The breaking of ground on new homes and apartments surpassed the one-million mark for the third time this year.
The mortgage giants are reportedly near a deal that will loosen lending standards and make mortgages more affordable for those with less-than-...
The latest American Housing Survey finds 65 percent of all units were occupied by owners in 2011, while 35 percent were occupied by renters.
A new analysis shows that the 12 major metro areas where homes are still selling quickly have large populations of Baby Boomers and engineers.
Developers are scouring the nation looking for new sites for warehouses to meet the latest surge in demand.
In some states, all it takes is just one claim to a home owner’s property insurance to see premiums soar by hundreds of dollars.
On June 19, 2014, the House Judiciary Committee approved H.R. 3086, the Permanent Internet Tax Freedom Act, by a vote of 30-4.
The bill would extend permanently the current moratorium on Internet access taxes, which expires on November 1, and also prohibit multiple or discriminatory taxation of e-commerce.
House Judiciary Committee Chairman Robert Goodlatte (R-VA) indicated this week that the full House is likely to vote on H.R. 3086 during July. However, there is pressure from proponents of The Marketplace Fairness Act (MFA) to add that bill to the Internet Tax Freedom... Read More
On June 24, the FHA responded to a request from NAR and other groups, regarding the use of the 203k rehabilitation/renovation loan program for flood mitigation. In the letter, dated February 6, 2014, NAR and the coalition asked FHA to confirm the eligibility of the Federal Housing Administration's FHA Section 203k program for the rehabilitation of homes that have not been damaged in a flood, but are at risk of damage from future flood events. The 203k has been used in flooded areas to rebuild homes, and the coalition wanted assurance that the program could be used for... Read More
NAR submitted a statement last week to the House Agriculture Subcommittee on Livestock, Rural Development, and Credit to their hearing entitled, "A Review of Credit Availability in Rural America." In the statement, NAR stressed the importance of access to credit for all homebuyers, and described the specific challenges for rural communities. The statement also urged three changes to expand access to credit: 1) update the definition of "rural", which hasn't been changed since 1974; 2) allow the Rural Housing Service (RHS) to utilize direct... Read More
In his latest video, NAR President Steve Brown explains why NAR supports an extension on mortgage debt cancellation relief. Take a look.
NAR recently met with Federal Aviation Administration (FAA) officials to discuss NAR's concerns and perspectives regarding the upcoming proposed rulemaking to regulate small Unmanned Aerial Vehicles (UAVs). NAR encouraged the FAA to expedite this proposed rulemaking and quickly develop a regulatory framework for commercial use of UAV technology that addresses public safety and privacy concerns, but permits a commercial UAV industry to flourish and allows Realtors to safely use the technology if they choose to do so. FAA officials stated that they were moving forward... Read More
On Oct. 13, 2014, NAR submitted comments on the Federal Housing Finance Agencies proposal to create a Single Security that could be guaranteed by either Fannie Mae or Freddie Mac (the government-sponsored enterprises or GSEs). The multi-year development of a single GSE mortgage backed security (Single Security) is part of the development of the common secondary mortgage market securitization platform being developed by FHFA and the GSEs. NAR has supported the development of the securitization structure, which functions like a utility, since last year. Having a single GSE... Read More
Funding for Rural Development’s Single Family Housing Guaranteed Loan program is now available for fiscal year (FY) 2015. The funding received is based on a Continuing Appropriations Resolution, 2015 (P.L. 113-164, H.J. RES.124).
Loans that were issued Conditional Commitments “subject to” commitment authority will be obligated on the Agency’s Guaranteed Loan System (GLS).
If the loan has closed, the lender may submit their request for Loan Note Guarantee... Read More
On Oct. 16, 2014, President Steve Brown sent a letter to FHA Commissioner Carol Galante in response to member concerns about the Single Family Note Sales Program (SFLS). Many REALTORS® are concerned that the program is auctioning large pools of mortgages to the highest bidder, in some cases without considering the investor’s ability to achieve homeownership preservation and affordable housing goals. NAR provided recommendations to improve FHA’s pre-foreclosure sales process as well as place additional controls on the SFLS program to prioritize keeping owner-... Read More
On March 4, 2014, the House voted 306-91 to approve the Homeowner Flood Insurance Affordability Act (H.R. 3370) with amendments. The House amendments further rein in and hold the Federal Emergency Management Agency (FEMA) accountable for the Biggert-Waters implementation issues. As passed, the bill would repeal FEMA’s authority to increase premium rates at time of sale or new flood map, and refunds the excessive premium to those who bought a property before FEMA warned them of the rate increase. It also limits any premium increase to 18% annually and adds a small assessment on... Read More