CALIFORNIA ASSOCIATION OF REALTORS

C.A.R. discussed increased costs and difficulty with obtaining homeowners insurance in California.

H.R. 1340; More Homes on the Market Act: Doubling and indexing for inflation the exclusion to capital gains on the sale of a primary residence. Efforts by Congress to pass a reconciliation package and provisions that would impact real estate. Issues including the mortgage interest deduction, and the cap on the state and local tax deduction (SALT). Discussed with Congress bills from previous sessions of Congress that would create a tax incentive to offset the cost of converting commercial real estate space to residential units.

C.A.R. discussed the future of Fannie Mae and Freddie Mac, and potential efforts to take them out of conservatorship. C.A.R. discussed recent changes to California condo balcony inspection law and its impact on condo qualifications for conforming loans.