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Obama Jobs Plan Includes Real Estate Effort

By Robert Freedman, Senior Editor, REALTOR® Magazine

The $447 billion jobs initiative President Obama introduced last night, called “The American Jobs Act,” contains some pieces that aim to boost home mortgage refinancing, rehab homes, cut taxes for small businesses, boost road, bridges, and other public-works spending, in part through an infrastructure bank, and otherwise inject momentum into the stalled economic recovery. Many of the specifics are still to come. Here’s a thumbnail summary of the key provisions provided by the White House:

President Obama

President Obama

1. Cut in half the taxes paid by businesses on their first $5 million in payroll, targeting the benefit to the 98 percent of firms that have payroll below this threshold.
2. Give a payroll tax holiday for adding workers or increasing wages. The benefit is capped at the first $50 million in payroll increases.
3. Extend 100-percent expensing into 2012.
4. Institute regulatory reforms to help entrepreneurs and small businesses access capital.
5. Offer tax credits from $5,600 to $9,600 to encourage the hiring of unemployed veterans.
6. Institute reforms to prevent up to 280,000 teacher layoffs and “to keep police and firefighters on the job.”
7. Modernize at least 35,000 public schools and supporting new science labs and Internet-ready classrooms.
8. Invest in infrastructure, in part through a National Infrastructure Bank.
9. Launch “Project Rebuild” for rehabilitating homes, in part by leveraging private capital, “scaling land banks,” and encouraging other public-private collaborations.
10. Expand access to high-speed wireless.
11. Institute reforms to prevent layoffs and give states greater flexibility to use unemployment insurance funds for work-sharing and other programs, including programs in which displaced workers take temporary, voluntary work or pursue on-the-job training.
12. Offer a $4,000 tax credit to employers for hiring long-term unemployed workers; prohibit employers from discriminating against unemployed workers in hiring and training programs.
13. Cut payroll taxes by 50 percent, for an average tax cut of $1,500 per worker.
14. Increase home mortgage refinancing.

Robert Freedman

Robert Freedman is director of multimedia communications for the NATIONAL ASSOCIATION OF REALTORS®. He can be reached at rfreedman@realtors.org.

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Comments
  1. It’s good to see the President focusing on real estate issues, but I think the small business tax relief along will help brokers and agents stay in business and expand their coverage.

  2. Tanya McDonald

    I understand that there is a great need for assistance who are losing their home because of the economy. I would hope that there will be some programs to assist those family as well as programs or incentives for family who would like to purchase. Having both types of programs or incentives will also help build the housing market and it will not be a lost for all the way around.

  3. Tanya McDonald

    I feel that some of these banks are holding back on short sales so that the home goes into foreclosure. There have been no laws to prevent these banks from taking the time to approved and move on. It is a shame when the banks take 6 months to a year or longer for a short sale. Do you guys realize what happens? The house goes into foreclosure and sits for months or years, mean while it pulls the property value way down and the home get destroyed not fit for anyone to purchase but investors who have the money to fix it up. However a family who does not have that type of money to buy the home can not purchase because a bank is not going to lend on a home that can not pass inspection. Why aren’t there laws to stop this craziness? Put a time limit on processing short sales; this not only helps people who still have dreams of purchasing a home, but it also does not hurt the family to bad that can no longer afford their home. That is a two fold that can also help build the housing market up.

  4. Mark Burns

    There needs to be coverage of the other side of the story. What about the changes in the tax code? Income that is treated as capital gains changes to ordinary income tax.

    This article is probably ripe for revision already. It’s not a rosy picture for real estate. The Jobs Act could actually make new investment on the private side in infrastructure almost non-existent.

    Keep this in mind; we’re going to spend $447B in government revenue. The math says that is $447,000 per job (divide $447B by a million new jobs). That’s unfathomable and frankly ridiculous. And that revenue has to come from somewhere. Most likely higher taxes from the very people who would like to instead put it in real estate and other long-term investments. Things that will, in turn, create jobs and economic growth. Government doesn’t create jobs, people do.

  5. Ed Kubeck

    They already have put incentives in other programs and it does not make businesses act. Businesses want to see a security, trust and accountability in their government before they take a chance to expand. As of 2009 The HAMP was to allow for loan modification to homeowners, but yet only about 3% of them have been granted. The banks were also suppose to increase business loans by 15%, but instead the banks have decreased them by 45%. This is a difference of 60%. This is why business is not moving forward. We have allow too much corruption in Government & Banking Industries and as a result there is a lack of trust. Another fine example is how Loan Officers were blamed for the fall of the banks when it was the banks and Federal Governments doing. No one in the Federal Government or in the banking industry has lost there job, but many Loan Officers were forced out. You have a piece of legislation that could help millions of people, but it is not being enforced. It is called HAMP. The only ones it has helped is the banks and politicians. The to top it off many state governments force those who could have helped homeowners to do loan mods out of business by not the letting them be paid up front. Now Homeowners are left to fend against a big bank that will just use their delay strategy to discourage homeowner follow through.

  6. lindatart

    25% of home owners are upside down with their mortgage. Why isn’t that issue discussed?

  7. Julieta Gapuz

    Govt should also do something about the outflow or farming out of jobs. This should at least be minimized, if not all together stopped, and businesses should be given commensurate government incentive to keep the jobs here at home. It is causing much unemployment especially to IT professionals.

  8. GAY GLASSMAN

    THE FLA APPRAISAL BOARD NEEDS TO SUE THE FED GOV’T AS THE STATE IF VA HAS REGARDING THE NEW GUIDE LINES THAT THE APPRAISERS HAVE TO USE. WHAT IT HAS DONE HAS DEPRECIATED THE VALUE OF THE HOMES. THEY CAN NOW ONLY GO BACK 2 MONTHS AND IN THE STATE OF FL., UNLESS YOU SELL A HOUSE IN FEB OR MARCH (WHEN THE SNOWBIRDS ARE HERE AND BU) YOU ARE OUT OF LUCK. THEY JUST APPRAISED A HOUSE FOR ME WITH 20k LESS THAN THE MARKET VALUE.
    THE NAR NEEDS TO LOOK AT THIS AND DO SOMETHING.

  9. DeeDee Gollwitzer

    The bill also is cutting back AGAIN on medicare and medicaid. Please remember that there are also cuts in the Health Care Bill for these same items.

    They need to stop robbing Social Security too. There will be nothing left for our aging populatoin.

    Robbing Peter to pay Paul is no way to run a government.

  10. Barbara Fields

    The problem is the other parts of the bill not as public are reversing any of the good. Many proposed tax hikes for those making over $200,000…which if a business grosses (not nets) $250,000 they are in the “rich” category and the 6% or so increase will greatly affect them. The portion of the bill just brought out that will allow an unemployed person to sue an potential employer for not hiring him/her if they feel it was due to their being unemployed will simply cause an employer to not interview them for the job to begin with. Refinancing at 4-5% interest?? Most already have that interest rate or near it that have bought homes since 2005 as interest rates have been at all time lows. That is not the problem. The problem is they are upside down in their home and when it comes time to get financing when their ARM is up or when interest only time period ends, they cannot get a mortgage due to the fact they paid substantially more than the house is worth currently. Doesn’t matter what the interest rate it…they have many thousands of dollars upside down and either come up with that money or short sale or foreclose. If they are transferred, owe for example $200,000 on the house but find it is worth $150000 in todays market…that is a dilemna and many Americans find themselves there.

    I for one am tired of seeing people who have worked and sacrificed all their lives to get ahead have this administration take away from them in the years they should be able to enjoy the fruits of their labor and sacrifice. The government has decided to give to those who are NOT WILLING to work and sacrifice to get ahead. It is not fair that the baby boomers are paying for others to be on welfare and have a free ride while they can’t even retire. And people should be able to choose who they support if they want to support someone…perhaps family members or a worthy community family rather than the government deciding.

    Much Stimulus money went to allow communities to upgrade their homes energy wise. VIrtually none of that money has even been used. As long as the upper income are taxed to the hilt to the point they are afraid to spend money or invest things cannot improve. As long as we run large corporations to other countries and shut down employers such a GIbson Guitars then the housing market cannot fully recover.

  11. Mark & Ed have hit on the real points of any government spending bill that disguises itself as pumping money into the economy to create jobs…I’ll say it also, government does not create jobs, people do! Just the same as, guns don’t kill people, people do! Bank of America took $45B in bail out money! I dare ask, any real estate professional out there even want to deal with this bank? Every transaction I have ever had with them involved has been a disaster!

    This is not a right or left issue, this is a United States of America issue and I’m sick of hearing about how each side wants to make sure they get the [insert ethnic or class here] vote. Quit pandering and start leading!!!

    Want a real jobs creation bill? It’s there, it can happen, but the politicians do not want to give up the power they have! It’s called HR 25 aka The FairTax! And NAR’s position on this??? Yup, they are not in favor of it because they are seriously misinformed about how it affects home buyers, sellers and agents & brokers. NAR, I BEG YOU TO GET ON BOARD WITH THIS! I have not come across one REALTOR that once they understand this bill, that is not in favor of this becoming a reality!

  12. So what do we have here? Stimulus II or the son of stimulus? Same horse different saddle. The first one didn’t work so certainly the second one will. Or is it $500 million plus to a soon to be bankrupt “green energy” company.
    In all due respect folks this is not good. We need to wake up and stop talking about Obama’s throwing money at the economy, regardless of the enticements, as if it is a viable solution. It is not!!!
    The President is inept, government does not create jobs, their job is to pay the bills, defend the country and allow the markets, free enterprise, take its course.
    Squash the bill, send him packing and stop believing his foolishness. President Obama is quite simply not good for our country.

  13. Do you really think the government “fixes” problems?
    The government is an inefficient, slow moving, bureaucratic machine; with no financial motive to improve. Take a look at FNMA, FHA, VA short sale programs.

    My faith lies in the American people & businesses.
    If the government would just get out of our way we would fix the problems ourselves.

  14. Sue Jones

    The banks have been trying to get into the Real Estate business for years and now they have done so. Sell a bank owned or short sale and you can only play by their rules. What happened to the Real Estate contract? They only sell “as is” and will not pay for transfer fees or any repairs. We are back to buyer beware. And what about the Realtors? We have lost our income due to the market conditions. People are worried about jobs, stock market and government issues. They are afraid to buy second homes or retire. Realtors pay for the marketing, health insurance and there are no “entitlements” for them. We have invested in our business’ and are fighting to stay afloat. What is Mr. Obamas plan for us?

  15. Janis Lynch

    You paint a “rosy picture” of his plan.
    However, you did not address the issue of the mortgage interest deduction that may be eliminated for some home owners.

  16. David

    This article failed to mention the doing away with the mortgage interest deduction for those making over $200,000. As usual the people in this magazine are partisan and aren’t totally truthful…. Can we have some people writing for this magazine that are interested in all the truth… GUESS NOT!!!

  17. Bob Oxford

    This is another Spend Spend Spend designed for the benefit of the UNION WORKERS. How do unemployment benefit extensions help real estate people like us who work on commissions which have bin diminished to peanuts? All this money will go to Union Jobs and just like Boeing in South Carolina and all its new Non Union jobs was booted by The President for being provided in a Right to Work State. So stands the people of Florida, who will get little to no support with all the funds going to union workers. Now we are seeing what all these billions of taxpayer dollars are doing with the “Green Jobs” . Stop spending. Tax all imported products from China and the like, and bring the manufacturing jobs back to America. If you want to spend money, give the tax brfeaks to those who buy American Products, and the workforce will increase, which is the only long term solution to the real estate market.

  18. Kathleen

    What about the people who are employed and underwater struggling to keep up, lost most of their retirement, home is upside down and can’t refinance because it won’t appraise. Why don’t they make it fair to the people who continue to pay instead of choosing short sale or foreclosure. Either forgive the difference so that they can refinance or allow them to obtain a 4% loan amortized over 30 years. Some solution that helps the masses.

  19. Don’t pass the jobs bill…It’s not paid for.

  20. Here’s a good summary of the “new” jobs plan:

    – Read Mark Burns comments.
    – Read Ed Kubeck comments.
    – Read Barbara Fields comments.
    – Read Bob Oxford comments.

    Based on fact, logic and intelligence. Pay attention!

  21. Fielding Cooley

    I’m glad that the President has included some measures in his jobs plan targeting the foreclosure crisis. I don’t believe, however, that the government alone is responsible or that they alone can fix the problem. I understand why we got into this mess– financial industry greed, poor decisions on the part of home buyers cheered on by those of us who stood to gain, and Fannie and Freddy corrupt practices encouraged by government policies and poor regulatory oversight. But I don’t understand the banks’ current strategy or lack thereof. Do banks think that if they fail to act on short sales and continue foreclosing on homes that they will eventually recoup their losses? In Florida it only takes a few months for rot to set in on neglected homes. Perhaps the banking industry is suffering from “deer in the headlights” behavior or maybe they hope to force another bailout. At best, their bureaucracy makes the government look streamlined by comparison. The bailed out banks need to be forced to act on a concerted strategy designed to move us out of this mess. Unfortunately, the federal government lacks the authority and the political will required to force action and the result is a jobs plan that addresses the housing crisis by working around the edges of the problem with a few incentives.

  22. Dean Eshelman

    I see nothing in here which will immediately stop these foreclosures. I see nothing in here to stop the loan investors and servicers’ of their continued abuse of homeowers and continued notorious and flagrant violation of the April 13, 2011 Cease and Desist Order as the HMA Guidelines. I see nothing in here that addresses “Too Big to Fail”. I see nothing in here to stop the abuses the Banks have on the appraisal system. The current appraisal system made things worse, not better, the Banks simple control appraisers through their Appriaisal Management Company Subsidiaries. I see nothing in here to fix the over-reaching Seller Disclosure for financing, making it very difficult to close a sale and increased prices to the consumer by 8-12%.

    Furthermore, I hear very little about NAR developing common sense legislation to undo some of this crap. I just see them saying to support this bill or that bill as opposed to what the bill should say.
    FedUP

  23. E. Bringuier

    We can’t agree on anything, what about this and what about that, we have to start somewhere people, this back and forth thing is getting us no where. There’s still thousands of people “us” losing our jobs, our homes, our everything!

    I’m not surprise by the response of the Republican side “Ya but the president hasn’t told us where the money is coming from” It doesn’t matter what the president tries to do to help the American people to get us out of the bad economy, all the Republicans look for is ways to tear down any ideas he has, instead of looking for ways to work together for the benefits of the American people they are only looking out for the Republicans, everything always has to favor the Republicans or they tear it down, no compromise, it their way or the highway.

    Where the money is coming from? The right response should have been “Yes, the president is doing all he can to improve our economy, to get people back to work, to bring back America to the greatest country in the world, AND we will work with the president to help him achieve his goal for the American people and together we can make this work”

    This is the United States of America, “United” means stay together, work together, there is nothing we can’t achieve if we work together: “Democratics & Repubicans working together”- WOW! What an idea!, not working against each other on everything which in my view is what’s happening. They can’t agree on anything there has to be compromises or we’ll be in the same boat for a long, long time. These are unprecedented times, we need to work together to get out of this mess. Everything is Obama this and Obama that, like he started all this, I guess Bush has gotten away scot free because I don’t hear his name mentioned.

  24. What is more core to people’s security than their home? The jobless, the under-employed, those who owe more than the value of their home are all threatened. The loan mod. programs are very difficult for the normal person so they have little value. People get very angry and frustrated trying to make use of them.

    Why isn’t our President doing something about that?

  25. Bryan

    Smoke and mirrors plan, the art of illusion, doesnt make any sense, tax people more if they make more? HMMM correct me if I am wrong but these are the people who spend more, so if you tax them more that is less they will spend. We need a overhaul of the tax laws, thats the stuff that will change the USA for the better. Example a person who makes 65k has no incentive to get a raise, once they are over 75k they get taxed 10% more? so they really make the same money take home…. and people who make 250k get taxed 20% more? if you want people to spend money give them more to spend, create a flat tax…… its not that hard! And stop giving corp america tax breaks when they create more jobs overseas vs at home. We have 40% of America paying taxes.

  26. JC Daley

    The Government has NEVER created one job except in government. Nothing in this bill is paid for–it is a campaign stunt. With over a $15 trillion deficit there must be a line drawn. We are done!! there cannot be any more spending. As for the people who are “underwater” etc…..no body forced them to buy a house. Nobody ever thought about tomorrow and what they would do if they lost their jobs. Nobody held a gun to anyones head to sign a loan. How many of them took out equity loans and spent the money?? How many just walked away because they could, I know lots.

    Someone has to pay for ANY loan that is NOT paid back in TOTAL. If you think this is a wonderful bill then get out your check book and send all your money to the government or go pay someones mortgage for them. Until YOU write the check you don’t get it. Someone HAS to pay–that is life!! It will be your children or your grandchildren or even your great-grandchildren. That is called taxation without Representation. Who speaks for the future generations??? Pay attention!!!

  27. Warren Peterson

    Watch out for your interest deduction..Obama’s way to pay for this bill. NAR stay on top of this issue!

  28. Sue Jones had some very good points about what is happening to Realtors in this market. The banks ruined their business, took bail out money, and now they have about taken over the Real Estate business and they are doing their best to ruin it, There won’t be any bail out or help for the person who is puttingt $3.59(or more) gas in their car to show people 3, 4, 5, 6 or more houses, write a 5 page contract, explain and read to their clients, send it to the proper person along with proof of funds etc. wait 2 to 5 days for answer, then if they are lucky enough to get the bid, re-explain to the client that the 6 page contract is now null and void and the bank’s 3 to 21 page addendum is now the working contract. EASY HUH!!!
    After more silly stuff, we get paid, $1,000. or $1,250.00. Now these banks have reduced even that amount. Buyer’s agency is the answer but there are too many really hungry agents not using them and so, you can try that but I am not sure how successful that will be in this market.
    I don’t know what the answer is but NAR and OAR need to address this terrible situation. My agents have to sell 4 homes a month and they are still just breaking even.

  29. “Initative” another word for stimulus. I’m tired of our politicos and our leaders at NAR leading us in the Rah! Rah! When nothing concete is happening! We need a true job creation bill that will lead to legistation that will create private sector jobs. These jobs will put Americans not only back in the market to potentially buy houses that we’re trying to sell, but more importantly, they will begin paying taxes again and contributing to reduce the deficit. When will we get the drift that temporary spending doesn’t solve long term problems. I recall clearly in 2007 when NAR was suggesting that recovery was going to occure in 3rd quarter of 2008. I said then and still hold to my convictrions that our industry is in for a long period of no growth and remaining stagnant until 2018 or until our leaders pass legislation that will yeild a positive effect on the unemployed.

  30. George Brocco

    Son of Stimulus will probably be as successful as stimulus one- it won’t be. Until our government creates a stabil business environment that encourages repatriation of corporate monies from oversees our economy will continue to stagnate and worse yet. Worse yet, it will continue the flow of jobs to lower cost countries.
    Also, we hasten the fiancial collapse of Social Security and Medicare by declaring tax holidays and removing 500 Billion dollars from Medicare in addition to spending almost half a billion dollars on a program that we know will not result in new permanent jobs.
    None of this helps the housing market.

  31. Linda Bennett

    Item 14 – INCREASE HOME MORTGAGE REFINANCING
    One simple thing could stimulate our economy in a major way — eliminate the appraisal with the home refinance. Allow those who have been behaving ‘well’…i.e. those with high FICO scores, those with seasoned, on-time mortgage payments, to REFINANCE their high-interest rate loans EVEN WHEN they are WAAAY upside-down. In my area it is not uncommon to see homes worth only half of what may be owed. Can you imagine how much SPENDING/STIMULUS could occur if a homeowner could refinance an existing $300K loan at 6.5% with a new $300K loan at 4.0% or 3.875% …30 year fixed rate!! Hundreds and hundreds of dollars EVERY SINGLE MONTH could be ‘freed-up”. Owners would be less likely to WALK. This could have a stabilizing effect on the housing sector. Such a simple thing. Can’t the Government provide some kind of incentive to banks to do this?

  32. Sandy

    You failed to mention he plans on paying for all this by taking away the Mortgage Interest deduction.

  33. altha black

    Why take a small check like socialsecurity when these people paid in and d id without go to other peolple when a lot of them did not pay in at all. That is what is wrong with this country And all the foreign people and people who does not wish to have a job can draw their check and let our older do without. That is very wrong. —–.

  34. Tina DuBrule

    With regard to those upside down in their home value verses market/appraised value in refinancing. It is my opinion that the government should force the banks to approve an automatic one time refinance to current market FIXED rate mortgage in lieu of appraisal, in lieu of credit score, in lieu of job verification, if the home owner is in good standing with the bank presently, only through the existing bank that holds the note. they already have the purchasers data, they have been receiving their payments on time, this lessens the chance of the owner loosing their home, will encourage everyone to stay in their homes and do whatever they can to make sure their mortgage gets paid to be in good standing to qualify for this refi. This wont give consumers the ability to sell there home any quicker , since they will still owe more than it is worth, but will allow them more options if their monthly payment is lower. Possibly then turning it over as a rental and then making a more affordable purchase for themselves.

    I know that had they been allowing this over the past few years, we would have seen many people today still in their homes, or at least not “walking away” from an investment gone wrong. It would be a much simpler fix than just dumping money into the banks so they could just put our money into building up their portfolios so when the go under or sell out to have a return off their real estate. I’ve seen banks pop up everywhere like weeds since the stimulus money went out like the wind. Where did it go? It looked to me like a delay tactic to stagger the foreclosures enough to keep the banks in business. I truely don’t personally know of any homeowner that benefited.

  35. Steve

    Eric,
    I am with you on this FAIR TAX ACT, NAR need to get on board.
    Also why don’t BANK’s do “Short Refinance” and keep home owners faced with hardship in their homes? If Short Sale is an option then why not reduce the principal and payments and keep the home owner in their home??? Why take less form a perfect stranger instead of working with an existing client who is willing and qualified to pay a reduced amount and stay in their home?

  36. Do you call this buyer’s market? Just because there is alot of homes in the market it doesn’t make it a buyer’s market. It is the BANK’s market. They have taken over real estate markets. They have been greedy since the very beginning and now they are blaming the Mortgage Broker’s for their greed. Alot of them became greedy when the market was hot, that include the homeowners. Most people just wanted to get ahead and tried to invest in American Dream. Some just want to live in a home they could call their own. Banks made it easy for them to purchase homes. You know how much money NYSE brought in for investors? Now, they are the ones who are killing the American Dream. Who are suffering now? Investors already got their money, who cares about the homeowners? I can hear their laughs right now.

    RESPA? It is BULL CRAP. No one follows it now. As long as agents can sell, they let the banks make their own rules and regulations. NAR and Real Estate Division Allow it. There is no law anymore, just put it in the contract. Whoever is tougher, he wins. Buyers’ can’t even choose their own Escrow/Title Company. Does it make any difference? It does when they are charging so much and being one sided.

    Why are we paying so much in Associations when they are not even doing their jobs? What about the appraisals? They can get out to about a mile and a half of the Subdivision or nearest comparables. How stupid could that be? How would you be able to increase refinancing when it can not appraise? How could they make the law and not abide by it?

  37. Sandra Williams

    Why didn’t you point out the increase in taxes after the first year of this “jobs” program. Of course, the tax increases do no come until Jan.1, 2013. Also these are one year plans mostly. No business can hire on that sort of plan.

  38. Maureen Lerman-Gottlieb

    I am so glad to see that my fellow Realtors are educated enough to see the implications as well as the realities of this plan. The article does make it sound so rosy. I would really like to see the rosy side. Better yet, I would love to see the government stop spending our money. Protect our borders, build roads and bridges, let the entrepreneurs and churches take care of the people. They will. Anyone see “Secret Millionaire”? Just a confirmation.

    Also, I feel for the poor FL agent (Gay Glassman) that has to deal with the appraisal situation. That is ridiculous!

  39. r d

    i don’t see much for real estate here…ok #14, but where’s the meat for homeowners??? one third of the country’s homeowners are under water or in negative equity – that MUST be addressed by govt money helping them to reduce their mortgage, period. otherwise there is no reason for these 30 million homeowners to remain in there homes indefinitely while paying a mortgage much higher than their home is worth!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

  40. What we really need is less government, not more programs. Three years ago, if govt. has not done anything at all, we would be in less debt and the free market would have repaired itself.

  41. I believe some of these programs will be of tremendous help not only for the resale home market but for the country in general. I do not see anything here that addresses the mess we have in the foreclosure/short sale arena. Senator Merkley, from Oregon, has submitted a plan, worthy of consideration, to address the “Short Sale” problem. Not sure if this refinance program will help with the supply of foreclosure/short sale issues. The supply of inexpensive homes is a real problem in the market place and continues to devalue those of us that still own homes. This has a secondary effect on “New Construction” which really is the key to leading our economy out of this slump. I do not see any indication that the President intends to deregulate many of our industries tied to the development of our Natural Resources i.e. timber, coal, oil, natural gas, etc. This is another big key to leading us out of this mess.

    As stated some of this looks good but don’t see enough of the good to overcome all the bad. Second issue is paying for all this intrastructure improvements and administering such a program. I can only suppose that a lot of those projects will be handled in the same way things were done the 1st time around. SCARRY when you put bureaucrates in charge of anything.

    Thanks for the opportunity,

    Randy L.

  42. Hector Pimentel

    Government should only step aside. Deregulation is key. Banks were already regulated before the down fall came. What did the glorious government do? Nothing, probably took gifts to look the other way. They do not deserve anymore taxes from anyone. If they did nothing in the first place, our economy and real estate would have positive growth. Bail out banks, bail out those in trouble. Well who pays fornsuch things. Not us. But our kids and grandchildren will. This idea has been tried in Russia. Look what happened to them . Doesn’t anybody believe in a free economy. We are responsible only to ourselves. What many are saying is take our freedoms and futures away as long as the government promises to take care of us. The beginning of the end to every freedom we cherish. It idiotic.

  43. Wendell Yates

    Too much “voodoo economics” and not enough “substantive change” to get me to support the jobs bill. He addresses issues in general instead of giving enough specifics. No more just throwing money at a problem without specific goals and outcomes outlined. Enough Already!

  44. Sounds like more of the same rhetoric. I’m certain every American wants teachers, firefighters and every unemployed American back to work. However, we can no longer live on credit. Read between the lines and it looks like spend and hope!

  45. Guy G. Broker / Investor

    1. This is only a summary of what the actual bill will contain. You can bet there are and will be plenty of kickbacks for those who supported this President. When he says “investment”, he means spending. Period.

    2. This bill will do nothing to solve the real estate issues of the day. Unfortunately, far too many agents are nearsighted enough to believe this is the answer to their prayers, and selfish prayers are seldom answered. Instead of looking at the negatve, find the positive. There is plenty of money to be made in any economy for those who can look outside their circle of hurt. Granted, one must have planned ahead to take advantage of this economic slump, but for those of us that did, things are as bright as ever.

    3. To believe that a man who has never run so much as a popsicle stand understands business is laughable at best. All I want this clown and the leaders of both political parties to do is let me work free from increasing government intervention and stop making promises to this country and the world that he/they clearly can’t keep.

  46. Tim in Fla

    Sue Jones and Nancy,

    Spot on. As an appraiser I can only say “we told you so”. When the banks were allowed to get in to the valuation business by lobbying well enough for regulations to be enacted that MANDATED the use of AMC’s that the banks owned they effectivle destroyed an industry. The appraisal industry is in shambles. No professional appraiser with years of experience is going to do what is now double the work for less than half the pay. The reports I review from the more well known AMC’s are signed by appraisers with less than 5 years in the business. The work is crap and you can expect no better with a $190 fee and 48 hour turnaround time. But then again from the banks perspective; you take an application, collect $500 – $750, pay out $250 anmd deny the loan. $250 – $500 pure profit on every application and most wiothout lending a dime. Why would they wantr to change this business model ? It really is an ongoing criminal activity. I hear sevarl times a week from buyers and old loan broker clients about the current terrible appraisal report and subsequent loan denial. The appraisers have lost their fight. Done. Most experienced have left the industry leaving what you have now. Inexperienced, young apopraisers who got their training during the run up and can only do 3/2/2 PUD, garage left or right. Any difficult assignment and their solution is to lowball and avoid any pushback from the AMC.

    So now that they have taken over the appraisal industry who did you think would be next an that would be the next group that are paid by fee or commisssion they they think they might be able to take part of that money. The NAR needs to fight like crazy as these banks want TOTAL control from sale to closing and they want a piece of the pie on each service that goes along with a typical real estate transaction.

    Realtors are next. Get ready for a cubicle job at $24,000 a year with a minimum quota of 6 listings and 6 sales month. Exceed that and maybe you might get a performance bonus of $500 at the end of the month.

    Good Luck…my real estate license is now worth more than my appraisers license and that ain’t much.

  47. I say we’d all have to look clear back in history, which isn’t a great subject for me, and see when “that piece of paper” was signed! It was all coruption from there on..any political party, government authority including the juducial system! They’re all in the same bed, just like pharmaceutical companies pushing the drugs to doctors so they make huge profits! I stand by what I’ve been saying since about 1979, the whole governmental body/authority figures need tore down and reformed! All those “bills” are b.s., they contain anything else with them, that pads wallets and takes from us AMERICANS. Banning together and making things right, at least in our life time, is what we should all do…thus creating a unity. I still believe the “taxation without representation” was a huge start in the wrong direction and it was truly only suppose to be for a certain amount of time, not thousands of years!!!

  48. I do hope that the President will consider stressing the importance of the SCOPE program in utilizing the services of Real Estate Professionals in the sale of municiple owned properties. I believe this would be a triple win win win situation, the communities will benefit by added value of added exposure in capturing a higher price for the properties, the buyers will have more access to such properties and three the Realtors will have an increased opportunity to create their income during the sale of these properties.

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