As I pen my message to you, the housing supply continues to prove challenging. There are multiple offers on the sparse new listings, and new construction is more than robust. In Madras and La Pine, 1,000 and 1,500 new homes are under construction, respectively. As a representative from Parr Lumber put it, "I haven't seen anything like this in my 32 years in the business".
Your OMBA was represented at the MBA’s National Advocacy conference during May. Jolin Warren, chair of the legislative committee, and I met with five elected officials to discuss affordable housing, lumber prices, Remote Online Notarization, and down payment assistance programs, GSE reform and more. Next year’s event is scheduled for April 26 and 27 in Washington, DC. Your involvement and advocacy matters. 2022 MBA Advocacy Conference.
The Oregon Legislature recently passed HB 2009, extending the residential foreclosure moratorium until the end of the year. It's just waiting for the governor's signature. HB 2578, the bill that limits mortgage interest deduction, has had no movement since March 11. Given the optimistic budget projections, this bill may continue to languish. We will keep you posted.
The governor signed SB 458, which allows land division to separate dwelling units for new middle housing allowed in cities. It applies to divisions permitted on or after July 1, 2022. It prohibits homeowners’ associations or restrictive covenants from forbidding partition. It delays applicability of limits on private middle housing restrictions. This bill was supported by the OMBA.
The budget forecast is amazingly positive. The latest forecast is $1 billion higher than the projection from March. When the estimates exceed the initial projects by 2% or more, Oregonians enjoy a kicker refund for everything over the 2% threshold. The checks will be in the mail next year.
Please join me in welcoming Gateway Correspondent and Gateway Mortgage, both divisions of Gateway First Bank, as our newest members. Thank you to all our renewing members. Your support is appreciated and essential to the organization's work. If you haven't had a chance to renew for 2021, please contact our membership chair Mikal Mele with Fairway Independent firstname.lastname@example.org, who will be happy to assist you.
The Top Producing Realtor® Panel, sponsored by Directors Mortgage, was a smashing success with over 80 registrants. If you registered but could not attend, you should receive an email with a link to the recorded presentation. It is also available on the website here. Cortney Hall of Essent Guarantee and her residential committee are planning additional education opportunities this fall. Keep an eye out for more details as they become available.
Connecting with our colleagues is an essential benefit of membership. I hope you can join us for these much anticipated, in-person events:
June 24- You can register here for our first in-person event at Avidity Wines. Attendance is limited because of COVID restrictions, so register early if you wish to attend.
August 4th – annual golf tournament. Registration opens on June 1, 2021.
Thank you to our annual sponsors. Your support enables robust advocacy, education, and connection for all our members. If you'd like to learn about the annual sponsorship opportunities, please reach out to me directly. I'd love to tell you more!