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NAR Predicts Increased Home Sales in 2015 |
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Existing-home sales are forecasted to rise 7.4% in 2015 behind a strengthening economy, solid job gains and a healthy increase in home prices, according to NAR Chief Economist Lawrence Yun. "Home prices have risen for the past three years cumulatively about 25%, which boosts confidence in the market and traditionally gives current homeowners the ability to use their equity buildup as a downpayment towards their next home purchase," says Yun. Yun also predicts median home prices to increase 4%; new home sales to increase 37%; and rental rates to increase 4%. Despite his forecasted increase in sales, Yun cites the anticipated rise in interest rates, lenders being slow to ease underwriting standards back to normalized levels, and homeowners unwilling to move because they are comfortable with their current low interest rate as potential speedbumps that could slow the increased pace of sales this year. |
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Federal Terrorism Risk Insurance Reauthorized for 6 Years |
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NAR President Chris Polychron announced, "Realtors applaud the US House of Representatives and US Senate for prioritizing the reauthorization of the federal terrorism risk insurance program and quickly passing the Terrorism Risk Insurance Act (TRIA), which authorizes the program for six years. "TRIA provides a crucial framework for economic recovery in the wake of a catastrophic terrorist attack and allows the US to maintain a stable terrorism insurance market so employers can invest in properties, create jobs and insure against losses due to a terrorist attack. Without TRIA, many property owners with existing commercial mortgage balances that require terrorism insurance would be in technical default of their mortgage terms." President Obama has signed this bill into law, extending TRIA coverage through 2020. |
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NAR Applauds Passage of Tax Extensions |
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The package of tax extensions approved by the U.S. House and Senate, and headed to the President's desk for signature, includes important provisions that will help distressed homeowners and commercial property investors with transactions made during 2014. The National Associations of REALTORS applauds Congressional leaders in both chambers for their effort to pass this legislation before adjournment. NAR President Chris Polychron states, "REALTORS strongly supported the bipartisan Mortgage Forgiveness Tax Relief Act, which was included in the package to prevent underwater borrowers from paying taxes on any mortgage debt forgiven or cancelled by a lender in a workout or after their home was sold for less money than was owed. "The legisation also includes one-year extensions of the 15-year depreciation schedule for leasehold improvements and the deduction for improvements to energy efficient commercial buildings." |
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