NAR News Week of April 12, 2021

NAR Opposed DOL Independent Contractor Action

NAR submitted a comment opposing the Department of Labor’s proposed withdraw of the final rule on independent contractor status under the Fair Labor Standards Act (FLSA). This regulation, introduced by the previous Administration, never took effect and had no direct impact on real estate professionals’ classification under the Internal Revenue Code for federal tax purposes. However, the final rule provided helpful clarity and certainty for how an employer may classify a worker. It is anticipated DOL will rescind the rule based on this proposal, but has not yet released any replacement suggestions. Read More >> 13 Months Later, Where Do Mortgages Stand? Discussions surrounding homeownership rates often happen in April, the month of Fair Housing. The Black-White homeownership rate gap is cited repeatedly as a nearly 30% age point spread, which is as wide a spread as when the Fair Housing Act was passed in 1968. While the homeownership rate is one often-used housing yardstick, sustainable ownership is another. What do we find in the middle of those two bleak numbers? And where are we now? Read More >> Housing Affordability Falls in February At the national level, housing affordability declined in February compared to a year ago according to NAR's Housing Affordability Index. Affordability declined in February compared to January as the median family income rose by 3.5% while the monthly mortgage payment increased 5%. The effective 30-year fixed mortgage rate1 was 2.73% this February compared to 3.53% one year ago, but the median existing home sales price rose 16% from one year ago. Read More >> Check Out NAR's Library & Archives Founded in 1923, the National Association of REALTORS® Library & Archives offers a variety of research services and thousands of print and digital resources for use by NAR members and state and local association staff. Read More >> Virtual Tech Edge is Back NAR is excited to bring back Virtual Tech Edge on April 27, 2021! REALTORS® will learn how to be stronger agents in today's quickly changing digital and tech world! The Virtual Tech Edge event will be live-streamed on Tuesday, April 27, 2021, at 11:00 a.m. – 1:00 p.m. CST | 9:00 a.m. PST| 12:00 p.m. EST). Read More >>

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