WHAT YOU NEED TO KNOW
The U.S. House of Representatives passed the SECURE Notarization Act at the end of February, marking another crucial step toward allowing nationwide use of remote online notarization technology. NAR has advocated for remote online notarization since 2018 and worked to build support on both the state and federal levels. NAR will continue to urge the bill’s passage in the Senate to promote more accessible, efficient, and secure real estate transactions. Read more
In late February, Vice President Kamala Harris and HUD Secretary Marcia Fudge announced a reduction in mortgage insurance premiums (MIPs) by 30 basis points. NAR has continuously advocated for responsibly reducing MIPs to help qualified home buyers struggling with affordability in the current environment. FHA projects that this reduction will save buyers with FHA mortgages an average of $800 in their first year of homeownership. Read more
NAR filed an amicus brief on March 6 in Tyler v. Hennepein County to defend home equity interests before the U.S. Supreme Court. The case involves a Minnesota statute that allows the government to seize a homeowner’s property to satisfy a government debt and keep any surplus from the sale in excess of the debt owed as a windfall. NAR, along with the American Property Owners Alliance and the Minnesota REALTORS®, filed the amicus brief in support of the property owner’s entitlement to $25,000 in surplus equity – and will continue to defend private property rights. Read more
NAR’s 2023 Snapshot of Race and Home Buying in America found that while the U.S. homeownership rate increased to 65.5% in 2021, the rate among Black Americans lags significantly (44%) and is nearly 29 percentage points less than White Americans (72.7%), representing the largest Black-White homeownership rate gap in a decade. Meanwhile, Asian and Hispanic Americans experienced the biggest homeownership rate gains. Read more
As of February 28, RPAC has reached 38% of its national fundraising goal, with more than $19 million raised at all three levels of the association, and 49% of its federal disbursements allocation goal, with over $4.8 million raised at the national level. RPAC currently has 2,156 Major Investors, 541 President’s Circle members, and a 24% participation rate.
The REALTORS® Relief Foundation announced its 2023 fundraising campaign, aiming to raise $5 million this year to provide housing relief to victims of hurricanes, floods, wildfires, and other disasters. Read more