Dayton Area Advocacy Update – July 2020

Bob Jones General News, government affairs

Local News

Dayton REALTORS® Government Affairs Committee has successfully completed screenings for candidates running for office this November. We look forward to letting you know about our Dayton REALTOR®-endorsed candidates next month.

We will be presenting our annual auction coming up on August 27. Check the weekly “Dayton REALTORS® Quick Notes” e-newsletter for details on this event.

National News

  • NAR’s Weekly Housing Market Monitor shows a sustained increase in housing transactions as of July 12. The opening up of most businesses in all states, low 30-year fixed mortgage rates, and new payroll job gains are all sustaining the housing market recovery.
  • Congressional leaders are discussing a way forward for the next coronavirus relief bill, while the U.S. House of Representatives continues its work on annual appropriations bills. NAR has already seen wins in this process, including new fair housing and housing counseling investments.
  • NAR sent a letter to HUD this week asking the agency to reverse its effort to weaken a rule meant to combat housing discrimination. Opposition to HUD’s disparate impact rule is growing from the financial industry, Congress, and fair housing advocates like NAR.
  • NAR recently released its new fair housing consumer ad campaign, running it in the New York Times, the Wall Street Journal, and Politico. It’s part of an effort to inform policymakers of NAR’s long commitment against all forms of discrimination in housing and our continued support for fair housing. REALTORS® can use some of the same campaign assets through the free Photofy app.
  • NAR has partnered with the U.S. Chamber of Commerce’s Equality of Opportunity initiative as part of a broad national effort to examine economic inequality and advance economic inclusion in America. Our commitment to this cause and to Fair Housing has only strengthened in response to recent tragedies in America.
  • Business Activity of REALTORS®: Insufficient inventory has hindered the real estate market in recent years, leading residential specialists to reference “difficulty in finding the right property” as the top reason why potential clients may not complete a given transaction. Still, the typical member recorded a higher sales volume in 2019, with a median of one additional transaction than in 2018. “Low inventory continues to be a problem,” said Dr. Jessica Lautz, NAR’s Vice President of Demographics and Behavioral Insights. “Pre-pandemic, housing supply was the number-one hurdle holding back potential buyers, but we continue to be faced with a great deal of pent-up demand but not enough homes.” For the seventh consecutive year, difficulty finding the right home exceeded housing affordability as the greatest factor limiting potential clients from buying. Housing affordability continues to be the second-most important factor limiting potential clients.
  • New Resources for Homeowners Facing Financial Hardship (intended for consumers) via Homeownership Matters. The impacts of COVID-19 were swift and unexpected, leaving many people in a financial emergency. If you have clients, families, or friends that are struggling to pay a mortgage or expect that they will have trouble in the coming months with their credit rating, point them to this resource now. Information at the site includes:
      • HAVING TROUBLE PAYING YOUR MORTGAGE? A new guide from NAR called Protect Your Investment is designed to assist homeowners impacted by COVID-19. Protect Your Investment offers guidance on working with trusted professionals like REALTORS® and housing counselors at HUD-approved agencies. The guide also provides information about payment options offered by lenders and tips for avoiding scams.
      • CONCERNED ABOUT YOUR CREDIT? Are you concerned about how a financial hardship due to COVID-19 may affect your credit? A another new guide from NAR, Protect Your Credit, can help. It outlines the provisions to protect consumers’ credit scores under the Coronavirus Aid, Relief, and Economic Security (CARES) Act.The guide also explains how consumers can obtain a free credit report and what steps to take if you find inaccuracies on the report. Protect Your Credit is the perfect companion piece to Protect Your Investment, which offers guidance to homeowners struggling to meet their mortgage obligations due to COVID-19.
        Visit the Financial Hardship site