National Association Of REALTORS And Congress

Yesterday, the National Association of REALTORS (NAR) met in Orlando to discuss the economic stimulus and changes needed for Congress to implement. The NAR has always worked with the government and held an important voice when it comes to housing in this country. The president of the NAR, Richard F. Gaylord said that the NAR will strongly pursue the following proposals and is calling on Congress to return to enact housing stimulus legislation in a lame-duck session after the national elections in November.


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

• Remove the requirement in the current law that 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 the FHA, Fannie Mae and Freddie Mac 2008 stimulus loan limit increases to make them permanent. 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 implication 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 banks' real estate owned (REOs) properties.
  
• Make permanent the prohibition against banks entering real estate brokerage and management, further protecting consumers and the economy.

"Housing has always lifted the economy out of downturns, and it is imperative to get the housing market moving forward as quickly as possible," said NAR President Richard F. Gaylord. "It is vital to the economy that Congress take specific actions to boost the confidence of potential homebuyers in the housing market and make it easier for qualified buyers to get safe and affordable mortgage loans. We are asking Congress to act right away."

Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach, Calif., said NAR, as the leading advocate for homeownership and private property rights, believes it is important for Congress to address the concerns and fears of America's families, much in the way it has addressed Wall Street turbulence. "Housing is and has always been a good, long-term investment and a family's primary step towards accumulating wealth," Gaylord said. --

Being a REALTOR and member NAR nationally and the OAR here in Ohio, myself and my team are constantly battling certain real estate issues. From lending to credit requirements to dealing with banks. The banks are one of the biggest problems we face. When we try to get their homes sold, we most always run into issues. Banks tend to be incredibly slow, have a non-efficient customer service department handling changes and requests, and their lack of effort when dealing with us is frustrating. I'm excited to see the NAR pushing for change.

Banks on average spend $50,000 per foreclosure in this country. No bank wants a home to go into foreclosure. You'd think they'd work with us, (the ones actively trying to get them sold), and help us help them. They're more like an enemy and they are turning off REALTORS and homebuyers. We've experienced situations where it has taken a bank months to finalize contracts and make decisions. We are on the phone daily hunting down the appropriate person and getting necessary paperwork completed. It's a daunting task selling a bank owned home and the homebuyer and sometimes seller behind this sale, find their lives upside down with no guarantee on a time frame to get it back together. It's frustrating for everyone.

I'm happy to see the NAR moving toward changing this process and bettering the entire way short sales and banks deal with getting these houses off the street; turning vacancies into homes. HUD homes right now in Ohio, are particularly difficult to close and some home buyers have been under contract for months. The holidays are now approaching and it couldn't possibly be a worse time to not know when you're moving into your new home or if you are at all.

The way the government issues regulations and the way the banks handle their own processes affect all of us. It trickles down to those in the industry trying to make things happen and for those home buyers trying to sell or obtain housing. I'm hoping that Congress gets moving quickly on a resolve, and implement must needed changes to our industry and way of working. It's vital that everyone help move them along. It's our voice that makes up the country's iTunes. Without us, it's an empty play list and nobody benefits. This is the time for change in our country. We have to help make these changes.

I'm encouraging all residents in Ohio to email or call their elected officials and ask for immediate changes and attention to housing. Housing is the main foundation for the entire economy and all of us are suffering due to foreclosures, bank greed and inefficiency. Let Congress know you want your streets back and your neighborhoods rebuilt through home purchases. You can email your Representative here. While you're at it, Here's a letter template you can send through the NAR. Please take a moment and send this off too... Support NAR Stimulus Plan. That will be sent to your Senators and Congressperson.