The Future of Real Estate: a Comprehensive Housing Strategy?

The National Association of Realtors® (NAR) recently announced that they will continue to push for a comprehensive housing strategy while President Obama and Congress focus on ensuring the Troubled Asset Relief Program initiative (TARP). TARP’s economic stimulus package includes the necessary elements to stimulate the housing market, prevent foreclosures and restore consumer confidence.

Last week, Chairman Barney Frank’s, D-Mass. proposal H.R. 384, the TARP Reform and Accountability Act was introduced. His bill included vital components for the housing industry—a mortgage buy-down program, foreclosure prevention and increased liquidity in commercial and residential mortgage markets. The NAR has expressed support for this bill because it includes many key elements of its Housing Stimulus Plan. The NAR is hoping that TARP will help end the financial crisis and bring relief to mortgage lenders.

The NAR’s stimulus plan includes legislative and regulatory fixes, a focus on keeping mortgage interest rates low, increased buyer confidence and a reduction in foreclosure rates. It also asks regulators to aid financial establishments in making it easier to modify existing loans.

“We must all work together to stimulate and unclog the housing and financial system. Low interest rates, tax credits and higher loan limits will be effective only if people can get a loan,” said Charles McMillan, NAR President. We hear every day from our members that even home buyers with good credit are having trouble getting mortgage loans. This must be corrected,”

It is everyone’s hope that the Obama administration will bring aid and focus to a stimulus plan that also boosts the housing market.