Regardless of how you and I might feel about the bailout – errrr, stimulus package working it’s way through Congress right now, it is almost certain to pass. Too many people have too much invested in its passage, not the least of which is our new President. The best we can hope for is that they get some of the fat trimmed out of it, dump some of the pork and earmarks and all the worthless stuff which adds billions to the cost without producing a scintilla of stimulus to the economy.
I hope you agree that real estate is worthy of being included. After all, the collapse of our housing market is what started this whole mess, an upswing in housing will bring us back out. So as long as the bill is going to pass anyway, at least let our Legislators know where our interest and their interest intersects – support for strong housing. NAR has at least two critical elements of our 4 Point Plan included in the Senate version of the bill which would go a long ways toward restoring confidence in the housing market and getting buyers off the fence to take advantage of the phenomenal deals in our local market today.
If you have not received and/or responded to the NAR Call For Action, please take a moment to respond to it via Gary Thomas’ email below.
Posted: 06 Feb 2009 02:59 PM CST
A new Call For Action will go out today regarding the economic stimulus package being debated in Congress. The CFA asks members of Congress to support the $15,000 tax credit for all homebuyers and to make permanent higher conforming loan limits. These measures will bring buyers back into the market and will have a real economic impact on our nation.
Everyone’s participation is crucial. You don’t have to wait to receive the email, either. Click on the Realtor® Action Center now to participate.
Yesterday, President Barack Obama wrote an editorial in the Washington Post urging Congress to pass the economic stimulus package, saying it includes “actions Americans need.”
Realtors® have an opportunity to tell Congress that the actions Americans need most are those that will help homebuyers and homeowners. These are the ones we’re advocating for in the CFA.
The Obama administration has also promised to deliver a separate plan to deal specifically with housing.
We believe any such housing plan must focus on stemming foreclosures and getting mortgage money flowing again. That was the main purpose of TARP – and one of the major disappointments of that program to date. Like it or not, a “bad asset” bank is an effective way to get problem loans off the books and to free up capital for new homebuyers. It should be considered in a housing plan, along with a mortgage buy-down program and various other NAR-supported proposals.
At the end of the day, low interest rates, tax credits, and other incentives are vital to stimulating the economy. But, they can only work if homebuyers can get a loan.
I love the work we do as Realtors®. That’s why I feel so strongly that we must take action in the political process going on around us. Realtors®, we need you to be a part of the action today by answering the CFA. — Gary Thomas, 2009 VP & Liaison to Government Affairs