Thursday, August 4th, 2011The debt ceiling agreement signed into law on August 2, 2011 has no direct impact on real estate tax rules or spending provisions. No tax laws of any kind were changed, nor were any housing programs cut. The debt ceiling passed the House and Senate on strong bipartisan votes: 269-161 in the House and [...]
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A temporary extension of the National Flood Insurance Program (NFIP) was signed into law by President Obama on March 2. This will extend the NFIP through March 28 (it was originally scheduled to expire on February 28). The temporary extension will allow Congress to work on a longer extension, currently pending in the Senate, [...] Nearly one-third of all existing homes sold recently were either short sales or foreclosures, according to National Association of REALTORS® data. To help practitioners meet the needs of home buyers and sellers who need these services, NAR has launched a new Short Sales and Foreclosure Certification Program (SFR). “Foreclosures and short sales can offer opportunities for home buyers, but it’s extremely important to have the help of a real estate professional for these kinds of purchases,” says NAR President Charles McMillan. “This new certification will help them serve a growing need.” The SFR certification program is offered by the Real Estate Buyer’s Agent Council of NAR. The program includes training on how to manage short sale, foreclosure, and real-estate owned transactions, and provides resources to help practitioners stay current on national and state-specific information as the market for these distressed properties evolves. The flagship loans of the U.S. Small Business Administration–as well as a new loan created as part of the federal government’s big economic recovery initiative–are available to individual practitioners, SBA has clarified. The NATIONAL ASSOCIATION OF REALTORS® sought clarification from SBA after hearing that lenders in some jurisdictions were making the loans to practitioners while others were not. Having these loans available to individual real estate licensees without ambiguity potentially gives a shot in the arm to practitioners who are struggling with high business-related debt. The new loan program, called ARC (For America’s Recovery Capital), is an interest-free, deferred payment loan of up to $35,000. One of its intended uses is to help businesses get out from under ruinous debt. Thus, if practitioners have maxed-out business credit cards (it has to be business-related debt; personal debt won’t qualify), they can pay that debt off with the far-more attractive SBA loan. |
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