NAR Newsletter
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July 2007 |
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Realities is a monthly E-newsletter created especially for industry thought leaders and specialists by the National Association of REALTORS®. Write to us with your feedback and suggestions for future stories. To unsubscribe, click here. |
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Abusive Lending: “National Problem that Requires Solution”
Abusive lending practices are national problems and require solutions that afford the homebuyer greater protection. Irresponsible and abusive lending, including “problematic” loans, are disastrous not only to borrowers and their family but also to the community, and to the economic strength of surrounding communities. Senator Charles Schumer (D-NY) recently held a hearing to discuss this important issue.
read more>>. |
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Support for Troops and Veterans
As the leading advocates for homeownership and affordable housing, REALTORS® have long supported policies that make housing more accessible and affordable for America’s veterans. We support efforts to improve housing benefits for all veterans, no matter where they choose to live.
Homeownership is often referred to as the “American Dream.” In fact, the ability to own property is one of the principles upon which our country was founded, and it is one of the key contributors to our national economy.
Yet, while our soldiers are fighting across the world to preserve the American Dream for all of us, many of them are unable to realize that dream. America’s Realtors believe that our soldiers – our veterans – deserve more. |
Clinton-Murphy G.I. Bill Helps Veterans Achieve the “American Dream”
The Clinton-Murphy G.I. Bill of Rights Act introduced in mid-May will exempt veterans from paying loan fees and expand opportunities for veterans to purchase, build, repair or improve a home by increasing access to low interest loans through the Veterans Affairs Home Loan Guaranty Loan Program.
read more>>.
Congress Holds Downpayment Assistance Hearing, NAR Testifies
The American Dream Downpayment Initiative (ADDI) provides HUD-funded grants to help homebuyers, including veterans, with downpayment and closing costs. Allocated through the HOME program, ADDI has already helped more than 23,000 families purchase a home of their own.
read more>>.
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 Total existing-home sales – including single-family, townhomes, condominiums and co-ops – eased by 0.3 percent to a seasonally adjusted annual rate of 5.99 million units in May from an upwardly revised pace of 6.01 million in April.
The national median existing-home price for all housing types was $223,700 in May, which is 2.1 percent below May 2006 when the median was $228,500.
Source: National Association of REALTORS®
Since 1944 when President Franklin Roosevelt signed the Servicemen's Readjustment Act into law, the GI Bill, as it is popularly known, has secured more than $892 billion of financing for veterans' and servicemembers' home loans.
The average VA loan amount is $186,000, and 91 percent of VA borrowers use the zero downpayment benefit.
In 2005 alone, VA guaranteed more than 165,000 loans for mortgages valued at more than $24.9 billion.
• The 21st Century G.I. Bill of Rights Act will increase loan caps for veterans from $417,000, the conforming loan limit, to $625,000.
Source: National Association of REALTORS®
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Lawmakers Scrutinize Private Equity Industry
The Hill, July 10, 2007
Lobbyists predict the fight over tax increases on the hedge fund and private equity industry will become a cash cow for lawmakers. The Private Equity Council, a fledgling industry trade group, the U.S. Chamber of Commerce, the Real Estate Roundtable, the Financial Services Roundtable and an army of contract lobbyists have joined forces to defeat the measure.
read more>>.
Alarms Sound on Dangerous Loans
Washington Post, July 2, 2007
There's a marketing blitz underway aimed at the homeowner in denial -- the one missing mortgage payments, dodging calls from the lender and hoping for the best.
read more>>.
Housing and Retail Markets Entwined
Philadelphia Inquirer, July 1, 2007
You can't ignore commercial trends because apartments and retail, office and industrial development play a critical role in the economics of buying and selling a house.
read more>>.
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© Copyright NATIONAL ASSOCIATION of REALTORS®
Headquarters: 430 North Michigan Avenue, Chicago, IL 60611
DC Office: 500 New Jersey Avenue, NW, Washington, DC 20001-2020
1-800-874-6500
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