Support NAR’s Four-Point Housing Stimulus Plan
The most recent economic stimulus bill, the Emergency Economic Stabilization Act, was a good first step towards stabilizing our nationâ€™s economy.Â Unfortunately, a number of the Actâ€™s provisions have not proven to be as useful at stabilizing the nationâ€™s housing markets as was first thought.
Congress may consider second economic stimulus bill this month.Â If they do, there are a number of changes that could help to provide more stability to the nationâ€™s real estate markets which most agree is a necessary step towards recovery.
NAR has urged Congress to include the following provisions in any future legislation:
- 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 use and effectiveness.
- 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.
- Get the Treasury relief program back on track and target more funds to mortgage relief. Create a federal mortgage interest buy-down program to make below-market rates available and stabilize home prices.
- Permanently bar banks from engaging in real estate brokerage and management. The banks have proven they have enough to do to simply manage the loan process. Banks should not manage home sales and purchases.
Thereâ€™s an easy way for you to tell Congress you support this stimulus plan from the National Association of Realtors. Click here. Itâ€™s easy and in everyoneâ€™s best interest.