Congressional Spooky Season Shifts to December, What You Need to Know, Success Stories, and More
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| October 14, 2021 |
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More than $8.6 trillion in mortgage debt is backed by the federal government, making the real estate sector highly susceptible to market instability due to a potential debt default. Last week, NAR President Charlie Oppler joined President Biden and other business leaders at the White House to discuss the urgent need to raise or suspend the debt ceiling. |
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| On October 1, FEMA began implementing its new flood insurance pricing methodology – Risk Rating 2.0: Equity in Action – following nearly a decade of work with NAR and other stakeholders to revamp the National Flood Insurance Program. This system will produce more accurate, equitable, and science-based rates that better reflect the specific flood risk of each individual home. |
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| Sixty percent of non-homeowning millennials say student loan debt is delaying their ability to buy a home, by far the most affected population, according to a new poll released by NAR. They often must choose between investing in their retirement, purchasing a home, getting married, starting a family, or general savings. |
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| The youngest adults in the housing market – Gen Z – feel the strongest about one day becoming homeowners. Nearly 84% recently surveyed say that owning a home is a major component of achieving the American dream, according to a new survey from Cinch Home Services, a home warranty firm. |
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| The REALTOR® Party At Work |
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| Big Bear Association of REALTORS® Opposes Cap on Short-Term Rentals |
| For a municipality whose primary revenue source is a Transient Occupancy Tax, the City of Big Bear Lake, California, would seem to have been shooting itself in the foot when the City Council found itself facing a vote to cap short-term rental permits. The Big Bear Association of REALTORS® used the REALTOR® Party’s Advocacy Everywhere program to oppose the threat and protect the rights of homeowners. |
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| Connecticut REALTORS® Fend Off Transfer Tax |
Nearly every year, the Connecticut legislature seeks revenue through a new tax or fee that would add to the cost of buying a home or commercial property. And every year, the Connecticut Association of REALTORS® fights it. With help from the REALTOR® Party’s Advocacy Everywhere program and an Issues Mobilization Grant, Connecticut REALTORS® built opposition to the latest fee proposal, including issuing a Call For Action that netted the highest response in the association’s history. |
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| Rogue Valley Association of REALTORS® Launches Wildfire Safety Campaign |
The Rogue Valley Association of REALTORS® was poised to begin a major Wildfire Safety Campaign in the City of Ashland, Oregon, in Spring 2020. The pandemic and a massive wildfire forced them to delay, but the REALTORS® knew the campaign was more necessary than ever. One year later, with the help of a REALTOR® Party Consumer Advocacy Grant, they carried out their original plans with several unexpected benefits. |
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| Virginia REALTORS® Launches Fairhaven Competition |
Virginia REALTORS® challenged the state’s more than 36,000 REALTOR® members to complete Fairhaven, NAR's interactive fair housing tool, and honored the top five associations with the highest percentage of Fairhaven completion during its annual convention and centennial celebration. Virginia’s challenge quickly gained national attention and inspired other state associations to follow suit. |
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