Congress is still trying to avoid a lapse in the National Flood Insurance Program.  The program will expire on May 31, 2010 unless Congress reaches an agreement on an extension before adjourning for the Memorial Day recess.  The best information we have received from our Congressional allies is that it is likely an agreement WILL NOT BE REACHED before the expiration.  During the Memorial Day congressional recess, NAR Federal Political Coordinators will be setting up meetings with Members of Congress to urge immediate action on a lasting NFIP extension.  Additional information regarding NAR's policy position is available at www.realtor ...
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Under current law, the carried interests (or profits interests) of general partners in real estate partnerships are taxed at capital gains rates (currently 15%) when the property is sold. In 2008 and 2009, the House passed legislation that changed the rule so that carried interests in real estate partnerships (and many other investment arrangements, as well), would be taxed as ordinary income. This provision has been very controversial. Until last week, the Senate had been unwilling to adopt this far-reaching legislation. Now, the chairs of the tax-writing committees have agreed that carried interest will be among the provisions used to "pay for" a very large package that will exte ...
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Yesterday, Governor Brewer signed HB 2345 into law. The bill stipulates that HOAs cannot prohibit or regulate temporary open house signs, a unit owners for sale sign, an owners agents for lease sign or open house hours for property that is for sale or lease. This bill is another win for REALTORS and private proeperty rights! HistoryThe Title 33, Chapters 9 and 16, Arizona Revised Statutes, outline the regulatory requirements for condominiums and single-family home Planned Communities, respectively.  Such Planned Communities are commonly referred to as homeowners’ associations (HOAs).  Currently statute states that HOAs cannot prohibit the indoor or outdoor display o ...
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In 2008, voter’s passed Prop. 100, a constitutional amendment to prohibit the state, county or city from charging a transfer fee on the sale of a home, by a margin of 77% to 22% a constitutional amendment to prohibit the state, county or city from charging a transfer fee on the sale of a home.  Unfortunately, the ballot measure did not include a prohibition on private transfer fees and a new property transfer fee scheme arose in which third-party companies enter into agreements with developers to record permanent covenants and liens on each home built.  Subsequently, each time the home is sold – for as long as 99 years – a percentage of the sales price is div ...
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© Marketwire 2010 In a Mortgagee Letter released today, HUD announced guidance for accepting electronically signed documents from third parties, that is, sales contracts. Read more. ...
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Dear Fellow REALTOR®, On Thursday, March 25th, 2010, the House of Representatives and the Senate approved the last of two health reform bills.   HR 4872, the Health Care and Education Reconciliation Act, makes changes to HR 3590, the Patient Protection and Affordable Care Act, signed into law by the President on Tuesday, March 23rd.  HR 4872 now goes to the President who has indicated that he will sign the bill.   For more information on the bill's provisions and how they affect you, please go to NAR's Health Reform webpage located at More >>

The Obama administration has announced a major shift in transportation policy by officially embracing the concept of "complete streets" which accounts for the needs of all transportation users, including pedestrians, bicyclists, and transit users, whenever transportation projects are planned. On March 16, 2010, Ray LaHood, Secretary of the U.S. Department of Transportation released formal guidance for state and city transportation departments, encouraging them to adopt their own complete streets policies that facilitate the "development of fully integrated active transportation networks." According to the USDOT announcement, "The establishment of well-connected walki ...
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© NY Times 2010Under pressure from Congress, the Obama administration is taking a tentative first step in developing a plan to replace Fannie Mae and Freddie Mac, the huge mortgage-finance companies that the government took over in 2008.  On April 15, the Treasury Department and the Department of Housing and Urban Development will publish a list of questions seeking comment on the appropriate role of the government in housing policy and housing finance, as well as the design of mortgage products and protections for consumers who use them.  The government has so far spent $126 billion bailing out Fannie and Freddie. Republican criticism over the absence of a plan for the instit ...
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©Reuters 2010 Less than 24 hours after the House of Representatives gave final approval to a sweeping overhaul of healthcare, attorneys general from several states on Monday said they will sue to block the plan on constitutional grounds. Read more. ...
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Last week, NAR 2009 President Charles McMillan testified before the House Financial Services Housing Subcommittee on the recent (and upcoming) changes to the FHA single-family guarantee program. In his testimony, Charles stressed the importance of FHA and the critical role it is playing in our nation's economic recovery. With respect to the changes, FHA has increased the upfront premium for borrowers while it awaits legislative authority to increase the annual premium. They have said they will decrease the upfront when the can increase the annual premium. NAR supports changes to replenish the FHA reserves, but urges prudence in not unnecessarily increasing costs to borrowers. NAR also ex ...
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