We need action by lawmakers NOW - not in January. Hopefully the lame duck Congress will listen to reason, and pass some meaningful bills! Bills that will RESTORE CONSUMER CONFIDENCE so that homebuyers are not frozen by fear! Even in areas which have a strong economy (low unemployment, healthy job outlook, no real estate bubble bursting) buyers are holding off buying – waiting for a lower interest rate, or the assurance that theyll buy at the absolute bottom price. They are also frustrated with the current lending environment that places a variety of barriers to getting a mortgage. This further impedes sales and price stabilization of the housing market.

A recent consumer survey conducted by Realogy Corp. (a National Association of Realtors ® member) stated how important housing is to this countrys economic recovery. The survey found that nine out of 10 homeowners believe that owning a home is still the best long-term investment. But this same survey said that most people are not buying right now because of uncertainty about the market.

Recently the National Association of Realtors® sent a letter to U.S. Treasury Secretary Henry Paulson outlining steps he could take to stabilize the housing market. They also presented this plan to the House Financial Services Committee on November 18th. The four steps the recommended are:

1) Make the $7,500 first-time homebuyer tax credit available to all homebuyers and eliminate the repayment requirement. 2) Make the increased 2008 FHA, Fannie Mae, and Freddie Mac loan limits permanent so that all American families can find a safe and affordable mortgage when buying a home. 3) Get the $700 billion Treasury relief program back on track and focused on providing stability to the nations housing markets and reducing foreclosures. 4) Bar banks from real estate brokerage and management activities permanently, to avoid exposing consumers and the economy to more unnecessary risks.

NAR also provided an economic analysis demonstrating that a reduction, or a buydown, of interest rates by just 1 percentage point could result in up to 840,000 additional home sales and reduce the inventory of homes by as much as 20 percent. Substantially lower mortgage rates would stimulate both existing- and new-home sales.

These are great first steps to getting home sales going again.

It was Richard Nixon who said, "A recession is anytime people lose confidence in the future." Now is the time to restore confidence, people!

Posted by Dennis L. Slama on February 15, 2010 at 04:28 PM

About Dennis L. Slama
I am a life-long resident of Lincoln, NE. My knowledge of Lincoln and its history will enable me to provide for your future home and business needs. I help people find homes. Pointing people to houses is one thing, but helping people find homes is another thing entirely. Knowing this region and truly getting to know my customers helps me make the best use of our time together. By focusing on your specific needs and circumstances I can truly work for you. Our time together is best spent by refining your needs, not just pointing to lots of houses. I'm here to help you, whether to offer expert advice and market information on listing and selling your house, or assisting you as you find and purchase the home of your dreams. It will be my pleasure to serve you.




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