In DC: Tariffs upset financial markets, NAR advocacy pays off 

The National Association of Realtors celebrated legislative wins in the nation's capital this week, but financial markets had little to cheer about in the aftermath of new executive orders and a tepid employment report.

The Trump administration's latest moves on tariffs, announced via executive order, targeted dozens of trade partners and sent the stock market tumbling Friday. But NAR and others in the housing industry applauded President Donald Trump for signing a new VA loan program into law, while members of the house advanced a bipartisan housing bill. 

New tariffs on 70 countries to hit next week; Canada now subject to 35% duties 

Late on Thursday, the White House published a sweeping new list of reciprocal tariffs, just ahead of an August 1 deadline for previously announced duties to take effect. The latest executive order on global trade modifies many of the tariffs originally unveiled on Apr. 2 — raising some and lowering others — and sets a new deadline of Aug. 7 for most of the 70 countries listed.

America's neighbor to the north was not among them, however, and was the subject of a separate executive order issued July 31. Canada, one of the U.S.'s largest trading partners and its biggest supplier of imported softwood lumber, now faces a 35% tariff. Builders have previously warned that the overall impact of tariffs, particularly those on Canada, could push new home costs up by thousands of dollars. 

The deadline for Mexico to reach a trade deal with the U.S., meanwhile, was extended for 90 days. 

U.S. stocks fell sharply Friday following the tariff announcements and a weaker-than-expected jobs report. 

VA loan bill aids veteran homeowners, those at risk for homelessness

Earlier this week, Trump signed the VA Home Loan Program Act into law. The bill, introduced in April, aims to provide relief to veteran homeowners and replaces the Biden-era VASP program that ended in May. 

The new act provides assistance to veterans who are more than 90 days late on their mortgage payments, and it funds grants and community agencies targeting veteran homelessness, according to a July 30 news release from the House Committee on Veterans' Affairs. 

"Our veterans and their families should have every tool at their disposal to keep their homes and reduce the risk of foreclosure if they fall into financial hardship or endure a national disaster," Congressman and Committee Chair Mike Bost said in the announcement, adding that the new law "will modernize the VA Home Loan to meet veterans' needs and reduce the risk of veteran homelessness." 

The bill received praise from the mortgage industry and the National Association of Realtors, with MBA President and CEO Bob Broeksmit calling it "a critical step forward in ensuring that distressed veteran homeowners have access to a proven and sustainable loss mitigation solution."

Shannon McGahn, NAR's EVP and chief advocacy officer, said the association was "grateful that the president has signed this measure into law," giving "veterans and active-duty service members the same advantages as other buyers in a competitive real estate market."

ROAD to Housing Act clears first hurdle on its way to the House

A day earlier, a bipartisan housing bill was unanimously passed by the Senate Banking, Housing and Urban Affairs Committee.

The Renewing Opportunity in the American Dream (ROAD) to Housing Act is a product of dozens of previously introduced measures, according to the Bipartisan Policy Center, which said "it would be the most impactful and comprehensive piece of housing legislation since the Great Recession" if enacted.

NAR is backing this bill as well, calling it a "landmark, comprehensive piece of legislation that addresses the full spectrum of housing needs while prioritizing pathways to homeownership for American families" in a July 30 letter applauding committee chair Tim Scott and ranking member Elizabeth Warren on the Senate vote.

Specific provisions highlighted by NAR include encouraging more homebuilding by easing regulations around zoning, fast-tracking environmental reviews and providing local grants; increasing homeownership through access to smaller mortgages and savings assistance for families; investing in innovative approaches to housing, including new technologies and the production of manufactured homes and modular homes; and providing disaster relief. 

Many of those topics were also touched on during an NAR panel on deregulation in June. 

The act is expected to move to the House of Representatives this fall.