Ok, you will love this…
(Finally) the NAR is stepping up and offering a proposal to help the housing market.
The part that we really like….the NAR is proposing that the Short Sale process be changed to allow for more shortsales to happen faster! You read that right. Short Sale Agents…(or those who want to be Short Sale Listing agents…the best opportunites for Short Sales are still ahead of us…Get started now. Download the Free Agent Short Sale Secrets Crash Course. Instant Free Download..
Here is the press release from the NAR:
WASHINGTON, Oct. 15 /PRNewswire/ -- The National Association of
Realtors(R) will offer a four-point legislative plan to reinvigorate the
housing market, calling on Congress to act during a lame-duck session. NAR
believes the plan will give a boost to the economy and help to calm jittery
potential homebuyers.
(Logo: http://www.newscom.com/cgi-bin/prnh/20080923/NARLOGO )
The plan features such consumer-driven provisions as eliminating the
repayment of the first-time homebuyer tax credit and expanding it to all
homebuyers, making higher mortgage loan limits permanent, pushing banks to
extend credit to Main Street, and prohibiting banks from entering into real
estate.
"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."
Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach,
Calif., said NAR, as the leading advocate for homeownership and private
property rights, believes it is important for Congress to address the
concerns and fears of America's families, much in the way it has addressed
Wall Street turbulence. "Housing is and has always been a good, long-term
investment and a family's primary step towards accumulating wealth,"
Gaylord said.
NAR recommends Congress pass new housing stimulus legislation that
includes the following priorities:
1. Remove the requirement in the current law that first-time homebuyers
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 homebuyers 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. Learn How to Take REO Listings Now. Free REO Guide.
4. Make permanent the prohibition against banks entering real estate
brokerage and management, further protecting consumers and the economy.
Gaylord said that NAR will strongly pursue those proposals and is
calling on Congress to return to enact housing stimulus legislation in a
lame-duck session after the national elections in November.
The National Association of Realtors(R), "The Voice for Real Estate,"
is America's largest trade association, representing 1.2 million members
involved in all aspects of the residential and commercial real estate
industries.
Information about NAR is available at http://www.realtor.org. News releases
are posted in the Web site's "News Media" section in the NAR Media Center.
REALTOR(R) is a registered collective membership mark which may be used
only by real estate professionals who are members of the NATIONAL
ASSOCIATION OF REALTORS(R) and subscribe to its strict Code of Ethics. Not
all real estate agents are REALTORS(R). All REALTORS(R) are members of NAR.
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