Realtors Endorse Obama’s Recovery Plan Including Housing Stability, Health Care

The National Association of Realtors^® expressed support of President Obama’s broadened focus of the nation’s economic recovery that stresses housing stability and making health care an important component of his economic revitalization strategy, in addition to “restarting lending” and preventing foreclosures.

“We fully agree with President Obama’s emphasis that housing is the backbone of our national economy,” said NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth. “As he said, when a family buys a home, workers are hired to build it. Those workers spend money and open businesses. As a result, investors return. In short, housing is the key to revitalizing America and we pledge to work with him to help jumpstart our economy.”

Initial steps taken by the Obama administration and the 111th Congress to begin stabilizing the housing market meet many of NAR’s policy recommendations. NAR called for lowering interest rates, reducing preventable foreclosures and reinstating the higher loan limits for FHA, Fannie Mae and Freddie Mac. In addition, NAR was the leading advocate for increasing and improving the home buyer tax credit. Read the rest »

Mortgage stress

In January 2009, households in Mortgage stress fell 6% from December with 635,000 households in some degree of pain, compared with a peak of 900,000 in August 2008. Significantly there was a 15% fall in those facing a potential sale or foreclosure, thanks to the significant drop in interest rates, and the government payments in December. Young Families and First Time Buyers experienced significant reductions in stress. 161,000 households still are at risk of having to sell up or loose their homes. Read the rest »