaks and Valleys

Sales More Volatile Than Prices UNITS/MEDIAN PRICE $ Price Stickiness in Down Market …Most Owners Don’t Sell SOURCE: California Association of REALTORS®

Long-Term Perspective UNITS 2006 Sales Were 11th Highest On Record SOURCE: California Association of REALTORS® Long Run Average: 411,000

Variability Among Local Markets

Unsold Inventory Index California, April 2007: 10.0 Months SOURCE: California Association of REALTORS® MONTHS 2000 to Present

Unsold Inventory By Price Range California - Existing Homes April 2007 vs. April 2006 SOURCE: California Association of REALTORS®

1990s vs. Now 1990s ( )Now ( ) Economy US: +2.6%, CA in Shambles US GDP: +3.1% CA ~ US Labor Market (Jobs) -450,000 ( ) +453,000* Unempl. Rate 8.1%5.1% Mortgage Rates 8.0%6.3% Sales (# Homes) 362,500483,000** Median Price -12% ( )+10%** *CA : +680,000 jobs! **Since 2005-Q3

IN CONCLUSION Processing times have been significantly improved. (Licensing processing times down 65%) Department business continues to be strong. The Department continues to do more with less. The Department is always looking for better ways to reach consumers.

Our ducks are in a row...