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The Budget “Sequester” – What is it and what is the impact on FHA?
What is “the sequester“?
The sequester is a group of cuts to federal spending that took effect on March 1, 2013.
The sequester was originally passed as part of the Budget Control Act of 2011, better known as the debt ceiling compromise.
It was intended to serve as incentive for the Joint Select Committee on Deficit Reduction (aka the “Supercommittee”) to come to a deal to cut $1.5 trillion...
REALTOR® Call for Action: Do No Harm to Housing
The REALTOR® Party needs your urgent help to protect the stability of the American housing market and the general economy. By now you have seen countless news reports concerning the “fiscal cliff.”
Many of these reports speculate that a change to the long-standing policy that allows homeowners to deduct mortgage interest payments from their income taxes could be part of a “fiscal cliff” deal.
REALTORS®...
NAR Call for Action – Tell Congress to Preserve Access to Safe and Affordable Mortgages
NAR is seeking Congressional support for H.R. 273 and S. 3541. H.R. 273 and S. 3541 provide a long-term solution to maintain access, for growing communities, to the United States Department of Agriculture, Rural Housing Service Section 502 Program.
Only Congress can prevent more than 900 growing communities in 48 states from losing eligibility for the Section 502 Program. Currently, the Section 502...
Healthcare Legislation Upheld – 3.8% Investment Income Tax Effective in 2013
Now that the U.S. Supreme Court has upheld the health care legislation, all of its major provisions remain in effect, including the new 3.8% tax that was designed to affect upper income taxpayers. Not long after the tax was enacted in 2010, erroneous and misleading documents went viral on the Internet and created a great deal of misunderstanding and made the tax into something far more draconian...
REALTORS® Oppose Funding Payroll Tax Cut On the Backs Of Homeowners
On Saturday, December 17, the U.S. Senate approved a two-month extension of a payroll tax cut that is due to expire at the end of December. But did you know that as part of the Senate’s proposed plan, the cost will fall on people who buy a house or refinance their mortgage starting in 2012?
The proposal is found in H.R. 3630, the “Middle Class Tax Relief Act of 2011.” Under Title...
2011 NAR Legislative and Regulatory Year in Review
During 2011, the REALTOR® Legislative and Regulatory Agenda has focused on ensuring the continued flow of capital into the real estate market, preserving residential and commercial property ownership, and protecting the business interests of its members. NAR recently released a status update for each of these areas of legislation.
Ensuring the Flow of Capital into the Real Estate Market
Restructuring...
Congress Extends Flood Insurance Until Nov. 18 – Action Needed
On October 4, Congress extended National Flood Insurance Program (NFIP) authority as part of a broader government funding measure, the Continuing Appropriations Act (H.R. 2608). This latest extension will run through November 18, 2011.
The House and Senate are currently working on legislation that would extend the program for five years and make needed reforms to the program. The House passed its version...
Two Important Calls For Action That Affect YOUR Profession – Have You Visited the Realtor Action Center?
It’s an easy address to remember – www.realtoractioncenter.com – and its contents provide you with a wealth of information so that you can increase your involvement in the political process.
The National Association of REALTORS® has issued two very important Calls For Action, and with a couple of clicks of your mouse at www.realtoractioncenter.com, you can make a difference.
Call...
NAR Launches Consumer Call for Action on Proposed 20% Down Payment Requirement
This week, the National Association of REALTORS® (NAR) launched its first consumer Call for Action to six million current or future home owners asking them to support the association’s opposition to the proposed “Qualified Residential Mortgage” regulation that would require a 20% down payment on a purchase of a home.
Consumers (your clients) can visit HomeOwnerActionCenter.com to...
The 3.8% Investment Income Tax Is Not a Real Estate Transfer Tax
Shortly after the federal government enacted sweeping healthcare reform in 2010, there was considerable concern over a last-minute addition to the legislation: a 3.8 percent tax on investment income of upper-income households to help shore up Medicare. The tax takes effect in 2013.
Among the concerns expressed by consumers and real estate professionals, both then and today, is that the tax amounts...
