REALTORS® Urge Congress to Take Action to Stabilize the Housing Market

WASHINGTON, May 14, 2008

A sound and dynamic real estate industry fosters communities and sustains and stimulates the national economy. That is the message that more than 9,000 REALTORS® are taking to Congress during the National Association of REALTORS® Midyear Legislative Meetings & Trade Expo today.

As the leading advocate for homeownership and housing issues, REALTORS® believe Congress should act promptly to pass important housing stimulus legislation being considered in both the House and Senate. NAR is advocating modernizing Federal Housing Administration programs, reforming overall regulation of the government-sponsored enterprises (Fannie Mae and Freddie Mac), establishing a first-time home buyer tax credit, and making the temporary increases to the conforming loan limits established by the Economic Stimulus Act of 2008 permanent.

“This is a critical time for many families, for communities and for the nation’s economy,” said NAR President Dick Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach, Calif. “We are hopeful that Congress will work together to get a comprehensive housing stimulus bill passed quickly and sent to the president for his signature.”

Another issue exacerbating the housing market is the increasing cost of property and casualty insurance for both residential and commercial properties. In response, REALTORS® are urging their members of Congress to improve access to affordable property and casualty insurance as well as flood insurance. In addition, REALTORS® will also address the need for affordable health insurance for small business owners and the self-employed, and ask for legislators’ support for a new approach to health insurance.

The National Association of REALTORS®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.2 million members involved in all aspects of the residential and commercial real estate industries.

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