The National Association of REALTORS has launched a Call for Action to extend the Terrorism Risk Insurance Act of 2002 (TRIA). TRIA will expire at the end of 2014 unless Congress reauthorizes it once again. Because of the importance of terrorism insurance coverage to commercial real estate, NAR supports the continued availability and affordability of coverage made possible by the federal backstop program of TRIA and its extensions. 

Click here to take action now! Click here for more information.

Pending home sales declined in October but remained at a healthy level of activity and are above year-over-year levels for the second straight month, according to the National Association of REALTORS (NAR). The Pending Home Sales Index, a forward-looking indicator based on contract signings in October, fell 1.1 percent to 104.1 from an upwardly-revised 105.3 in September. This is 2.2 percent higher than October 2013. In the Northeast, the index rose 0.5 percent to 87.9 in October, 3.4 percent above a year ago.

To read the entire NAR press release, click here.

In its Weekly Mortgage Applications Survey for the week ending November 21, 2014, the Mortgage Bankers Association (MBA) reported that the volume of mortgage loan applications fell 4.3 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the index rose 5 percent compared with the previous week. Both the Refinance Index and the Purchase Index fell in the weekly survey, decreasing 4 percent and 5 percent respectively.

To read the entire MBA press release, click here.

The income tax exemption on mortgage debt forgiven in a short sale or a workout for principal residences expired at the end of 2013. Without immediate action by Congress, distressed homeowners will have to pay tax on "phantom income" from forgiven debt. NAR has launched a nationwide Call for Action on "The Mortgage Forgiveness Tax Relief Act." This bill would extend an expired provision that has helped millions of distressed American families by allowing tax relief for homeowners when lenders forgive some portion of the mortgage debt they owe.

New York currently has an 11-percent response rate. Please take action now on this very important issue!

In November, NAR members heard fromReal Estate Settlement Procedures Act (RESPA) attorney Phil Schulman about the Consumer Financial Protection Bureau's (CFPB) changes to RESPA and the Truth in Lending Act (TILA) under the Dodd-Frank Wall Street Reform and Consumer Protection Act. The new rule combines the Good Faith Estimate with the Truth in Lending (TIL) disclosure, now called the "loan estimate," and the HUD-1 settlement statement with the final TIL, now called the "closing disclosure." Perhaps the greatest change is that the closing disclosure must be in the hands of the consumer three days before closing. 

Click here to view Phil Schulman's PowerPoint presentation. Click here for more information.

On Monday, November 17, 2014, the Federal Housing Administration (FHA) released its Annual Report to Congress and the FY 2014 Independent Actuarial Assessment of the FHA Mutual Mortgage Insurance Fund. The review shows that the fund has gained $6 billion over the past year and the current economic net worth has improved to a positive $4.8 billion. FHA’s current cash reserves to pay claims total $40 billion. The capital reserve ratio is required to be at or above two percent and FHA is expected to meet that obligation by 2016.

Click here for the FHA FY 2014 Annual Report to Congress. Click here for the FHA FY 2014 Actuarial Report.

The Tuesday, December 16, NYSAR Radio show will recap 2014 and take a look at what’s ahead for 2015. Tune in at 10 a.m. on December 16 on your PC or Mac by using the player on the NYSAR Radio page. You will need to be logged in to listen. If you have not yet created your account with the website, you will need to click on "New User" on the Member Login page and follow the prompts.

Click here for more information as well as a list of links to play NYSAR Radio from any of your mobile devices.

Join NYSAR and Member Perks partner USI Affinity for a free, informative webinar this Thursday, December 4, at 10 a.m. Learn about your 2015 health insurance options now so you can make an informed decision about your coverage. Click here to register now.

The registration deadline for Triple Play 2014 is this Friday, December 5. If you haven’t already registered, be sure to do so now by registering online by 11:59 p.m. on Friday, completing the registration form and faxing it to 301.694.5124 by 5 p.m. on Friday, or by calling 866.229.2386 by 3 p.m. on Friday.

Also, be sure to download the Triple Play mobile app to maximize your convention experience. Search for "REALTORS Triple Play" in the app store – it’s free and easy!

With this money-and potentially life-saving benefit, you have the opportunity to evaluate your risk for several of today's most critical - and often undiagnosed - health conditions. Held in convenient neighborhood or corporate settings across New York State, Life Line Screening offers painless, non-invasive screenings for strokes, aneurysms and other vascular diseases.

The four-screening stroke, vascular disease and heart rhythm package ($240 value) is available at special NYSAR pricing of $135. Keep in mind, these same tests would likely cost more than $1,000 at a hospital.Call 800-636-0248 or visit www.lifelinescreening.com/nysar for more information or to find a screening near you.

Enrollment for health insurance in 2015 is now open. It will close on February 15, 2015. Look to NYSAR Member Perks partner USI Affinity to help you navigate the plan options and find the coverage that best suits your needs. Remember, you will face tax penalties if you do not obtain coverage. Also, if you miss open enrollment, you will not be able to obtain health insurance until the next open enrollment period unless you qualify for a special enrollment. For more information, visit www.myrealtorinsurance.com/nysar.

The November RPAC auction item winner was NYSAR President JP Endres. Thank you JP for submitting the high bid of $200 on the retro Polaroid camera and for your long standing commitment to RPAC. JP has been an RPAC Major Investor at the Crystal R level and President’s Circle member for several years. In addition, JP is a member of the RPAC of New York Hall of Fame in recognition of her lifetime investments in RPAC exceeding $15,000. Stay tuned for the December auction item.

When in Atlantic City, do as the high rollers do and enjoy all of the city’s pleasures in one location: the RPAC High Rollers’ Suite on Wednesday, December 10, 2014.
Where: Atlantic City Convention Center, Room 308/309
Cost: $250 RPAC investment (to be applied to 2015 RPAC year)
Amenities include: shoe shine; manicures; massages; professional photographs; gaming lessons by one of Atlantic City’s renowned card dealers; business facilities; hot lunch; beverages; and a deluxe coffee barista!

To register today, contact NYSAR’s Political Affairs Coordinator Derick King at 518-463-0300 x238 or complete the registration form and return to NYSAR via fax 518-462-5474 or email to dking@nysar.com.