While the U.S. homeownership rate has continually increased during the last decade – to 65.5% in 2021 (from 64.7% in 2011) – the Black homeownership rate has not kept pace with increases of other racial groups. Also, people of color endure significant buying challenges throughout and even after their home purchase, according to a report released today by the National...
As borrowing costs increase, rate dispersion among lenders is growing. Your clients could save up to $1,200 annually by shopping around, experts say. Mortgage rates are inching up, with the 30-year fixed-rate loan increasing to a 6.5% average last week, Freddie Mac reports. Homeownership remains attainable for Americans who can afford a 20% down payment and a monthly mortgage payment of...
NAR has committed to educate members and consumers about rental assistance but urges policy around the root cause of affordability issues. NAR offered the White House a commitment to educate its more than 1.5 million members on renter assistance and protections as part of the Biden administration’s new plan to alleviate rental affordability pressures across the country. The plan’s blueprint...
The interest rate for a 30-year loan hover near the best levels since September, nearly a whole percentage point down from a 7.08% peak just two months ago. Affordability woes are still spooking buyers, but another decrease in mortgage rates could bring them back to the market. The interest rate for the 30-year mortgage averaged 6.13% last week, Freddie Mac reports,...
Nationally, pending home sales increased for the first time in six months, and new home sales and mortgage applications are rising. New housing data offers hope that the market slowdown may be short lived. Nationally, pending home sales rose 2.5% in December, ending a six-month slide, the National Association of REALTORS® reported last week. New-home sales also rose 2.3% last month,...
The decision ends a Department of Justice inquiry into the association’s Clear Cooperation Policy and participation rule. On Wednesday, a federal judge granted the National Association of REALTORS®’ petition to end a Department of Justice inquiry into the association’s Clear Cooperation Policy and participation rule. NAR filed the petition in September 2021 after the Department of Justice announced it was backing out of...
On Friday, December 23, the U.S. House of Representatives passed the FY 2023 Omnibus spending package, narrowly avoiding a shutdown and funding the federal government through September 30, 2023. The $1.7 trillion spending package includes funding for agency programs and initiatives important to real estate, including: Reauthorizing the National Flood Insurance Program (NFIP) through September 30, 2023; $86 million for HUD Fair...
Congratulations to CAR members who have been selected to serve on NAR Committees and Board for 2022/2023. Please see below a list of Colorado REALTORS® and association staff listed in alphabetical order by last name. Milford D Adams: Fair Housing Policy Committee Tyrone Adams: AEC Recommendations and Recognition Advisory Board Brian E Anzur: Board of Directors Large Association Representative, Insurance Committee Windy Bailey: Fair...
Sitzer/Burnett Class Action Lawsuit Earlier this month, an appeals court rejected NAR’s class certification challenge in the Sitzer/Burnett Case, the lawsuit falsely alleging that sellers are damaged when their listing broker offers to compensate the buyer’s broker. The ruling implies that the case will move forward as a multibillion-dollar class-action lawsuit and is headed for trial in February 2023. The case...
We would like to thank all the candidates who raised their hand to be a candidate for 2022-2023 CAR leadership positions. For those of you who were not elected, you are still a valued leader and member of the association. We strongly encourage and hope you stay involved in CAR. The following are the results for the 2022-2023 CAR Leadership Elections: Chair: Natalie...