By Wendy Cole, Senior Editor, REALTOR Magazine®
Sustained job growth and improved access to capital are the two roadblocks to gettting the economy back on track, Rep. Wm. Lacy Clay, Jr. (D–Mo.) told the Equal Opportunity-Cultural Diversity Forum Tuesday at NAR’s 2011 Midyear Legislative Meetings. Since 2007, 8.4 million jobs have been lost, he said. “While 244,000 jobs were created last month, this country requires a good deal of momentun for the economy to prosper,” Clay said.
He implored attendees to “mobilize, organize and, in the words of social reformer Frederick Douglass agitate, agitate, agitate” to further the interests of the real estate industry. He concedes that proposed legislation to require home buyers to make 20 percent downpayments could be an “overreach” in an effort to counter lax standards that contributed to the housing downturn. Clay encouraged real estate pros to reach out to members of Congress to raise their concerns about issues that could adversely affect home ownership, including challenges to the MID, GSE reform, and the impact of short sales on credit scores.