The temperature outside is hot ... but our real estate market continues to cool down.

The changing real estate market and related economic issues have many concerned about tomorrow. Though the frenzy of the resale market has faded and the fallout in subprime loans has resulted in office closures, from an escrow viewpoint there are still thousands of real estate closings every month in California.

The unfortunate reality is that foreclosures are on the rise. While many homeowners are working through default situations and foreclosures, the knowledge of how to handle these transactions is paramount to the escrow practitioner. Properties that are being sold while in default and REO (Real Estate Owned by the lender) sales have become a significant percentage of the inventory on many escrow desks today. Many of our Regional Associations have provided education on two relevant topics, Short Sales and Foreclosures. It is important that we as escrow practitioners understand the complex issues presented in these transactions. I encourage you to take advantage of the knowledge being shared by your peers and, as always, speak with your company management regarding policies and procedures that must be followed when handling these transactions.

Speaking of Education ... CEA’s 52nd Annual Conference is fast approaching! CEA will be “Making a Difference” on October 11-14, 2007 at the Palm Springs Convention Center and Wyndham Hotel in Palm Springs. We have excellent and innovative seminars with dynamic speakers, with 15.5 hours of Professional Designation credits available. Our Escrow Expo will have exhibits and resources for you from many of our industry supporters and friends. This is a wonderful opportunity for you to receive current and valuable education and to network with others. From Thursday’s golf tournament to Saturday’s Casino Night Party, you will enjoy our Casablanca theme and each other. Please make plans to join us and act quickly. Here’s looking at you! See you in October.

As always, I must keep the importance of membership before us. We must all be consistently working toward our goals of educating escrow officers and escrow assistants of the value and benefits of membership in the California Escrow Association. We must all be consistent in showing our employers the value of having employees who are knowledgeable about current industry issues and who are committed to our own continued education and professionalism. We must all do our best to increase our membership statewide. I ask each of you now to bring in at least one new member. I will do my part; will you join me? Let’s continue growing CEA and Making a Difference in our industry.