Anatomy of a Recovery

October 2008

(560 words)

America’s economic rebound depends on a real estate recovery, but many are asking –“what’s it going to take to get it all going?”

[Full name of your local association] points out that housing always leads the economy in recoveries, and this one will be no different. In fact, already there are signs that housing is perking up.

“The most important factor driving home sales is affordability,” [full name and title of your association]. With home prices falling in many parts of the country and mortgage rates still near historic lows, affordability conditions have markedly improved.

“While it’s true that unemployment is rising, it’s important to remember that 93 percent of working households have jobs, compared with 95 percent during good economic times. Those people who are working, respond to incentives and attractive affordability conditions,” [last name] said.

Measures like the new first-time homebuyer tax credit and the increased number of mortgage loans qualifying to be purchased by Fannie Mae, Freddie Mac and the Federal Housing Administration are helping to bring homebuyers into the marketplace, [last name] said...