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!

As of 12/04/09 the Jessica Williams RePage is ranked at 2,285 with 80 points.
The monthly top RePage owner will receive a cash prize. Help this agent by bookmarking this site and posting it to blogs and other Web pages and encourage others to visit.

Local Information for Rochester, MN

Latitude: 44.025763 -- Longitude: -92.473226

Enter our Photo Sweepstakes and Win $200 for your Rochester photos!

To see random photos for other cities Click Here.

Submit your photos of Rochester and become eligible to win $200. Click Here for details.

Rochester was founded by George Head in 1854[1]. Originally from Rochester, New York, Head had settled in Waukesha, Wisconsin before moving west to Minnesota. He named his new settlement after his New York hometown. In 1857 Rochester was named the Olmsted County seat. Rochester was a stagecoach stop for travelers who journeyed between Saint Paul, Minnesota, and Dubuque, Iowa. When the railroad came to town in the 1860s, it brought new residents and business opportunities. On August 21, 1883, a tornado demolished much of Rochester, leaving thirty-seven dead and several thousand wounded. There was no medical facility at the time, so Dr. William W. Mayo and his two sons worked together to care for the wounded. $60,000 in donations were collected and the Sisters of St. Francis, assisted by Dr. Mayo, opened a new facility named St. Marys Hospital in 1889.[2] The Mayo practice grew immensely and today is one of the largest and most well-respected medical facilities in the world. -- Source: Wikipedia.com

Minnesota 2000 Census Population Profile Map

	Rochester	Minnesota	United States
Population	85,806	4,919,479	281,421,906
Median age	34.3	35.4	35.3
Median age for Male	33	34.4	34
Median age for Female	35.6	36.3	36.5
Households	34,116	1,895,127	105,480,101
Household population	82,927	4,783,596	273,643,273
Average household size	2.43	2.52	2.59
Families	21,478	1,255,141	71,787,347
Average family size	3.06	3.09	3.14
Housing units	35,346	2,065,946	115,904,641
Occupied units	34,116	1,895,127	105,480,101
Vacant units	1,230	170,819	10,424,540

Visit US Census