Jim Gillespie, president and CEO of Coldwell Banker Real Estate LLC, participated in a discussion about the state of the housing market live from the New York Stock Exchange on CNBC last friday. Mr. Gillespie participated on the "Roadmap to Rebound" segment hosted by Maria Bartiromo. Yale economist Dr. Robert Schiller and Sanjiy Das, CEO of CitiMortgage, also participated. Here's the conversation, which was very enlightening:
Mr. Gillespie called upon government leaders to enact a $15,000 non-refundable tax credit to ALL buyers and also a mortgage buy down that would bring rates to the 4-4.5% range which NAR reports could generate an additional 840,000 home sales over 12 months. This home buying activity would have major implications in stimulating the overall US economy since NAR also reports that each home sold generates more than $60,000 in economic activity. The proposal would also have a greater impact on foreclosures than the current stimulus package.