After an eight-year fight that seemed ripe to continue in perpetuity, the battle for banks to engage in real estate brokerage ended quietly this week, with bankers conceding defeat and the National Association of Realtors® largely refusing to discuss the matter. The American Bankers Association, which had led the crusade against the provision for years and had succeeded in changing it to a series of one-year delays, acknowledged that it had given up in its battle against REALTORS®.  HR1105 is the omnibus appropriations bill that was passed by the House last week and passed by the Senate last night.  It now goes onto the President for signing into law.   ...
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 The following is a statement by National Association of Realtors® President Charles McMillan:    "NAR's 1.2 million members are eager to help make President Obama's Making Home Affordable plan a reality. We are pleased that the president released the guidelines today for refinancing and mortgage loan modifications and that the guidelines will be implemented immediately to help struggling homeowners as well as millions of eligible homeowners who have stayed current in their mortgage payments.    "Housing stabilization must be the key ...
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On Tuesday President Obama unveiled his $75 billion foreclosure prevention program but administration officials are still trying to determine which homeowners should qualify.  The administration is developing a standard for lenders to use in evaluating applicants that seeks to exclude homeowners who are not in real need or are too far behind in their payments to be saved. Officials have set some conditions for eligibility, including requiring that borrowers' mortgage payments consume more than 38 percent of their income and that the property be a primary residence.  The Homeowner Affordability & Protection Plan is aimed at stemming the tide of foreclosures as predictions mo ...
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Tax Increase Talk at the Arizona Capitol!   Arizona House Ways and Means Chairman. Rep. Rick Murphy, has expressed a strong interest in pursuing a revenue neutral type of tax reform. However. there also have been several bills introduced at the Legislature to simply raise taxes to help close the budget deficit. Not suprisingly, Arizona's universities also are reportedly working on these efforts to “enhance revenues.”  To read Bob Robb's editorial on these efforts, please click here ...
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The Senate held a key procedural vote last night on the $838-billion stimulus bill, setting up Tuesday’s passage and then a conference committee with the House to determine what the final version should look like. Needing to hit a 60-vote requirement to end debate and vote on the bill, the Senate voted 61-to-36 on the legislation, which is a rewrite of the legislation sent over by the House in the last week of January. Only a handful of Republicans voted for the bill, with most coming out against it. The cost of the Senate version was tagged at $780 billion after the compromise was reached Friday. But after amendments, the Congressional Budget Office said today the 10-year pr ...
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Last evening the United States Senate unanimously passed a bipartisan amendment, offered by REALTOR® Champions, Senators Johnny Isakson (R-GA) and Joe Lieberman (ID-CT) to the Economic Stimulus Bill creating a $15,000 tax credit to individuals who purchase a home in the next year.  Specifically, the Isakson-Lieberman amendment to the pending economic stimulus bill would provide a direct tax credit to any homebuyer who purchases any home. The amount of the tax credit would be $15,000 or 10 percent of the purchase price, whichever is less. Purchases must be made within one year of the legislation’s enactment, and the tax credit would not have to be repaid.  The amendment wo ...
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The First Regular Session of the 49th Arizona Legislature convenes on Monday, January 12th, 2009, at Noon. In 2009 we will once again be facing some hard ongoing issues. These include water, transportation, taxes, small business health plans and State Trust Land among many others. AAR will persist following the issues that impact our members and will continue to work closely with the Governor and the legislature next session on these critical concerns. ...
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PROP 100 WINS DECISIVE VICTORY!!!! Voters sent a strong message to legislators on November 4 by passing the Protect Our Homes Initiative to prevent real estate transfer taxes in Arizona.  The unofficial results posted on the Secretary of State's website show that over 1,355,494 Arizonans, or 76.9% of voters, voted in favor of Prop. 100! Thank you to everyone who helped us achieve this major victory for Arizona homeowners to protect their homes and property from double taxation. ...
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It's Election Day in Arizona!!! Please be sure to get out and vote in support of Proposition 100!!! Protect Your Home by voting YES!!!! ...
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Arizona Secretary of State Jan Brewer's office is conducting a series of town hall meetings around the state to educate the public about the General Election ballot propositions.  An invitation was extended to the known ballot proposition support and opposition groups to participate in the discussions. To watch Frank Dickens, the Prop 100 Protect Our Homes campaign Chairman, speak in favor of Prop. 100 please click here. ...
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