NWMLS: Market Activity Report
Latest Housing News, Press Release, Infographic & Reports.
Stay up-to-date with the latest real estate market data and statistical trends:
Stay up-to-date with the latest real estate market data and statistical trends:
- Latest Press Release: "Northwest MLS brokers say August housing activity follows patterns of seasonal slowing"
- Market Activity Snapshot Shareable Infographic
- Market Report Video (4 minutes)
- Statistical Reports: Log in to view or print reports
Victory on Eviction Moratorium
TIME TO FOCUS ON RENTAL ASSISTANCE
The U.S. Supreme Court ended the Centers for Disease Control and Prevention (CDC’s) eviction moratorium Thursday night, giving much-needed relief to America’s small housing providers facing financial hardship for more than a year.
In a 6-3 ruling, a majority of justices agreed that the stay on the lower court’s order finding the CDC’s eviction moratorium to be unlawful was no longer justified. Read More..
The U.S. Supreme Court ended the Centers for Disease Control and Prevention (CDC’s) eviction moratorium Thursday night, giving much-needed relief to America’s small housing providers facing financial hardship for more than a year.
In a 6-3 ruling, a majority of justices agreed that the stay on the lower court’s order finding the CDC’s eviction moratorium to be unlawful was no longer justified. Read More..
Washington REALTORS® have negotiated a discounted fee for the SafeShowings™ app! Now, WR members can take advantage of a free 30 day trial. After 30 days, the app is only $3.75/mo or $37.50/year. SafeShowings™ is the first real estate safety solution of its kind in a simple-to-use mobile app. It captures a facial image, in real time, of someone entering the property with you. If you are unable to end a showing, it sends the image of the potential perpetrator as well as your geolocation to your emergency contacts. This strategy is a proactive safety deterrent. The app's goal is to create the tools that could save lives, while keeping people and properties safe. Real estate professionals and their loved ones feel more secure knowing that SafeShowings will automatically notify emergency contacts with identifying details and geolocation in an emergency. DOWNLOAD THE SAFESHOWINGS FLYER for instructions on how to get started.
What if you had no-cost-access to a game-changing real estate tech tool? Turns out, you do. It’s RPR®.
RPR® has recently been redesigned and “refreshed”! It now offers powerful features in a simpler, more intuitive interface. It can help you build your pipeline with potential business-building activities such as: RPR® can also transform the way you operate and do business. With it, you can take care of current clients with transactional-focused tasks such as: Team up with RPR® today! It has improved and increased thousands of new agents’ skills and capabilities. Don’t miss out! Visit narrpr.com to activate your account and supercharge your business.
Create your account →
RPR® has recently been redesigned and “refreshed”! It now offers powerful features in a simpler, more intuitive interface. It can help you build your pipeline with potential business-building activities such as: RPR® can also transform the way you operate and do business. With it, you can take care of current clients with transactional-focused tasks such as: Team up with RPR® today! It has improved and increased thousands of new agents’ skills and capabilities. Don’t miss out! Visit narrpr.com to activate your account and supercharge your business.
Create your account →
Make Housing Available and Affordable
It’s time for the residents of Washington across the state to come together and address the numerous obstacles associated with buying and owning a home. For most Washingtonians, home ownership is out of reach because of sky-high prices and low inventory. Whether you live in a rural area or a busy metro neighborhood, opportunities for home ownership simply don’t meet the need.
Practical, proven policies are available now to address this issue. As a state, we simply need to come together and make it happen.
This involves:
It’s time for the residents of Washington across the state to come together and address the numerous obstacles associated with buying and owning a home. For most Washingtonians, home ownership is out of reach because of sky-high prices and low inventory. Whether you live in a rural area or a busy metro neighborhood, opportunities for home ownership simply don’t meet the need.
Practical, proven policies are available now to address this issue. As a state, we simply need to come together and make it happen.
This involves:
- Greater emphasis on planning for the housing we need
- Ensuring urban densities for housing are provided near transit
- Providing long-term funding for long-term planning
- Erase Out-Dated Racial Covenants
Read more at: myneighborwa.com
Skagit River Basin Mitigation Program
Ecology is pleased to announce that the Skagit River Basin Mitigation Program is now open for new users in an area along the mainstem of the Skagit River. Eligible landowners may now apply to Ecology on a first-come, first-served basis for water under this mitigation program to build new homes.
Ecology purchased water from Seattle City Light, securing legal water for new users in this program. The water supply flows continuously into the Skagit River from the Gorge Reservoir, guaranteeing a legal water supply and providing more water for fish in the Skagit.
Please see our webpage for more information on the program, including an interactive map of the mitigation zone, frequently asked questions, and how to apply:
Skagit River Basin Mitigation Program
Skagit landowners have new mitigation option for water
Ecology purchased water from Seattle City Light, securing legal water for new users in this program. The water supply flows continuously into the Skagit River from the Gorge Reservoir, guaranteeing a legal water supply and providing more water for fish in the Skagit.
Please see our webpage for more information on the program, including an interactive map of the mitigation zone, frequently asked questions, and how to apply:
Skagit River Basin Mitigation Program
Skagit landowners have new mitigation option for water
REALTORS® Insurance Place
This Major Medical Health Insurance Exchange provides NAR members with access to qualified (ACA) major medical insurance plans. Through the exchange, you can research health insurance information, obtain quotes, compare plans, and purchase directly online. All of the insurance plans offered in the Major Medical Health Insurance Exchange are Affordable Care Act qualified plans from top-rated insurance carriers.
Find out more about other Insurance options; including Dental, Vision, Life, Home, Auto.. and even pet insurance!
Find out more about other Insurance options; including Dental, Vision, Life, Home, Auto.. and even pet insurance!
'Should We Say Good-Bye to Gas Heat?'
A long goodbye to natural gas furnaces and water heating -- and possibly other gas appliances -- could begin with action by the Washington Legislature this winter. As initially conceived, Washington state would have forbidden use of fossil fuels for heating and hot water in new buildings by 2030. The plan sought to convert existing buildings to electric heat by 2050 The scope of the measure was revised earlier this month when Inslee's allies in the state legislature introduced identical proposals in the House and Senate to amend the state energy code. The 2030 date to ban heating with fossil fuels in new construction remains. There is no mandate to convert existing buildings from gas to electric heat, but an expectation that utilities will offer incentives for conversions.
"If we don’t start with clean new buildings, we’re going to be bailing water out of a boat while we’re still drilling holes in the bottom of it," said state Rep. Alex Ramel (D-Bellingham), the prime sponsor in the House. "That's why we need to accelerate and strengthen our state’s energy code." [Read more on Goverment Affairs page]
"If we don’t start with clean new buildings, we’re going to be bailing water out of a boat while we’re still drilling holes in the bottom of it," said state Rep. Alex Ramel (D-Bellingham), the prime sponsor in the House. "That's why we need to accelerate and strengthen our state’s energy code." [Read more on Goverment Affairs page]
2021 NPSAR Leadership
2021 NPSAR President: Jim Neilon
Acorn Properties inc
President-Elect: Camden Schutte
Coldwell 360 Team
Treasurer-Elect: Jodi Dynes
Brown McMillen Real Estate
1-Year Director - Cory Kiehn, Windermere RE Skagit
2-Year Director - Sara Beth Owens, Semanko Realty Group
3-Year Director - Nicole Ganske, Windermere, North Cascades
3-Year Director - Laura Bird, RE/MAX Gateway
Acorn Properties inc
President-Elect: Camden Schutte
Coldwell 360 Team
Treasurer-Elect: Jodi Dynes
Brown McMillen Real Estate
1-Year Director - Cory Kiehn, Windermere RE Skagit
2-Year Director - Sara Beth Owens, Semanko Realty Group
3-Year Director - Nicole Ganske, Windermere, North Cascades
3-Year Director - Laura Bird, RE/MAX Gateway
FHA Issues New Condominium
Approval Rule
WASHINGTON - In an effort to promote affordable and sustainable homeownership, especially among credit-worthy first-time buyers, the Federal Housing Administration (FHA) today published a long-awaited final regulation, and policy implementation guidance, which establish a new condominium approval process.
FHA ISSUES NEW CONDOMINIUM APPROVAL RULE
Comprehensive policy revisions include ability to approve individual units in nonapproved condo projects
WASHINGTON - In an effort to promote affordable and sustainable homeownership, especially among credit-worthy first-time buyers, the Federal Housing Administration (FHA) today published a long-awaited final regulation, and policy implementation guidance, which establish a new condominium approval process.
Designed to be flexible and responsive to market conditions, FHA's new condo rule and the new Condominium Project Approval section of the Single Family Housing Policy Handbook, provide a comprehensive revision to FHA condominium project approval policy. In particular, the new policy will allow certain individual condominium units to be eligible for FHA mortgage insurance even if the condominium project is not FHA approved. The polices become effective October 15, 2019. Read FHA's new condominium approval regulation.
FHA's new condominium policy is part of a broader Administration objective to reduce regulatory barriers that currently restrict affordable homeownership opportunities. FHA's new rule:
HUD Acting Deputy Secretary and FHA Commissioner Brian Montgomery added, “Today we are making certain FHA responds to what the market is telling us. This new rule allows FHA to meet its core mission to support eligible borrowers who are ready for homeownership and are most likely to enter the market with the purchase of a condominium.”
The vast majority (84 percent) of FHA-insured condo buyers have never owned a home before. While there are more than 150,000 condominium projects in the U.S., only 6.5 percent are approved to participate in FHA's mortgage insurance programs. As a result of FHA's new policy, it is estimated that 20,000 to 60,000 condominium units could become eligible for FHA-insured financing annually.
Single Family Policy Handbook Guidance
FHA's new Single Family Handbook sections published today provide the additional requirements that lenders and other industry participants need in order to implement FHA's new policy, including requirements for single-unit approvals, minimum owner occupancy requirements, and commercial/non-residential space limits. Read FHA's changes to its Single Family Handbook.
Single-Unit Approvals
As of October 15, FHA will insure mortgages for selected condominium units in projects that are not currently approved. An individual unit may be eligible for Single-Unit Approval under the following conditions:
FHA will require that approved condominium projects have a minimum of 50 percent of the units occupied by owners for most projects.
FHA Insurance Concentration in Condominium Projects
FHA will only insure up to 50 percent of the total number of units in an approved condominium project.
Commercial/Nonresidential Space Limits
FHA will require that the commercial/non-residential space within an approved condominium project not exceed 35 percent of the project's total floor area.
###
HUD's mission is to create strong, sustainable, inclusive communities and quality affordable homes for all.
More information about HUD and its programs is available on the Internet
at www.hud.gov and https://espanol.hud.gov.
Comprehensive policy revisions include ability to approve individual units in nonapproved condo projects
WASHINGTON - In an effort to promote affordable and sustainable homeownership, especially among credit-worthy first-time buyers, the Federal Housing Administration (FHA) today published a long-awaited final regulation, and policy implementation guidance, which establish a new condominium approval process.
Designed to be flexible and responsive to market conditions, FHA's new condo rule and the new Condominium Project Approval section of the Single Family Housing Policy Handbook, provide a comprehensive revision to FHA condominium project approval policy. In particular, the new policy will allow certain individual condominium units to be eligible for FHA mortgage insurance even if the condominium project is not FHA approved. The polices become effective October 15, 2019. Read FHA's new condominium approval regulation.
FHA's new condominium policy is part of a broader Administration objective to reduce regulatory barriers that currently restrict affordable homeownership opportunities. FHA's new rule:
- Introduces a new single-unit approval process to make it easier for individual condominium units to be eligible for FHA-insured financing;
- Extends the recertification requirement for approved condominium projects from two to three years;
- Allows more mixed-use projects to be eligible for FHA insurance.
HUD Acting Deputy Secretary and FHA Commissioner Brian Montgomery added, “Today we are making certain FHA responds to what the market is telling us. This new rule allows FHA to meet its core mission to support eligible borrowers who are ready for homeownership and are most likely to enter the market with the purchase of a condominium.”
The vast majority (84 percent) of FHA-insured condo buyers have never owned a home before. While there are more than 150,000 condominium projects in the U.S., only 6.5 percent are approved to participate in FHA's mortgage insurance programs. As a result of FHA's new policy, it is estimated that 20,000 to 60,000 condominium units could become eligible for FHA-insured financing annually.
Single Family Policy Handbook Guidance
FHA's new Single Family Handbook sections published today provide the additional requirements that lenders and other industry participants need in order to implement FHA's new policy, including requirements for single-unit approvals, minimum owner occupancy requirements, and commercial/non-residential space limits. Read FHA's changes to its Single Family Handbook.
Single-Unit Approvals
As of October 15, FHA will insure mortgages for selected condominium units in projects that are not currently approved. An individual unit may be eligible for Single-Unit Approval under the following conditions:
- The individual condominium unit is located in a completed project that is not approved;
- For condominium projects with 10 or more units, no more than 10 percent of individual condo units can be FHA-insured; and projects with fewer than 10 units may have no more than two FHA-insured units.
FHA will require that approved condominium projects have a minimum of 50 percent of the units occupied by owners for most projects.
FHA Insurance Concentration in Condominium Projects
FHA will only insure up to 50 percent of the total number of units in an approved condominium project.
Commercial/Nonresidential Space Limits
FHA will require that the commercial/non-residential space within an approved condominium project not exceed 35 percent of the project's total floor area.
###
HUD's mission is to create strong, sustainable, inclusive communities and quality affordable homes for all.
More information about HUD and its programs is available on the Internet
at www.hud.gov and https://espanol.hud.gov.
From the Desk of Ron Wortham
NPSAR Government Affairs Director
The National Flood Insurance Program (NFIP)
Without Congressional action, the National Flood Insurance Program (NFIP) will lapse at midnight on Friday, November 30, 2018. NAR is making every effort to secure a long-term reauthorization before then. Here are the answers to some frequently asked questions.
What are the prospects for an extension?
All early indications point to an on-time extension of the NFIP. Congressional leaders are engaged. Legislation to extend the program has been introduced, and there are multiple pathways to passage before November 30th. All previous extensions were on time or within a few days of the deadline minimizing the market impacts.
Why is it taking so long?
This is not a simple up-and-down vote on an extension bill by itself. Rather, the extension is expected to be attached to a broader legislative vehicle, possibly the Omnibus bill to fund the government. Because there are multiple moving parts, discussions have been on-going, and no decisions are likely to be made until closer to the deadline.
What is NAR doing?
NAR will continue to closely monitor the situation and is prepared to escalate our grassroots efforts if it becomes necessary. We should know more on Monday, November 26th.
What happens during a lapse?
The NFIP cannot sell or renew flood insurance policies. The NFIP can pay claims as long as funds are available, but may not borrow more from the U.S. Treasury. The federal requirement to purchase flood insurance is also suspended during a lapse, which means it is entirely up to lenders to decide whether to make loans in special flood hazard areas while flood insurance is not available from the NFIP.
What about my client's flood insurance?
Austin Perez
Senior Policy Representative | Advocacy
NATIONAL ASSOCIATION OF REALTORS® | Washington DC
Office: 202.383.1046
NPSAR Government Affairs Director
The National Flood Insurance Program (NFIP)
Without Congressional action, the National Flood Insurance Program (NFIP) will lapse at midnight on Friday, November 30, 2018. NAR is making every effort to secure a long-term reauthorization before then. Here are the answers to some frequently asked questions.
What are the prospects for an extension?
All early indications point to an on-time extension of the NFIP. Congressional leaders are engaged. Legislation to extend the program has been introduced, and there are multiple pathways to passage before November 30th. All previous extensions were on time or within a few days of the deadline minimizing the market impacts.
Why is it taking so long?
This is not a simple up-and-down vote on an extension bill by itself. Rather, the extension is expected to be attached to a broader legislative vehicle, possibly the Omnibus bill to fund the government. Because there are multiple moving parts, discussions have been on-going, and no decisions are likely to be made until closer to the deadline.
What is NAR doing?
- NAR is in regular communication with Congressional leaders.
- NAR is coordinating with a broad coalition of industry groups. Read our most recent coalition letter.
- Hundreds of members of Congress have been contacted about the importance of NFIP since August.
- NAR has raised the profile of the issue with multiple calls for action, talking points, op-eds and paid ads.
- Click here for the latest example of the heightened coverage the press is giving this issue.
- Attached is an advanced copy of President Smaby's Op-Ed soon to be published in The Hill newspaper, which is read by many members of Congress and their staff.
NAR will continue to closely monitor the situation and is prepared to escalate our grassroots efforts if it becomes necessary. We should know more on Monday, November 26th.
What happens during a lapse?
The NFIP cannot sell or renew flood insurance policies. The NFIP can pay claims as long as funds are available, but may not borrow more from the U.S. Treasury. The federal requirement to purchase flood insurance is also suspended during a lapse, which means it is entirely up to lenders to decide whether to make loans in special flood hazard areas while flood insurance is not available from the NFIP.
What about my client's flood insurance?
- Existing NFIP policies will remain in effect until their expiration date (which is the renewal date plus a 30-day grace period), and claims will continue to be paid as long as FEMA has the funds on hand.
- Existing policies may also be "assigned" to/assumed by property buyers during a lapse (see p. 3 here).
- Renewal policies are generally issued as long as the application is received prior to a lapse and the premium is received within the 30-day grace period. Other renewals must wait for reauthorization.
- Private flood insurance backed by a source other than NFIP (e.g., Lloyd's of London) are not affected by a lapse. Click here and here for some options.
- During a lapse, some lenders may opt to make special-flood-hazard-area loans without NFIP insurance, but they must be willing to bear the full risk of their decision and few do in NAR's experience.
Austin Perez
Senior Policy Representative | Advocacy
NATIONAL ASSOCIATION OF REALTORS® | Washington DC
Office: 202.383.1046
