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As a REALTOR®, you know that the current economic crisis is largely the result of problems in our nation's housing and mortgage markets. With Congress considering a return to Washington this month for another economic stimulus effort, NAR has put forth a Four-Point Plan that must be included in any stimulus effort in order to boost the economy and calm jittery real estate markets.
NAR's plan would:
1. Make the $7500 first-time homebuyer tax credit available to ALL buyers and eliminate repayment requirements.
2. Make the 2008 FHA, Fannie Mae and Freddie Mac loan limits permanent. New rules for 2009 will reduce them.
3. Get the Treasury relief fund program back on track. Create a federal mortgage interest buy-down program to lower rates to 4.5% or lower and stabilize home prices. The proposal calls for a short-term government buy-down of mortgage rates to at least 4.5% or lower for a 30-year fixed rate mortgage (down from current rates of approximately 6.04%). This homebuyer incentive would apply to the purchase of all new and/or existing homes sold up to $1 million in price.
4. 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. Do we really want them to manage home sales and purchases?
Please support NAR's Call to Action!!! Its easy and fast, simply click 4 Point Plan to tell your Senators and Congressman that you want these initiatives included in the next economic stimulus plan. It time to get the housing market and the nation's economy moving in the right direction!
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