Pearland Real Estate Expert

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Get the Economy Moving - Support NAR's Four-Point Plan

Subject: Reviving the real estate market must be the focus of a future stimulus bill

As a constituent and a Realtor, I ask that Congress focus any future stimulus package on reinvigorating housing markets. The current crisis is the result of problems in the nation's housing markets. Efforts to boost the economy must calm jittery real estate markets.

Earlier, the National Association of Realtors (NAR) proposed a 4-Point Housing Stimulus Plan that should be part of any new stimulus package. NAR's plan would:

*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.

Housing has always lifted our economy out of past economic downturns. It's imperative now to foster a housing recovery, so that the economy can recover. Thank you for your hard work.

Go to http://takeaction.realtoractioncenter.com/ and sign in and help me help you, and your fellow Realtor's...

Whether you're interested in buying your first home, your next home, or just want to know more about home-ownership in general, I encourage you to check out a couple of great online resources: http://www.texasrealestate.com/ or http://www.har.com/ and for all of your Pearland TX and Northern Brazoria and Galveston County real estate needs, please visit my site at http://www.danfrankrealty.com/.  All of these sites offer tons of useful, real estate-related information geared specifically for Texans.

Danny Frank is a local Pearland TX Real Estate expert

 
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Comment balloon 3 commentsDanny Frank • December 17 2008 07:33AM

Comments

thanks for reminding us and giving us the link. We do need this and more to save the market!

Posted by Richard Shuman, Real Estate Broker - Orlando Area - Love Referrals (The Only B.S. I Have is from the University of Massachusetts) almost 10 years ago

Hi Danny,

I got an alert about this post on Twitter & had to stop by.  Although I see your points, I don't know that I agree with the first one fully. 

Although it would be wonderful to get the $7500 tax credit for my most recent purchase, I realize that opening up the credit to everyone, (especially if not required to be repaid) would get way too many people buying homes for the wrong reason, and could dig us into a deeper hole than we already are in. 

As a $7500 credit for first timers (that has to be repaid), it seems like a great incentive to get some renters off the fence, but not just to make a quick buck.

Posted by Joel McDonald (Joel McDonald -- www.AutomatedHomefinder.com) almost 10 years ago

I read that there were major issues with the $7500 tax credit for first tme buyers and that the entire thing was going to be be revamped because it was not working as intended.

Posted by Jim Crawford, Jim Crawford Atlanta Best Listing Agents & REALTOR (Crye-Leike REALTORS®) almost 10 years ago

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