As of midnight on December 21, 2018, the President and Congress were unable to come to an agreement regarding provisions of a Continuing Resolution to fund the federal government. Due to this, a partial federal government shutdown has occurred. This shutdown includes aspects of federal housing, mortgage, and programs of the real estate industry.
-The shutdown’s impact on real estate related federal agencies
Issue homepage (webpage)
A survey of 2,211 REALTORS® nationwide found 75 percent had no impact to their contract signings or closings. However, 11 percent did report an impact on current clients and 11 percent on potential clients.
The most common impact, at 25 percent, was the buyer decided not to buy due to general economic uncertainty, though they were not a federal government employee. Among those impacted by the shutdown, 17 percent had a closing delay because of a USDA loan.
-The shutdown’s impact on REALTORS®
NAR member survey (pdf)
-“Federal Shutdown Making Some Buyers Nervous”
REALTOR® Magazine commentary (webpage)
NAR Position Statement
“The housing industry was already facing market challenges before any government closure. The shutdown has made matters worse. A home purchase is a major expenditure that simultaneously involves a high level of excitement and anxiety, and the current government shutdown adds another layer of unnecessary complication to the home buying process. The shutdown is causing tangible harm to potential buyers, the real estate market and economic growth.”
–Lawrence Yun, NAR Chief Economist