NAR achieved so much in 2012, but one event clearly defined the year, the REALTOR® Rally to Protect the American Dream of Homeownership. For the first time in the 105-year history of the Association, thousands of REALTORS® gathered in Washington, D.C., and became one nation, a rally nation dedicated to protecting the promise of homeownership. That historic moment is commemorated as the theme of NAR's 2012 Annual Report.
The long-sought five-year reauthorization of the National Flood Insurance Program became law in 2012, bringing certainty to real estate transactions across the country. NAR also pressed for legislation to ensure affordable homes for our nation's veterans and encourage foreign investment in real estate, which were signed into law.
As part of the overall deal on the budgetary "fiscal cliff," mortgage cancellation relief was extended, itemized tax deduction limitations were repealed, cost recovery for leasehold improvements was renewed, and capital gain on a principal residence was protected. Members understood the significance of this legislation by sending a record number of letters to Capitol Hill urging Congress to "Do No Harm" to housing.