OAR's 2008 Tracking List

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UPDATE – Friday, August 15

STATE ISSUES

OKLAHOMA FOURTH MOST EXPENSIVE STATE FOR CLOSING COSTS
A slowing housing market isn’t stopping closing costs from rising, according to a study by Bankrate.com. The 2007 average closing cost of $2,736 has gone up to an average of $3,118 in 2008, a 14 percent increase. New York City at $4,016 is the most expensive place to close. North Carolina is the least expensive area with an average fee of $2,650.

Here are the top 10 most expensive states to pay closing costs:
1. New York: $4,016
2. Texas: $3,975
3. Florida: $3,683
4. Oklahoma: $3,558
5. New Mexico: $3,465
6. New Jersey: $3,432
7. Pennsylvania: $3,411
8. Alaska: $3,409
9. Colorado: $3,358
10. California: $3,321

 

FEDERAL ISSUES

FED LEAVES KEY INTEREST RATE ALONE
The Federal Reserve earlier this week left the key interest rate unchanged at 2 percent, while stressing in their post-meeting statement that they’re concerned about both the struggling economy and high inflation. "Although downside risks to growth remain, the upside risks to inflation are also of significant concern," the Fed said. Observers say that the Fed is unlikely to change the key rate this year. "They really went right down the middle," says U.S. Global Investors research director John Derrick. "They are basically in risk-assessment mode."

HOUSE MEMBERS SEEK RESPA RULE WITHDRAWAL
More than half of the members of the U.S. House of Representatives have called for the U.S. Department of Housing and Urban Development to withdraw its proposal for reforming the Real Estate Settlement Procedures Act (RESPA). An NAR Call for Action helped educate House members about the proposal and urged members to support the withdrawal request, which was organized by Reps. Ruben Hinojosa (D-Texas) and Judy Biggert (R-Ill.). In preparation for a September hearing, NAR staff shared with House aides REALTORS®' concerns over the proposal's anti-competitive provisions, confusing disclosures, and underestimated costs to small businesses.

UNDERSTANDING THE HOMEOWNERSHIP TAX CREDIT
NAR has prepared a brochure on how the tax credit passed as part of the housing stimulus bill last month can help home buyers. Go to REALTOR.org and click on "New Home Buyer Tax Credit."

To view a complete list of all the legislation OAR is tracking, click here. If you have any questions or need further information, please contact OAR’s Director of Government & Public Affairs Charla Slabotsky at 405.848.9944, 800.375.9944 or Charla@OklahomaRealtors.com.