Volume 6, Issue 19:  July 12, 2013
FROM NAR:  NAR CALL FOR ACTION! Tax Reform Should Do No Harm:  Tax Reform is underway on Capitol Hill. The Senate has adopted a “Blank Slate” approach that initially eliminates every provision in the tax code, including those that encourage real estate ownership and investment.

Senators must submit their tax reform priorities to Senate leaders by July 26th.  REALTORS® need to make their voices heard now so real estate provisions are on the top of the Senators' lists.

When approaching tax reform, Congress should be careful not to inflict adverse consequences on either the economy or the unique legacy that homeownership and real estate investment have contributed to making our country prosperous. 

REALTORS® must stand united that tax reform should above all “Do No Harm” and encourage Congress to retain tax provisions vital to real estate.

Delaware Economic Index:  From the State Treasurer's Office: 
Delaware’s economy remains at a “fair” level. The state unemployment rate was 7.2% in May as the rate continues to remain above 7%.  Read more from the State Treasurer's Office by clicking HERE.

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Federal News In Case You Missed It:

NAR Monitoring Delayed Stormwater Rules:  Federal rules to reduce pollution to waterways from stormwater runoff have been delayed for the third time by the Environmental Protection Agency. When they're released, the rules, which stem from an agreement between EPA and the Chesapeake Bay Foundation, will apply nationwide. NAR is concerned that the rules, to the extent they involve complex post-construction stormwater regulation, will result in an increase in housing prices and impose onerous and expensive requirements on homeowners. For more info contact Russell Riggs, 202/383-1259.

Plain-Language Explanation of BASEL III Win: NAR Economist Ken Fears in a widely read blog post explains why federal banking regulators' final rule implementing the BASEL III accords is a win for real estate. The rule, developed by the Federal Reserve and signed off on by other banking regulators, makes no changes to the amount of capital banks must hold on their books for residential real estate loans with down payments of less than 20 percent. In earlier proposed versions of the rules, banks faced higher capital requirements for these loans, but NAR and other groups hit regulators hard with their concerns over the impact this would have on the recovering real estate sector.  
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