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 Fort Lauderdale, FL

Latitude: 26.135763 -- Longitude: -80.14181

Other Area Cities: Fort Lauderdale Cooper Coconut Creek Davie Aventura Hollywood Miramar North Lauderdale Pembroke Pines Plantation Pompano Beach Lauderhill Sunrise Lauderdale Lakes Margate Oakland Park Hallandale Weston

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Fort Lauderdale, known as the "Venice of America" due to its expansive and intricate canal system, is a city in Broward County, Florida, United States. As of the 2000 census, the city population was 152,397. The city is also sometimes referred to as "Fort Liquordale" because of its beaches, many bars, nightclubs, strip clubs, and overall party atmosphere. According to the 2004 U.S. Census Bureau's Estimates, the city grew to 164,578. Annexation of unincorporated areas in 2005 has boosted the city population to 170,823. It is the county seat of Broward County, and forms a part of the South Florida metropolitan area. According to the Greater Fort Lauderdale Convention and Visitor's Bureau, Fort Lauderdale is "America's top gay resort area." -- Source: Wikipedia.com

Florida 2000 Census Population Profile Map

	Fort Lauderdale	Florida	United States
Population	152,397	15,982,378	281,421,906
Median age	39.3	38.7	35.3
Median age for Male	38.8	37.3	34
Median age for Female	40	40.1	36.5
Households	68,468	6,337,929	105,480,101
Household population	146,838	15,593,433	273,643,273
Average household size	2.14	2.46	2.59
Families	32,996	4,210,760	71,787,347
Average family size	2.97	2.98	3.14
Housing units	80,862	7,302,947	115,904,641
Occupied units	68,468	6,337,929	105,480,101
Vacant units	12,394	965,018	10,424,540

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