By Vicki Trapp, AHWD, ASP, CRS, GRI, SRES, SRS. President
Greater Chattanooga Association of REALTORS®
Housing and private property issues were top of mind for more than 8,500 Realtors® who convened in Washington, D.C., this week during the 2014 Realtor® Party Convention & Trade Expo. Nearly a dozen representatives from Greater Chattanooga Association were among fellow Realtors® from across the country who attended the meetings and visited lawmakers on Capitol Hill.
A number of critical residential and commercial real estate issues took center stage at this year’s meetings. Sessions focused on pressing topics like protecting real estate-related tax policies, reforming the secondary mortgage market and the accessibility of mortgage credit and loan programs.
As the leading advocate for homeownership and real estate issues, Realtors® want to make sure these critical issues are recognized by our country’s leaders and remain top of mind for them. Homeownership and commercial investment play a critical role in the long- and short-term health of this nation.
While in Washington, the Greater Chattanooga contingent met with Senator Lamar Alexander, Senator Bob Corker, and the staff of Representative Chuck Fleischmann, since the House was not in session during our visit. In our meetings, we sought to influence public policy decisions that will directly affect consumers’ ability to buy, sell and own real estate. We urged our Congressmen to reinstate an expired tax provision that provides relief to individuals following a loan modification, short sale or foreclosure. The Mortgage Forgiveness Debt Relief Act expired at the end of 2013, and assured individuals would not have to pay income tax on forgiven mortgage debt. Distressed homeowners who’ve suffered through the loss of their home should not be further burdened with additional income taxes; it’s not only unfair but harms families, neighborhoods and communities.
Also, we discussed the importance of preserving the mission and accessibility of the Federal Housing Administration and Veterans Affairs home loan programs, protecting real estate-related tax policies, and reforming the secondary mortgage market. With proposed legislation being debated in Congress this term that could have a significant impact on consumers and the real estate market, it was important for Realtors® to meet with lawmakers, Through the strength of the Realtor® Party, we clearly conveyed our position on key issues that affect home buyers, sellers and real estate investors right here in Greater Chattanooga.
Throughout the week Realtors® participated in sessions with a number of government officials and industry experts who addressed many of today’s critical housing, mortgage finance and real estate investment issues. During one session, Department of Housing and Urban Development Secretary Shaun Donovan announced a blueprint for greater consumer access to credit through a new FHA housing counseling program. Donovan said the agency is taking additional steps to expand access to mortgage credit for underserved borrowers.
Realtors® also heard from political strategists David Plouffe and Steve Schmidt who previewed the upcoming midterm elections and provided insights into the issues currently being debated in Congress and their impact on Realtors® and the real estate industry. News anchor and political commentator Chris Matthews discussed the divided Congress and the Obama administration’s second-term agenda. Steve Berkowitz, CEO of Move Inc. (operator of realtor.com®), shared his vision for how the company will continue to provide consumers with the best content, tools and professional expertise they need to find a home through the site and by working with a Realtor®. National Association of Realtors® Chief Economist Lawrence Yun shared his latest outlook for the economy and residential and commercial markets, and expects positive market improvements throughout 2014.
Also, we had the chance to explore the latest industry innovations and stay up to date on how new products are transforming the real estate business, as more than 100 exhibitors showcased the newest real estate products and services for the industry during the Trade Expo.