NAR Legislative Proposals

Hello All!

I wanted to give you all some exciting information! Please take your time to review these recommended changes from the National Association of Realtors. They will benefit all of us that plan to purchase a primary residence in the near future.

If there are questions or concerns, please feel free to call or write me!

Make it an outstanding day!

NAR Recommendations

NAR recommends Congress pass new housing stimulus legislation that includes the following priorities:

• Remove the requirement in the current law in which first-time homebuyers repay the $7,500 tax credit, and expand the tax credit to apply not only to first-time buyers but also to all buyers of a primary residence.
  
• Revise and make permanent the FHA, Fannie Mae and Freddie Mac 2008 stimulus loan limit increase. The Economic Stabilization Act, enacted in February, made loan limit increases temporary, and subsequent legislation reduced the loan limits and made them permanent. This has broad implications for homebuyers in high cost areas.
  
• Urge the government to use a portion of the allotted $700 billion that was provided to purchase mortgage-backed securities from banks to provide price stabilization for housing. The Treasury department should be required to use the newly enacted Troubled Assets Relief Program to push banks to:
  
• Extend credit down to Main Street, making credit more available to consumers and small businesses
  
• Expedite the process for short sales
  
• Expedite the resolution of bank's Real Estate Owned (REO) properties
  
• Make permanent the prohibition against banks entering real estate brokerage and management, further protecting consumers and the economy.
  

Gaylord said that NAR will strongly pursue those proposals and is calling on Congress to return to enact housing stimulus legislation in a lame-duck session after the national elections in November.