By Brian Summerfield, Online Editor, REALTOR® Magazine
In the wake of recent legislative successes, including the extension and expansion of the home buyer tax credit and the restoration of the rural housing program, more challenges remain for REALTORS®, NAR leaders said this morning at the 2010 Leadership Summit.
A few issues stand out above all the others. First and foremost, reforming government-sponsored enterprises’ involvement in the mortgage financing space is critical to getting the housing sector back on track. Discussions in Washington on how to do this are expected to begin next year. Continue reading »
By Robert Freedman, Senior Editor, REALTOR® Magazine
There are many reasons for the success of NAR’s most recent Call for Action, to which more than 18 percent of NAR members—a record— responded.
First and foremost is the compelling subject of the CFA: getting the home buyer tax credit extended and expanded. As NAR Chief Ecionomist Lawrence Yun has been saying for weeks, residential home prices are stabilizing and are on the cusp of heading up—the all-important precursor to restored confidence in homeownership. We’re relying on that improved confidence to boost sales, tighten inventories, and restore healthy credit markets.
Given that, letting the credit expire on Nov. 30 could have stopped sales momentum dead in its tracks.
It was also huge that Congress added the $6,500 credit for repeat buyers, because throughout 2009 much of the sales weight has been carried by first-time buyers. For market stability, repeat buyers needed to get off the fence and Congress saw that. Continue reading »