Information collected by the National Association of REALTORS® (NAR) in recent days indicates that the partial government shutdown is having some negative effects on the economy.
NAR Chief Economist Lawrence Yun cited several negative impacts on the real estate market:
- delays on some real estate transactions,
- unavailability of federal Rural Housing Service loans and
- processing bottlenecks at some federal agencies.
Approximately 11 percent of REALTORS® reported the shutdown having negative effects on the local economy, he said.
NAR Director of Federal Housing Policy Megan Booth provides more information on processing of conventional loans, Federal Housing Administration (FHA) loans and Veterans Affairs (VA) loans and gives an update on income verification processing by the Internal Revenue Service (IRS).
Find out more at: nar.realtor/what-a-government-shutdown-means-for-realtors.