According to today's article in RISMedia, the National Association of Realtors has put together a 4-Point plan to help create incentives to stimulate the housing market in our country.

 "Housing has always lifted the economy out of downturns, and it is imperative to get the housing market moving forward as quickly as possible," said NAR President Richard F. Gaylord. "It is vital to the economy that Congress take specific actions to boost the confidence of potential homebuyers in the housing market and make it easier for qualified buyers to get safe and affordable mortgage loans. We are asking Congress to act right away."

The article states that the NAR recommends Congress pass new housing stimulus legislation that includes the following priorities:

1. Remove the requirement in the current law that first-time home buyers repay the $7,500 tax credit, and expand the tax credit to apply not only to first-time buyers but also to all buyers of a primary residence.

2. Revise the FHA, Fannie Mae and Freddie Mac 2008 stimulus loan limit increases to make them permanent. The Economic Stabilization Act, enacted in February, made loan limit increases temporary, and subsequent legislation reduced the loan limits and made them permanent. This has broad implication for home buyers in high cost areas.

3. Urge the government to use a portion of the allotted $700 billion that was provided to purchase mortgage-backed securities from banks to provide price stabilization for housing. The Treasury department should be required to use the newly enacted Troubled Assets Relief Program to push banks to:

· Extend credit down to Main Street, making credit more available to consumers and small businesses;

· Expedite the process for short sales;

• Expedite the resolution of banks' real estate owned (REOs) properties.

4. Make permanent the prohibition against banks entering real estate brokerage and management, further protecting consumers and the economy

Finding ourselves in the midst of the worst ecomomic downturn in our lives and perhaps in history, we need to find solutions to take corrective action!  The NAR has defined four major points that can affect our market in a positive way if action is taken sooner rather than later!  The NAR has my support in this action....what say you?