More on the housing stimulus

This just in from NAR President Charles McMillan...

For nearly four months, NAR has been working to deliver to you and to our nation a comprehensive plan to stabilize the housing market.

This week, we saw countless hours of hard work pay off – in a MAJOR way – when the federal government implemented NAR's recommendations to stimulate housing with the signing of the American Recovery and Reinvestment Act of 2009.

This bold and unprecedented move to help housing did not happen by chance. Just a few months ago, the auto industry had Congress' ear. Yet, thanks to countless meetings, letters, phone calls, and public pressure that we – the REALTORS® of America – placed on lawmakers in Washington, D.C., housing emerged as the top priority in the new Administration and in Congress. While some of the items in the Act are controversial and are currently being debated, most of our top priorities were addressed.

Thanks to all of our hard work, America’s homebuyers and homeowners will soon have:

1. Lower interest rates for home mortgages;
2. A greater ability to get financing through FHA, Fannie Mae and Freddie Mac in high-cost areas;
3. A true tax credit incentive to buy a home NOW; and
4. Foreclosure mitigation and short-sale standards.


As a direct result of NAR's advocacy, we hope REALTORS® will see an increase in home sales this year. NAR also continues to make significant progress on our efforts to unclog the pipeline for foreclosures and to address administrative problems with short sales.

Such significant movement on these critical issues is rare. I personally thank and congratulate each and every member of the National Association of REALTORS® for helping to make NAR's Housing Stimulus Plan a reality.

Make no mistake -- we're just getting started. NAR will continue to push for other important laws and policies that can help you in your business. From keeping banks out of real estate to providing you with affordable health coverage, you can count on the "Voice for Real Estate" to help you gain an advantage in every kind of market.

Wondering what all this means to you? Give me a call and let's discuss!