Support NAR's Four-Point Housing Stimulus Plan

As REALTORS®, we know that at its core, the current economic crisis is 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.

Housing has always lifted our economy out of past economic downturns. Immediate action is imperative to foster a housing recovery that historically leads any overall economic recovery.

Stabilizing real estate markets must be the core of any additional economic stimulus bill. As REALTORS, we must all come together and make our voice of experience heard on Capitol Hill. Please contact Congress today.

Read the 4-Point Plan

Sample Letter for Campaign

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

Dear [ Decision Maker ] ,

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.

Sincerely,

Campaign Launched:
October 27, 2008

Background Information

Last month, REALTORS from every state of the country attended the NAR Annual Convention in Orlando, Florida. While attendees were generally optimistic about their future, there was a pervasive feeling that not enough is being done to facilitate a recovery in the housing market.

As a result, the NAR Board of Directors approved a 4-Point Housing Stimulus Plan during our Annual Convention.

The most recent economic stimulus bill, the Emergency Economic Stabilization Act, was a good first step towards stabilizing our nation’s economy. Unfortunately, a number of the Act’s provisions have not proven to be as useful at stabilizing the nation’s housing markets as was first thought.

There are a number of changes future stimulus packages need to include in order to provide more stability to the nation’s real estate markets.

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.

Other Resources:

Mortgage Interest Rate Buydown Proposal Background
http://www.realtoractioncenter.com/keyissues/documents/mortgagebuydown-onepager-_final_.pdf

Congressional Meeting Talking Points
http://www.realtoractioncenter.com/keyissues/documents/nar-4-point-plan-congressional-leave-behind.pdf

REALTOR® Party Action Center