Pending Home Sales Expand 1.2% in November

“Despite the insufficient level of inventory, pending home contracts still increased in November,” said Lawrence Yun, NAR’s chief economist, noting that housing inventory has been in decline for six straight months dating back to June 2019. “The favorable conditions are expected throughout 2020 as well, but supply is not yet meeting the healthy demand.”At the [...]

By |2019-12-30T14:46:17+00:00December 30th, 2019|Uncategorized|0 Comments

Window to the Law: Fair Housing Update

For more than 50 years, the Fair Housing Act has declared a national policy prohibiting discrimination in housing. And yet, there is still much progress to be made. For example, according to the U.S. Census Bureau, the percentage of African-American homeowners fell to an all-time low in 2019, on top of recent investigations revealing discrimination [...]

By |2019-12-20T17:27:18+00:00December 20th, 2019|Uncategorized|0 Comments

Final Rules Issued on Qualified Opportunity Zones

On Thursday, the Trump administration finalized regulations officially implementing its Qualified Opportunity Zone (“QOZ”) program.The initiative was created by Congress as part of the 2017 Tax Cuts and Jobs Act. Designed to encourage economic growth in underserved communities through various unique tax incentives, the rule has been championed by NAR and is being welcomed by [...]

By |2019-12-20T16:14:27+00:00December 20th, 2019|Uncategorized|0 Comments

November 2019 Existing-Home Sales

NAR released a summary of existing-home sales data showing that housing market activity this November fell 1.7%. November’s sales of existing homes increased 2.7% from November 2018. November’s existing-home sales reached a 5.35 million seasonally adjusted annual rate. The national median existing-home price for all housing types reached $271,300 in November, up 5.4% from a [...]

By |2019-12-20T16:00:59+00:00December 20th, 2019|Uncategorized|0 Comments

Congress Extends 179D Through 2020

On Thursday, December 19, the Senate reauthorized the 179D Energy Efficient Commercial Buildings Deduction through 2020 (and two years retroactively to include 2018 - 2019) as part of H.R. 1865, a year-end federal spending bill to fund the federal government.  This keeps this important deduction available for commercial property owners through 2020, and allows them [...]

By |2019-12-19T22:13:39+00:00December 19th, 2019|Uncategorized|0 Comments

Congress Reauthorizes TRIA for 7 Years

On Thursday, December 19, the Senate passed a 7-year reauthorization of the Terrorism Risk Insurance Program (TRIP, or TRIA) as part of H.R. 1865, a year-end federal spending bill.  The program was set to expire at the end of 2020, and is now reauthorized through 2027.  The reauthorization language was taken from H.R. 4634 (the [...]

By |2019-12-19T22:08:17+00:00December 19th, 2019|Uncategorized|0 Comments

With Support from Realtors® Across North America, NAR Applauds House Approval of USMCA

WASHINGTON (December 19, 2019) – National Association of Realtors® President Vince Malta issued the following statement after the House of Representatives on Thursday voted to ratify the United States-Mexico-Canada Trade Agreement. In a letter to Speaker Pelosi and Minority Leader McCarthy sent last week, NAR, the Canadian Real Estate Association and the Asociacion Mexicana de Profesionales [...]

By |2019-12-19T18:57:13+00:00December 19th, 2019|Uncategorized|0 Comments

Housing Affordability Slightly Dips in October 2019

At the national level, housing affordability conditions improved in October 2019 compared to last a year ago but slightly fell compared to September, according to NAR’s Housing Affordability Index. Median home prices rose 4.6% percent in October from one year ago. The effective 30-year fixed mortgage rate1 also slightly rose to 3.74% this October from 3.65% [...]

By |2019-12-19T18:28:18+00:00December 19th, 2019|Uncategorized|0 Comments

NAR Weighs in on Supreme Court Review of CFPB

NAR jointly filed a neutral amicus brief with the Mortgage Bankers Association (MBA) and the National Association of Homebuilders (NAHB) in the Supreme Court case examining the structure of the Consumer Financial Protection Bureau (CFPB). The issues before the Court are focused on whether the vesting of substantial executive authority in this independent agency led by a [...]

By |2019-12-19T17:00:56+00:00December 19th, 2019|Uncategorized|0 Comments