NAR pushes housing stimulus plan
Real estate brief
By Inman News, Thursday, October 16, 2008.The National Association of Realtors is calling on Congress to pass new housing stimulus legislation it says will "give a boost to the economy and help to calm jittery potential home buyers."
Hoping Congress will act during the lame-duck session after the national elections in November, NAR proposes eliminating the repayment of the $7,500 first-time home buyer tax credit and expanding it to all home buyers; making higher mortgage loan limits permanent to benefit buyers in high-cost areas; pushing banks to extend credit to Main Street; expediting the process for short sales and banks' real estate-owned (REO) properties; and prohibiting banks from entering into real estate brokerage and management.
"Housing has always lifted the economy out of downturns, and it is imperative to get the housing market moving forward as quickly as possible," NAR President Richard F. Gaylord said in a press statement. He added that "making it easier for qualified buyers to get safe and affordable mortgage loans" is key to an economic recovery.
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Submitted by Becky Bochniak on October 16, 2008 - 11:23am.
This is great news. Someone needs to do something.
Rockwall Real Estate
Submitted by John Ford on October 16, 2008 - 11:54am.
I agree, we really need something or someone who will help us out of the slump we are in.
Boston Real Estate
Submitted by Brenda Goodell on October 16, 2008 - 12:37pm.
The economy is hurting and we do need to do something, I hope that this plan is a good start to getting us out of the current state that we are in.
Celina Texas Homes
Submitted by Sandy Pearce on October 16, 2008 - 1:15pm.
Something that might actually motivate buyers! I never felt that the $7500 tax credit would do anything at all.
Submitted by Harry Pokorny on October 16, 2008 - 1:50pm.
Yes that's true, its like car selling, you can cut the prices but if people cannot afford to buy a car then they will not buy a car. I hope this plan will help out everyone.
Austin Real Estate Texas
Submitted by Christy Leavine on October 16, 2008 - 2:29pm.
I think that it is fantastic that NAR is pushing this stimulus forward and hopefully Congress will make the right decision. Its about time somebody does something rather than just sit and wait to see how far down we can sink!
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Submitted by Max Schroedter on October 17, 2008 - 3:57am.
I will offer a solution far less costly than most.
Offer a 5% tax credit for a home purchase of a property, owner occupied or investor. Make this not subject to the AMT.
This would stimulate sales, stablize falling prices,
It will not ever pass because a person buying a $3 million property would get more than someone buying a $100K property.
Submitted by Bill Fooks on October 17, 2008 - 4:25am.
Bill Fooks
TFT realty Marketing Service
Warwick, RI fooksteam.com
It seems that past governmet interference has proved a bad thing for our business. Freddie and Fannie come to mind.
Why don't we as sales people think of ways of getting people into houses, with out the governments help.