LOS ANGELES, Jan. 20, 2017 /PRNewswire-USNewswire/ -- The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) today issued the following statement in response to the announcement by the U.S. Department of Housing and Urban Development (HUD) that the Federal Housing Administration (FHA) will indefinitely suspend a recently announced cut in its annual mortgage insurance premium.
"We hope HUD and the Trump administration will make it a priority to quickly review the reduction in the FHA mortgage insurance premium," said C.A.R. President Geoff McIntosh. "Homebuyers in California, who would have saved an average of $860 a year, will be negatively impacted more than any other state by the decision to not reduce the FHA premium.
"FHA's single-family home portfolio is financially sound as it has ever been, and we hope that once the new Administration has thoroughly reviewed the merits of the premium reduction the suspension will immediately be lifted," said McIntosh.
C.A.R. and the NATIONAL ASSOCIATION OF REALTORS® (NAR) both have long advocated for lower FHA mortgage insurance premiums and will continue to make the case to reinstate the cut.
Leading the way...® in California real estate for more than 110 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States, with more than 185,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.
SOURCE CALIFORNIA ASSOCIATION OF REALTORS