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SUPPORT THE NATIONAL ASSOCIATION OF REALTORS FOUR POINT ECONOMIC STIMULUS PLAN AND URGING FOR US CONGRESS ACTION

By
Real Estate Agent with HomeSmart, Evergreen Realty

We support the National Association of Realtors and its Four Point Economic Stimulus Plan and urging US Congress to Act  (November 14, 2008). 

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The Four Point Plan

The most recent economic stimulus bill, the US Emergency Economic Stabilization Act, was a good first step towards stabilizing our nation's economy. 

Unfortunately, a number of the Act's provisions have not proven to be as useful at stabilizing the nation's housing markets as was first thought.

Congress may consider second economic stimulus bill this month.  If they do, there are a number of changes that could help to provide more stability to the nation's real estate markets which most agree is a necessary step towards recovery.

NAR has urged Congress to include the following provisions in any future legislation:

  • Make the $7500 tax credit available to all purchasers and eliminate the repayment requirement.  The credit's limited availability and required repayment terms have severely limited the credit's appeal to potential homebuyers.  As a result, the credit has not been widely used or proven effective at stimulating sales. 
  • Make the 2008 FHA, Fannie Mae and Freddie Mac loan limits permanent.  New rules for 2009 would significantly reduce the FHA, Fannie Mae and Freddie Mac loan limit from their 2008 levels. Now is not the time to limit the availability of affordable mortgages. 
  • Get the Emergency Treasury bank relief program back on track by targeting more funds to mortgage relief efforts and increasing efforts to mitigate foreclosures.  Don't just give the banks unrestricted cash. Make the program work to improve mortgage and housing markets as it was originally intended.
  • Permanently bar banks and banking conglomerates from engaging in real estate brokerage and management.  The banks have proven they have enough to do to simply properly manage their current lines of business.  Do we really want them to manage on the home buying process?  Imagine what could have been the situation now if they already had the added ability to engage in real estate sales.

WHY THIS SUPPORT?   This will be good for our economy, for home and property owners, for buyers and sellers, and for those who live and work in our communities.

Harrison K. Long, Explore Group Properties, Coldwell Banker Previews, Irvine, CA

Harrison K. Long - Realtor & Broker (Explore Properties Group, Coldwell Banker Previews): Real Estate Agent in Irvine, Orange County, California

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Comments (3)

Valerie Springer
Benchmark Mortgage nmls 2143 - Birmingham, AL
Home Loan Officer AL, FHA, VA, Conventional and Re

Can't wait to see the final outcome on this.  It is my understanding we should be having a refinance boom over the next 18 months and if the money is there, credit will have to loosen some!  Like I said, can't wait to see who fills the broken circle.

Nov 14, 2008 05:48 AM
Tony & Darcy Cannon
Aubrey and Associates Realty - Layton, UT
The C Team

I like the position of NAR on this.  I think that accountability is key to the bailout monies, any payouts should be scrutinized for fraud and theft.  No money for the huge "golden parachute" can go to executives from a company that has recieved bail out money.  If they had really earned the big buyout for their companies, these executives wouldn't need the bail out money!

Nov 14, 2008 07:29 AM
Renée Donohue~Home Photography
Savvy Home Pix - Allegan, MI
Western Michigan Real Estate Photographer

I can't disagree with your highlighted points.  I did disagree with some of the call to action.  My brain is fried so I can't remember what!

Nov 15, 2008 11:46 AM