SILVAR  :  Newsroom  : Real Estate Articles

Real Estate Articles

REALTOR®: Silicon Valley REALTORS® take real estate issues to Congress

Wednesday, May 28, 2014

Members of the Silicon Valley Association of REALTORS® joined nearly 8,500 REALTORS® from across the country at the REALTOR® Party Convention & Trade Expo in Washington, D.C. May 12-17. While there, the REALTORS® met with legislators, congressional and regulatory staff, as well as top industry executives and advocated policies that impact the residential and commercial real estate markets.

"Our week in Washington was important, not only because REALTORS® want to ensure their points-of-view on important real estate issues are heard, but also to remind our country's leaders of the vital role that real estate plays in both the long- and short-term health of this nation," said David Tonna, president of the Silicon Valley Association of REALTORS®.

Silicon Valley REALTORS® met with key staffers in the offices of U.S. Representatives Anna Eshoo, Jackie Speier and Mike Honda. Representing the local REALTOR® association were Tonna, president-elect Chris Isaacson, Region 9 chair Suzanne Yost, and federal political coordinator Carole Feldstein.

The REALTORS® reminded the lawmakers of the vital role that real estate tax provisions play in the nation's housing markets and economy. Specifically, members discussed the importance of preserving the mortgage interest deduction (MID), and asked them to oppose any effort to weaken the MID on primary and secondary residences. They asked members to protect property tax deductions and like-kind exchanges. Additionally, the members requested that Congress enact a Mortgage Debt Forgiveness Tax Relief Act. The provision that waives income tax on mortgage debt forgiven in a short sale expired at the end of 2013.

The REALTORS® asked that Congress restructure the secondary mortgage market so affordable mortgages are available to consumers in all types of markets. Specifically, they want the government to participate in the secondary market, to safeguard the availability of long-term, fixed rate mortgage products, while encouraging the return of private capital.

Finally, the REALTORS® sought to ensure that the Federal Housing Authority (FHA) single-family program has the tools and policies to meet its mission of providing access to safe, affordable mortgage financing to qualified borrowers nationwide, without imposing burdensome limitations. FHA has taken multiple steps to recover from the financial losses it suffered. These include increasing premiums five times in the last two years, increasing down payments on some borrowers, and increasing its risk management practices. The REALTORS® argued that FHA's current policies, such as the very high premiums, already hurt consumers. For 2013, they estimate between 125,000 and 375,000 potential homebuyers were priced out of the market due to the increase in fees.

"As advocates of home ownership, REALTORS® want to ensure public policies promote responsible, sustainable investment in real estate. We want to make sure any changes to current programs or incentives don't jeopardize a full housing and economic recovery," said Tonna.


The Silicon Valley Association of REALTORS® (SILVAR) is a professional trade organization representing over 4,000 REALTORS® and Affiliate members engaged in the real estate business on the Peninsula and in the South Bay. SILVAR promotes the highest ethical standards of real estate practice, serves as an advocate for homeownership and homeowners, and represents the interests of property owners in Silicon Valley.

The term "REALTOR®" is a registered collective membership mark which identifies a real estate professional who is a member of the National Association of REALTORS® and who subscribes to its strict Code of Ethics.

Variations of this article have appeared in local area newspapers.

For further information, please contact Rose Meily at SILVAR Public Affairs, email , or phone (408) 200-0109.

» Back to Real Estate Articles

Site Navigation