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 Manhattan, KS

Latitude: 39.190142 -- Longitude: -96.586818

Other Area Cities: Salina Manhattan

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Manhattan is located at 39°11'25?N, 96°35'13?W (39.190142, -96.586818)GR1, or about 50 miles (80km) west of Topeka on the Kansas River. According to the United States Census Bureau, the city has a total area of 38.9 km² (15.0 mi²). 38.9 km² (15.0 mi²) of it is land and 0.07% is water. Manhattan is located in the Flint Hills region of Kansas. Tuttle Creek Reservoir is a lake located 5 miles (8km) north of Manhattan. While the dam which forms the lake was built by the Army Corps of Engineers primarily for flood control, the lake is now a state park, which offers many recreational opportunities. The Konza Prairie, a tallgrass prairie preserve owned by The Nature Conservancy and Kansas State University, is south of town. -- Source: Wikipedia.com

Kansas 2000 Census Population Profile Map

	Manhattan	Kansas	United States
Population	44,831	2,688,418	281,421,906
Median age	23.5	35.2	35.3
Median age for Male	23.4	33.7	34
Median age for Female	23.7	36.5	36.5
Households	16,949	1,037,891	105,480,101
Household population	39,037	2,606,468	273,643,273
Average household size	2.3	2.51	2.59
Families	8,259	701,547	71,787,347
Average family size	2.89	3.07	3.14
Housing units	17,690	1,131,200	115,904,641
Occupied units	16,949	1,037,891	105,480,101
Vacant units	741	93,309	10,424,540

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