NAR President Participates in White House Meeting on Housing Supply and Affordability
On September 21, 2022, NAR President Leslie Rouda Smith participated in a White House meeting with a diverse group of housing industry leaders to discuss viable solutions to the nation’s housing supply and affordability crisis. The discussion covered legislative, administrative, private sector, and state and local actions to address housing supply and affordability challenges across the country. Joining from the Administration were National Economic Council Director Brian Deese, Domestic Policy Council Director Ambassador Susan Rice, Housing and Urban Development Secretary Marcia Fudge, and Federal Housing Finance Agency Director Sandra Thompson. This was a candid discussion of ideas about how to fill the historic 5.5 million housing unit gap in the U.S. Read More…
NAR Urges White House to Reduce FHA Mortgage Insurance Premiums
On September 14, 2022, NAR sent a coalition letter to the National Economic Council with the White House urging a reduction of the Federal Housing Administration’s (FHA) annual mortgage insurance premium (MIP). As interest rates continue to rise and economic conditions worsen, it is critical for FHA to reduce the annual MIP so low to moderate-income and first-time home buyers remain competitive in the housing market. NAR was joined in the letter by the Mortgage Bankers Association, National Association of Homebuilders, and Manufactured Housing Institute.
REALTORS® Support Relief for Housing Providers in Legal Suit
NAR recently filed an amicus brief to the U.S. Court of Appeals for the Federal Circuit in support of the National Apartment Associations’ lawsuit alleging that the Center for Disease Control’s (CDC) nationwide COVID-19 eviction moratorium constituted a physical taking under the Fifth Amendment. Read More…
Appraisers Share Biggest Challenges in Recent NAR Survey
The National Association of REALTORS® (NAR) released its annual Appraisal Survey this week, determining the level of impact appraisals have on the current market in terms of cost, turnaround times, and other challenges. It also measures member experiences with bias and discrimination in the appraisal process. The biggest challenge for appraisers is the lack of inventory, according to 66% of respondents. Meanwhile, 47% of respondents said their biggest challenge was rising prices and declining affordability, followed by finding sellers (38%), and navigating multiple-offer situations (28%). Read More…
NAR Applauds Bill to Raise Capital Gains Exclusion and Free Up Housing Inventory
NAR sent a letter thanking Congressman Jimmy Panetta (D-CA) and Congressman Mike Kelly (R-PA) for introducing “More Homes on the Market Act,” this week. The bipartisan bill increases the capital gain exclusion amounts on the sale of a principal residence to $500,000 for single filers and $1 million for joint filers and indexes the exclusion for inflation. The bill will provide the necessary tax relief for certain homeowners, particularly senior citizens, who have been unable to move because of the onerous tax burden that could result if they were to sell. The California Association of Realtors also thanked both legislators in a news release.
NAR Asks Supreme Court to Overturn Pocket Listing Ruling
On Sept. 23, NAR and three of the largest multiple listing services in the nation — California Regional MLS, Bright MLS and Midwest Real Estate Data (MRED) — filed a petition to the U.S. Supreme Court, known as a writ of certiorari, asking the court to review a ruling by the Ninth U.S. Circuit Court of Appeals made in April. That ruling allowed a case filed by former pocket listing service, The PLS, to proceed. NAR hopes a review from the nation’s highest court will change that. It is worth noting that four of the nine justices on the Supreme Court must vote to accept a case and the court only accepts a tiny percentage of the cases it’s asked to review each year: 100-150 of more than 7,000 cases. NAR recognizes that the petition “has a small chance of being granted and yet it stands a chance because it presents important issues of antitrust law that have nationwide impact in their application. Read More…
NAR Names “Revive” the Winner of the 2022 Pitch Battle at iOi Summit
NAR announced Revive as the winner of the fourth annual “Pitch Battle” competition at the 2022 Innovation, Opportunity & Investment (iOi) Summit. NAR’s strategic investment arm, Second Century Ventures, hosted this year’s Pitch Battle in Los Angeles, California. The competition provided an opportunity for 12 finalists to showcase innovative new tools and resources for commercial and residential real estate marketplaces. The top prize was awarded to Revive, a fast-growing startup with a mission to guide home sellers through renovations to sell their property for more. The company, founded in 2019, uses a next-generation approach to home preparations that enables sellers to make the most practical and impactful updates without the upfront cost and uncertainty generally associated with home improvements.