2013 understanding the international buyer survey webinar final
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UNDERSTANDINGTHEINTERNATIONAL REAL ESTATEBUYER
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Survey Methodology• The survey was sent via email to a random sample in
October 2013, and 218 valid survey responses werereceived.
• All eligible respondents closed escrow within twelvemonths prior to October 2013.
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International Buyers areGetting a Bigger Slice ofthe Market than LastYear
Q. Was the buyer an international buyer – a person who was a citizen of another country who wished topurchase residential real estate in the U.S.?
8%
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
2008 2009 2010 2011 2012 2013
SERIES: 2013 Housing Market SurveySOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
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Many REALTORS® worked with Internationalbuyers in the 2013
Q. How many properties have you sold to an international buyer in the last 12 months?
71%
14%
6%4% 2% 4%
79%
9%5% 3% 1% 3%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
0 1 2 3 4 5+
2013
2012
# of Properties
% Who Sold to International Buyers
# of Properties Sold to International Buyers in the Last 12 Months
SERIES: 2013 Housing Market SurveySOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
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China,Canada, and Mexico are still the majorsources of international buyers
32%
16%
11%
6%
3%
3%
3%
3%
2%
2%
China
Canada
Mexico
Japan
France
India
Russia
United Kingdom
Brazil
Germany
0% 5% 10% 15% 20% 25% 30% 35%
Please tell us about your last closed transaction with an international client. What is your client’s country of permanent residence?
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Most international buyers are individual buyers
Was your last international client an:
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
Individual LLC Corporation LLP Other
86%
8%3%
0%3%
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TheTypical International Buyer
86%Individuals
70%Married
81%College
Educated
60%Males
45%Asian
46Years Old
$200KMedianIncome
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For half of all international buyers, it was their firsttime purchasing a property in the U.S.
Yes, 51%
No, 35%
Unsure, 13%
In your last closed transaction with an international client, was that the buyer’s first home purchased in the U.S.?
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Other Properties International Buyers Own
How many other properties does your last international buyer own?
13%
30%
20%
10%
7%
20%
0%
5%
10%
15%
20%
25%
30%
35%
1 2 3 4 5 6+
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WHYTHE UNITED STATES?
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Majority only considered the U.S.Considered
OtherCountries,
15%
Consideredonly the U.S.,
85%
In which other countries did your last international buyer consider purchasing real estate?
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Why the United States?
2%
3%
4%
6%
9%
9%
20%
20%
0% 5% 10% 15% 20% 25%
To obatain a visa, immigration
Political stability & safety
Affordable pricing
Educational opportunity
Changes in work & employment
Investment opportunities
To be closer to family &friends
Desirable location & climate
Q. Why did your last international buyer choose to purchase in the U.S. as opposed to the other countrieshe/she/they considered?
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International buyers purchased primarily forinvestment purposes
5%
5%
5%
7%
12%
14%
18%
0% 5% 10% 15% 20%
Investment to acquire legalpermenant U.S. resident…
Tired of renting
Affordable price
Desired a better/otherlocation
Changed jobs/relocated
To rent out property
Investment/tax advantagesin U.S.
What was your clients’ main reason for buying now in your last closed transaction with an international client?
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Traditional buyers purchased because …
9%
2%
3%
4%
4%
4%
15%
17%
21%
23%
0% 5% 10% 15% 20% 25%
Other
Foreclosure/Short Sale/Default
Retirement/Move to Retirement Community
Changed Jobs
Desired Smaller Home
Change in Family Status
Desired Better Location
Desired Larger Home
Investment/ Tax Considerations
Tired of Renting
SOURCE: 2013 Annual Housing Market SurveyWhat was your clients’ main reason for buying now in your last closed transaction with an international client?
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Reasons to Buy inCalifornia
Mild year-around weather
Amazing outdoor environment
Advanced Educational Opportunities
Easy access to variety of entertainment throughout California
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Climate inCalifornia
• Moderate temperature year round• Dry weather• Clear Skies
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AmazingOutdoor Environment
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Advance EducationalOpportunities
System # of Campuses Examples
University of California 10 • University of California, Berkeley• University of California, Los Angeles• University of California, Riverside• University of California, San Diego
California State University 23 • Cal State University, Fullerton• Cal State University, Northridge• Cal State Polytechnic University,
Pomona
California Community College 109+ • Santa Monica College• Pasadena City College
Private University Hundreds • California Institute of Technology• Pepperdine University• Stanford University• University of Southern California
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EasyAccess to aVariety of Entertainment
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Most international buyers did not purchase theirproperties as a primary residence
What was the intended use of the property in your last closed transaction with an international client?
4%
31%
33%
32%
0%
6%
19%
75%
0% 10% 20% 30% 40% 50% 60% 70% 80%
Other
Vacation/Second Home
Investment/Rental Property
Primary Residence
Traditional Buyer
International Buyer
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SouthernCalifornia is a popular destination forinternational buyers
Where was the property in your closed transaction with an international client located?
0%
10%
20%
30%
40%
50%
60%
70%
Northern Southern Other
22%
66%
12%
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TopCounties where International Buyers Bought
Where was the property in your closed transaction with an international client located?
0%
5%
10%
15%
20%
25%
30%
35%
Los AngelesCounty
OrangeCounty
San DiegoCounty
RiversideCounty
Contra CostaCounty
Santa ClaraCounty
35%
22%20%
14%
7% 7%
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International buyers are heavily concentrated insuburban and urban areas
1%
8%
9%
40%
41%
0% 5% 10% 15% 20% 25% 30% 35% 40% 45%
Other
Small town/rural area
Resort area
Central city/urban
Suburban
Please select the category that best describes the location of the property in your last closed transaction with aninternational client?
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Seven out of ten of international buyers purchasedan equity sale
0%
10%
20%
30%
40%
50%
60%
70%
Equity Sale REO Sale Short Sale Other
68%
15% 15%2%
What type of purchase/sale did your last international client(s) make?
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Majority Bought a Single Family Home
5%
0%
2%
5%
24%
63%
0% 10% 20% 30% 40% 50% 60% 70%
Other
Commercial office space
Comercial retail space
Multifamily home
Condo/townhome
Single family detached home
What type of property did your last international client purchase/sell?
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A typical international buyer purchased a propertywith …
4Bedrooms
2,000Square
Feet
2.5Baths
2 CarGarage
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Square Footage of the Property
What was the square footage of the property in your last closed transaction with an international client?
6%
44%
29%
10%
3%
4%
5%
0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50%
< 1,000 ft
1,000 - 1,999 ft
2,000 - 2,999 ft
3,000 - 3,999 ft
4,000 - 4,999 ft
5,000 - 5,999 ft
6,000+ ft
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Square Footage of the Lot
What was the square footage of the property in your last closed transaction with an international client?
9%
13%
17%
23%
9%
9%
7%
7%
8%
0% 5% 10% 15% 20% 25%
< 2,000 ft
2,000 - 3,999 ft
4,000 - 5,999 ft
6,000 - 7,999 ft
8,000 - 9,999 ft
10,000 - 14,999 ft
15,000 - 19,999 ft
20,000 - 49,999 ft
>50,000 ft
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Number of Bedrooms
How many bedrooms did the home in your last closed transaction with an international client have?
0%
5%
10%
15%
20%
25%
30%
35%
40%
1 2 3 4 5 6 7
0%
4%
19%
40%
32%
4%
1%
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Number of Bathrooms
How many bathrooms did the home in your last closed transaction with an international client have?
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
1 2 3 4 5 6
8%
34%
42%
13%
0%3%
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Garage Size
What was the size of the garage in your last closed transaction with an international client?
0%
10%
20%
30%
40%
50%
60%
70%
0 1 2 3 4
11%9%
62%
15%
2%
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What amenities did international buyers want intheir properties?
Please check all the amenities of the property in your last closed transaction with an international client.
3%
3%
3%
3%
4%
4%
6%
9%
26%
44%
0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50%
Workout room
Outdoor pool
Hot tub
Outdoor kitchen
Heated floors
Private beach
Putting green
Sauna
Wine cellar
Designer kitchen
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Initial Listing Price
What was the initial listing price of the property in your last closed transaction with an international client?
13%
7%
12%
14%
9%
4%
8%
6%
6%
11%
3%
8%
0% 2% 4% 6% 8% 10% 12% 14% 16%
Less than $200,000
$200,000 to $299,999
$300,000 to $399,000
$400,000 to $499,999
$500,000 to $599,999
$600,000 to $699,999
$700,000 to $799,999
$800,000 to $899,999
$900,000 to $999,999
$1,000,000 to $1,499,999
$1,500,000 to $1,999,999
$2,000,000 and over
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Final Sale Price
What was the final sale price of the property in your last closed transaction with an international client?
14%
5%
14%
14%
9%
4%
8%
5%
6%
11%
2%
7%
0% 2% 4% 6% 8% 10% 12% 14% 16%
Less than $200,000
$200,000 to $299,999
$300,000 to $399,000
$400,000 to $499,999
$500,000 to $599,999
$600,000 to $699,999
$700,000 to $799,999
$800,000 to $899,999
$900,000 to $999,999
$1,000,000 to $1,499,999
$1,500,000 to $1,499,999
$2,000,000 and over
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More than half of international buyers paid at orabove the asking price
12%
9%
25%
32%
11%
6% 5%
0%
5%
10%
15%
20%
25%
30%
35%
40%
Under -10%
-6% to-10%
-1% to-5%
0% 1% to5%
6% to10%
Over10%
International BuyersDistribution of Sales by % Above/Below List Price
22% of SalesAbove Asking
Price
26%
50%
0%
10%
20%
30%
40%
50%
60%
2005 2006 2007 2008 2009 2010 2011 2012 2013
Traditional Buyers% of Sales above Asking Price
Long Run Average = 18%:
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International Buyers vs.Traditional Buyers
International
Buyers
Traditional
Buyers
Squre Footage 2,000 1,659
Final Sale Price $525,000 $392,900
% of Sales With Price Above
Asking Price22% 50%
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THE BUYING PROCESS
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International Buyers FoundTheir Properties fromthe MLS
How did you find the property for your international buyer in your last closed transaction?
5%
2%
2%
2%
3%
5%
5%
5%
71%
0% 20% 40% 60% 80%
Other
From seller directly
Builder
Advertisement
Open house
Client found property
My listing
Another agent's private listing
MLS
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Weeks Spent Looking for Property
How many weeks did you spend looking for a property with your last international buyer?
0%
5%
10%
15%
20%
25%
30%
35%
2 weeks or less 3-7 weeks 8-12 weeks 13-16 weeks 17 weeks ormore
30% 31%
14%
6%
18%
Median: 5 weeks
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Number of PropertiesViewed
How many different properties did you view with your last international buyer prior to the client making apurchase?
14%13%
12%
9%
11%
12%
14%14%
0%
2%
4%
6%
8%
10%
12%
14%
16%
1 to 2 3 to 4 5 to 6 7 to 8 9 to 10 11 to 15 16 to 20 21 or more
Median: 9
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Offers Made on Other Properties
How many offers did your last international buyer make on other properties (in addition to the one purchased)?
0%
5%
10%
15%
20%
25%
30%
35%
40%
1 2 3 4 5 6 to 10 11 or more
37%
13% 12% 12%
5%
13%8%
Median # of offers made = 2
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Properties sold to an international buyer typicallystayed on the market for a month
How many days was the property on the market in your last closed transaction with an international client?
57%
22%
10%
4%7%
0%
10%
20%
30%
40%
50%
60%
1 to 30 Days 31 to 60 Days 61 to 90 Days 91 to 120 Days 121 or More Days
Days on market (median) = 30 days
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International Buyers vs.Traditional Buyers
International
Buyers
Traditional
Buyers
Weeks Looking for Property 5 10
# of Properties Viewed 9 10
# of Offers Made on Other
Properties2 3
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All Cash International Buyers
Obtainedfinancing,
31%
All cash, 69%
How did your last international buyer pay for the property?
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All Cash International Buyers
SOURCE: 2013 International Client Survey, 2013 Annual Housing Market SurveyHow did your last international buyer pay for the property?
0%
20%
40%
60%
80%
100%
International buyers Traditional buyers
69%
27%
31%
73%
All cash Obtained financing
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Source: National Association of Realtors®
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Down-Payment as Percentage of Sale Price
How much was the down payment for the home purchased (as a percentage of the sale price) in your last closedtransaction?
8%
14%
27%
14%
22%
14%
1%
39%
55%
0%4%
0%0%
10%
20%
30%
40%
50%
60%
10% or less 11-20% 21-30% 31-40% 41-50% Greater than50%
International Buyer Traditional Buyer
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Sources of Down-Payment
18%
2%
2%
6%
12%
65%
0% 20% 40% 60% 80%
Unsure
Other
Sale of personal assets (other than real property)
Gift
Proceeds from a sale of previous property
Personal savings
What was the source of the down payment in your last closed transaction with an international buyer?
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Difficulty in Obtaining Financing
Please rate how easy or difficult it was for your last international buyer to obtain financing.
11%
0%
13%
19%
17%
19%
0%
15%
0%
6%
0%
5%
10%
15%
20%
25%
1 2 3 4 5 6 7 8 9 10
Median = 5
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Difficulty in Obtaining Financing
SOURCE: 2013 International Client Survey, 2013 Buyer SurveyPlease rate how easy or difficult it was for your last international buyer to obtain financing.
11%
0%
13%
19%17%
19%
0%
15%
0%
6%
0% 0% 0% 0%
6% 6%
11%
6%
38%
33%
0%
5%
10%
15%
20%
25%
30%
35%
40%
1 2 3 4 5 6 7 8 9 10
International Buyer Traditional Buyer
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Only a few international buyers had difficulty inbringing funds from outside theU.S.
18%
8%
15%
58%
0% 10% 20% 30% 40% 50% 60% 70%
Unsure
Yes
N/A, client had funds in the U.S.
No
Did your last international buyer encounter any difficulty in bringing funds from another country into the U.S. inyour last closed transaction with an international client?
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What other problems did international buyersencounter?
What, if any, other problems did your last international buyer encounter? Please select all that apply.
• Difficulty in finding a property
• Problems with immigration
• Financing
• Challenges finding insurance
• Documentation
• Decide on which city to buy
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Most did not hire an attorney or a tax professionalto facilitate their transaction
Yes, 6%
No,88%
Unsure,5%
Hired an Attorney
Did the international client hire an attorney to help facilitate your last closed transaction?Did your international client hire a tax professional (i.e. accountant, financial consultant, etc.) to help facilitateyour last closed transaction?
Yes, 6%
No,88%
Unsure,5%
Hired a Tax Professional
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Many international buyers did at least some work ontheir properties, which typically costs them $10,000
What type of rehabilitation / remodeling was done on the property in your last closed transaction with aninternational client? How much money did your client invest in rehabilitating/remodeling the property in yourlast closed transaction with an international client?
37%
8%
13%
41%
None Majorremodeling
Majorcosmetic
repairs
Minorcosmetic
repairs
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
Work Done on Property
32%
13%
19%
12%
5%
2%
7%
11%
0% 10% 20% 30% 40%
Less than $5,000
$5,000 to $9,999
$10,000 to $19,999
$20,000 to $29,999
$30,000 to $39,999
$40,000 to $49,999
$50,000 to $99,999
$100,000 or greater
Money Spent on Repair/Remodel
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Property Management
Who will manage the property in your last closed transaction with an international client?
0%
10%
20%
30%
40%
50%
60%
Owner Unsure Property manager Other
56%
17% 15%11%
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CLIENT/AGENT RELATIONSHIP -COMMUNICATION
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International buyers relied more on referral andrelationship when connecting with their agents
9%
63%
28%
12%
21%
61%
0% 10% 20% 30% 40% 50% 60% 70%
Advertising
Internet
Relationships and Contacts
International Buyers Traditional Buyers
SOURCE: 2013 International Client Survey, 2013 Buyers SurveyHow did you find your last international client?
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International buyers relied more on referral andrelationship when connecting with their agents
7%
1%
3%
3%
4%
4%
5%
6%
10%
19%
19%
20%
0% 5% 10% 15% 20% 25%
Other
Social media
Client is a relative
"For Sale" sign
Client responded to my ad
Prior dealings iwht my brokerage
Open house
Referral from another agent
Client is a friend
Referral from a friend
Client found me online
Referral from a previous buyer
How did you find your last international client?
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Primary Language of International Buyers
1%
2%
3%
3%
4%
9%
26%
36%
0% 5% 10% 15% 20% 25% 30% 35% 40%
Portuguese
German
French
Japanese
Russian
Spanish
English
Chinese
What is your last international client’s primary language?
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… but most of them were communicated in English
1%
7%
8%
15%
70%
0% 10% 20% 30% 40% 50% 60% 70% 80%
Russian
Other
Spanish
Chinese
English
In which language did you primarily communicate with your last international client?
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Use ofTranslators
Yes, 3%
No, 97%
Did you use a translator in your last closed transaction with an international client?
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Email Communication
How did you primarily communicate with your last international client?
0%
10%
20%
30%
40%
50%
60%
Email Telephone Text message Video calls Other
58%
29%
7% 1% 5%
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Email Communication
How did you primarily communicate with your last international client?
58%
29%
7%
1%5%
43%
51%
5%
0% 0%0%
10%
20%
30%
40%
50%
60%
70%
Email Telephone Text message Video calls Other
International Buyers
Traditional Buyers
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Devices of Communication
4%
1%
1%
5%
7%
7%
30%
45%
0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50%
Other
Fax machine
Landline
Tablet
Mobile phone
Desktop
Laptop
Smartphone
Which technological device did you utilize the most in communicating with your last international client?
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CONCLUDING REMARKS
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TheTakeaway
• California housing market will continue todraw interests from international buyers
• International buyers purchased primarily forinvestment purposes
• International buyers relied more on referraland relationship when connecting with theiragents
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http://www.car.org/marketdata/map
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For more information:http://www.facebook.com/CARResearchgroup
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For more information:http:// www.twitter.com/CARResearchInfo
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mortgage.car.org
Mortgage Resource Directory
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