Delegates from the Santa Barbara Association of Realtors went to the National Association of Realtors meeting in Washington, D.C., last week. At these meetings, we explored emerging real estate trends, MLS policy, new ways to honor the 100-year anniversary of the Code of Ethics as well as discussion of critical state issues that need the assistance of our national association, like allocating funds to fight imminent domain cases of underwater mortgages in Nevada.
In addition to the regular business, this midyear meeting is an opportunity for us to meet face to face with members of Congress and the House of Representatives.
The issues discussed with our legislators included preservation of homeowner tax policies, including the mortgage interest deduction, which has been a benefit of homeownership since 1913. We discussed the importance of other tax protections, such as the capital gains exemptions and the property tax deduction as essential to preserving our market recovery.
Also in play are the dissolution of FHA (Federal Housing Authority) loans. These loans have fueled our nation’s real estate recovery and will begin a pay back of bail out funds within the year. Now is not the time to dissolve this vital program.
Along the lines of financing and doing “no harm” to housing, we also let our legislators know that although we all agree that reforms are necessary to Fannie Mae and Freddie Mac, now is not the time to disrupt their process. We need to have credit available at reasonable interest rates to continue the economic growth we are experiencing due to the spike in home values and consumer confidence.
NAR President Gary Thomas stated, “Realtors are leading advocates for homeownership and private property rights, and want to ensure that their point of view on important housing and investment issues is heard at all levels of government. … We need to ensure that any policy decision that our elected officials are making today or in the future continue to support, and not hurt housing markets, America’s 75 million current homeowners and those who aspire to one day own a home of their own.”
Particularly in California, where real estate is driving the economic recovery, it is essential that these issues are addressed with our lawmakers. Your local Realtors are taking these issues to the Hill to make sure that we’re all heard.
A special thanks is due to those SBAOR representatives who traveled with me and have been leading the charge for years: Bob Hart, Diana Bull, Toby Bradley and government affairs director Krista Pleiser.
— Laurel Abbott is a real estate agent with Prudential California Realty and president of the Santa Barbara Association of Realtors. Contact her at laurel@laurelabbott.com or 805.879.8050. The opinions expressed are her own.