REALTOR Party News – November 2022

Election Week, Live from Orlando!

It’s a big week for the REALTOR® Party, and we’re breaking it all down for you live from Orlando as thousands gather for NAR NXT, The REALTOR® Experience. Click here for the latest on the REALTOR® Party’s role in both the midterm elections and this week’s flagship gathering for REALTORS®.

Don’t miss REALTOR® Magazine’s special Conference Picks edition to help you make the most of your time in Orlando. And keep an eye on the NAR Newsroom for real-time recaps of conference sessions.
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Results as of today:

• RPAC-supported federal candidates have a 98.7% win rate (47 races yet to be called).
• Our Opportunity Race program, which directs political communications to REALTORS® in support of targeted federal candidates, engaged in a record-breaking 100 races with a 95% win rate (17 races yet to be called).
• Our federal Independent Expenditures program, which supported 11 REALTOR® champions running for federal office, has a 100% win rate (5 races yet to be called).
• Our 2021-2022 President’s Circle targets have a 93% win rate (1 race yet to be called).
• Our state and local Independent Expenditures program, which supported 494 REALTOR® champions running for state and local offices, has a 75.8% win rate (31 races yet to be called).

NAR’s Advocacy team will continue to analyze the election results at all levels as races are finalized.

26%

The share of first-time home buyers has fallen to its lowest level on record over the last year as young adults face a longer path to homeownership, NAR data shows. Comprising just 26% of all buyers in 2022, first-time buyers are also older than ever before.
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10.2%

Pending home sales dropped for the fourth straight month in September, down 10.2% from August. As NAR Chief Economist Lawrence Yun noted, “The Federal Reserve has had to drastically raise interest rates to quell inflation, which has resulted in far fewer buyers and even fewer sellers.”
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10T/4.0

Last month, the Federal Housing Finance Agency (FHFA) validated and approved both the FICO 10T and the VantageScore 4.0 credit score models for use by Fannie Mae and Freddie Mac (the Enterprises). NAR has advocated for years for the use of newer credit scores as a means of fostering competition, innovation, and access.
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FHFA also announced last month a reduction in loan-level pricing adjustments that the Enterprises charge to first-time buyers, low- and moderate-income buyers, and underserved groups and market sectors. “NAR has long advocated for these reductions, but the benefit … is even more important today as we confront the highest mortgage rates in almost two decades,” said NAR President Leslie Rouda Smith.
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Alabama REALTORS® Again Champion First-Time Homebuyer Savings Accounts

Having spearheaded the effort to create a first-time home buyer savings account program in Alabama in 2018, Alabama REALTORS® revisited the legislation as a five-year sunset clause approached. Assisted by a call for action through the REALTOR® Party’s Advocacy Everywhere program, the law was not only renewed but extended and strengthened.
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Ohio REALTORS® Back Legislation to Overturn Unfair Property Valuation System

With help from an Issues Mobilization Grant from the REALTOR® Party, Ohio REALTORS® and a coalition of like-minded partners convinced lawmakers to reform the state’s property valuation system, which previously allowed third parties to challenge the value of another’s residential or commercial property for tax purposes.
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MIBOR REALTORS® Increase Safety through Placemaking

MIBOR REALTORS® joined with the town of Cumberland, Ind., to increase safety and walkability for residents. With the help of a REALTOR® Party Placemaking Grant, the town installed temporary bike and pedestrian lanes, a crosswalk with street art, and a temporary stone trail to the local park to test the viability of permanent projects.
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Happening Tomorrow: Urban Roundtable in Orlando

Here in Orlando? Join us tomorrow at the Urban Roundtable: Data-Driven Community Planning for an expert-led panel discussion on the fiscal impact of planning and zoning decisions using data-driven economic modeling. Moderator Greg Herb, 2022 REALTOR® Party Community Engagement Liaison, will lead the discussion from 3:00 to 4:30 pm at the Hyatt Regency Orlando, Plaza International Ballroom I-J, Convention Level.

Questions? Contact Hugh Morris.
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Hot off the Presses: Fall 2022 On Common Ground

Discover how data helps deliver great places to live. From big-picture planning and zoning efforts to anonymized cell-based GPS-driven transportation planning, REALTORS® and decision makers are finding common ground to build better communities. An online version is available via the OCG app (Apple) (Google Play). More than 35,000 copies will be distributed to state and local associations and elected officials. Are you on the list? If not, contact Catherine Mesick.

Questions? Contact Hugh Morris.
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Updated: Advocacy Resource Guide

The Advocacy Resource Guide – Vote, Act, and Invest, REALTOR® Party – includes resources and tools that can help associations reach their advocacy goals and meet Core Standards requirements. State and local REALTOR® association staff can request printed copies for events and conferences by contacting Ted Wright. Requests for printed guides must be submitted two weeks prior to the event.
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Nominate a REALTOR® Fair Housing Champion Today!

NAR’s priority is to protect against discrimination in the home buying process and promote fairness and integrity in the profession. If you’re educating others about best practices to address discrimination and bias in real estate, then you are a Fair Housing Champion! Submit your nomination today for a chance to earn $5,000 for the housing-related nonprofit of your choice to continue your commitment to foster change. The deadline to enter is November 30.
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