News from July 2008
July 30, 2008
NAR STATEMENT ON PRESIDENT SIGNING HOUSING BILL
The National Association of Realtors® and its 1.2 million members commend President George W. Bush for his quick action in signing the housing stimulus bill today. This legislation will go a long way to help stabilize the housing market and make the dream of homeownership more attainable for many Americans. In addition, more families will be able to refinance into safer, more affordable mortgages, in many cases helping those families avoid a devastating foreclosure.
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July 24, 2008
"How FHA Can Help You and Your Clients"
Through this presentation review recent events in the mortgage market, examine key elements of the FHA program, learn about FHA changes on the horizon, and opportunities in FHA lending going forward.
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July 23, 2008
NAR Strongly Supports Downpayment Assistance Programs
Contrary to an email you may have received, the Housing bill being considered in Congress this week does NOT eliminate all downpayment assistance programs from eligibility for FHA insurance. The legislation would only prohibit seller-funded downpayment assistance, or assistance from someone who financially benefits from the transaction. Other forms of assistance - such as family members, government-sponsored programs, or gifts from non-profits would still be permitted.
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July 16, 2008
RES July 2008 Newsletter
Topics in this month's edition include the Housing Stimulus Bill, SHOP Act, FAQs on Identify Theft Red Flag Guidelines and Affiliate Marketing Rules, as well as an article on recent concerns with marketing agreements under RESPA.
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Federal and State Regulators Begin to Scrutinize Marketing Agreements under RESPA
Many real estate brokers have entered into agreements with mortgage lenders and title companies to perform marketing and advertising services in exchange for a marketing fee. These agreements, however, have recently come under fire from both the U.S. Department of Housing and Urban Development (“HUD” or “Department”) and state regulators, particularly the State of Colorado, who are investigating whether the agreements are disguises for prohibited referral fees under RESPA.
NAR is monitoring these investigations and has posted the following article on the issue of RESPA compliance and marketing agreements to provide members with more information on the subject.
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Survey Shows Greater Satisfaction With One-Stop Shopping
NAR and Harris Interactive recently partnered to conduct a public opinion study of consumer preferences when it comes to real estate services. In January, Harris surveyed over 1,400 recent and future home buyers. The last major survey of this type was conducted in 2002. The results show that consumer interest and satisfaction with one-stop shopping for real estate services is growing.
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View full survey findings
July 13, 2008
Homebuyer Tax Credit and Housing Legislation Pass Senate, Moves to House
The proposed $8000 homebuyer tax credit and the FHA and GSE reform and mortgage rescue legislation (H.R. 3221) has passed the Senate and now goes back to the House for what legislators hope will be a binding revision that can pass the House and Senate before the end of July. This "ping pong" effect arises because some Senate Republicans have lodged formal objections to the usual process of taking two differing versions of the bill to a House-Senate conference.
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View a side by side chart comparing the House and Senate tax provisions
July 8, 2008
Home Sales To Vary In Narrow Range, Then Rise in Second Half
Modest near-term movement is expected in existing-home sales, with a recovery in sales seen during the second half of the year, according to the latest forecast by NAR.
