National News
NAR Takes a Stand on Fair Housing
NAR and other housing groups condemn the Presidents’ proposal to roll back redlining progress and eliminate the rule that strips away a vital tool for fulfilling the original civil rights purpose of the 1968 Fair Housing Act. “The National Association of REALTORS® is disappointed that HUD has taken this step, which significantly weakens the federal government’s commitment to the goals of the Fair Housing Act,” NAR President Vince Malta said in a statement. “The viability of our 1.4 million members depends on the free, transparent, and efficient transfer of property in this country, and NAR maintains that a strong, affirmative fair housing rule is vital to advancing our nation’s progress toward thriving and inclusive communities. With the pandemic’s disproportionate impact on people of color reminding us of the costs of the failure to address barriers to housing opportunity, NAR remains committed to ensuring no American is unfairly denied this fundamental right in the future.” See NAR President Vince Malta’s statement here.
Adverse Market Refinance Fee Implementation now December 1
The Federal Housing Finance Agency (FHFA) directed Fannie Mae and Freddie Mac (the Enterprises) to delay the implementation date of their Adverse Market Refinance Fee until December 1, 2020. The fee was previously scheduled to take effect September 1, 2020.
REALTORS® Applaud FHFA for Forbearance Announcement, Encourage Extension Through the Fall
National Association of REALTORS® President Vince Malta issued a statement after the Federal Housing Finance Agency announced that Fannie Mae and Freddie Mac will continue buying qualified loans in forbearance through September 30, 2020. In a letter to the FHFA sent Monday, NAR called on the agency to continue its forbearance purchase initiative through this fall while eliminating all fees associated with the program. “America’s 1.4 million REALTORS® are relieved that homebuyers will retain access to affordable mortgage options as the FHFA continues purchasing qualified loans in forbearance through next month,” said Malta. See more here.
NAR Support for Next Pandemic Response Bill
In support of ongoing negotiations for pandemic relief packages, NAR recently sent a letter to Congressional leaders outlining key issues for REALTORS®, consumers, and the real estate industry. NAR urged continued focus on the housing security needs of Americans, increased consumer access to credit, and financial flexibility for businesses and independent contractors. This included several proposals to include or extend such as:
- Mortgage and Rental Assistance, Forbearance Extensions, Eviction Moratoriums, and Funding for Housing Counseling Services;
- Consumer Credit Protections, Mortgage Market Liquidity, and Regulatory Relief;
- Limited Liability Protections, Unemployment Assistance Extensions, Federal Lending Program Modifications (EIDL, PPP, Fed Main Street), and Remote Online Notarization;
- Broadband Access, and State and Local Government Support.
Housing Market Defies Expectations Amid Economic Turmoil
The U.S. housing market, the epicenter of the nation’s last economic meltdown, is thriving — and that’s helping to keep the country afloat during the latest crisis, even as other industries struggle to survive. See full article here.
First Time Homebuyer Pandemic Savings Act
NAR encouraged lawmakers to sign onto the First Time Homebuyer Pandemic Savings Act that would allow first-time buyers to use special coronavirus rules to access retirement account funds for down payments. NAR also sent a letter this week to the House Financial Services Committee asking that all Americans benefit equally from COVID-19 recovery provisions.
Commercial NEWS
Commercial Realtor Market Insight Report
This report gives a deep dive into the data showing how the pandemic has accelerated the demand for industrial warehouses and e-commerce sales. Commercial real estate sales and leasing contracted heavily in the second quarter. However, the worse may be over based on lower CMBS delinquency rates and with sustained job openings. The industrial property market is the least impacted, with demand for industrial properties supported by the continuing shift towards e-commerce while store sales decline.
UPDATED Coronavirus Resources
- Main Page: https://www.nar.realtor/coronavirus#section-181292
- The Lost Wages Assistance Program: https://www.nar.realtor/political-advocacy/coronavirus-the-lost-wages-assistance-program
- Housing Providers FAQs: https://www.nar.realtor/political-advocacy/coronavirus-housing-providers-faqs
- Pandemic Unemployment Assistance FAQs: https://www.nar.realtor/political-advocacy/coronavirus-pandemic-unemployment-assistance-faqs
State News
Join Ohio REALTORS® Coffee & Conversation this month with Ohio State Representatives (click link to register):
- Representative Laura Lanese – September 8th from 2:00PM – 2:30PM
- Ohio Supreme Court Justice Judith French – September 16th from 2:30PM – 3:00PM
- Secretary of State Frank LaRose – September 29th from 9:00AM – 9:30AM
- Representative Rick Carfagna – October 1st from 10:00AM – 10:30AM
Local News
Voter Registration Efforts are Underway
Dayton Realtors Government Affairs is hosting multiple voter registration events. Our first successful event was initiated by Bernadette Gerren and Dayton Realtists on Monday, August 31st. The next event will be held with Care Source and Montgomery County Recorder Brandon McLain.
CE Credit for Working the Polls!
Did you know that The Ohio Real Estate Commission will award three (3) hours of core law continuing education credit to active and inactive Ohio Real Estate Licensees who serve as a poll worker during the Nov. 3, 2020 election? Please click here for complete details and review the Policy Statement.
Dayton REALTORS® and Levitt Pavilion
Dayton REALTORS® is hosting an online concert with Levitt Pavilion and local talented artist Anna Maria. Dayton Realtors President Sham Reddy introduces the event by letting the community know local REALTORS® are champions of homeownership for all. You can watch the event live or recorded at the Levitt Pavillion website.
DARPAC Auction and Trivia Night is a Success
Thanks to all who participated in our first virtual DARPAC Auction! We successfully raised nearly $30,000 through our DARPAC Champions! Congratulations to Joe Willen, who won the trivia contest.
