Volume 6, Issue 17: June 28, 2013
SUNDAY IS THE LAST DAY OF THE LEGISLATIVE SESSION! This Sunday, June 30th, is the last day of the 2013 Legislative Session. After the opening ceremonies, and a break for dinner, we anticipate the action will begin around 7:00pm. The last day of session is an extraordinary opportunity for all Delawareans to get a first hand look at how the "sausage" is made. If you decide to come and watch this uniquely Delaware event, please remember to bring a picture ID!
WHAT WILL DAR BE DOING AT LEGISLATIVE HALL ON SUNDAY? During the last days of the session, if you go to the Delaware Legislature's website, you'll notice bills that have "MTSR" after them. "MTSR" means "Motion to Suspend Rules" and these bills skip the regular pathway of going to committee before they hit the floor of the House or Senate for a vote. This Sunday DAR will be at Legislative Hall making sure that no legislation passes at the last minute that will hurt your business.
IN OTHER LOCAL NEWS:
EXECUTIVE ORDER #36: THE REPORT: Over the course of the past year, Administration officials have been holding public hearings and accepting comments for Executive Order #36, signed by Governor Markell. Executive Order #36 put all of the state's regulations over 3 years old up for review. According to reports, "As a result of EO 36, 144 regulations are being amended or deleted, with 83 regulations being amended and 61 deleted." The REALTORS own Phil McGinnis, of McGinnis Commercial Real Estate in Dover, had the honor of speaking at the press conference and introducing Governor Markell. From the Governor's press release:
To illustrate the impact of EO 36, Phil McGinnis, of McGinnis Commercial Real Estate Co. in Dover, spoke about one suggestion that he had brought to state leaders and that was reflected in the report. The Department of Transportation had previously required all new developments to provide sidewalks, or other "multi-use paths." McGinnis and others said this rule added an unnecessary burden for projects in sparse areas where connections with other paths are not possible. Following the EO 36 review, DelDOT’s requirements will no longer apply to these areas.
You can read the full report on Executive Order #36 HERE.
DELAWARE BEACHES RANKED #1! Delaware topped a list of 30 states when it came to water quality at 200 of the country’s most popular beaches, with Rehoboth and Dewey beaches earning “Superstar” status in the report released Wednesday by the Natural Resources Defense Council...Read the full story HERE.
NEW DSHA PROGRAMS TO CHECK OUT: Take a minute to check out the DSHA's First Time Homebuyer's Federal Tax Credit HERE, and their "Advantage 3" program for down payment assistance HERE.
ONE MORE TIME BECAUSE IT'S THAT IMPORTANT: Major Changes to National Flood Insurance Program! Devastating rate hikes could be on their way! Please take 4 minutes and 39 seconds out of your day to watch an important video from NAR about the changes to the National Flood Insurance Program. The video will tell you what properties are affected and why. CLICK HERE FOR THE VIDEO!
FEDERAL NEWS IN CASE YOU MISSED IT:
Foreign Buyers See U.S. as Profitable Investment: International home sales in the U.S. declined in the past year but they remain at their second highest level in recent years and are more than six percent of total existing-home sales in value, the 2013 NAR Profile of International Home Buying Activity finds. Total international sales were $68.2 billion, down approximately $14 billion from the previous year. The decline is attributed to economic slowdowns in major foreign economies, tighter U.S. credit standards, and unfavorable exchange rates. Of total international transactions, $34.8 billion (51 percent) were attributed to foreign buyers with permanent residences outside the U.S.
Bill Would Extend Mortgage Tax Forgiveness Again: Legislation would extend for another two years tax forgiveness for borrowers who've had a portion of their loan balance forgiven by their lender. NAR supports the extension and President Gary Thomas in a June 20 letter thanked Sens. Debbie Stabenow (D-Mich.) and Dean Heller (R-Nev.) for sponsoring "The Mortgage Forgiveness Tax Relief Act," S. 1187. For more info contact Evan Liddiard, 202/383-1083.
Thomas Urges 3 Percent Cap Change in Testimony: NAR President Gary Thomas in a video podcast released on Monday talks about his testimony before a House committee last week in support of legislation that would address a problematic 3-percent cap on points and fees under the qualified mortgage (QM) rule that takes effect next year. Thomas said the QM rule discriminates against small lenders and affiliated businesses and can be corrected by passage of "The Consumer Mortgage Choice Act," H.R. 1077. For more info contact Kenneth Trepeta, 202/383-1294.