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Raleigh Regional
Assn. of Realtors
111 Realtors Way
Cary, NC 27513
( 919) 654-5400 voice
( 919) 654-5401
fax
info@rrar.com
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Inside Scoop
June 2009
 The
Inside Scoop – By
Debra Shaw and Tara Lightner
REALTORS®: This newsletter is designed to provide you with an update
of important real estate issues and political activities. It will be emailed
to REALTOR® members monthly.
Jordan
Lake Rules Rewrite
The North Carolina Senate recently approved legislation that will rewrite and
improve previously adopted Jordan Lake watershed rules. HB 239 (Restore
Water Quality in Jordan Reservoir), introduced by Reps. Lucy Allen (D-Franklin)
and Pryor Gibson (D-Anson), repeals the rule that regulates existing development
and replaces it with a much more reasonable set of requirements. This
is a major victory for property owners in the watershed, as the original rules
would have required environmental retrofits of existing development. The
bill now returns to the North Carolina House for concurrence.
Help
New Construction: Call To Action
HB 852 "Defer Tax on Builders' Inventory" will soon
be on the House calendar for consideration. We have been asked by the
North Carolina Home Builders Association to help get the word out about this
important legislation. The home building industry has been hit very hard by
the economic situation. Due to the lending crisis, many builders have
been left with cancelled contracts and unsold inventory. This legislation
will allow builders to defer a portion of the property taxes on these unsold
homes until the point of sale, thus helping maintain some level of liquidity.
This bill will help many small builders stay in business and continue to provide
jobs - both of which will stimulate the economy! Please contact your House
member below and tell them to support HB 852. If you aren't sure who represents
you, please visit: http://www.ncga.state.nc.us/GIS/RandR07/Home.html -
as there have been some recent House changes.
CONTACT INFORMATION:North Carolina House of Representatives (Wake Delegation)
Rep Rosa Gill, Rosa.Gill@ncleg.net,
919-733-5880
Rep Ty Harrell, Ty.Harrell@ncleg.net,
919-733-5602
Rep Deborah Ross, Deborah.Ross@ncleg.net,
919-733-5773
Rep Jennifer Weiss, Jennifer.Weiss@ncleg.net,
919-715-3010
Rep Grier Martin, Grier.Martin@ncleg.net,
919-733-5758
Rep Darren Jackson, Darren.Jackson@ncleg.net,
919-733-5974
Rep Marilyn Avila, Marilyn.Avila@ncleg.net,
919-733-5530
Rep Nelson Dollar, Nelson.Dollar@ncleg.net,
919-715-0795
Rep Paul Stam, Paul.Stam@ncleg.net,
919-733-2962
Senator
Isakson Introduces Bill to Extend, Expand Homebuyer Tax Credit
Senator Johnny Isakson (R-GA) and 9 cosponsors have introduced S.
1230, a bill that would increase the homebuyer tax credit to $15,000 and extend
it to all purchasers. It would extend the credit past December 1, 2009 by making
the new credit available on the date of enactment (whenever the bill might
get signed) and for one year after the date of enactment. Unlike current law,
the proposed expanded tax credit would not be refundable. As a result, existing
state-level bridge loan down payment programs would be less available because
the purchaser/taxpayer will not know his/her tax liability at the time of purchase.
It is not known when this legislation might be considered, as both tax-writing
committees are working solely on health reform. In addition, the proposal has
not yet been scored for revenue purposes.
National
Health Care Reform Debate Begins in Earnest
Building off of two years of formal hearings and discussions, the health care
reform debate has begun in earnest in Washington, D.C. Congress has set an
aggressive timeline for debate with the goal of delivering a final bill to
President Obama by October 15. Five committees – Senate Health, Education,
Labor and Pensions, Senate Finance, House Energy and Commerce, House Education
and Labor and House Ways and Means – are involved in drafting health
reform legislation. In the Senate, two bills, introduced by HELP Committee
Chairman, Edward Kennedy (D-MA), and Finance Chairman, Max Baucus (D-MT) respectively,
will be considered and then conferenced into one bill that will be put before
the full Senate. In the House, the process will be more simple as the three
chairs of the respective committees, Henry Waxman (D-CA), George Miller (D-CA)
and Charles Rangel (D-NY), plan to introduce a single joint measure.
As outlined, all three bills would provide the self-employed, small employers
and those without employer-provided insurance with access to an Exchange that
would offer an array of private insurance products that are governed by a uniform
national set of rating and underwriting rules. Insurance products offered through
an Exchange would available to all eligible applicants regardless of their
health history, be guaranteed to be renewed, and would not contain any pre-existing
condition exclusions. In addition, premiums would be set on the basis of a
limited number of factors – type of policy, geographic location and age – that
would not include health status or claims history. By establishing new rating
rules, standardizing administrative functions and creating larger pools of
insureds, proponents of the bills believe that premiums will be reduced.
NAR has already submitted comments to the Senate HELP Committee on the Kennedy
measure and will comment on each of the other proposals as they are released.
While much remains to be determined and all proposals will be much amended,
many of the elements of the NAR-supported Small Business Health Options Program
Act (SHOP) have been, or are expected to be, incorporated into the drafts. (From
NAR's June 22nd Washington Report)
Oktoberfest
Raffle
RPAC wants to send you on an all expense trip to Germany? Imagine
experiencing the wonderful architecture, amazing shopping, historic castles,
and fabulous food of Germany, and for free?.! RPAC wants to send you
on an all expense trip to Germany, and tickets are 1 for $10 or 3 for
$20. Drawing will take place at the 2009 RPAC Oktoberfest Fundraiser
on October 15th, and the winner does not need to be present to win. More
details will go out shortly on how to purchase raffle tickets, so be on the
lookout for more information!
Appraisal
Reform Forum
On June 18th, the Government Affairs Committee sponsored an Appraisal Reform
forum, and was extremely well attended by 200 appraisers and REALTOR members. RRAR
President John Wood and GAC Chair Asa Fleming introduced the panel, which included
Stacey Anfindsen, an appraiser with Birch Appraisals, E. Vic Knight, owner
of Chapel Hill Appraisals, and Brad Arendt, a loan officer for Prime Lending. Participants
were able to ask questions about the steep decline in appraisal values currently
seen in this market, as well as learn about the changes in appraisal reporting,
required forms, and the relationship between lenders and appraisers.
First
Time Home Buyer Tax Credit Seminar
If you're confused by all the first time home
buyer credit stipulations, you are invited to attend the First Time Home Buyer
Tax Credit Seminar on July 8th at 8:30am. Guest speakers will include
Andy Borter, Regional Manager of Primary Residential Mortgage, Amanda Ward,
Senior Account Liaison for FHA Office of Business Development, and a representative
from the NC Housing Finance Agency. To register online by July 6, 2009,
go to www.trianglemls.com/rrar-events-external.htm
Calling
for RRAR Board of Directors Nominations
REALTOR® Association elections will be held electronically from September
14-18. Eleven directors will be elected, and we are actively accepting
nominations for Director and Secretary Treasurer and President-Elect. If you
are interested in running, please visit the website at http://www.rrar.com/rrar-board_elections.htm for
more information or to download an application. If you have any questions,
please contact Tara Lightner at TaralynL@rrar.com or
654-5406.
Home
Inspector Legislation Passes Senate
Legislation to improve home inspection reporting and increase the professionalism
of the home inspection industry was recently approved by the North Carolina
Senate. SB 1007 (Amend Home Inspector Licensure Laws), clarifies what
information should be contained on the summary page of the home inspection
report and requires all existing home inspectors to take 48 hours of instruction
over the next three years on inspection techniques and reporting requirements. The
bill also changes the licensing procedure from an apprentice-style approach
to one that requires pre-licensing education. The legislation, which
was introduced by Senators David Hoyle (D-Gaston) and Don Vaughan (D-Guilford),
will now be heard in the House.
6/30/2009
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