NAR Convention Update in Orlando

Real Estate Broker/Owner with Chuck Bonfiglio, e-PRO- AAA Realty Group

I attended the NAR convention in Orlando Friday Nov 7 to Monday Nov 10. Some of the things NAR discussed was a 4 point housing stimulus plan.

1. Make the $7500 first-time homebuyer tax credit available to all buyers and eliminate repayment requirements. The credit's limited availability and repayment requirement severely limit the credit's us and effectiveness. The

2. Make the 2008 FHA, Fannie Mae and Freddie Mac loan limits permanent. New rules for 2009 will reduce them. Now is not the time to limit mortgage affordability.

3. Get the Treasury relief program back on track and target more funds to mortgage relief. Create a federal mortgage interest buy-down program to lower rates to 4.5% or lower and stabilize home prices. The proposal calls for a short-term government buy-down of mortgage rates to at least 4.5%, or lower, for a 30-year fixed rate mortgage(down from current rates of approximately 6.04%). This homebuyer incentive would apply to the purchase of all new and/or existing homes sold up to $1 million in price. There are a number of ways in which the government ultimately could decide to structure and fund this program, which could be addressed as part of the stimulus packages currently being discussed in Washington.

4. Permanently bar banks from engaging in real estate brokerage and management. The banks hav proven they have enough to do o simply manage the loan process. Do we really want them to manage home sales and purchases?

They also announced the launch of the Realtor Federal Credit Union. The RFCU will be open 24/7 and will be web based and have a U.S. based call center. We should thank NAR for completing this 2 plus year project. i am sure it will be well received in this time of need.

2009 President Charles McMillan was also interviewed by a local news reporter looking for positive news to report. Let's hope the end is near of all the negative doom and gloom and have some positive news for a change.

There were over 26,000 people in attendance and I would highly recommend attending the next one . It was very informative and a chance to meet some really great and influencial people.

I also picked up an interesting stat that says 85% use agents or brokers to sell their homes and has increased almost every year since 1997. Let's remember that stat next time we try and get a FSBO or have a buyer trying to buy one without us.

Posted by

Chuck Bonfiglio Jr


2010 BOD Realtor Assoc of Greater Ft Lauderdale

2010 Florida Realtors Director

Comments (2)

Rob Arnold
Sand Dollar Realty Group, Inc. - Altamonte Springs, FL
Metro Orlando Full Service - Investor Friendly & F

I also attended the NAR convention and got quite a bit out of all the educational events.  Good stuff.

Although I don't like the idea of giving $7500 tax credits (i.e. welfare checks) to home buyers, I think it is much more productive for the economy to do this than to give the money to Wall Street and Detroit.

I also don't like raising the government backed loan limits.  The limits for FHA is already $353K and jumbo loans is $417K.  Anyone that can afford a payment that high is doing quite well financially, let's not kid ourselves.  Do the taxpayers really need to be insuring these loans for rich people?  I don't think so.

I do think 3 and 4 are good ideas.  If big banks want bailout money, then they need to be forced to help the little guy as well as needing more regulation.  However, I would just as soon scrap the whole bailout and let the chips fall where they may.

Nov 15, 2008 01:12 AM
Chuck Bonfiglio
Chuck Bonfiglio, e-PRO- AAA Realty Group - Cooper City, FL
South Florida Real Estate

Yes I agree, I think anything they can do to get people off the fence and move ahead with a purchase of a home  would be great for the industry as well as the economy.

I attended the BOD meeting Monday and there was  a lot of discussion about the wording of each point to include something about commercial as well. After alot of discussion it was finally decided to leave the points as they were due to the fact that it has to go through alot of channels before it even sees any light. They also discussed about putting a number on the rate in #3 and why not just leave it out and maybe even get it lower instead of giving them a starting point. It was said the number came from research from NAR and they feel that this is the number it should be at now but due to the banks  inflating it is over 6.00%. They also discussed the banks taking the bailout money and purchasing local banks to grow their business in their marketplace instead of loaning more. I believe #4 will soon come to an end so let's hope so.


Nov 15, 2008 04:21 AM