National Association of REALTORS® – D.C. Update
Issue Spotlight: Housing Inventory and Affordability
Addressing housing affordability starts with adding to the nation’s severely limited inventory. The U.S. is facing an underbuilding gap of at least 5.5 million units, translating to a $4.4 trillion underinvestment in housing. NAR is advocating for solutions at all levels of government to make housing more affordable, available, and accessible.
View Parts 1 & 2 of the video series on this topic here: https://realtorparty.realtor/issue-spotlight-housing-affordability
Additional Resources Added to NAR’s Consumer Guide Series
NAR has launched 10 resources in NAR’s “Consumer Guide” series, providing homebuyers and sellers the information they need to help them succeed throughout every step of their home buying or selling journey.
We encourage you to share these resources far and wide. Both digital and printable versions of each guide are available here on facts.realtor. All guides are also available in Spanish.
Our latest guides address:
- Seller Concessions: Covers seller concessions and options sellers have to use concessions to help facilitate a successful transaction for both homebuyers and sellers.
- Multiple Listing Services (MLSs): Covers what an MLS is and how its serves as a valuable tool in the homebuying and home selling process.
- Fair Housing: Covers what fair housing is and how consumers and agents have rights and responsibilities to promote a homebuying or selling process free of discrimination.
- Listing Agreements: Covers what a listing agreement is and guidance to help sellers determine the option that will work best for them.
NAR Urges Congressional Leaders to Extend NFIP
On September 25, 2024, Congress extended the National Flood Insurance Program’s (NFIP) authority to provide flood insurance through December 20, 2024.
Most NFIP policies are not affected during brief authorization lapses. Nevertheless, NAR has prepared a FAQ sheet to help answer what an extended lapse could mean for closings and outline proactive steps your REALTORS® and their clients can take today.
Read the Frequently Asked Questions (FAQ) Sheet.
Read the letter to Congressional leaders urging an NFIP extension.
Updated Shutdown Memo
On September 25, 2024, Congress passed a Continuing Resolution (CR) to fund the federal government at current levels until December 20, 2024. If Congress is unable to agree on the provisions of Continuing Resolutions (CRs) to fund the federal government by December 20, 2024, the result will be a partial shutdown of some government operations. A partial shutdown would include some federal housing, mortgage, and other programs of interest to the real estate industry. Essential services, such as the post office, would continue to run. A summary of the impact on selected agencies is provided below.
NAR’s Government Shutdown Memo has been updated to reflect the new deadline of December 20.
While this is a very politically dynamic event, NAR staff will continue to monitor federal agencies and work with Congress, the Administration, and other groups to assess ongoing impacts to NAR members and their businesses. Download the memo here.
| Densay Sengsoulavong, RCE Senior Political Representative | Advocacy Group NATIONAL ASSOCIATION OF REALTORS® | 500 New Jersey Ave. NW | Washington, DC 20001 Email: dsengsoulavong@nar.realtor | Office: 202-383-1233 www.nar.realtor |
