Federal Policy Update: July 28th, 2023

EPA Proposes New Regulations on Lead-Based Paint Dust

The U.S. Environmental Protection Agency (EPA) has proposed regulations to strengthen requirements for the removal of lead-based paint dust in homes and childcare facilities built before 1978. Under the proposed rules, any amount of lead dust on floors and windowsills would require additional testing and abatement, paid for by the property owner. Compliance with the rule is triggered by a finding by a health care professional that a child in the property has elevated blood lead levels (BLL), as set forth by the Centers for Disease Control. View the full release here.

 

Biden Administration Announces New Steps in Rental Housing “Junk Fees”

The White House and the Department of Housing and Urban Development (HUD) announced new steps in their efforts to raise awareness on “junk fees” in rental housing. This is a follow-up to their initial “Blueprint for a Tenant’s Bill of Rights,” and included no policy action items from either the Administration or HUD. The White House’s announcement cited three new action steps which can be explored in the statement release.

 

Pending Home Sales Rose 0.3% in June, First Increase in Four Months

Pending home sales registered a modest increase of 0.3% in June from the previous month – the first increase since February – according to the National Association of REALTORS®. The South and West posted monthly losses, while sales in the Northeast and Midwest grew. All four U.S. regions saw year-over-year declines in transactions. View the full release here.

 

NAR Report: Nearly One-Third of Realtors® Say Lack of Inventory Stopped Clients from Buying Homes in 2022 As Housing Supply Dropped to Lowest Level Since 1999

Amid a significant shortage of housing supply in 2022, 32% of Realtors® named a lack of inventory as the most important factor limiting potential clients from making a purchase, according to the National Association of Realtors®’ 2023 Member Profile. This annual report analyzes members’ business activity and demographics from the prior year. Housing inventory fell to the lowest level recorded since 1999 as home buyers entered the market at a frenzied pace to lock in historically-low interest rates. View the full release here.

 

NAR C-5+CCIM Global Summit Registration (9/28-9/30) in Atlanta, GA

Registration is now open for NAR’s C-5+CCIM commercial real estate summit in Atlanta, Georgia. The event is being held on September 28-30 and will be three days full of programming about commercial real estate networking, learning, and investing. The advanced rate is available until August 27. Click here to learn more.