Iowa Realtors® Bring Housing Policy Priorities to Capitol Hill

CLIVE, IA (05/25/2012)(readMedia)-- Realtors® from across the country met with their members of Congress last week to advocate public policies that promote sustainable homeownership and help stabilize the struggling housing market during the National Association of Realtors® 2012 Midyear Legislative Meetings & Trade Expo in Washington, D.C. Members of the Iowa Association of Realtors® had an opportunity to connect with the country's leaders about the housing issues that matter most in our area.

"Realtors® actively engaged with lawmakers on Capitol Hill last week to provide perspectives and insights on important industry issues. We also asked for policies and initiatives that help move the real estate market forward toward a full recovery," said IAR president Dale Gross. "Homeownership is an investment in your future and we want to ensure that individuals willing and able to assume the responsibilities of owning a home continue to have the opportunity to pursue that dream."

Meetings with Iowa Senators and Representatives focused on critical issues impacting the real estate market here in Iowa, said Gross. Issues included improving the short sales process, supporting the independence and integrity of appraisals, enacting comprehensive reform of Fannie Mae and Freddie Mac, and having regulators establish rules that allow reasonable access to credit for homebuyers.

Gross stated that members also asked legislators to pass a 5-year reauthorization of the National Flood Insurance Program before it expires on May 31, 2012, and to extend the tax relief provided to individuals following a loan modification, short sale or foreclosure.

"Long-term reauthorization of the flood insurance program must be a top congressional priority," said Gross. "The program ensures access to affordable flood insurance and is essential to a properly functioning real estate market. We hope that Congress will act quickly and not let the program lapse, which would force many real estate transactions to be put on hold or even cancelled."

"There is also an urgent need to extend the mortgage cancelation relief provision set to expire at the end of 2012, which assures individuals will not have to pay income tax on forgiven mortgage debt after a loan modification, short sale or foreclosure," said Gross. "Struggling families who've suffered through great economic loss should not be burdened with additional income taxes."

NAR President Moe Veissi, broker-owner of Veissi & Associates Inc. in Miami, Fla., praised the IAR's efforts to address critical and urgent housing issues with their members of Congress and help secure the future of homeownership.

"Realtors® are the leading advocate for homeownership and private property rights, and by bringing their legislative priorities to Capitol Hill last week they helped remind our country's leaders that housing issues affect individuals, communities and the nation, and play a critical role in the long- and short-term health of this nation," Veissi said.

The term Realtor® is a registered trademark, which identifies real estate professionals who follow a strict code of ethics as members of the National Association of Realtors®. The Iowa Association of Realtors® is the state's largest real estate professional organization representing nearly 6,200 members and affiliates. Anyone is eligible to become an IAR affiliate. For membership information, visit www.iowarealtors.com.