Event Coverage
2022 NAR NXT Conference Held in Orlando
NAR Vice President of Policy Advocacy Bryan Greene discusses the past, present and future of equity in housing, housing policies and how to redress segregation with "The Color of Law" author Richard Rothstein at the NAR 2022 NXT Conference.
The National Association of REALTORS® 2022 NXT Conference, The REALTOR® Experience, took place last week in Orlando. 2022 NAR President Leslie Rouda Smith welcomed REALTORS® attending in person and virtually to the event stating, "It's important to remember no one knows our industry better than us. We are our best advocates."
One session featured Richard Rothstein, best-selling author of The Color of Law, and Bryan Greene, NAR Vice President of Policy Advocacy, discussing the past, present and future of equity in housing, education policy, zoning laws, real estate agents disclosing school ratings, and property assessments. They explored a range of options local community members and REALTORS® can take to redress segregation.
In The Color of Law, Rothstein argued the country's segregated communities and today's racial homeownership and wealth gaps are the result of explicitly discriminatory government policies at the local, state, and federal levels. The powerful public reaction to the book inspired Rothstein's current work, Just Action, a guidebook for Americans seeking to redress and overcome this legacy.
"We have a fair housing law to prevent discrimination, so people think the problem is in the past…but it's not," said Rothstein.
A highlight of the conference was the session on economic and housing market trends with NAR Chief Economist Dr. Lawrence Yun. Yun told REALTORS® amid the backdrop of high inflation, elevated mortgage rates and slowing sales activity, severely limited housing inventory will prevent large home price drops for most of the country next year.
Yun repeated what he said at his virtual meeting with SILVAR members on Nov. 2. He said he doubts very much that the housing market will crash. Inventory levels today are one-quarter of the housing market crash during the Great Recession. Distressed property sales remain extremely low.
Yun's national forecast shows a home sales drop of 15% this year and home prices up 10%. In 2023, assuming a 7% mortgage rate, sales are forecast to decline 7%. Prices will be mostly stable around the country, with about half of the country seeing minor price gain and the other half of the country will see minor price decline, with the exception of higher priced areas, like San Francisco, which could see about a 15% price decline.
In 2024, "the long term path looks bright," said Yun. His 2024 outlook has home sales up 10% and home prices rising 5%.
"Just hang in there for this year's difficulty, and maybe next year still under transition, but after that, everything should be in a better situation," Yun told REALTORS® at the session.
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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.
For further information, please email or call the SILVAR office at (408) 200-0100.