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On February 1, President Obama released his budget proposal for 2011.
Consistent with its proposed FY 2010 budget, the Administration's again
has recommended limiting the value of the mortgage interest deduction
(MID) for upper income taxpayers by, in effect, converting the deduction
to a 28% tax credit for those individuals currently in the 33% or 35%
tax brackets.
Advocacy
Recently in Federal
February 22, 2010
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December 8, 2009
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For 2009, the National Association of REALTORS primary public policy goal was to focus on efforts that stimulate, stabilize and strengthen real estate markets across the nation while also protecting the business interests of members. As we near the end of 2009, NAR has made significant progress on both the legislative and regulatory fronts. The successes highlighted below represent a small portion of the activity conducted on behalf of REALTORS® in 2009.
September 25, 2009
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National Association of Realtors® is calling upon its 1.2 million members to urge Congress to extend the successful homebuyer tax credit into next year. Since its inception earlier this year, the $8,000 first-time homebuyer tax credit has brought 1.2 million new buyers into the market--350,000 of whom would not have purchased a home without the credit, according to NAR. The credit is due to expire November 30th.
August 26, 2009
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On August 20, 2009, Freddie Mac confirmed in writing that its servicers are not allowed to renegotiate short sales commissions. According to the policy, as a condition of the servicer's acceptance of a short sale offer, servicers cannot renegotiate the sales commission below the amount agreed to by the real estate broker and the seller/borrower. However, if the negotiated commission exceeds 6 percent, servicers are required to limit it to 6 percent. This Freddie policy is consistent with Fannie Mae's policy. NAR has asked Freddie to establish an appeals process for cases when servicers refuse to comply with Freddie Mac's policy.
August 13, 2009
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NAR Develops New Lead Paint Compliance Guide
This compliance guide provides information for REALTORS® and property managers on the Environmental Protection Agency's (EPA) new Renovation, Repair and Painting Rule. The guide describes the new lead-based paint safety practices established by the rule and what steps REALTORS® and property managers need to take to comply with the new procedures. The guide includes a short introduction, two narrated presentations and two sets of frequently asked questions answered by EPA officials and regulatory experts--one video each for REALTORS® and property managers. Please contact NAR's Russell Riggs at 202-383-1259 or rriggs@realtors.org if you have any questions.
Detailed guidance on the federal government's plan to provide short-term loans to borrowers using the First-Time Homebuyer Tax Credit was announced this week. The short-term loan program, which would effectively monetize the first-time homebuyer tax credit by permitting eligible lenders to make bridge loans collateralized by the borrower's expected tax credit, was announced by HUD Secretary Shaun Donovan at the NAR Real Estate Summit earlier in the month.
The IRS released additional information to help homebuyers understand the ways they can file to receive the homebuyer credit. It is important for taxpayers to know that they must complete the purchase and close or take up residence in the case of new construction in order to be eligible to file for the credit. Here are the four main options listed by the IRS:
March 27, 2009
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NAR has issued a flyer highlighting the concerns raised by REALTORS® about the short sales process: lack of uniformity, lost documents, unrealistic views of values, greater losses by the lenders who foreclose instead of approve a short sale, delays, nonresponsiveness, and servicer inexperience. In response to NAR's Short Sales Issues Work Group recommendations, NAR staff has undertaken several initiatives to improve the process, The flyer describes these initiatives and will be updated as progress is made.
The homebuyer tax credit is one of 10 key provisions of the American Recovery and Reinvestment Act signed by President Obama into law on Feb. 17, 2009. The bill provides for a $8,000 tax credit that would be available to first-time home buyers for the purchase of a principal residence on or after January 1, 2009 and before December 1, 2009. The credit does not require repayment. Most of the mechanics of the credit will be the same as under the 2008 rules: the credit will be claimed on a tax return to reduce the purchaser's income tax liability. If any credit amount remains unused, then the unused amount will be refunded as a check to the purchaser. For more information on the tax credit, click here.
February 14, 2009
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A guest opinion by Brad Boland, Jobin Realty
Chairman, Dulles Area Association of REALTORS®
Some good news for the future of the Loudoun County real estate market came along with the passage of President Obama's whopping $787 billion stimulus bill entitled the "American Recovery and Reinvestment Act of 2009". Although the stimulus bill will not be the last of the fiscal bills to address the real estate market, there are several programs designed to provide short-term incentives to home purchasers as well as funding to help provide a much-needed boost to the local economy:
