Realtors® to Carry Economic Recovery Goals to Capitol Hill

WASHINGTON, May 12, 2009

Thousands of Realtors^® from across the country joined forces today with top industry experts from the housing, finance, government, academia and media arenas to inspire legislative and public policy action to stabilize the real estate market and spur economic recovery.

National Association of Realtors^® President Charles McMillan encouraged those gathered at the “59 and ½ Minutes: A Member-Director Forum” to continue a dialogue toward finding solutions to today’s economic conditions and moving the economy as a whole toward recovery. The forum capped a day of presentations and panel discussions as part of the Real Estate Summit: Advancing the U.S. Economy.

McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth, reiterated that an economic recovery is not possible without a housing recovery. “Moving the real estate market forward is imperative,” he said. “The goal of this forum was to develop a series of ‘next steps’ that will serve as a blueprint for comprehensive progress, and we must continue to push forward.”

Realtors^® believe in a multifaceted approach to stabilization that includes making mortgages more affordable and available, reducing foreclosures and incentivizing home buyers. “As the leading advocate for housing issues and homeownership, NAR urges the federal government to make stabilizing the real estate market a priority,” said McMillan. “We will continue to work with the Obama administration and Congress to keep taking meaningful action toward this goal.”

Federal Deposit Insurance Corp. Director Sheila Bair remarked that recovery in the real estate market and the overall economy will require a coordinated effort. “Recovery is going to require hard work from the industry and the government,” she said. “Housing led us into this downturn and housing needs to lead us out.”

Taking action beyond today’s summit, Realtors^® are eager to meet with Members of Congress this week to discuss pressing issues like short sales, limitations on mortgage availability and mortgage reform. “Home buyers must be protected against mortgage lending abuses while being assured of access to affordable mortgages,” said McMillan. “Beyond the destructive effect on individuals and families, abusive lending diminishes consumer confidence in the housing industry.”

More than 8,500 Realtors^® are assembled here for the Realtors^® Midyear Legislative Meetings & Trade Expo. Although housing and related financial issues remain NAR’s principal focus in the current economy, NAR members will also engage policymakers across a range of issues related to the real estate market, including reinforcing the importance of mortgage interest deduction to homeowners, ensuring affordable insurance through small business heal care plans, proposing energy efficiency legislation, and stabilizing and providing liquidity to commercial real estate markets. The meetings run through Saturday, May 16.

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