Yeh! If these recommendations can be implemented it will be just what the housing market has needed to stimulate a recovery. I know the process can be long and arduous, but I applaud the efforts of those trying to make it happen, and we need to lend them our support.
There was a business roundtable held that was chaired by the Realogy CEO, Richard Smith, and comprised of chief executive officers of leading U.S. corporations. On June 10th, 2009, this group issued a set of recommendations for the White House and Congress, that are aimed at jumpstarting the housing market in order to stimulate a broader economic recovery.
Their recommendations are as follows:
*Keep mortgage interest rates at historically low levels (below 5%) for at least one year;
*Expand the current First-Time Homebuyer Tax Credit incentive from the lesser of 10% of the purchase price of the home or $8000 to a higher limit of either 10% or $15000 for ALL homebuyers, and remove the income restrictions and include all primary residences for one full year;
*Conduct a thorough review of current foreclosure mitigation and loan modification programs in light of rising loan modification re-default rates;
*Make permanent the current temporary conforming loan limits;
*Continue to review and strengthen government efforts already underway to review and refine mortgage lending practices.
This group believes, and I agree, that targeted, demand-side solutions will provide a critical next step for a housing recovery that will help create jobs and boost the economy as a whole.
;)
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