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 Overland Park, KS

Latitude: 38.940071 -- Longitude: -94.680697

Other Area Cities: Kansas City Leawood Lenexa Mission Olathe Prairie Village Mission Hills Monticello Shawnee Mission Bonner Springs Overland Park Grandview Kansas City Overland Park Liberty Belton

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The city was incorporated as a first-class city on May 20, 1960, making it one of the youngest communities in Johnson County. Its initial population was 28,085 and was bounded by Antioch Road (West), 107th Street (South), Chadwick (East) and I-35 (North). In 1960 the population was 28,085 with 17.2 square miles incorporated. By 1990 the population was 111,790 and in 1995 the incorporated land area was 56.6 square miles. Since 1995, the population has since grown to over 167,000 by 2005 with 62.26 square miles of land area. Overland Park is now the second most populous city in Kansas. The city traces its roots back to 1905, with the arrival of its founder, William B. Strang Jr., who platted subdivisions along a military roadway on 600 acres (2.4 km²) he purchased that are now part of the old downtown area. -- Source: Wikipedia.com

Kansas 2000 Census Population Profile Map

	Overland Park	Kansas	United States
Population	149,080	2,688,418	281,421,906
Median age	36.3	35.2	35.3
Median age for Male	34.9	33.7	34
Median age for Female	37.5	36.5	36.5
Households	59,703	1,037,891	105,480,101
Household population	147,492	2,606,468	273,643,273
Average household size	2.47	2.51	2.59
Families	39,718	701,547	71,787,347
Average family size	3.06	3.07	3.14
Housing units	62,586	1,131,200	115,904,641
Occupied units	59,703	1,037,891	105,480,101
Vacant units	2,883	93,309	10,424,540

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