Trump and the Department of Housing and Urban Development, led by Ben Carson, last week officially scrapped a rule meant to ensure compliance with the Fair Housing Act of 1968. Enshrined in 2015, the Affirmatively Furthering Fair Housing policy held communities accountable for providing fair housing by requiring any town that wanted to receive HUD […]
Government Affairs
July 27 – CVAR Connect
CVAR’s COVID-19 Resources REALTORS®: Updates & Guidelines What’s Happening at CVAR under COVID-19 restrictions Latest COVID-19 Updates from C.A.R. Citrus Valley Association of REALTORS® is conducting all business remotely. Meetings and classes presented by CVAR will be online and free of charge (see available classes below). ____________ Join Us July 30: CVAR and 15 real estate associations have combined […]
6 Mortgage and Real Estate Trends for 3rd Quarter 2020
During the coronavirus crisis, the U.S. economy has experienced a record jump in unemployment, record-low mortgage rates and a whipsawing stock market. All of that leaves the housing market in uncharted waters. “Where is the economy headed? How is the government going to play it? Has unemployment peaked?” asks Michael Franco, head of mortgage firm SitusAMC. […]
Rollback Planned on Environmental Regulations
President Donald Trump announced earlier this month that he is rolling back Nixon-era National Environmental Policy Act regulations for how and when authorities must conduct environmental reviews, making it easier to build highways, pipelines, chemical and solar plants and other projects. The 1970 law changed environmental oversight in the United States by requiring federal agencies […]
July 2020 – Cities Report
In Cities Report: California propositions, a new area code and updates on the Gold Line. The California Secretary of State has assigned numbers for the propositions to appear on the November 2020 ballot. I have highlighted those propositions in which CAR will play a role. Please note that Proposition 19 is the CAR-sponsored Property Tax […]
Blacks, Hispanics Pay More Tax, Get Fewer Loans
Black and Hispanic homeowners pay up to 13% more in property taxes in numerous states, according to a joint study by economists from UC Berkeley and Indiana University—but not in California. Last Thursday, LA County Assessor Jeff Prang, a guest on CVAR’s weekly Happy Hour, explained why. “The constitutional mandate is market value,” said Prang. […]
Phase II: Rancho to Vegas Train
A San Bernardino County transportation agency has entered into an agreement with a private company building a high-speed train from Apple Valley to Las Vegas for a 50-mile spur through the Cajon Pass into Rancho Cucamonga. Calling it phase two of the project, the San Bernardino County Transportation Authority board voted unanimously last Wednesday for […]
IRS Tax Deadline July 15
IRS July 15 Deadline: The deadlines to FILE and PAY 2019 federal income taxes are July 15, 2020, an extended deadline that will not be postponed, the Department of the Treasury and IRS announced July 1. Individual taxpayers unable to meet the July 15 due date can request an automatic extension of time to file […]
Lending Impact: SCOTUS Rules CFPB Structure Unconstitutional
The U.S. Supreme Court ruled last week that the structure of the Consumer Financial Protection Bureau (CFPB) is unconstitutional. The court, however, did not rule that the entire agency is unconstitutional, likely protecting the independent agency that protects consumers from predatory lending practices, including in the mortgage space. “The CFPB’s single-director configuration is also incompatible with the […]
Impact of Redlining in Numbers
Neighborhoods that were redlined have gained $212,000 less home equity since the 1980s, according to a new study from Redfin released June 11. Redlining was formally outlawed in the 1960s, but the New Deal-era lending practice is still having a lasting impact on the rate of Black homeownership and Black wealth in the United States. […]