Members recently received a ‘thank you’ from NAR President Charles McMillan for our support of NAR’s Four Point Plan to Congress. The two week effort generated over 330,000 letters to Congress, one of the highest percentages of participation ever logged for an NAR Red Alert.
“On behalf of NAR, I want to thank you for being engaged in our legislative efforts to offer solutions to turn the current economic climate around and get things back on track,” stated McMillan. “I know many of our members are struggling to handle the current economic challenges. NAR will continue to work hard to ensure the right housing stimulus measures will be included in any ongoing legislation being considered by Congress and the new administation.”
This response was especially timely since there are many new members of Congress just starting their jobs on Capitol Hill this week who may not be familiar with the Realtor Grassroots organization or have an appreciation for the power of over 1 million strong. This serves as an introduction to them as well as a wake up call to some of the existing members who may have misplaced their priorities.
There was an article in the paper today about the National Association of Homebuilders, who are requesting some of the bail-out money on behalf of their beleaguered industry. In it the statement was made that the NAHB is hoping Congress will lower mortgage interest rates to as low as 3% this year for a fixed rate as part of a housing market stimulus.
The NAHB had initially wanted an interest rate in the 4.5% range but the Four Point Plan discussed and voted on at our NAR Mid-winter meetings set a target rate of 2.99% for the first year (fixed) followed by a 3.9% rate for a second year (fixed). We felt that while a rate of 4.5% was certainly attractive and might stimulate some buyer activity, a tipping point would definitely be reached at 3% to would act as a catalyst to get the market moving again, increase absorption of excess inventory and speed our return to more normal market conditions.
By the way, if you haven’t yet let YOUR voice be heard by Darryl Issa, Mary Bono, Ken Calvert, Barbara Boxer or Dianne Feinstein, you can follow this link to the a description of the Four Point Plan and the Realtor Action Center. It’s never too late to make the call – and it’s never too late to make YOUR $49 investment in the Realtor Action Center. At the federal, state and local level this will be a challenging year for Realtors trying to avoid becoming the target of revenue enhancement schemes by legislators. Invest $49 to help us protect the rest of your income.