ADVERTISING SUPPLEMENT FBI Reports Real $154K Income Needed to Buy Valley Home The median price - meaning half were higher priced and half lower - of single-family homes sold during January in the San Fernando Valley rose 12.8 percent compared to a year ago to $835,000. Estate and Rental Wire Fraud Up 48% Southiand Regonal Assocation of Reators y Dane Syde, Presidert, and Dovid waket More than $221 million was lost nationwide in 2019 to one of the Yet due to today's low interest rates, the income needed to buy that home increased only 4.3 percent to $154,309. Assuming a 20 percent downpayment, the $668.000 loan would come with a monthly principal and interest payment of $2,724, along with insur- ance at $264 per month, and property taxes of $870 per month. SOUTHLAND REGIONAL fastest growing cyber crimes in the United States -real estate and rental wire fraud. ASSOCIATION OF REALTORS", INC. The FBI's Internet Crime Complaints Center said they were up 48 per- cent from 2018 which impacted or promise an early close an appointment whenever there is a wire transfer, Reynolds said. "It's a safety precaution that has not delayed any escrows that I'm aware of" Here are a few more wire transfer send an email to an unsuspecting buyer to provide false wire instructions, which have funds sent to the criminal's bank Income-to-Loan Guide Single-Family Homes - JANUARY - San Fernando Valley Some hackers will offer a discount Minimum Income Needed to Qualify for a Loan $154,309 Menty ane Payments Monthly Prep Tamm 11,677 victims. Yearto-Year Percentage Change in income Needed to Quality fora +4.3% Loan risk redution tips: Realtors need to alert homebuyers at the outset of each transac- tion. Many brokers require signed disclosures. Instruct home- buyers to call wire recipients using an independently-verified phone mumber. Of the 30 $264 account. types of fraud tracked by the FBI, wire fraud came in at Tumber five. "When dealing with money,"Reyn- olds said, "encourage clients to always call their escrow company. Always call and verify, noting the time and who you spoke to. It has to be the principal, the main party. "Some hackers,"she said, "will offer a discount'or promise an 'early close'of escrow, just so they can get the bank information." It's wise to have parties come in for Realtor Diane Sydell, 2021 SRAR President 1870 Total Monthly PITI Median Price 13,858 The topic came up at a recent bi- weekly meeting of 76 San Fernando Valley and Santa Clarita Valley real estate office owners, brokers, and managers. Organized by the Southland Regional Association of Realtors, the attendees picked up safety tips from Debbie Reynolds, senior escrow officer and the Calabasas branch man- ager of Pacific Coastline Escrow. Whenever money is be- ing transferred, Reynokls urged particular caution, moting that local wire fraud is on the rise. "Hackers are savy, they're smart,"she said. "They are monitoring your email and can be familiar with your conversations" or even the details of a transaction. "With the switch of a single letter in an email Exkdress, they can make you think it's from a trusted source," she said. "They prey on everybody, lenders, buyers, sellers, escrow." The FBI agreed, noting that the highest reported frauds in real estate in 2019 centered on com- promised business email accounts, Fraudsters will assume the identity of the title agent, real estate agent or closing attorney and forge the person's email and other details about the transaction. The scammers will then $835,000 $2,724 Loan Amount (30%) Interest Rate $668,000 2.74% Mony Meng d Intert Pymt Bource: Souhand egienal Asoceeon of EALTOR *PIn eguMee WAnt.p ance paents Avoid sending wire instructions and any sensitive financial infor- DON'T FALL VICTIM TO WIRE FRAUD Income-to-Loan Guide Single-Family Homes - JANUARY - Santa Clarita Valley $127,513 mation via email. Use a secure transaction management platform to share docu- ments and information. Use good email security practices- never open unsolicited links or attachments, keep operating system and anti-vinus programs updated, and use strong passwords and two- Eactor authentication. Immediately report Minimum ineome Needede Quality Lon Scammers are stealing down payments via wire fraud and getting YeardeYear Percentage Change in Income Needed ta Quaity ter aloan +3.4% more clever every day. Be sure you don't fall victim to wie fraud by following these three steps. ST Tal Monthly P Median Price $690,000 ount ( st Rate Pay attention to how wire nstructions are sent. It is best to oriy accept itructions that are secure and encrypted $552,000 2.74% e Su e eenEALTORse dybanp t pa a ys Before wiring funds to an indrvidual or company, cal to verity the wire instructions independently with the ttle company suspected fraud to the bank from which the funds were transferred. If regularly handling funds, get to know the local FBI field Realtors Support Removal of SALT Cap U.S. Congressman Thomas Suozzi, D-NY, on Jan. 28 introduced House Resolution 613, which would remove the $10,000 cap on state and local tax deductions, also known as SALT. The bill has bipartisan support, and four of the 22 cosponsors are California Representatives - Kim, Garcia, Panetta, and Swalwell. office; contact them immediately if fraud is suspected. Report fraud inci- dents to www.ic3.gow The Southland Regiorial Association of Realtors is a The California Association of Realtors and the National Association of Be very watchtul of any changes Wine instructions rarely change Il you receive an emai saying that any wiring instructions have changed, call your REALTOR or tile company Realtors are supporting H.R. 613 and will be asking members of Congress to cosponsor the bill. In the last session of Congress, multiple bills were introduced to eliminate or ease the SALT cap. Like last session, Realtors may support multiple bills until one is brought to the floor for a vote. Interest Rate Update National Average as reported by Freddie Mac on: local trade association with more than 10.300 members serving the San Fernando and Santa Clarita Valeys. SRAR iS one of the largest local associations in the February 4 30-Yr FRM - 2.73% 15-Yr FRM 2.21% immediately to corlim January 28 30Yr FRM - 2.73% 15-Yr FRM - 2.2% S ATOM tt nation. THE VOICE OF REAL ESTATE IN THE SAN FERNANDO AND SANTA CLARITA VALLEYS R www.SRAR.com | Real Estate Questions? E-mail Diane Sydell, SRAR 2021 President, c/o DavidW@SRAR.com REALTORS 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. ADVERTISING SUPPLEMENT FBI Reports Real $154K Income Needed to Buy Valley Home The median price - meaning half were higher priced and half lower - of single-family homes sold during January in the San Fernando Valley rose 12.8 percent compared to a year ago to $835,000. Estate and Rental Wire Fraud Up 48% Southiand Regonal Assocation of Reators y Dane Syde, Presidert, and Dovid waket More than $221 million was lost nationwide in 2019 to one of the Yet due to today's low interest rates, the income needed to buy that home increased only 4.3 percent to $154,309. Assuming a 20 percent downpayment, the $668.000 loan would come with a monthly principal and interest payment of $2,724, along with insur- ance at $264 per month, and property taxes of $870 per month. SOUTHLAND REGIONAL fastest growing cyber crimes in the United States -real estate and rental wire fraud. ASSOCIATION OF REALTORS", INC. The FBI's Internet Crime Complaints Center said they were up 48 per- cent from 2018 which impacted or promise an early close an appointment whenever there is a wire transfer, Reynolds said. "It's a safety precaution that has not delayed any escrows that I'm aware of" Here are a few more wire transfer send an email to an unsuspecting buyer to provide false wire instructions, which have funds sent to the criminal's bank Income-to-Loan Guide Single-Family Homes - JANUARY - San Fernando Valley Some hackers will offer a discount Minimum Income Needed to Qualify for a Loan $154,309 Menty ane Payments Monthly Prep Tamm 11,677 victims. Yearto-Year Percentage Change in income Needed to Quality fora +4.3% Loan risk redution tips: Realtors need to alert homebuyers at the outset of each transac- tion. Many brokers require signed disclosures. Instruct home- buyers to call wire recipients using an independently-verified phone mumber. Of the 30 $264 account. types of fraud tracked by the FBI, wire fraud came in at Tumber five. "When dealing with money,"Reyn- olds said, "encourage clients to always call their escrow company. Always call and verify, noting the time and who you spoke to. It has to be the principal, the main party. "Some hackers,"she said, "will offer a discount'or promise an 'early close'of escrow, just so they can get the bank information." It's wise to have parties come in for Realtor Diane Sydell, 2021 SRAR President 1870 Total Monthly PITI Median Price 13,858 The topic came up at a recent bi- weekly meeting of 76 San Fernando Valley and Santa Clarita Valley real estate office owners, brokers, and managers. Organized by the Southland Regional Association of Realtors, the attendees picked up safety tips from Debbie Reynolds, senior escrow officer and the Calabasas branch man- ager of Pacific Coastline Escrow. Whenever money is be- ing transferred, Reynokls urged particular caution, moting that local wire fraud is on the rise. "Hackers are savy, they're smart,"she said. "They are monitoring your email and can be familiar with your conversations" or even the details of a transaction. "With the switch of a single letter in an email Exkdress, they can make you think it's from a trusted source," she said. "They prey on everybody, lenders, buyers, sellers, escrow." The FBI agreed, noting that the highest reported frauds in real estate in 2019 centered on com- promised business email accounts, Fraudsters will assume the identity of the title agent, real estate agent or closing attorney and forge the person's email and other details about the transaction. The scammers will then $835,000 $2,724 Loan Amount (30%) Interest Rate $668,000 2.74% Mony Meng d Intert Pymt Bource: Souhand egienal Asoceeon of EALTOR *PIn eguMee WAnt.p ance paents Avoid sending wire instructions and any sensitive financial infor- DON'T FALL VICTIM TO WIRE FRAUD Income-to-Loan Guide Single-Family Homes - JANUARY - Santa Clarita Valley $127,513 mation via email. Use a secure transaction management platform to share docu- ments and information. Use good email security practices- never open unsolicited links or attachments, keep operating system and anti-vinus programs updated, and use strong passwords and two- Eactor authentication. Immediately report Minimum ineome Needede Quality Lon Scammers are stealing down payments via wire fraud and getting YeardeYear Percentage Change in Income Needed ta Quaity ter aloan +3.4% more clever every day. Be sure you don't fall victim to wie fraud by following these three steps. ST Tal Monthly P Median Price $690,000 ount ( st Rate Pay attention to how wire nstructions are sent. It is best to oriy accept itructions that are secure and encrypted $552,000 2.74% e Su e eenEALTORse dybanp t pa a ys Before wiring funds to an indrvidual or company, cal to verity the wire instructions independently with the ttle company suspected fraud to the bank from which the funds were transferred. If regularly handling funds, get to know the local FBI field Realtors Support Removal of SALT Cap U.S. Congressman Thomas Suozzi, D-NY, on Jan. 28 introduced House Resolution 613, which would remove the $10,000 cap on state and local tax deductions, also known as SALT. The bill has bipartisan support, and four of the 22 cosponsors are California Representatives - Kim, Garcia, Panetta, and Swalwell. office; contact them immediately if fraud is suspected. Report fraud inci- dents to www.ic3.gow The Southland Regiorial Association of Realtors is a The California Association of Realtors and the National Association of Be very watchtul of any changes Wine instructions rarely change Il you receive an emai saying that any wiring instructions have changed, call your REALTOR or tile company Realtors are supporting H.R. 613 and will be asking members of Congress to cosponsor the bill. In the last session of Congress, multiple bills were introduced to eliminate or ease the SALT cap. Like last session, Realtors may support multiple bills until one is brought to the floor for a vote. Interest Rate Update National Average as reported by Freddie Mac on: local trade association with more than 10.300 members serving the San Fernando and Santa Clarita Valeys. SRAR iS one of the largest local associations in the February 4 30-Yr FRM - 2.73% 15-Yr FRM 2.21% immediately to corlim January 28 30Yr FRM - 2.73% 15-Yr FRM - 2.2% S ATOM tt nation. THE VOICE OF REAL ESTATE IN THE SAN FERNANDO AND SANTA CLARITA VALLEYS R www.SRAR.com | Real Estate Questions? E-mail Diane Sydell, SRAR 2021 President, c/o DavidW@SRAR.com REALTORS 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.