Unlocking Homeownership, What You Need to Know, Success Stories, and More
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| June 13, 2023 |
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| Unlocking Homeownership |
June is Homeownership Month, when we celebrate the cornerstone of the American Dream. REALTORS® strive to ensure all Americans have the opportunity to achieve homeownership, but prospective buyers are facing more barriers now than ever before. From testifying before Congress to joining forces with our industry partners, NAR is committed to putting homeownership in reach for more people. |
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| NAR President Kenny Parcell makes the case for why buying a house is the best investment in the latest issue of Kiplinger. “The median value of homes owned by lower-income Americans climbed 75% over the past decade – a gain of roughly $100,000,” he writes. “Middle-income homeowners saw their properties appreciate 68% over the same period, equivalent to a wealth increase of $122,000. Today, home equity is the largest financial asset for American households in the middle three quintiles of the income distribution, accounting for 50 to 70% of this group’s total net worth.” |
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| The U.S. housing market is short more than 300,000 affordable homes for middle-income buyers, according to a new analysis from NAR and Realtor.com®. Middle-income buyers can afford to buy less than a quarter of listings in the current market; five years ago, this income group could afford to buy half of all available homes. |
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| On May 17, NAR President Kenny Parcell testified before a U.S. House panel about the FHFA’s new loan level pricing adjustments (LLPA) fee increase on borrowers with fair to good credit profiles. He stressed that the fees are unnecessary and confusing, especially when potential home buyers already face a lack of affordability and supply. He also praised FHFA’s recent announcement rescinding a proposed LLPA fee on borrowers with debt-to-income ratios greater than 40%. |
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NAR applauds the Supreme Court for 2 recent rulings that further protect the rights of property owners. Tyler v. Hennepin County, which NAR outwardly supported, confirms the equity homeowners build in their properties is a constitutionally protected right and cannot be unduly or unfairly seized by the government. The Sackett v. EPA ruling brings more clarity to the rules and regulations on building on personal land under the scope of the Clean Water Act (CWA). This decision will directly impact ongoing litigation that NAR is part of related to an EPA rule defining Waters of the United States (WOTUS) under the CWA. |
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| As of May 31, RPAC reached 59% of its national fundraising goal with $29.6 million raised at all three levels of the association, and 82% of its federal disbursements allocation goal with more than $8 million raised at the national level. RPAC currently has more than 5,800 Major Investors, 1,617 President’s Circle members, and a 30% participation rate. |
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| The REALTOR® Party At Work |
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| Seattle King County Association of REALTORS® Hosts “Missing Middle” Bus Tour |
| For years, the Seattle King County Association of REALTORS® has been working to help increase inventory, with a focus on lowering barriers to developing affordable options. With a Housing Opportunity Grant and two buses full of elected officials, planning staff, and local housing professionals, the REALTORS® led a tour of a dozen innovative affordable housing sites, demonstrating that thoughtful density is not only possible – it already exists. |
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| Community Outreach Grant Application Period Closed for 2023 |
Due to high demand for Community Outreach Grants, we’ve reached maximum capacity for 2023. The application window is now closed and will reopen on January 2, 2024. We’re grateful for the immense interest in these grants, and we understand their significance to associations and their community development and fair housing-related efforts. We strongly encourage all associations to sign up for a Community Outreach Planning Session to discuss innovative ways to use these grants and maximize their benefits in 2024. NAR is here to provide support throughout the process.
Questions? Contact Christine Windle at 202-383-1135. |
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| Advocacy Resource Guide |
| The Advocacy Resource Guide – Vote, Act, and Invest, REALTOR® Party – includes resources and tools that can help associations reach their advocacy goals and meet Core Standards requirements. State and local REALTOR® association staff can request printed copies for events and conferences by contacting Ted Wright. Requests for printed guides must be submitted two weeks prior to the event. |
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