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 Davenport, IA

Latitude: 41.542982 -- Longitude: -90.590745

Other Area Cities: Bettendorf East Moline Davenport Rock Island

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Davenport is a city in the American state of Iowa that borders the Mississippi River. As of the 2000 census, the city had a total population of 98,359. A 2005 estimate tells that the city had grown slightly to 98,845. The city is part of the Quad Cities of Iowa and Illinois. Davenport is the home of Palmer College of Chiropractic, the birthplace of chiropractic medicine and wellness technique. Saint Ambrose University is also located in Davenport. Davenport is the county seat of Scott County. Davenport often makes national headlines when the Mississippi River floods. It is the only city over 20,000 people bordering the Mississippi that has no permanent floodwall or levee. Davenport prefers the open access to the river for parks and vistas over having access cut off by dikes and levees. Davenport has adopted ordinances that any new construction in the floodplain must be elevated above the 100 year flood level or protected with walls. -- Source: Wikipedia.com

Iowa 2000 Census Population Profile Map

	Davenport	Iowa	United States
Population	98,359	2,926,324	281,421,906
Median age	33.6	36.6	35.3
Median age for Male	32.2	35.2	34
Median age for Female	35	38	36.5
Households	39,124	1,149,276	105,480,101
Household population	95,482	2,822,155	273,643,273
Average household size	2.44	2.46	2.59
Families	24,811	769,684	71,787,347
Average family size	3.03	3	3.14
Housing units	41,350	1,232,511	115,904,641
Occupied units	39,124	1,149,276	105,480,101
Vacant units	2,226	83,235	10,424,540

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