T
he National Association of Realtors (NAR) recently strengthened its ties with lawmakers on Capitol Hill, meeting with top House leaders and advocating for housing legislation. NAR's Chief Advocacy Officer Shannon McGahn described homeownership as a "truly bipartisan issue" that is essential to the American dream. The organization's members work in every congressional district, making them uniquely positioned to provide solutions and research to policymakers.

    At a reception for the Congressional Real Estate Caucus, NAR Deputy Chief Economist Jessica Lautz highlighted the nation's housing inventory gap, which has contributed to rising costs. Existing-home inventory is lagging behind pre-Covid levels, failing to keep pace with job growth in 121 U.S. metropolitan areas. Meanwhile, home prices have appreciated by nearly 50% nationwide since the pandemic, and mortgage rates remain elevated.

    NAR also met with the 72 new members of Congress to discuss housing legislation, including the "More Homes on the Market Act" and the Yes In My Backyard Act. However, the Department of Housing and Urban Development (HUD) has put a freeze on $60 million in funding for community development nonprofits, citing budget cuts.

    Some experts are concerned that HUD is exploring the use of blockchain technology to monitor grants, which could be a step towards embracing cryptocurrency. A HUD staffer expressed concerns that this move could introduce another unregulated security into the housing market, similar to the subprime mortgage crisis of 2008-2009.