National Association of Realtors Proposes Housing Incentives

November 20, 2008

As a Realtor® and owner of a nationwide relocation company, I am daily faced with the effects of the economic meltdown on our real estate members all over the country. Consumer confidence is at an all time low which is adding to the current housing crisis. Buyers who have stable jobs and good income are postponing purchasing a home due to fear.

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 they'll 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 country's 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 nation's 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!

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Local Information for Memphis, TN

Latitude: 35.117365 -- Longitude: -89.971068

Other Area Cities: Olive Branch Atoka Millington Memphis Bartlett Germantown

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Memphis is a city in Shelby County, Tennessee, of which it is the county seat. As of 2006, the city of Memphis had an estimated population of 680,768, making it the largest city in the state of Tennessee and the 17th largest in the United States. Even though Memphis is the state's largest city, it is the youngest of all of Tennessee's four major cities. One of the largest celebrations in Memphis is Memphis in May. The month-long series of events promotes Memphis' heritage and outreach of its people far beyond the city's borders. Each year, Memphis in May honors a different country, highlighting various aspects of the honored nation's history and culture. Other signature events of Memphis in May include the World Championship Barbecue Cooking Contest, the FedEx St. Jude Classic a PGA Tour golf tournament, and the closing event of the month — a performance of the Sunset Symphony.In the last decade, the art scene in Memphis has exploded. -- Source: Wikipedia.com

Tennessee 2000 Census Population Profile Map

	Memphis	Tennessee	United States
Population	650,100	5,689,283	281,421,906
Median age	31.9	35.9	35.3
Median age for Male	30.1	34.5	34
Median age for Female	33.8	37.2	36.5
Households	250,721	2,232,905	105,480,101
Household population	632,874	5,541,337	273,643,273
Average household size	2.52	2.48	2.59
Families	158,458	1,547,835	71,787,347
Average family size	3.18	2.99	3.14
Housing units	271,552	2,439,443	115,904,641
Occupied units	250,721	2,232,905	105,480,101
Vacant units	20,831	206,538	10,424,540

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