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Realtors introduce stimulus plan

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Editor's note: An earlier version of this article contained an error. The tax credit, as proposed, is intended for all buyers -- not just first-time buyers. ORLANDO -- Directors for the National Association Realtors on Monday formally signed off on a real estate stimulus proposal that includes a temporary $7,500 tax credit for all buyers, with no repayment requirement, and a temporary federal buy-down of mortgage rates to 4.5 percent or less. The group's plan also calls upon the federal government to make permanent the temporary increase in FHA, Fannie Mae and Freddie Mac loan limits to $729,750 in high-cost areas. The limits are scheduled to roll back to $625,000 on Jan. 1. And the plan reiterates the association's long-standing aim to permanently block banks from engaging in real estate brokerage and management. Dale Stinton, NAR CEO, said that the group's proposal would cost an estimated $100 billion per year and its temporary relief measures would run for two years. Realogy...