The National Association of REALTORS® and other real estate groups commended the White House’s efforts to move the ball forward on reform of the nation’s housing finance system. Proposals released by the Department of Housing & Urban Development and the Treasury Department on Thursday suggest steps for modernizing FHA and ending the federal government’s decade-long conservatorship of the government-sponsored enterprises. The proposals were in response to a March 27 memo from President Donald Trump, directing the agencies to propose meaningful reform to reduce the risk to taxpayers in future economic downturns.

The government took control of Fannie and Freddie during the 2008 financial crisis, putting it under the conservatorship of the Federal Housing Finance Agency and investing $191 billion in the agencies. Since then, the companies have returned to profitability and paid nearly $300 million back into the U.S. Treasury, according to Pro Publica’s Bailout Tracker.

The White House proposal suggests dozens of reforms aimed at protecting Fannie and Freddie, including expanding private markets and creating new competitors in the home loan arena. The timeline remains vague, and full details of the proposal are still coming to light. “We look forward to reviewing the proposal in more detail and are optimistic that, at a minimum, the White House’s efforts will shed light on the remaining mile markers on the path to reform, along with the critical role GSEs and the Federal Housing Administration play in America’s housing market,” NAR President John Smaby said in a statement.

Ahead of Thursday’s announcement, NAR posted an FAQ on the White House’s GSE reform proposal.

Smaby said the association remains committed to working with the White House and Congress to secure “pragmatic improvements to our housing finance system” and will be vigilant in negotiating provisions to protect the housing market and the important role government plays in ensuring the flow of capital for housing. NAR has proposed its own blueprint for GSE reform, which “highlights competition, protects taxpayers, and remedies the failures of the pre-crisis system while ensuring equal access for responsible, mortgage-ready Americans in every community—safeguarding the role the GSEs were intended to play in our housing market,” Smaby said.

The Obama Administration also released a housing finance reform proposal in 2011. Like that proposal, the new White House proposals face high regulatory and legislative hurdles, and NAR analysts say you can expect no change in the near term.

A newer color palette with jewel tones is taking hold in landscaping, and it’s among the hotter trends for this fall, according to the National Association of Landscape Professionals. Seventy-seven percent of Americans report relaxing in their yards at least once a month, according to a survey from Engine’s Caravan, conducted on behalf of the NALP. Carving out an inviting outdoor space is becoming increasingly important for homeowners.

The NALP recently released a list of its top outdoor fall staples for the coming season, including:

Jewel tones: The classic fall colors of orange, yellow, and red are getting competition from a newer palette this year with jewel tones, the NALP notes. “Sapphire blue, emerald green, amethyst purple, ruby red, and citrine yellow all bring warmth to fall landscape design,” the NALP notes. Landscapers recommend adding jewel tones to outdoor spaces through unique container gardens, decorative furnishings, and accessories. Also, seasonal plantings like pansies, celosia, dianthus, and black-eyed Susan also draw from the trendy hues.

Cozy outdoor living: Create an inviting outdoor space that you can still enjoy in the fall. Fire features continue to remain popular, whether one-touch natural gas, propane ignition, or traditional wood-burning options. Also, pergolas are gaining popularity, along with retractable canopies and heating systems that can extend their use in colder climates. “Signature features, like fire features and pergolas, complemented by comfortable seating and attractive and aromatic plantings and jewel tones, will bring resort-like comfort to homes,” the NALP notes.

Read more of Warfel’s tips and see additional examples of how to fix common lighting mistakes at Houzz.com.

The 30-year fixed-rate mortgage inched up this week, but still remains well below averages from a year ago.

The 30-year fixed-rate mortgage closed the month of August by averaging 3.6%, nearly a full percent lower than a year ago, Freddie Mac notes.

“Low mortgage rates along with a strong labor market are fueling the consumer-driven economy by boosting their purchasing power, which will certainly support housing market activity in the coming months,” says Sam Khater, Freddie Mac’s chief economist.

Freddie Mac reports the following averages with mortgage rates for the week ending Aug. 29:

• 30-year fixed-rate mortgages: averaged 3.58%, with an average 0.5 point, rising from last week’s 3.55% average. Last year at this time, 30-year rates averaged 4.52%.
• 15-year fixed-rate mortgages: averaged 3.06%, with an average 0.5 point, rising from last week’s 3.03% average. A year ago, 15-year rates averaged 3.97%.
• 5-year hybrid adjustable-rate mortgages: averaged 3.31%, with an average 0.4 point, dropping from last week’s 3.32% average. A year ago, 5-year ARMs averaged 3.85%.

More than half of potential home shoppers say they’ll put their home search on hold if another economic downturn strikes, according to a newly released survey from realtor.com®. Although buyers are optimistic that it will be more mild than the Great Recession in 2008, they still say it would make them more hesitant in the housing market.

More than 36% of the 755 active buyers surveyed this month by Toluna Research, on behalf of realtor.com®, said they expect the next recession to occur sometime in 2020. Seventeen percent expect a recession to still occur this year, 14% expect one in 2021, and 7% by 2022.

When a recession does occur, nearly 56% of survey respondents said they would delay their home search until the economy improved.

“Economic activity is cyclical, so yes, undoubtedly we will face another recession at some point in the future, but we do not expect it to be anything like 2008,” says George Ratiu, senior economist at realtor.com®. “The next recession will likely be driven by factors outside of housing, such as a prolonged trade war, cutbacks in corporate spending or contagion from a European recession. Unlike 2008, mortgage underwriting has been more disciplined and regulated, which should provide a more secure foundation for housing during the economic ups and downs.”

Indeed, home buyers do believe any future economic downturn this time around will be less severe than the last. About one-third of buyers (35%) said they would be concerned that a future recession would be worse than 2008.

“When warned about an incoming storm, Americans know to prepare by stocking up on necessities and reinforcing their shelter,” Ratiu says. “Similarly, given the cyclical nature of economic activity, consumers can and should prepare for the next downturn now. Taking steps to shore up their financial well-being, strengthening their professional networks, and having adequate savings would provide cushioning during the slowdown.”