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National Association Of Realtors Pleased With Economic Package
WASHINGTON - The following is a statement by National Association of Realtors® President Richard F. Gaylord. "NAR is pleased that the House of Representatives along with President Bush, presented a bipartisan economic stimulus package today that includes important housing provisions. NAR had been actively advocating, for many moths FHA reform and increasing the conforming loan limits, for Fannie Mae and Freddie Mac.
"The stimulus package announced today is a positive step toward strengthening the housing market and our economy. The increase in loan limits should provide liquidity to the mortgage market in all parts of the country allowing qualified homebuyers who may have been on the sidelines to enter the market.
"In high cost states, many home buyers with good credit could save $3,000 to $5,000 per year, by not being forced into the current jumbo mortgage market. Currently, only families in lower cost areas are able to qualify, for these types of affordable loans. Such a move would stimulate home sales and help stem the rise in foreclosures, reducing the number of foreclosures by as much as 210,000.
"There is still work to do and we urge the Senate to work with the House and the President to achieve quick enactment of a comprehensive stimulus package."
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